24 Crypto Update, 15 Feb: Stability Reigns Amidst Volatility

Crypto currency market rose by 0.60%, leading $2.06 trillion

• Ethereum surpasses Bitcoin in weekly gains, credited to upward movement in Ethereum staking.

• U.S. institutional demand drives recent price movement, Spot BTC ETFs attracting investors, leading to heavy outflows from Gold ETFs.

Major Events To Watch

Crypto Fear and Greed Index:

Market observers note a recent consolidation phase, leading to a notable plateau in the "Fear and Greed Index" over the past 24 hours. Presently standing at 72 on the 0 to 100 scale, the prevailing market sentiment remains distinctly optimistic.

Latest Market Update: 

• #Bitcoin ($BTC) maintains stability above the $52,000 threshold early Friday as the global market cap approaches the $2-trillion milestone.

• Other prominent cryptocurrencies, including #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Binance ($BNB), experienced gains across the board.

• #VeChain ($VET) token emerges as the top performer, witnessing a remarkable 24-hour surge of over 23%.

• #Stacks ($STX), previously the leading gainer, experiences the most significant loss, with a 24-hour decline of over 6%.

• Total crypto market volume in the last 24 hours: $88.48 billion, indicating a 6.64% decrease.

• DeFi volume stands at $7.26 billion, making up 8.20% of the total crypto market volume in the last 24 hours.

• Stablecoin volume amounts to $80.59 billion, comprising 91.08% of the total crypto market volume over the same period.

• Bitcoin dominance sits at 52.20%, showing a decrease of 0.41% over the course of the day.

Major Worldwide News Update:

• Unconfirmed news of potential partnerships with Revolut and Robinhood drive Solana-based memecoin BONK's price surge. Speculation suggests BONK might join Revolut, potentially adding 500k users. BONK, initially launched in 2023, saw exponential growth. Its integration with major exchanges could bolster Solana's ecosystem and SOL's performance.

• The House Financial Services Committee will tackle cryptocurrency's role in illicit finance, focusing on AML measures and regulatory gaps. Led by Republican French Hill, the panel includes Circle, Coinbase, and TRM Labs representatives. Bipartisan efforts aim to tighten regulations amidst recent political developments, including potential candidacy by attorney John Deaton.

• Google CEO Sundar Pichai announced the forthcoming debut of Google Gemini 1.5, an upgraded AI tool surpassing Gemini 1.0 Ultra. The new version promises enhanced quality and efficiency, boasting improved long-context understanding and processing capabilities of up to 1 million tokens. Meanwhile, AI industry competition intensifies with OpenAI and NVIDIA's advancements.

• Sullivan & Cromwell is poised to monitor Binance Holdings Ltd. following its multibillion-dollar settlement with the US government. Sharon Cohen Levin, a partner and former federal prosecutor, will lead the team pending Department of Justice approval. Binance must enhance compliance efforts post-plea agreement for anti-money laundering and sanctions violations.

• Amidst a crypto surge, Wall Street institutions petition the SEC to amend guidelines, urging for less stringent rules on digital assets. The coalition, including major trade associations, seeks changes to current accounting practices, aiming to alleviate regulatory burdens on banks holding cryptocurrencies and facilitate offering crypto-related products like ETFs and NFTs.

• NIST investigates a critical flaw in Binance Trust Wallet's iOS version, focusing on the misuse of the trezor-crypto library. Milk Sad's independent study reveals over 6,500 vulnerable mnemonics. The CVE database probes Trust Wallet's 2018 iOS vulnerability linked to past thefts. Binance founder Changpeng Zhao's sentencing was postponed to April 30.

• MicroStrategy, the leading corporate holder of Bitcoin, aims for S&P 500 inclusion, potentially increasing Bitcoin's presence in portfolios. While MSTR moves up in market cap rankings, it needs to meet strict criteria, including profitability and market cap requirements. Approval from S&P's executive committee is necessary. Rebalancing occurs quarterly.

COIN GABBAR Views: What's the initial support if BTC corrects post its surge past $52,000? Will BTC pause around $53,000 before retracing to $50,000? Can BTC hit $60,000 before the halving? Is there speculation on BTC surging to $100,000 post-Halving in 2024? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto Daily Roundup, 15 Feb: Global market cap soars