The cryptoasset comeback rally entered its second week last week as bitcoin (BITCOMP) rallied above $42,000.
The world’s largest cryptoasset began the week trading below $38,000 but soared on Friday, bursting back above $40,000. After more rises over the weekend, BTC is now trading above $42,000, a rise of 13% in seven days.
BTC has now risen some 29% from its 2022 low of $32,962 set on the eToro platform on 24 January.
Ether (ETH-X) likewise saw strong gains through the week, having begun below $2,600. The cryptoasset is now just back above $3,000, having seen a similar price surge before the weekend, a rise of around 19% week-on-week.
ETH set a 2022 low on 24 January of $2,169 on the eToro platform. The cryptoasset has now rebounded some 41%.
Nike shoe NFT legal case erupts
Nike is suing StockX over NFT images of its shoes.
The firm launched legal action in the New York Federal court on Thursday as it said StockX was infringing upon its trademark by selling NFTs of Nike shoes.
Nike alleges StockX began selling NFTs of its shoes in January, without permission, telling buyers they could redeem physical versions of their NFTs at a later date. Per the lawsuit, StockX has sold some 500 NFTs of Nike products.
The move by the shoe firm is likely an attempt to shore up the value of its own NFT offering, which it is looking to release in the near future. Nike recently acquired digital art studio RTFKT, a move which accelerated its plans to move into the NFT market.
Manchester United poised to unveil blockchain sponsorship
English Premier League club Manchester United is on the cusp of announcing a sponsorship from the Tezos Blockchain.
Tezos has agreed to sponsor the club’s training shirts in a deal worth around $27 million a year, according to a report in The Athletic.
The firm already has a multitude of sponsorship deals with sports outfits, including the New York Mets, Red Bull Racing, Honda and McClaren Racing.
Although unconfirmed by either party, the deal will reportedly include collaboration with Manchester United by Tezos to improve the club’s Web 3.0 and meterverse offerings to fans.
Bitcoin renewable mining ramped up to tackle high carbon footprint
Galaxy Digital, which is owned by billionaire Michael Novogratz, is increasing its mining of bitcoin with renewable energy sources.
Novogratz has said the firm has already exceeded its target of using renewable energy to drive 80% of its crypto mining, having initially targeted 2025 for that milestone.
Despite bitcoin’s high energy usage, Novogratz calls its reputation as a dirty currency “misinformation.” The firm has however launched a sustainability program to cover issues such as hiring practices and energy use in crypto.
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