A week in review: Feb. 20–26 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin plunges as Putin announces 'special military operation' in Ukraine | | | The crypto market tanked on Thursday following reports that the Russian government had invaded Ukraine, with assets such as Bitcoin, Ether and XRP dropping 7.3%, 9.5% and 9.2% respectively. | | | The news of the invasion sparked major pushback from people across the globe, including members of the crypto community. Ethereum co-founder Vitalik Buterin, who was born in Russia, condemned the move on Twitter, stating: | | | "This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine." | | | By Friday, crypto markets reversed their post-Russian invasion declines after the United States announced it would be implementing sanctions against major Russian banks. | | #2. Former Cisco employee launches DAO to buy Denver Broncos | | | A freshly launched decentralized autonomous organization dubbed BuyTheBroncosDAO is aiming to raise enough capital to purchase the NFL's Denver Broncos for roughly $4 billion. | | | The project is offering fans of various levels of wealth the chance to own a slice of the Broncos, as there is no minimum requirement on how much they need to contribute to participate to the DAO. | | | "The purpose, essentially, is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos," one of the DAO's organizers and former Cisco employee Sean O'Brien told CNBC earlier this week. | | #3. Trudeau revokes emergencies act powers but the case for crypto grows | | | Canadian Prime Minister Justin Trudeau walked back the use of the Emergencies Act on Thursday. The order was invoked in the wake of mass protests across the country, including at critical border crossings between the United States and Canada. The order allowed the government to freeze $8 million from 210 bank accounts connected to Canadian "Freedom Convoy" protestors. | | | The highly contentious situation in Canada appears to be calming down now, however, with Trudeau noting that "we are confident that existing laws and bylaws are now sufficient to keep people safe." | | | The move to invoke the Emergencies Act one week prior caused a lot of pushback and debate; it also reiterated the viability of crypto, as the protestors were able to fundraise around 21 BTC after being shut off from banks and popular crowdfunding platforms such as GoFundMe. | | #4. Prediction of the week. Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally | | | Ether, the crypto industry's second-largest asset by market capitalization, largely traded between $2,750 and $2,350 this past week, according to Cointelegraph's ETH price index. | | | Although ETH's price action experienced turbulence during the week, a chart pattern from market analyst and Twitter personality Wolf revealed a possible price target above $10,000. | | | An ETH weekly candle chart from the analyst indicates a possible ascending triangle pattern playing out, which, long story short, could lead to ETH surpassing $10,000 based on how the chart pattern typically plays out. The chart from Wolf points to a target of about $13,250. Weekly chart patterns in general, however, typically take more time to play out than chart patterns crafted on shorter timeframes. | | | Other thoughts and observations about ETH were also mentioned in Cointelegraph's Wednesday article, including the possibility for a bull trap — an upward price fake-out of sorts — which would invalidate Wolf's bullish price target. | | #5. FUD of the week. SafeMoon pump-and-dump lawsuit targets Jake Paul, Soulja Boy and others | | | A bunch of A-list celebrities and pesky influencers have gotten themselves into hot water over the promotion of an alleged pump-and-dump scheme tied to the BNB Chain-based SafeMoon token. | | | In a class-action lawsuit, the team behind the token is accused of roping several popular figures to induce people to invest in SafeMoon via misleading information. Some of the more well-known names include musicians such as Nick Carter, Soulja Boy, Lil Yachty and YouTubers Jake Paul and Ben Phillips. | | | According to court documents, SafeMoon and its subsidiaries mimicked Ponzi schemes by duping investors into purchasing the tokens under the pretext of unrealistic profit potential. Notably, it is also alleged that the project's execs promptly fled the project as SafeMoon's price started to tank heavily last year. | | #6. FUD of the week. Seller 'rugs' $30M CryptoPunks collection minutes before Sotheby's auction | | | The FUD alarm bells went off among fine art collectors this week after 0x650d, the pseudonymous owner of the CryptoPunks NFT "Punk It!" collection, suddenly withdrew from their Sotheby's auction just moments before it was slated to go live. | | | The collection, which contains 104 CryptoPunks, is estimated to be worth $30 million and was said to be the "highest-profile NFT sale of all time." In the aftermath of the canceled auction, the would-be seller appeared to make fun of Sotheby's as they discussed their motives in a blaze and sarcastic manner. | | | For example, 0x650d first posted "nvm, decided to hodl" on Twitter and followed that up with a meme that bore the caption "Taking punks mainstream by rugging Sothebys." | | Be The Satoshi Of Your Neighborhood!
You may not have one whole Bitcoin, but you can have one whole BTC shirt. 👕Check out the Bitcoin Genesis Block Collection at the Cointelegraph Store. | | | |
