CoinLoan Weekly: Friday’s dip, peak BTC hashrate, crypto superbowl ads, FCA rejections
After approaching $45,000, Bitcoin traded above $43,000 and peaked out on Thursday, February 10, at $45,481.59. Over the weekend, the price stayed above the resistance level ($41,500).
The lowest low came in early Asian hours on Monday, February 14 ($41,793.98), prompting traders to take profits. However, the coin is growing again, and The Relative Strength Index (RSI) of 39 is approaching the “oversold” condition. The uptrend is expected to resume. The Fear and Greed Index has also dipped slightly.
As of now, BTC is trading at $42,601.37, with a 24-hour change of -0.1%. Over the past week, it has gained 0.3%.
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Ethereum echoed Bitcoin’s dynamics. It grew, dipped and peaked out on Thursday, February 10, at $3,261.19. Over the weekend, ETH stayed in a relatively narrow range after plunging to under $2,900.
Ethereum hit its 7-day low in the morning of Monday, February 14 before changing direction. Its 7-day result is worse than for BTC and XRP, as the token has lost over 3% in value.
As of this writing, ETH is trading at $2,954.79, with a 24-hour change of 0.1% and a 7-day change of -3.5%.
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Unlike BTC and ETH, XRP failed to rise over the short-lived high it achieved on Tuesday, February 10 ($0.907059). The subsequent dip to under $0.825 wiped out most of the initial gains.
Following a further collapse on Friday, February 11, the price fell to a low of $0.754621 at the beginning of the weekend. XRP traded around $0.84 on Sunday, February 13, before dipping again.
As of now, XRP has reached $0.807946, with a 24-hour change of -3.4% and an impressive 7-day gain of 17.9%.
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Bitcoin hashrate reaches all-time highs
Over the weekend, the Bitcoin hashrate surged to a record high. This means the network is more secure against potential “51% attacks” from singular entities.
Hashrate shows computing power required for mining blocks on the Bitcoin blockchain. On Saturday, February 12, it hit 248.11 million TH/s (terahashes per second) — a big change from 180 million TH/s last week. As of now, the global hashrate has dipped to 211.11 EH/s.
Superbowl triggers a surge in crypto app downloads
Ads launched by Coinbase and FTX during Superbowl LVI proved highly effective. According to The Block Research, a surge in downloads pushed the former from the 186th to the 2nd position in the App Store on Monday, February 14.
The company’s minute-long commercial with a QR code presented a big giveaway — incentives worth over $100 million expected in 2022. After airing, the Coinbase site experienced issues.
FTX, which owns Blockfolio and eToro, also saw its number of installs shoot up. During the big game, it ran a two-minute ad featuring comedian Larry David. In the video, he rejects some of humanity's biggest inventions like the wheel but says that the FTX app is different.
Time is running out for crypto firms awaiting FCA approval
Applicants for inclusion into the UK’s anti-money laundering register are on tenterhooks. The March 31 deadline is approaching, but decisions for 96 crypto firms are still pending. Their future is in limbo as the Financial Conduct Authority (FCA) is scrambling to process its backlog of applications.
The affected companies include crypto exchanges, wallets, and other businesses. The majority of applicants (69), including the Revolut neobank, have not even made it to the temporary register.
The FCA has supervised crypto firms for AML and counter-terrorist financing since early 2020. The initial deadline has already been extended twice. In July, the institution claimed many applications had been withdrawn due to failure to comply with the Money Laundering Regulations (MLRs).
So far, the FCA has rejected the majority of firms on its temporary register — 54 out of 79. The key obstacles to approval are concerns about transparency and accountability.
According to Ian Taylor, executive director at CryptoUK, only a fraction of new businesses can expect admission. The UK Treasury officials are reluctant to extend the deadline again.