Crypto Market Week: Bitcoin Plunged Beneath $40K amid Crypto-Dominated Super Bowl

Bitcoin saw a 6% drop last week as war fears between Ukraine and Russia continued to injure market sentiment. The crypto traded beyond $44.5K briefly mid-week before geopolitical tensions triggered plummets within the global markets.

For now, BTC hovers beneath $40,000, changing hands at $38,810.77 at this publication. The global market capitalization also reflects the downbeat mode, standing around $1.75 trillion, following a more than 4% drop.

Ethereum continues to mimic Bitcoin’s price actions, losing around 7% during the week, exploring levels beneath $2,700. Nevertheless, the top 20 digital assets were in the red as far as weekly actions are concerned, AVAX’s 3% surge excluding it from the rest.

Though this uncertainty may dominate the coming few weeks, global news remained optimistic for the marketplace. Here are some of the vital developments over the past week.

Crypto Bowl in the US, Installs Surge 300%

2022 Super Bowl was the highly watched NFL playoff match this year, and it saw increased attention in the US. Furthermore, the game was all about cryptocurrencies.

Most cryptocurrency sites, including Crypto.com, eToro, FTX, and Coinbase, spent millions on event advertisements. Coinbase’s $15 giveaway crashed the platform’s website, though unveiled a 309% surge in installs over the week (Sensor Tower data).

More Developments in the United States

The New York Stock Exchange revealed plans to create an NFT and cryptocurrencies marketplace, like stocks. It filed a proposal with Trademark Office and US Patent last week, representing an acceptance sign by Wall Street.

Lawmakers in US state Georgia have presented a bill to encourage cryptocurrency miners to introduce shops in the region. Other states, Kentucky and Illinois, also proposed crypto mining tax incentives.

Ukraine Approves Crypto

Ukraine legalized BTC and other cryptos despite war fears with Russia. Nevertheless, the nation will not recognize Bitcoin as legal tender. Ukraine is among the top crypto trading hubs in Europe.

Meanwhile, BTC’s difficulty touched a new ATH of 27.97 over this week. Increased difficulty shows increased competition between miners to confirm blocks and extract block rewards.

For now, the crypto marketplace displays bearish readings. The overall market cap stands with a nearly 4.7% loss at $1.75 trillion.