Crypto.com Weekly Market Update (Week 3, 17/1/2022 - 23/1/2022)
BTC tumbles below USD 35,000. Google forms new blockchain unit & prepares for a crypto payments push.
Key Takeaways
Bitcoin (BTC) continued to plunge overnight—briefly dropping below USD 35,000 to a low of $34,420—before beginning a slow rebound on Saturday morning.
Google is forming a new blockchain unit and has hired a PayPal veteran to head up crypto payments push, as part of a broader strategy to link up with a larger array of financial services including cryptocurrencies. Following the news, the price of Bitcoin (BTC) spiked to a high of $42,478 (from a 24-hour low of $41,254) on Thursday.
Crypto.com released its ‘Crypto Market Sizing’ report finding that the global crypto population rose 178% in 2021, with crypto users totalling almost 300 million. The report expects the number of crypto users to exceed 1 billion by the end of 2022.
The general price and volume indices were negative at -22.16% and -4.83%, respectively, while the volatility index was positive at +212.92%.
Highlights
Australian football league secures $25M deal with Crypto.com
Crypto stock plunge could pump the brakes on IPO and deal market
NYC mayor Eric Adams receives his first paycheck in BTC and ETH
Crypto market reclaims $2 trillion capitalisation as $50B inflows the sector
U.S. SEC rejects MicroStrategy’s Bitcoin accounting practices
Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report
New Fed paper hints that a U.S. CBDC could compete with ‘private digital money’
Philippines-based UnionBank will use crypto safekeeping technology from IBM
Andreessen Horowitz aims to raise $4.5B to invest in crypto funds
Check the latest prices on crypto.com/price.
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