Weekly Highlights: Ethereum Surpasses $3000, Trump Discusses Bitcoin’s Future in the US

Ethereum has surpassed the $3000 mark, Donald Trump has discussed the future of Bitcoin in the US, Michael Saylor ruled out selling BTC from MicroStrategy’s balance sheet, the FixedFloat crypto exchange was hacked for $26 million, among other events of the past week.

Bitcoin Falls Below $52,000

This week, the leading cryptocurrency traded between $51,000 and $53,000. On Saturday, February 24, digital gold fell below the $51,000 level but quickly recovered.

At the time of writing, Bitcoin is trading at $51,700.

On Tuesday, February 20, the second-largest cryptocurrency by market capitalization surpassed the $3000 level. At the time of writing, Ethereum is trading above this psychological mark.

Most digital assets in the top 10 by market capitalization ended the week in the “red zone.” Avalanche (-8%) and Solana (-7.8%) were the biggest losers.

The total cryptocurrency market capitalization is $2.1 trillion. Bitcoin’s dominance index is 52.6%.

Trump Discusses Bitcoin’s Future in the US and Names Favorite Currency

Former US President and Republican Party leader Donald Trump stated that the current development of Bitcoin will require authorities to introduce specific regulations. According to him, the leading cryptocurrency has already “taken on a life of its own.”

“Many people are embracing it. I see more people wanting to pay with Bitcoin, which is interesting. Some regulation will probably be needed. But I think I could coexist with it,” Trump noted.

However, the politician is not yet inclined to accept Bitcoin as a means of payment in the US. Trump emphasized that he has always liked the dollar.

Michael Saylor Rules Out Selling Bitcoin from MicroStrategy’s Balance

MicroStrategy founder Michael Saylor stated that the company does not intend to sell its Bitcoin holdings in the near or long term.

“There is no reason to sell winners and buy losers,” Saylor noted.

In his view, spot ETFs have paved the way for institutional capital in the Bitcoin ecosystem. The MicroStrategy founder believes that exchange-traded funds based on digital gold are transforming the market with a daily influx of “hundreds of millions of dollars.”

Bitcoin, with a market capitalization slightly above $1 trillion at the time of writing, competes with and surpasses larger traditional assets like gold, real estate, and the S&P 500 index, Saylor noted. 

“We believe that capital will continue to flow from these asset classes into Bitcoin because it is technically superior to them,” he emphasized.

Topics to Discuss with Friends

• Worldcoin rose by 40% and reached a new all-time high.
• A trader made a 1280-fold profit on the SORA token.
• AI tokens showed growth amid the launch of Sora by OpenAI.
• A person with a Neuralink chip was able to control a cursor with their mind.

CoinGecko Identifies Best Time to Sell Airdrop Tokens

According to a CoinGecko study, 23 out of 50 projects (46%) that conducted the largest airdrops recorded peak token prices within the first two weeks after release.

“This suggests that the best time to sell airdrop tokens is the 14-day period from the time of receipt,” the report states.

FixedFloat Crypto Exchange Hacked for $26 Million

The FixedFloat cryptocurrency exchange team confirmed a hack resulting in losses of at least $26 million in Bitcoin and Ethereum.  

“We confirm that the hack and theft of funds did occur. We are not ready to make public comments on this matter yet, as we are working on eliminating all possible vulnerabilities, enhancing security, and conducting an investigation,” the statement reads.

Since February 17, some platform users have reported transaction suspensions and asset disappearances. FixedFloat initially cited technical issues. 

Also on ForkLog:

• Optimism conducted an OP airdrop worth $39 million.
• Montenegro will extradite Do Kwon to the US.
• The Central Bank of Russia revoked the license of QIWI Bank.
• An Ethereum whale moved $5.15 million after 8.5 years of dormancy.

Robert Kiyosaki Shares Plan for Bitcoin Price Drop

Author of the bestseller “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki shared what he plans to do if the price of the leading cryptocurrency falls.

“I am often asked: ‘What if Bitcoin falls?’ My answer is the same for Bitcoin, gold, and silver: ‘I will be happy and buy more as soon as the crash stops,'” he wrote.

The investor added that “sale” is his favorite four-letter word.

Earlier, Kiyosaki predicted that Bitcoin prices would rise to $100,000 by June 2024.

What Else to Read?

This week, ForkLog explained how the CeDeFiAi platform works and the viability of the ERC-404 standard from Pandora developers.

The traditional digest compiled the main events of the week in the field of cybersecurity.

The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure and the growing attention companies are paying to Bitcoin as an asset class. The most important events of recent weeks are in ForkLog’s review.