Weekly Crypto Recap (February 12th- 18th)

Type: 

News

Here's a weekly recap from Metaverse.SG and the most notable crypto events this week were:

- Bitcoin Breaks $50K 

- Yuga Labs FUD and PROOF Acquisition

- Drip Haus Teases Partnership with Worldcoin

- FTX Accused of Secret Deal to Profit from Tether

- Filecoin and Solana Team Up for Better Blockchain Storage


Let’s dive headfirst into the main crypto news of this week!


Bitcoin Breaks $50K

Bitcoin's Big Jump

At the beginning of the week, Bitcoin went past $50,000, causing a massive $80 billion increase in just 24 hours. This sudden rise, driven by renewed investor confidence and the recent approval of a Bitcoin Exchange-Traded Fund (ETF), highlights how strong and important Bitcoin is, now owning over half of the market at 52.4%.



Yuga Labs FUD and PROOF Acquisition

Controversial All-Stock Deal

Yuga Labs, known for groundbreaking NFT projects like Bored Ape Yacht Club, has stirred controversy by acquiring the PROOF ecosystem. The move, labeled an "all-stock deal" by Greg, Yuga Labs' Co-Founder, has sparked mixed reactions within both communities, raising concerns about potential shifts in focus.

Strategic Expansion or Distraction?

While Yuga Labs positions this acquisition as a strategic move for mutual benefit, the community's response has been varied. Some express disappointment and confusion, citing concerns about potential distractions from Yuga's core initiatives. Critics point to past decisions, including employee layoffs tied to the 10KTF project, as causes for skepticism.

Moonbirds Holders Find Relief

The acquisition seems to offer a temporary respite for Moonbirds holders, with a recent +60% surge in the floor price within the past 7 days. Kevin Rose, CEO & Founder of PROOF, is set to transition into an advisory role at Yuga Labs after a transitional period. The integration of the PROOF ecosystem signals a significant development in Yuga Labs' trajectory, leaving the community curious about its impact on the overall value proposition of the Yuga Labs ecosystem.