[Weekly review] Ethereum has repeatedly reached new highs, Bitcoin has returned to 40,000, and DeFi coins have ushered in spring; CEOs of tech giants such as Musk and Jack Dorsey are optimistic about the crypto industry; good news comes out of the MicroStrategy summit

Every Sunday, the big and small things you need to know about the past week's blockchain news.

At the beginning of this week, we were still affected by the aftermath of last week's WSB retail war against Wall Street bears. The agencies and officials involved were questioned by all parties, and the US regulators and government all took action. In terms of market conditions, the overall crypto market has risen, Ethereum has repeatedly reached new highs, and Bitcoin has once again broken through the 40,000 US dollar mark today. The Defi coin situation is very good. Additionally, MicroStrategy hosted an online World.now summit this week, inviting executives from various major companies. Many of the participants looked forward to the future of the crypto industry.

[This week's market: Ethereum has repeatedly reached new highs, Bitcoin has returned to 40,000, and DeFi coins ushered in spring]

The crypto market rebounded slightly on Monday, with the DeFi token Cake leading the way. Bitcoin and Ethereum showed mediocre performance, Dogecoin's popularity declined by nearly 10%, and XRP rapidly rose by more than 140%, then ushered in a waterfall of over 15%.

The crypto market collectively rallied on Tuesday. Bitcoin, the cryptocurrency with the highest market capitalization, surpassed $35,000, and Ethereum, the second-largest cryptocurrency by market capitalization, rose 12%, breaking through $1,500 in one fell swoop to a new all-time high. DeFi coin UMA rose more than 20%.

The crypto market generally rose on Wednesday. Ethereum once again reached a new all-time high, reaching $1,600, driving the overall rise of DeFi tokens. Among them, UMA led the rise by nearly 60%. Bitcoin, the number one cryptocurrency by market capitalization, rebounded to the $37,000 mark. The Aave price increased 76%. It hit a record high of $520.

The overall crypto market rose on Thursday. DeFi tokens performed well. UMA was stimulated by the favorable news of the agreement upgrade. The increase was over 50%, and both 0x and Aave increased by nearly 40%. The market value of the platform coin BNB rose to 9th place, and Bitcoin and Ethereum stagnated.

The crypto market continued to rise on Friday. Ethereum surpassed 1,700 US dollars, a daily increase of more than 6%, and reached another record high. Defi coins continued to rise, with 0x rising more than 50%, and Cosmos and Road Print all rising by more than 30%. The crypto market continued to rise on Saturday. Bitcoin rose more than 6%, breaking the $40,000 mark, and Ethereum hovering above $1,700.

According to reports, the Bitcoin futures market's trading volume in January was 2.9 trillion US dollars, a record high. Among them, Binance has the largest trading volume, accounting for 30%, followed by Huobi (23.8%) and OKEx (16.9%).

[Institutional Company: MicroStrategy Buys 295 Bitcoins Again, Glenn Hutchins Launches New Crypto Venture Fund]

Institutional companies are still optimistic about cryptocurrencies this week. Each will either add crypto assets, launch new crypto funds, or pilot new technologies.

On Tuesday, MicroStrategy once again purchased approximately 295 bitcoins for $10 million in cash, with an average purchase price of around $33,808 each. Glenn Hutchins, co-founder of private equity firm Silver Lake Partners, and his son James Hutchins and partner Travis Scher launched a new $72 million crypto venture capital fund on Thursday.

Meanwhile, payment giant Visa announced on Wednesday that it is piloting a set of cryptographic application programming interfaces (APIs) that will allow customers to “easily connect to the infrastructure provided by Visa's partner, Anchorage,” to provide Bitcoin services.

[Project financing: Opyn announced the completion of Series A financing of 6.7 million US dollars; 0x Protocol Series A financing received support from IOSG Ventures]

Some excellent DeFi projects also received funding this week.

On Wednesday, the DeFi options platform Opyn announced the completion of Series A financing of 6.7 million US dollars, led by the famous venture capital Paradigm.

Decentralized exchange protocol 0x Protocol announced on Friday that Series A funding was supported by IOSG Ventures. IOSG Ventures said they believe 0x Labs will inject momentum into the DeFi sector.

[Exchange Bank: Crypto exchange Coinbase will be directly listed on NASDAQ; Bitfinex exchange announced that it has paid off Tether's $750 million loan]

The overall news from crypto exchanges and digital banks was positive this week.

Crypto exchange Coinbase said on Monday that it would choose to list directly on NASDAQ. On January 25, the Nasdaq private equity market's secondary market for Coinbase shares allowed shareholders with vested interests to sell shares. Robinhood received $2.4 billion in capital injections from shareholders to help it scale up from recent market turmoil.

US cryptocurrency exchange Gemini on Tuesday launched a lending service called Earn to support all 26 crypto assets supported by the exchange on its trading platform.

Cryptocurrency exchange KuCoin CEO Johnny Lyu said on Wednesday that the exchange had recovered 84% of the funds stolen in the September hack last year

The Bitfinex exchange announced on Friday that it had paid off Tether's $750 million loan, dispelling crypto investors' concerns about Tether and USDT stablecoins.

Seattle-based digital bank Protego also announced on Friday that it has received conditional approval from the US Monetary Authority OCC.

