MicroStrategy remains committed to its business strategy amidst market uncertainty.
Bitcoin (BTC) has once again surged past the $48,000 mark, maintaining its upward trend. As of Sunday, Feb. 11, the world’s largest cryptocurrency by market cap was trading at $48,067.30.
Meanwhile, Solana (SOL) experienced its first network outage of the year, causing a disruption in investor sentiment. Despite this, SOL managed to recover from the downtime and showcased its resilience.
Bitcoin’s resurgence played a significant role in SOL’s bullish price performance throughout the week. Bitcoin started the week on a positive note, recording its highest monthly trade volume since September 2022. It successfully reclaimed the $47,000 price level and broke $48,000, currently hovering at $48,067.30.
MicroStrategy, owned by Michael Saylor, added to its BTC holdings by purchasing an additional 850 BTC tokens. With Bitcoin’s current price, the assets are now worth over $41 million, reflecting an unrealized profit of $3.8 million for the January purchases alone. MicroStrategy now holds 190,000 BTC valued at $9.18 billion.
The spot Bitcoin ETF market in the U.S. also made headlines, with South Korea looking to implement regulations similar to those in the United States. The Financial Supervisory Service chief plans to meet with the U.S. Securities and Exchange Commission chairperson to discuss proper regulations for the Korean digital asset industry.
Despite regulatory struggles in the U.S., the SEC adopted two new rules that would require liquidity providers on defi protocols to register with the SEC. Lawmakers also sent a letter to the Secretary of the Treasury, highlighting the limitations of the Howey Test for the crypto industry.
Genesis, the bankrupt crypto lending firm, reached a settlement with the New York Attorney General in a case involving customer losses. Customers will receive a settlement for their losses, and Genesis will settle its creditors.
On the global front, regulatory efforts and enforcement actions have seen a resurgence. Uzbekistan fined Binance for operating without a license, while the SFC of Hong Kong warned consumers of a crypto scam scheme connected to MEXC. The legal case between Craig Wright and COPA began, with allegations of document forgery.
Overall, it has been an eventful week in the crypto industry, with Bitcoin’s price surges, regulatory developments, and legal disputes capturing the spotlight.
