Bitcoin drops below $40,000 as crypto dominates Super Bowl

February 21, 2022 World Blockchain

Bitcoin (BTC) dropped 6% last week as the standoff between Russia and Ukraine continues to spook investors globally. BTC briefly traded above $44,500 mid-week before escalating geo-political tensions affected financial markets. BTC is now trading just below the psychological level of $40,000 with the overall crypto market cap at $1.81 trillion.

Ethereum (ETH) continues to be affected by BTC’s price movements and has shed nearly 7% this week to trade around $2,700 level. All the top 20 cryptocurrencies are in the red on a weekly timeframe except Avalanche (AVAX) with a 3% increase.

While this uncertainty plays out over the next few weeks, the news from around the world continued to be optimistic for the industry. We track key themes that played out last week:

Crypto bowl hits US, installs grow 300%
This year’s Super Bowl, the highly watched annual playoff match of NFL in the US, was all about crypto. Evoking memories of the dotcom bowl of 2000 post which tech stocks crashed, many crypto platforms including Coinbase, Crypto.com, eToro and FTX spent millions advertising on this event. Coinbase’s notable ad with a QR code $15 giveaway crashed its website though led to a 309% increase in installs in the week according to Sensor Tower.