The best crypto news of the week

Important crypto news: the best news regarding the blockchain world affected the entire industry in the last week. In particular, we are talking about Dogecoin price prediction, for which Elon Musk posted a picture of his dog on Twitter.

This begs the question: is Elon buying more DOGE? Furthermore, Bitcoin’s NFTs has also arrived, which has taken the network’s activity to the highest levels. Again one wonders what impact they will have on the price of BTC. And it doesn’t end there.

Crypto news: Elon Musk and Dogecoin among the top news of the week

Dogecoin price increased 3% recently, now $0.08881amid an overall 8% rise for the cryptocurrency market.

DOGE has also risen 6.5% over the last 30 days, thanks mainly to the continued support that Elon Muskowner of Tesla, SpaceX and Twittergives to the market leading memecoin

After wearing a Dogecoin T-shirt to the Super Bowl, Musk sparked another online discussion by posting a photo of his dog Shiba Inu (Dogecoin’s mascot) on Twitter.

However, since DOGE has risen less than other major tokens in recent hours, it is likely that the billionaire has not bought more meme coins, contrary to what many had thought after seeing the latest tweet from the rocket tycoon.

DOGE indicators suggest that there may be further upside on the horizon for the altcoin. Its relative strength index has risen from 40 a few days ago to almost 60. Its current level means that it is not yet in the overbought zone and thus could see further gains.

At the same time, the 30-day moving average continues to rise above the 200-day moving average and does not yet appear to have peaked. If DOGE manages to break through $0.09 brand, it can record sustained gains.

It seems that DOGE’s rise in the last few hours is mainly due to the recent market rally, which has also dragged the meme token with it.

However, it is notable that the rise also comes after Musk posted another of his signature tweets, in which he makes a vague allusion to Dogecoin but shows no concrete evidence that he has increased his holdings.

This tweet appears to have caused a very brief rally in which the DOGE rose to the $0.09 resistance level, but quickly fell back as other currencies continued to rise. Because of this, one could easily argue that Musk used it to pump DOGE short to offload some of his holdings.

More crypto news among this week’s top stories: Bitcoin’s NFTs

Bitcoin’s new NFT protocol is called Ordinals. According to data from crypto-analytics firm Glassnode, after their arrival, it reached the 14-day exponential moving average (EMA) of the number of transactions on its Bitcoin network. highest level since April 2021 earlier this month.

According to reports from crypto firm BitMEX is more than 13,000 Ordinal NFT was minted on the Bitcoin blockchain on February 7th.

Some analysts are concerned that Ordinal NFTs, where many Bitcoin blocks have exceeded the 4MB limit, could put upward pressure on network fees. So far, however, there has been no fee increase yet, according to Glassnode’s data.

Additionally, not everyone is excited about the implementation of NFTs on Bitcoin’s blockchain. Some argue that it goes against the creator Satoshi Nakamoto‘s view that Bitcoin’s blockchain was created solely for financial purposes.

Some believe that should Ordinal NFTs lead to an increase, this could be positive for the miners, resulting in an advantage to the security of BTCits network. However, since the fees have not currently increased, the income of Bitcoin miners remains low.

In fact, Glassnode’s four-year Z-score related to miner earnings remains near the lowest levels since July 2021. Regardless, it is certain that Bitcoin’s NFTs can somehow affect the price of BTC.

Ordinal NFTs have so far had little impact on network fees, so it can be assumed that there has been minimal impact on the value of BTC as well. Although transaction traffic has increased, the number of daily users appears to have remained the same.

Thus, it appears that the arrival of Bitcoin NFTs, via the Ordinals protocol, has not yet had enough of an impact on the increase in network activity and Bitcoin adoption to affect the price. However, this is a completely new technology and the effect it has on the network yet to be seen.

SEC on crypto: limits hedge fund exposure to cryptocurrencies

The US Securities and Exchange Commission (SEC) has proposed draft regulations that would make it more difficult for hedge funds, i.e. private equity firms and pension funds, to work with cryptocurrency companies.

The proposal would make it nearly impossible for cryptocurrency companies to hold digital assets on behalf of their clients as “qualified custodians,” a designation that allows companies to hold clients’ assets.

Bloomberg reported this Tuesday, citing people familiar with the matter. A five-member SEC panel will vote on the proposal in the coming days to determine whether it can advance to the next stage.

If the proposal is approved, it can be changed with feedback if necessary. Hedge funds, certain venture capital companies and pension funds must use “eligible trustees” to hold their clients’ assets.

The new rule change may force some of these companies to change custodians. Specifically, the report states:

“If finalized, the rule could mean that institutional funds that have dedicated themselves to cryptocurrencies may have to move their clients’ holdings elsewhere. They may also face random tests related to the custody reports or other consequences.”

Back in 2020, the SEC settled the case regarding who should be required to be a qualified cryptocurrency custodian. But the recent failure to FTXonce the world’s third-largest cryptocurrency exchange, last November has forced the agency to examine the issue with renewed scrutiny.

this is the crypto news this week.