Cryptocurrencies on a swing and institutional investors are buying

Last week, crypto was on the swing again, and bitcoin price soared to over $ 44 and then plummeted back to the point where the week started - under $ 000. Ethereum it followed a similar pattern, starting the week at around $ 2600 before rising to around $ 3000. Now it stands at around $ 2500.

Price movements, like the stock markets, have been driven by conflict between Russia and Ukraine - the uncertainty still prevailed and investors were reducing the risk. Given this, the fluctuations we see are due to uncertainty among investors around the world. Despite regional shifts in demand, cryptocurrencies are ultimately global and we are seeing this reflected in price formation.

Institutions turn to Grayscale for bargains

According to data Grayscale's Bitcoin Trust has recently noted institutional investment in its flagship fund. Glassnode's data revealed that Institutional investors consistently add millions every week, with nearly $ 140 million invested in the week (ending on February 25). While this is not consistent with other markets, it appears that institutions are looking to increase their exposure to cryptocurrencies during mass sell-offs in the most attractive sectors such as technology. Despite the positive inflows, the GBTC needs to focus on profits as the streak continues. With Canada already endorsing the first bitcoin ETF, Grayscale may soon see some serious competition at home or abroad. The data indicates there is a demand, so it will be interesting to see what happens in the coming months with regard to increasing access.

The Central Bank of the Philippines initiates CBDC research

The central bank of the Philippines has launched a research project focused on central bank digital currencies. In a recent speech, the bank's CEO, Benjamin Diokno, discussed the current project and how it intends to evaluate and build organizational capacity, knowledge, architecture, technology and policy. Although the project was previously announced, it seems that the preparations are now in full swing. However, it seems that the Philippines is in no rush to implement CBDC due to their heavy dependence on cash; unlike China, which presented its digital yuan at the Winter Olympics, although the race to implement the first properly functioning CBDC has not officially started yet, and many countries are exploring the territory and only China has something like a model, it will probably not be the only domain of major economies. As can be seen from the example of the Ukrainian conflict, the flow of money, or the ability to access it by multiple means, could result in a more global adoption of CBDC, possibly faster than planned.

Or maybe bitcoin for this (burger)?

Shake Shack US offers cryptocurrency rewards customers using the Cash app when purchasing food. Customers using a cash card or rewards program in the Cash App will receive a 15% refund of their purchase in bitcoin.

While the offer is only valid until mid-March, there is the latest consumer brand taking advantage of the cryptocurrency market. According to management WSJ, this promotion was merely a feasibility test - both in terms of attracting younger customers and whether wider adoption of cryptocurrencies made sense for the business. Shake Shack is not the first consumer brand to test and learn cryptocurrencies, we can see many other brands trying to small-scale promotion as they experiment with how crypto may or may not integrate into their businesses.

As fashion houses such as Gucci and Adidas enter the NFT space, crypto rebates on purchases or increased shopping options may soon become a more regular occurrence.