🌎 Crypto Market Recap Highlights Bitcoin Holdings and Funding Growth

Weekly Crypto Recap: Bitcoin Holdings, LIBRA Token Crash, and VC Funding

This week’s crypto recap highlights recent comments from Bitcoin investor Michael Saylor, the latest venture capital activity in the crypto sector, and other notable developments in the world of cryptocurrency.

Strategy Expands Bitcoin Holdings

Strategy, formerly known as MicroStrategy, acquired 7,633 BTC for $742.4 million at an average price of $97,255 per Bitcoin (BTC) during the week ending February 9. This brings Strategy’s total holdings to 478,740 BTC.

When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it.

Strategy founder Michael Saylor made this statement on Saturday, Feb. 15, highlighting the importance of buying and holding Bitcoin.

Milei Faces Backlash Over LIBRA Token Crash

President Javier Milei’s endorsement of $LIBRA, a meme coin aimed at supporting Argentine small businesses, helped drive the project to a $4.4 billion market capitalization before a 95% collapse. Eight wallets connected to the LIBRA team withdrew $107 million shortly after the peak.

Crypto VC Funding Shows Strength in February

HashKey Group secured $30 million at a $1.50 billion valuation, leading a week that saw total funding exceed $150 million. Payment solutions and infrastructure projects dominated the investment sector during the second week of February.

NFT Market Records Volume Decline

NFT sales volume dropped 35.15% to $112.7 million, according to CryptoSlam data, with notable changes across leading collections. Major collections, including Pudgy Penguins and Azuki, experienced sales drops of 55.29% and 79.17%, respectively.

Other Notable Developments

Tether Investments acquired a minority stake in Italian Serie A team Juventus, aiming to create new connections between sports and digital assets. Ethereum developers debated the implementation of EVM Object Format (EOF), which would perform safety checks on EVM bytecode before execution rather than during.

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company invested $436.9 million in BlackRock’s spot Bitcoin ETF during Q4 2023. Bybit resolved regulatory concerns, with CEO Ben Zhou announcing the removal from France’s regulatory blacklist.