Crypto Rewind: Bitcoin ECB warning, notable ETF week and more

A lot happened in the crypto landscape this week. For example, the European Central Bank (ECB) has sharply criticized Bitcoin (BTC). Important data has emerged about the spot published last month. Exchange-traded funds (ETFs) for Bitcoin and Uniswap (UNI) skyrocketed by more than 70 percent.

In this overview we list the most important developments of the past week.

ECB calls Bitcoin “worthless”

The ECB expressed strong reservations about Bitcoin in a blog post this week. This is not the first time that the bank has made clear its negative stance towards the world’s largest cryptocurrency.

According to the bank, Bitcoin has failed as a global decentralized means of payment, has no intrinsic value, is highly polluting and is used primarily for criminal purposes.

The ECB believes the recent introduction of spot ETFs represents a positive image boost, but says the actual value remains unchanged at zero.

At the end of 2022, the ECB made a similar statement in a document called “Bitcoins last stand,” but since then the price of Bitcoin has risen by up to 200 percent.

The crypto community continues to react with surprise at the amount of misinformation and bias in the newly published report.

Positive Bitcoin ETF trend ends, but favorable weekly numbers

The newly launched Bitcoin spot ETFs have had a remarkable week.

First of all, last Tuesday the funds had their busiest day since their launch on January 11th. The total trading volume reached an all-time record of almost $2 billion.

A day later, a net outflow across all funds combined was observed for the first time after 17 trading days. After an impressive streak, $35.7 million flowed out of Bitcoin ETFs on the day.

Read Also:  Bitcoin is rising, is the correction over? Analysis of BTC, ADA and SUI

However, it turned out that it was not the beginning of a negative series. Excellent numbers were again reported on Thursday and Friday with net inflows of $251.4 and $232.3 million respectively. This is according to Data from BitMEX Research.

Uniswap price explodes after big news

Finally, last Friday, the crypto market was surprised with a stunning price increase from Uniswap.

The token of the largest decentralized exchange (DEX) on Ethereum (ETH) shot up by around 70 percent in just over an hour. The price explosion was most likely caused by a suggestion from Eric Koen’s management. Governance management from Uniswap Foundation.

He wants to distribute the platform’s fees evenly among UNI holders to “improve the resilience and decentralization of Uniswap governance.”

If the proposal gets the green light, token holders will have the opportunity to participate in the decentralized exchange’s revenue.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here