Key Takeaways

• Bitcoin (BTC) traded in a tight range this week, which provided some relief to market participants after a volatile start to the year. The cryptocurrency was up about 3%, while Ethereum (ETH) gained 5% and DOGE spiked by 20%, over the past week.

• Former Twitter CEO and Block founder Jack Dorsey has announced plans to create a ‘Bitcoin Legal Defense Fund’ to help provide a legal defense for Bitcoin developers and will include a team of volunteers and part-time lawyers.

• Dogecoin (DOGE) has leapt 25% after Musk announced DOGE payments for Tesla merchandise. The bullish news comes months after the billionaire entrepreneur said DOGE was a better token to transact with than Bitcoin.

• The general price index was positive at +6.09%, while the volume and volatility indices were negative at -13.62% and -47.52%, respectively.

Highlights

• Bitcoin soars above USD 44,000 as market sentiment recovers

• Ethereum, Solana, Polkadot lead crypto price bounceback

• U.S. Congress’ 2021 crypto trading volume trails stocks’ by 500x

• Bitcoin and related investments now make up half of Bill Miller’s personal portfolio

• USDC's supply on Ethereum surpasses that of rival USDT's for the first time

• Bitcoin drops below $40,000 for first time in 3 months as fear is set to 'accelerate'

• UFC heavyweight champion mulls accepting 50% of his next fight purse in Bitcoin

• Bitcoin and Tether bought massively in Turkey as safe haven from falling Lira

• Swiss crypto broker taps former Barclays and UBS bank executive as CEO

• Simplify reveals plans to launch Web3 ETF

• FTX launches $2B venture fund, hires Lightspeed exec to lead

• Gap turns hoodies into NFTs with help of Frank Ape

• El Salvador is down $12M on its Bitcoin buys

Check the latest prices on crypto.com/price.

Notable Events

Cardano (ADA) announces some exciting developments for 2022 to deal with the anticipated increase in dApp development. (ref)

This week, 17 projects adopted Chainlink (LINK) across 7 different blockchains and 5 independent oracle services. (ref) LINK is said to be on track to move upwards despite its underwhelming performance in the market last year. (ref)

Notable Events

21.1 million SHIB burned in the past 24 hours, while the new SHIB burn site kicks off. 

Dogecoin (DOGE) surged by 12% on Friday after Elon Musk confirmed that the memecoin can now be used to buy merchandise. 

Thank you for reading! We hope you find our Weekly Market Update enlightening!

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