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24 Crypto Update, 08 Feb: Crypto Market Sees Strong Gains

Key Takeaways
  • BlackRock and Fidelity's Bitcoin ETFs have achieved the most successful debut month among all ETFs in the last thirty years.
  • Bitcoin sustained its position near $46,000, while Ethereum stayed above $2,450.
  • The cryptocurrency market as a whole experienced a 2.20% growth, pushing the total market capitalization to $1.83 trillion.
09-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 08

Crypto currency market grew by 2.2%, totaling $1.83 trillion

  • The Ethereum London Upgrade launches on Mainnet March 13, signaling a new era for the blockchain.

  • Craig Wright admits to fabricating documents in his Satoshi Nakamoto claim amid legal dispute with COPA, casting doubt on credibility.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, there has been an uptick in buying activity in the market, leading to a modest 6-point rise in the "Fear and Greed Index." Currently standing at 72 on a scale of 0 to 100, the prevailing market sentiment is leaning towards optimism.

Latest Market Update: 

  • #Bitcoin ($BTC), the pioneer and most valuable cryptocurrency globally, surged above the $45,000 threshold early on Friday.

  • Other prominent cryptocurrencies such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Cardano ($ADA) also experienced gains.

  • The #BitTorrent ($BTT) token notably stood out as the top performer, boasting a remarkable 24-hour increase of over 32 percent.

  • Conversely, #Jupiter ($JUP) experienced the most significant decline, with a 24-hour dip exceeding 9 percent.

  • The total cryptocurrency market volume has reached $59.1 billion over the last 24 hours, marking an increase of 8.39%.

  • DeFi's total volume stands at $4.55 billion, constituting 7.70% of the total crypto market's 24-hour volume.

  • Stablecoins account for a substantial portion, with a volume of $55.06 billion, representing 93.16% of the total crypto market's 24-hour volume.

  • #Bitcoin dominance has risen to 51.77%, reflecting a 0.49% increase over the day.

Major Worldwide News Update:

  • Genesis Global settles with NY Attorney General Letitia James over fraud allegations regarding its Earn program. Assets to be returned to customers and creditors. Bankrupt Genesis plans liquidation amid opposition from Digital Currency Group. Hearing on February 14th.

  • Australian computer scientist Craig Wright, self-proclaimed Bitcoin inventor Satoshi Nakamoto, admitted forging documents amid a legal battle with COPA, damaging his credibility. COPA aims to safeguard Bitcoin's white paper from individual copyright claims. Wright's case affects Bitcoin's origins and its future trajectory as a digital currency or investment tool.

  • The FCC declares AI robocalls illegal in the US, allowing prosecution of offenders. Celebrities like Vitalik Buterin and Taylor Swift have been targeted in deepfake scams. Governments worldwide, including the UK and EU, are enacting regulations to control AI misuse, while platforms are also taking action against such scams.

  • Republican senators, led by Lummis and Hagerty, criticize SEC Chair Gensler for mishandling the DEBT Box lawsuit, citing ethical concerns and inaccurate claims. SEC dropped the case after judicial scrutiny, promising staff training, amid doubts about future effectiveness. Regulatory challenges in crypto sector highlighted.

  • Ethereum's Dencun upgrade, introducing blob transactions and transient storage to reduce rollup costs, is set for mainnet activation on March 13, 2024. Expected to boost network scalability, handle 30,000-100,000 TPS, and lower gas fees, it marks a significant milestone for Ethereum's evolution.

  • AI's influence grows, with forecasts of rapid market expansion in AI-enabled PCs and smartphones. Tech giants like Intel, Qualcomm, Google, and Apple gear up for AI integration, anticipating substantial revenue. Investment interest surges, driving Nasdaq growth. Economic impacts forecast globally, with China and North America benefiting most.

  • Amidst the economic crisis, Nigeria's Central Bank modifies regulations to stabilize currency. Seeking financial reform, Nigeria explores digital currencies amidst currency devaluation. Clear regulations and collaboration are essential for Nigeria to harness benefits from digital currencies.

  • BlackRock's IBIT and Fidelity's FBTC Bitcoin ETFs amassed over $3 billion each in assets within their first 17 trading days, surpassing all ETF launches in the US over the past 30 years. Unprecedented inflows signal intense market competition and investor demand.

COIN GABBAR Views: Is The Bitcoin Bull Run Beginning? BTC Surges Above $45K: What's the Next Crucial Target? Can Bitcoin Price Rally Beyond $50K, as Indicated by Futures Data? Will BTC Price Ever Dip Below $40K Again? 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, 8 Feb: Crypto Bulls Make a Comeback

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