Inside Crypto: February Week 1 Report
The growing trend of incorporating crypto into projects worldwide is becoming increasingly evident. In recent years, there have been more and more initiatives to integrate cryptocurrencies into various aspects of life, from payment to gaming to fitness to financial activities. The possibilities are endless. This surge in crypto adoption is driven by the growing demand for secure and efficient digital payment solutions while leveraging decentralization. The main point to note here is that crypto offers many advantages over traditional fiat currencies and other payment methods, such as faster transaction speeds, low fees, and enhanced security.
This week’s news focuses on bitcoin reaching $20k, Twitter teasing a payment system that might include crypto in the near future, and Sorare and Premier League’s collaboration.
On the Bitcoin News
620,000 new BTC addresses appeared after the BTC price increase on January 13, according to data provided by crypto analytics company Santiment, making a total of 39.8 million. Even the price of bitcoin hit $20k, creating FOMO in the market. This increase is linked to the market’s increasing bullish sentiment. Along with bitcoin, several other cryptocurrencies have also recorded high returns, and the entire cryptocurrency market has increased by almost 30%.
Since November 2022, when Bitcoin fell to its cycle low of roughly $16,000, there has been a noticeable increase in bitcoin addresses owning 0.1 BTC or less. The first week of February saw bitcoin maintain its upward trend, reaching a five-month high above $24,000. The price is currently around $22,000 at the time of writing.
Exciting News for Twitter Users and Crypto Enthusiasts!
Elon Musk Wants to Implement Crypto in the Twitter Payments System. The Twitter owner has long hinted at creating a payment system, particularly one that includes cryptocurrency on the social media platform. There have also been numerous speculations regarding a cryptocurrency-based Twitter payment system.
According to recent reports, the media company is developing a system allowing payments through the social media platform. The system, which he referred to as ‘everything app’ in his tweet, will initially support fiat currency but was designed to support cryptocurrencies later.
Still on Adoptions
Sorare, a blockchain-based fantasy soccer game, and the Premier League—the world’s biggest and most popular league—have signed a four-year licensing deal. This is exciting news for football and cryptocurrency fans alike. Sorare will make digital player cards available for all 20 Premier League clubs as part of its free-to-play online fantasy football game, according to a January 30 announcement released on the Premier League website. Premier League fans can purchase, sell, and collect the fully licensed digital player cards. They can also form teams like a team manager and compete with their teams in Sorare’s free fantasy football game for rewards.
This is not the first sports deal Sorare has struck since its launch in 2018. They have collaborated with over 300 sports organizations to release player cards, including Spain’s LaLiga, Germany’s Bundesliga, and Italy’s Serie A. It also expanded into two additional sports in 2022, baseball and basketball, working with the NBA and MLB.
The Bottom Line
The use of cryptocurrency is becoming increasingly commonplace, with more and more projects integrating it into their ecosystems. This trend has been demonstrated in recent news stories, such as Elon Musk wanting to implement crypto in the Twitter payments system and Sorare’s collaboration with the Premier League to create digital player cards for the fantasy football game. These examples demonstrate the growing acceptance of cryptocurrencies by businesses and individuals alike. It will be interesting to see how other projects will integrate it into their ecosystems in the future.