Bitcoin Reaches $48K: Solana’s Troubles and MicroStrategy’s Bitcoin Purchase | Weekly Review

Bitcoin (BTC) made significant strides this week, surpassing the $48,000 mark amidst a sustained uptrend. As of Sunday, Feb. 11, the leading cryptocurrency was trading at $48,067.30, continuing its bullish trajectory.

Solana Network Suffers 5-Hour Outage

Solana (SOL) faced a network disruption on Feb. 6, marking its first outage in over a year. The disruption lasted for approximately five hours, impacting investor sentiment. Despite the setback, Solana demonstrated resilience, bouncing back after the technical issue was addressed.

MicroStrategy Bolsters BTC Holdings

MicroStrategy, led by Michael Saylor, expanded its Bitcoin holdings by acquiring an additional 850 BTC in February. With this purchase, the company now holds a total of 190,000 BTC, valued at $9.18 billion. Saylor’s strategic moves in the crypto market continue to attract attention.

Bitcoin’s Resurgence Propels Market Momentum

Bitcoin’s resurgence played a pivotal role in driving market momentum throughout the week. Despite the Solana outage, Bitcoin’s bullish performance fueled optimism, triggering a series of price surges across the cryptocurrency landscape. The token’s resilience and sustained upward trend showcased its dominance in the digital asset space.

Regulatory Struggles and Global Affairs

Regulatory challenges persisted in the U.S., with the SEC adopting new rules for liquidity providers on defi protocols. Lawmakers grappled with finding clarity in crypto regulations, while global enforcement actions intensified. Uzbekistan fined Binance for operating without a license, highlighting ongoing regulatory scrutiny worldwide.

Genesis Settles with NY Attorney General

Genesis, the bankrupt crypto lending firm, reached a settlement with the New York Attorney General over customer losses in Gemini’s Earn program. As part of the agreement, customers affected by the program’s closure will receive settlements, pending approval by a bankruptcy judge. However, the lawsuit against Genesis and its parent company Digital Currency Group has expanded to $3 billion, with the Attorney General alleging fraud.

Legal Battle: Craig Wright vs. COPA

The legal saga between Craig Wright, who claims to be Bitcoin’s founder, and the Crypto Open Patent Alliance (COPA) commenced this week. COPA accused Wright of forging documents related to Bitcoin’s origin, while Wright presented additional evidence to support his claims. The courtroom drama continues as both parties present their cases.

Insights on Spot Bitcoin ETFs and US Regulatory Landscape

Spot Bitcoin ETFs in the U.S. witnessed significant milestones, with BlackRock’s iShares Bitcoin Trust emerging as a top performer. Despite initial success, concerns persist regarding the longevity of these investment products. Meanwhile, lawmakers in the U.S. navigated regulatory challenges, seeking consensus on stablecoin regulation and addressing limitations in existing frameworks