Bitcoin traded down just over 6% this past week as global investors weighed the impact of a possible Ukrainian conflict and inflation concerns on global markets.
According to Russian newspaper Kommersant, the Russian central bank and government have reached an agreement to treat cryptos as an “analogue of currencies” in a drafted bill that will launch on February 18.
Bitcoin’s hashrate, a measure of network strength and production, recorded a new high on February 12 which suggests that the network is robust and secure.
According to data from Blockworks, institutional investors are eager to gain exposure to digital assets as crypto companies raised $2B in the first two weeks of February.
According to data from glassnode, Bitcoin supply on exchanges has dropped to 2.5M, the lowest since October 2018 (refer to “Quantitative Analysis”).