24 Crypto Update, 12 Feb: BTC Sees First Surge Since 2021

Crypto currency market up 3.50% to $1.96 Trillion.

• BTC surged past $50,000, marking its highest point this year, igniting a rally in altcoins and pushing the crypto market towards $2 trillion.

• Franklin Templeton enters the Ethereum ETF competition alongside Ark & BlackRock, incorporating staking options and broadening their digital asset investment portfolio.

Major Events To Watch

Crypto Fear and Greed Index:

Over the last day, the market has entered a buying zone above 79, resulting in a significant 9-point increase in the "Fear and Greed Index." Currently at 79 on a scale of 0 to 100, the prevailing market sentiment is decidedly optimistic.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $50,000 milestone early Tuesday, marking its first climb to this level since December 2021, before slightly retracting to $49,750 at the time of reporting.

• The rally in $BTC is attributed to various factors, including ETF inflows, anticipation surrounding the upcoming Halving event, and a robust performance in the US stock market.

• Other prominent cryptocurrencies such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) all registered gains.

• #BEAM token surged impressively, with a notable increase of over 13% recorded in the past 24 hours.

• In contrast, #FLARE suffered the largest decline among the mentioned cryptocurrencies, experiencing a dip of over 2% during the same period.

• Total cryptocurrency market volume in the past 24 hours stands at $72.2 billion, reflecting a notable increase of 55.33%.

• DeFi's total volume hits $5.98 billion, constituting 8.28% of the overall cryptocurrency market's 24-hour volume.

• Stablecoins collectively contribute $65.15 billion to the total market volume, representing a significant 90.23% share.

• Bitcoin maintains dominance at 52.47%, showing no change in the past day.

Major Worldwide News Update:

• Bitcoin surged past $50,000, its highest level in three years, fueled by $1.1 billion inflows into spot Bitcoin ETFs. Peter Schiff dismissed the rally as a manipulative "pump and dump," echoing Jim Cramer's skepticism. Despite pessimism, Bitcoin's resilience suggests potential for a bullish run, potentially hitting $112,000.

• Ethereum surged over 6% to surpass $2,640, extending weekly gains to over 15%. Analysts predict a rally towards $3,500 in 2024. Recent breakout suggests the end of bear market accumulation. Franklin Templeton joins BlackRock and Ark Invest in the race for a spot Ethereum ETF, incorporating staking features.

• Shytoshi Kusama's Valentine's Day-themed post about a single Shiboshi seeking love sparked lively engagement from the SHIBArmy. Kusama, known for cryptic updates, teased potential meme coin births. Recent hints include plans for a ".SHIB" domain and a partnership, often influencing sentiment towards the Shiba Inu token.

• The Seattle federal court postponed Changpeng Zhao's sentencing to late April 2024 amid money laundering charges linked to Binance. Zhao, on bail, awaits further legal proceedings. Binance faces a $4.3 billion settlement for unlicensed operations. Zhao's plea to travel was denied due to flight risk concerns.

• Just a week after ERC-404's launch blending fungible and non-fungible token functions, developers introduced DN404, claiming better performance. DN404 allows native fractionalization of NFTs using two contracts. Trading happens on an ERC-20 token contract, burning and minting NFTs automatically. No audits yet, users advised caution.

• Binance founder Changpeng "CZ" Zhao's sentencing, initially set for Feb. 23, is rescheduled to April 30. Facing money laundering charges, he may receive up to 18 months in prison. Despite the defense's claims of a brief sentence, prosecutors suggest a maximum of ten years. Zhao's legal team seeks alternative sentencing options.

• Grayscale's report "2024 Halving: This Time It’s Actually Different" by Michael Zhao discusses the evolving dynamics of Bitcoin as the next halving approaches. It highlights macroeconomic factors, miners' strategies, emergence of new solutions, and the role of ETFs, painting a bullish outlook for Bitcoin's future.

COIN GABBAR Views: Will Bitcoin hit a lifetime high in 2024, considering its recent surge in open interest to a 3-year peak at $22 billion? With Bitcoin reaching an all-time high two years ago, is another potential rally on the horizon? 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, 12 Feb: Crypto Rally Hits Pause Mode