This past week in the cryptocurrency world has been nothing short of eventful. From Bitcoin’s impressive rally to Solana’s technical hiccup and MicroStrategy’s strategic BTC accumulation, the market has seen a mix of highs and lows. Additionally, the landscape of crypto ETFs and regulatory developments continues to evolve. Here’s a comprehensive recap of the week’s notable events.

Bitcoin Soars Past $48,000

Bitcoin has once again defied expectations, breaking through the $48K barrier to settle at $48,067.30. This milestone follows a week of bullish behavior that saw the cryptocurrency king smash through resistance levels, with a notable trade volume of $1.21 trillion for January 2024. Bitcoin’s robust performance has not only bolstered its own standing but has also positively influenced the broader crypto market.

Solana’s Struggle with Network Outage

The Solana network experienced a disruption on February 6, marking its first significant outage of the year. Lasting five hours, the interruption led to a temporary 4% drop in SOL’s price. However, the swift response from network engineers and validators to restore functionality demonstrated the resilience of the ecosystem, earning commendation from market participants.

MicroStrategy’s Continued Bet on Bitcoin

Amidst Bitcoin’s price surge, MicroStrategy reported an additional purchase of 850 BTC, costing $37.2 million. This acquisition has already borne fruit, with the assets now valued over $41 million, showcasing an unrealized profit. MicroStrategy’s total holdings now stand at a formidable 190,000 BTC, valued at $9.18 billion, underpinning the firm’s confidence in Bitcoin’s future.

Spot Bitcoin ETFs and Global Regulatory Moves

The evolution of spot Bitcoin ETFs has been remarkable, with South Korea looking to emulate the U.S. approach. This week, the iShares Bitcoin Trust by BlackRock entered the top 5 list for ETP capital inflows in the U.S., reflecting growing investor interest. Regulatory conversations continue, with the U.S. SEC implementing new rules for defi liquidity providers, sparking debate in the industry.

Genesis Strikes a Deal with NY Attorney General

The troubled crypto lending firm Genesis has reached a settlement with New York’s Attorney General in a case involving losses in Gemini’s Earn program. This agreement paves the way for customers to receive compensation and for Genesis to settle its creditors, pending bankruptcy judge approval.

International Enforcement and Craig Wright’s Legal Woes

Internationally, enforcement actions are heating up with Uzbekistan fining Binance and Hong Kong warning against a crypto scam associated with MEXC. Moreover, the legal battle between Craig Wright and the Crypto Open Patent Alliance (COPA) has seen allegations of document forgery, adding another layer of drama to the crypto narrative.