Bitcoin network records the highest amount of active addresses in 2022 | CoinPanel Weekly Overview

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  • American credit rating agency Fitch Ratings has lowered El Salvador’s long-term user Default Rating to CCC from B-, stating the reason was due to “policy unpredictability” and the “adoption of Bitcoin as legal tender,” as a few of the major factors for the downgrade.
  • Bitcoin network’s resilience against attacks has increased as the BTC hash rate surged 31.69% from 188.40 EH/s to 248.11 EH/s.
  • Ethereum’s average transaction fees dropped roughly 75% to around $3, from highs seen in November 2021 at around $60 amid ETH price drop below $3,000. Ethereum transaction fees are now at its lowest level since July 28, 2021. Low fees usually maximize the chance of a rebound in prices.
  • JPMorgan’s long-term target for Bitcoin price is at $150,000, an increase from $146,000 forecasted in January last year. However, the current fair value for the leading cryptocurrency is at around $38,000, according to JPMorgan strategists in the bank’s latest investor note published last week.
  • Russia’s government and central bank are drafting a new law that will define cryptocurrencies as an “analog of currencies” rather than digital financial assets. Cryptos will function in the legal industry if they have complete identification through banking systems or licensed intermediaries.

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