24 Crypto Update, 06 Feb: BTC Holds Steady Amid Market Flux

Crypto currency market rose by 0.6%, totaling $1.73 trillion

• SEC delays decision on Invesco and Galaxy Digital's spot Ethereum ETF application, setting final deadline for July 5.

• BlackRock's iShares Bitcoin exchange-traded fund (ETF) has secured a position in the top 0.16% of all ETF products issued in the United States.

Major Events To Watch

Crypto Fear and Greed Index:

Over the last day, market conditions have maintained some pressure, resulting in a modest 2-point increase in the "Fear and Greed Index." Presently resting at 62 on a scale ranging from 0 to 100, the prevailing sentiment in the market leans towards optimism.

Latest Market Update: 

• On Wednesday morning, #Bitcoin ($BTC), the premier cryptocurrency, stayed around $42,000.

• #Ethereum ($ETH), #Litecoin ($LTC), #Stacks ($STX), #Ethereum Name Services ($ENS), and #TRON ($TRX) saw gains.

• The #Dymension ($DYM) token surged by over 24.28% in 24 hours, emerging as the top performer.

• #Monero ($XMR) experienced the largest loss, with a 24-hour dip of over 27.66%.

• Total #crypto market volume in the last 24 hours stands at $44.95 billion, reflecting a 5.53% increase.

• DeFi's total volume reaches $3.8 billion, constituting 8.46% of the total crypto market's 24-hour volume.

• The volume of all stable coins amounts to $41.17 billion, representing 91.59% of the total crypto market's 24-hour volume.

• Bitcoin's dominance sits at 51.03%, experiencing a decrease of 0.12% throughout the day.

Major Worldwide News Update:

• MicroStrategy increases #Bitcoin holdings, acquiring 850 BTC in January for $37.2 million, totaling 190,000 BTC at $31,224 per BTC. Despite a 6% revenue decline in Q4 2023, the company turns a net income of $89.1 million, showcasing institutional confidence amidst $BTC volatility.

• Approval of the Bitcoin ETF marked a crucial milestone, providing mainstream exposure and reshaping the digital currency landscape. BlackRock's ETF stands out with the highest inflows, ranking fifth overall, signaling growing investor interest in crypto assets. The ETF's strong performance suggests promising growth prospects for Bitcoin ETFs.

• Bluesky, funded by Twitter's Jack Dorsey, aims to rival Elon Musk's platform with decentralized social networking. Despite 3 million sign-ups, it faces stiff competition from established platforms. Offering open-source development and user control, it plans to tackle challenges in the decentralized social media market.

• The #SEC delays decision on Invesco and Galaxy's #Ethereum ETF. Further postponements expected. BlackRock and Fidelity also face delays. Market anticipates potential approval, with a 60% likelihood of greenlight for spot Ethereum ETFs by May 23, 2024.

• The Bank of England extends comment deadline on stablecoin regulation to February 12, while FCA maintains original deadline. UK aims for comprehensive crypto regulation with focus on stability and safety. Mixed reviews from AFME highlight need for balanced approach to regulatory treatment.

• Bitsonic executives jailed for manipulating crypto prices, CEO Shin Jin-wook sentenced to 7 years, CTO Bae to 1 year. Court cites fraud, falsification. Defendants may appeal. Leniency due to victim agreements, no prior offenses. Manipulated software used for scam.

• #OpenAI enhances image generator outputs with integrated metadata via C2PA specification for transparency. Measures aim to verify image origins and boost digital information integrity amid growing AI privacy concerns.

• The UK government proposes targeted measures for advanced AI companies, allocating over £100 million for safety and research initiatives. Focus on strengthening regulators and transparency, addressing copyright challenges, signaling commitment to safe AI advancement.

COIN GABBAR Views: Traders await Bitcoin's directional move as price remains choppy. Bitcoin struggles near $43.5K with bears eyeing $40K. Will it break out or remain sideways? Deciphering obstacles to a potential surge to higher levels? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Daily Roundup, 06 Feb: Is the Crypto market dead