Binance Buys $1 Billion in Bitcoin, US Inflation Lower Than Expected, but BTC Price Still Suffers: Weekly Crypto Recap

Bitcoin traded mostly sideways last week, but every breakout attempt was halted.

Before we examine the developments of the past week, let’s recap the latest crash that culminated on February 6, when BTC plummeted to $60,000 for the first time in over a year. Many altcoins collapsed by 20-30% daily and hit new local lows.

Nevertheless, BTC rose $12,000 that day to touch $72,000 in what became one of the most impressive single-day recoveries. However, the prevailing bearish trend quickly resumed and BTC was stopped and taken down to $68,000 over the weekend.

Over the next few days, it traded sideways between that lower limit and $72,000. After the latest rejection at the upper limit, the bears have made another move lower, pushing the cryptocurrency south to $66,000 on Wednesday and $65,000 on Thursday.

The past few hours have been slightly more positive for bitcoin, especially since the US CPI figures for January came out showing that inflation has actually cooled. BTC jumped to $67,600 but was stopped there and is now trading inches above $66,000. This means that BTC is now roughly where it was last week, but many alts have created more substantial volatility.

On the one hand, XRP, BNB, HYPE and SOL are deep in the red, but on the other hand, BCH, XMR and HBAR are up as much as 9.5%.

Market data

Market Cap: $2.37 trillion | 24H volume: $110 billion | BTC dominance: 56.7%

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BTC: $67,200 (-0.06%) | ETH: $1,970 (+1%) | XRP: $1.38 (-3.7%)

This week’s Crypto headlines you shouldn’t miss

Binance Completes Shift of $1 Billion SAFU Fund to Bitcoin. The biggest BTC acquisition news this week came from Binance, as the exchange completed the conversion of its entire $1 billion SAFU fund to Bitcoin. The company purchased a total of 15,000 BTC in just a few weeks.

BlackRock’s BUIDL fund hits Uniswap as UNI surges 40%. The largest decentralized exchange partnered with Securitize to make BlackRock’s USD Institutional Digital Liquidity Fund available for trading via UniswapX. The news sent shockwaves through the UNI community, with the token rising by as much as 40% within minutes.

Banks are taking tough measures on stablecoin rates as talks in the White House stall. Even though the March 1 deadline is fast approaching, the crypto industry and banks clashed again over stablecoin rewards, with no clear agreement in place. No compromise was reached, sources said, but the session was described as “productive.”

Robinhood joins Layer 2 race with public testnet launch of Robinhood Chain. The US-based trading platform noted earlier this week that it has launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network built on Arbitrum, designed to accelerate the development of tokenized real-world and digital assets.

Miner offloads $305 million in Bitcoin as network problems sharply decline. The past few weeks have also been tough for miners, especially in some regions due to severe weather. One of the larger entities in this space, Cango, announced that it had sold more than $300 million worth of BTC amid mounting pressure and declining profitability figures.

Robert Kiyosaki says Bitcoin is a better investment than gold – here’s why. The best-selling author, who recently came under fire from the crypto community for some controversial statements, believes that bitcoin is a better investment than gold. Although he would prefer to hold both, if he had to choose, he would choose BTC due to its proven limited supply.

Charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.