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February 28, 2020
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Crypto Tidbits: Bitcoin Hits $9,000, Institutional Cryptocurrency Investment Spikes, NBA Team Uses Ethereum

Another week, another round of Crypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk.Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse. While already impressive in and of itself, what has been especially interesting is the performance of altcoins, which have largely outpaced Bitcoin for the first time in a while.Ethereum gained 22%, surging to multi-month highs on the back of positive news and an influx of buying pressure; Bitcoin Satoshi’s Vision (BSV) has surged by 75%, rallying higher on developments in a court case between Craig S. Wright and his former business partner; and a majority of other altcoins saw weekly gains between 10% and 20%.Like the market, the underlying industry saw its fair share of positive developments over the past week, which is as follows.Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain BetaBitcoin & Crypto TidbitsGrayscale Sees Record Inflows Into Bitcoin & Crypto Products: On January 16th, Grayscale released its “2019 Digital Asset Investment Report.” Per the report, which summed up the performance of the company’s funds and other investment vehicles in 2019, the company raised $607.7 million worth of investment last year. The report, while filled with other tidbits of data, has seemingly two trends to tell. Firstly, investors still largely prefer market leader Bitcoin, with the company’s flagship Grayscale Bitcoin Trust gaining $471.7 million of the aforementioned $607.7 million sum. And secondly, there exist record levels of institutional interest and involvement in the cryptocurrency market, with Grayscale reporting that 71% of the inflows into its Bitcoin and crypto funds garnered were sourced from players like traditional hedge funds, pensions, and endowments.

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