Last week was generally great for cryptocurrencies, and there were quite a few highlights that are expected to have a lasting impact on markets—here is all you need to know.
Crypto prices have been performing great throughout the last seven days. The top ten assets closed the week with around 2% gains on average, with Ethereum (ETH), Solana (SOL), and Terra (LUNA) being the best performers. Generally speaking, the sentiment of investors appears to be neutral, which is an improvement from last month’s relative fear caused by the Russian-Ukrainian conflict.
The world of investing and tech was caught off-guard by Elon Musk’s unexpected move of acquiring a 9.2% stake in social media giant Twitter. Tesla’s CEO announced his move a few days ago, which made him the biggest single shareholder in Twitter. Musk is an outspoken supporter of cryptocurrencies, especially Dogecoin (DOGE), a dog-themed crypto asset that saw a sharp increase in its valuation shortly after the above-mentioned investment. According to researchers of the industry, Elon’s move could influence Twitter’s crypto plans and push the company to speed up its expansion towards the industry. Some argue we could even see Dogecoin (DOGE) integrated into the platform, however, this has not been mentioned in official plans just yet.
MicroStrategy, the business known for its bullish outlook on Bitcoin, announced that it added another 4,167 BTC worth somewhere around $190M to its holdings. The firm’s CEO and influential crypto personality Michael Saylor stated that the company has no plans of selling its Bitcoin funds, amounting to 129,218 BTC worth around $6B in total. This could be a great sign for investors, as institutional support tends to have positive effects on the long-term price development of crypto assets.
Do Kwon, CEO of Terraform Labs, revealed that he is firm about Bitcoin’s long-term stability and that this sentiment will reflect on his company’s actions. The organization behind the popular crypto asset and ecosystem Terra (LUNA) announced earlier that it plans to acquire around $3B in Bitcoin, mainly to back their stablecoin UST. Kwon also mentioned that he is not afraid of Bitcoin’s short-term volatility and price drops, and that he’s confident in the longevity and general profitability of the biggest crypto asset by market cap.
There you have it, the top crypto news of last week and their impact on markets. Keep an eye out for our recap next week, and let’s bring you up to speed about the most important and exciting events of the crypto world.
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