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24 Crypto Update, 11 Feb: Crypto Market Pauses Its Rally

Key Takeaways
  • Bitcoin maintained levels above $48,000, peaking at a 26-month high over the weekend due to substantial inflows into spot Bitcoin ETFs.
  • However, Bitcoin faced challenges in staying above $48,000, while Ethereum remained stable below $2,450.
  • The broader cryptocurrency market experienced a 0.80% decrease, resulting in a total market capitalization of $1.89 trillion.
12-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 11

Crypto currency market declined by 0.80% to $1.89 trillion.

  • Cryptocurrency market saw significant short liquidations, wiping out $87M in bearish positions, potentially signaling a rally.

  • Bitcoin ranks among the world's largest assets by market capitalization, standing at the 10th position, surpassing Tesla and Visa.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, the market has maintained levels above 70, causing a minor dip of 1 point in the "Fear and Greed Index." Presently standing at 70 on a scale ranging from 0 to 100, the predominant market sentiment leans toward optimism.

Latest Market Update: 

  • #Bitcoin ($BTC) surged above the $48,000 mark during the weekend, reaching a 26-month high.

  • Increased inflows into spot BTC exchange-traded funds (ETFs) contributed to this rise.

  • #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) experienced minor declines.

  • #Flare ($FLR) token saw the highest gain, with a 24-hour increase of over 10%.

  • Conversely, Memecoin #BONK recorded the largest loss, dipping over 10% within the same timeframe.

  • Total crypto market volume over the last 24 hours: $46.07B, marking a 7.77% increase.

  • DeFi volume stands at $4.6B, comprising 9.99% of the total crypto market 24-hour volume.

  • Stable coins collectively represent $41.18B in volume, accounting for 89.39% of the total crypto market 24-hour volume.

  • Bitcoin dominance sits at 52.48%, up by 0.20% from the previous day.

Major Worldwide News Update:

  • Bitcoin remained above $48,000, hitting a 26-month peak, buoyed by notable net inflows into spot Bitcoin ETFs. The bullish trend persisted as ETFs amassed $10 billion in assets in 20 sessions, notably led by BlackRock's IBIT and Fidelity's FBTC. Conversely, Grayscale's GBTC experienced $6.3 billion outflows last month.

  • New Zealand's central bank Governor, Adrian Orr, warns against stablecoins' stability claims, citing them as misleading. He questions Bitcoin's viability as a mainstream currency, stressing the importance of fiat currencies backed by reputable institutions for stability.

  • Bitcoin rises to the 10th largest asset globally, nearing a $1 trillion market cap. Surpassing Tesla, Visa, and JPMorgan, Bitcoin's ascent suggests a bullish trend, with analysts predicting a potential increase to $112,000 fueled by spot Bitcoin ETF inflows and historical halving patterns.

  • Investors await January's CPI report, crucial for gauging Fed's inflation battle. Expectations temper rate cut likelihood in March, possibly deferred to May-June. Forecasts suggest CPI and Core CPI to rise, impacting market sentiment. Bitcoin could benefit as inflation hedge amid uncertainty. Shifts in PPI could influence market dynamics.

  • FTX's CEO John Ray III's estate, in collaboration with Terence Culver, plans to sell Digital Custody to CoinList for a reduced price of $500,000. FTX acquired Digital Custody for $10 million but faced integration challenges. With little value to FTX US, the sale aims to expedite the process and facilitate regulatory approval.

  • OKX expands into Argentina, offering crypto services to empower users amid economic uncertainty. With a focus on Web3 technology, OKX aims to promote financial literacy and accessibility, aligning with Argentina's growing demand for digital assets and contributing to a decentralized financial future.

  • XRP is set to go live on Flare Networks via the FXRP asset, facilitating interoperability and innovation for decentralized applications. Flare's integration, aided by LayerCake, promises to enhance developer support and expand XRP's utility, signaling a pivotal moment for both ecosystems.

  • US President Joe Biden inadvertently becomes a Bitcoin ambassador, sporting laser eyes on social media. While possibly a meme reference, crypto enthusiasts perceive it as Bitcoin support. The trend, aimed at boosting Bitcoin's price, previously involved personalities like Tom Brady and Elon Musk.

COIN GABBAR Views: Can Bitcoin bulls push BTC to $50,000 after reclaiming $48K? Will BTC hit $50,000 in the coming week? Is a post-Super Bowl 2024 BTC price surge likely? Do you believe BTC can achieve a new all-time high by April 2024? To get latest news Stay tuned us at coingabbar

mer: 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: 24 Crypto Update, 09 Feb: Crypto market Ride High on Rall

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