[Government: The mayor of Miami is considering using cryptocurrency Bitcoin to pay the city's employees' salaries; the Central Bank of Nigeria ordered the closure of bank accounts of citizens using cryptocurrency]

This week, news from US state governments is favorable to cryptocurrencies, while governments in other countries around the world are tightening their policies on cryptocurrencies.

The mayor of Miami revealed in an interview with Forbes on Monday that he is considering using the cryptocurrency Bitcoin to pay the city's employees' salaries. Twitter and Square CEO Jack Dorsey responded to this on Twitter on Wednesday, calling it a very “smart” move. On Thursday, the US Wyoming State Assembly's working group dedicated to blockchain technology and innovation proposed a bill that would allow decentralized autonomous organizations (DAOs) to officially register legally in the state.

The upper house of India's parliament published a list of questions and written responses on Tuesday, in which it clarified its position on cryptocurrencies and the digital rupee. The Central Bank of Nigeria ordered the closure of bank accounts of citizens using cryptocurrencies, prohibiting citizens from using bank accounts to buy and sell bitcoin and other cryptocurrencies on exchanges.

[Regulation: Venmo is being investigated by the US Consumer Financial Protection Agency; South Africa's FSCA warns investors to be wary of crypto scams]

This week, regulators are paying more attention to the crypto market and providing applications related to crypto trading.

Venmo, a mobile payment app owned by payment giant PayPal, is being investigated by the US Consumer Financial Protection Agency. The main content of the investigation is Venmo's alleged involvement in unauthorized fund transfers and collection processes.

The South African Financial Industry Conduct Authority (FSCA) warned investors in a press release on Thursday that they need to be wary of scams in the current crypto bull market.

[Opinion: Tech giant CEOs such as Musk and Jack Dorsey are optimistic about the crypto industry; good news comes out from the MicroStrategy summit]

This week, tech giant CEOs represented by Musk and Jack Dorsey, and even Dallas Mavericks owner Mark Cuban, and many financial industry veterans expressed favorable views on the crypto industry. At the same time, there was also quite a bit of positive news at this week's MicroStrategy conference. Analysts also predicted both Bitcoin and Ethereum prices this week.

On Monday, Elon Musk, the world's richest man and founder of Tesla, said on the voice social networking platform Clubhouse that Bitcoin will be more widely used in the traditional financial world. Billionaire and Dallas Mavericks owner Mark Cuban said at the Reddit community's WSB sub-edition AMA event on Tuesday that DeFi and NFTs will be the next hot spots. Twitter CEO Jack Dorsey ran a full Bitcoin node on his Apple Mac M1 computer on Friday. The Twitter caption reads “Running Bitcoin.”

Ari Paul, chief information officer of cryptocurrency hedge fund BlockTower Capital, said on Friday that the cryptocurrency bull market will continue for at least 9 months. Chen Kaifeng, chief economist at Huisheng Finance and professor at New York University, said in an exclusive interview on Tuesday that the US economy will recover rapidly in the second half of the year. The US GDP is expected to reach a 6% growth rate this year, and the government will control Bitcoin.

Ross Stevens, founder and chairman of NYDIG, a New York digital investment group, predicted at MicroStrategy World 2021 on Wednesday that the company could achieve a huge jump in the number of bitcoins it manages in 2021. MicroStrategy CEO Michael Saylor predicted at the World Now Summit that Bitcoin's monetary value could exceed $100 trillion.

Jesse Cohen, a senior financial analyst at the major financial publication Investing.com, said that with more mainstream applications, Bitcoin is likely to reach $60,000 in 2021. Analyst Alex Kruger believes that until CME's Ethereum futures products are officially launched on February 8, the price of Ethereum will continue to rise, and its price may rise above $1,900.

[Hot news follow-up: WSB vs. Wall Street bears have not subsided, Robinhood will face multiple questions]

The wave that followed last week's WSB retail investor war against Wall Street bears has not subsided. Robinhood has been questioned by various parties, and the CEO will be asked to attend a virtual hearing.

Regarding Robinhood's previous suspension of US stock trading such as GME, Musk called out Robinhood CEO on Clubhouse on Monday: “People want an answer! “Tobias Levkovich, the chief US stock strategist at Citigroup, said in an interview with CNBC on Monday that weekly turmoil in the US stock market may disrupt the current overall rebound trend and may bring about a 10% decline in the US stock market.

Representative Maxine Waters announced on Tuesday that the Financial Services Commission will hold a virtual hearing related to the GameStop incident on February 18, and Robinhood CEO Vlad Tenev will be required to attend.

US Treasury Secretary Yellen then summoned the leaders of the Securities and Exchange Commission (SEC), the Federal Reserve, and the Commodity Futures Trading Commission (CFTC) on Wednesday to discuss recent stock market manipulation issues.

[Anecdote: The WSB vs. Wall Street incident will be made into a movie; 11 people on the Forbes Crypto Rich List have assets exceeding 1 billion US dollars]

Two more anecdotes this week. The previous “earth-shattering” incident of WSB vs. Wall Street was about to be made into a movie, and the film company MGM was authorized to propose a book on this incident. Aaron Ryder, who has produced the blockbuster “Donnie Darko” and “Memories,” will produce the film with the help of the Winklevoss brothers.

Additionally, business media Forbes updated its list of the crypto industry's richest people on Tuesday, with a total of 11 people with assets exceeding $1 billion. Currently, the total value of all digital coins is over 1 trillion US dollars, a fourfold increase from 250 billion US dollars in January 2020.

Author Sara Zhang

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