24 Crypto Update, 14 Feb: BTC Climbs Above $52000 Threshold

Crypto market surged by 5.40%, surpassing $2.05 trillion

• Bitcoin remained steady above the $52,000 mark, driven by continuous investments flowing into spot Bitcoin ETFs and the forthcoming halving event.

• Bitcoin's ascent to $52,000 marks a significant milestone, reclaiming a $1 trillion market cap for the first time in 26 months, suggesting potential for additional gains.

Major Events To Watch

Crypto Fear and Greed Index:

Over the last day, the market witnessed profit-taking, resulting in a noticeable 2-point decline in the "Fear and Greed Index." Currently positioned at 72 on a scale from 0 to 100, the predominant market sentiment remains clearly positive.

Latest Market Update: 

• #Bitcoin ($BTC), the pioneering and most esteemed cryptocurrency globally, surged past the $52,000 threshold early Thursday.

• Other major cryptocurrencies like #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) also saw notable increases in value.

• Among these, The #Stack ($STX) token stood out as the top performer, recording a remarkable 24-hour surge of over 28 percent.

• Conversely, #PYTH, which led gains the previous day, experienced a significant downturn, emerging as the biggest loser with a 24-hour decline of over 2 percent.

• Total crypto market volume in the last 24 hours: $94.73 billion, reflecting a 28.43% increase.

• DeFi volume stands at $7.12 billion, representing 7.51% of the total crypto market 24-hour volume.

• Stablecoins contribute $86.3 billion to the total crypto market volume, comprising 91.10% of the total 24-hour volume.

• Bitcoin's dominance is at 52.57%, showing a 0.23% increase over the day.

Major Worldwide News Update:

• Torrevieja, Spain, is embracing cryptocurrency to modernize its economy, with local businesses and the city council collaborating to facilitate its use. Beyond transactions, the initiative aims to promote sustainability and innovation, positioning Torrevieja as a model for responsible growth in the digital age.

• Zimbabwe faces currency instability, considering tying its currency to gold. Amid doubts, cryptocurrencies emerge as an alternative, offering transparency and stability. Despite government skepticism, Zimbabweans increasingly turn to cryptocurrencies for financial security, potentially reshaping the country's economic landscape towards digital innovation and independence.

• Solana-based memecoin Bonk (BONK) surged after news of potential listing on Revolut's platform. The proposed partnership aims to attract 500,000 users through a "Learn and Earn Campaign." With Revolut's vast user base, capturing 1.3% could meet the goal. The campaign awaits final approval, with positive voting trends within BonkDAO.

• Cash-strapped crypto firm Bakkt secures regulatory approval to raise up to $150 million through securities sales via a shelf registration. The move comes after concerns arose over its balance sheet, with eight consecutive quarters of losses since going public in October 2021, totaling $2.26 billion since Q4 2021.

• Federal Reserve Chair Jerome Powell urges Congress to enact stablecoin regulations during a closed-door meeting with House Democrats. Powell emphasizes the need for legislative backing for stablecoins and CBDCs. Recent bills signify progress towards a structured regulatory framework for crypto firms and blockchain entities, aiming to foster innovation and consumer protection.

• Debt Box, a decentralized blockchain protocol, seeks court sanctions against the SEC for misconduct, demanding denial of the SEC's motion to dismiss its lawsuit. The SEC's admission of providing inaccurate statements about Debt Box has sparked industry backlash, with criticism of regulatory accountability and overreach. The court awaits a verdict.

• Pro-crypto candidate Gibran Rakabuming Raka, supported by presidential hopeful Prabowo Subianto, clinched victory, signaling a shift in Indonesia's digital economy. The win, securing over 58% of the vote, heralds potential blockchain and cryptocurrency opportunities, with a focus on digital literacy and regulatory advancements.

COIN GABBAR Views: Is Bitcoin mining still profitable in 2024? Will Bitcoin's price continue to rise after the halving? With Bitcoin exceeding $50,000, what trajectory can we expect next? Will BTC reach $60,000 before the halving? Is there speculation of a surge to $100K for BTC post-Halving in 2024? 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: The Story Behind Bitcoin's $50k Success Breaking Boundaries