24 Crypto Update, 16 Feb: Crypto Market Takes a Breather

Crypto market dips 0.90%, total value at $2.05 trillion

• VanEck, an asset management firm, has revised its S1-A filing for its spot Ethereum ETF amidst increasing competition for such products.

• MicroStrategy has allocated 98% of its BTC holdings to Fidelity Custody, diversifying its asset management and security measures by also utilizing Coinbase Prime.

Crypto Fear and Greed Index:

In the past 24 hours, the market has been exceptionally positive, scoring above 75 and witnessing a notable 4-point surge in the "Fear and Greed Index." With the index currently at 76 on a scale from 0 to 100, prevailing market sentiment leans strongly towards optimism.

Latest Market Update: 

• #Bitcoin ($BTC) traded within the range of $52,500 to $51,500.

• Other notable cryptocurrencies such as #Kaspa ($KAS), #Stacks ($STX), #Polygon ($MATIC), #Siacoin ($SC), and #Chiliz ($CHZ) all saw gains.

• #Bitget Token ($BGB) emerged as the top performer, boasting an impressive 24-hour surge of over 30.30%.

• #Bonk ($BONK), previously the leading gainer, experienced the most significant loss, with a 24-hour decline of over 6.57%.

• Total crypto market volume over the last 24 hours: $69.47 billion, marking a decrease of 21.48%.

• DeFi's total volume stands at $5.87 billion, representing 8.45% of the total crypto market 24-hour volume.

• The volume of all stable coins amounts to $62.81 billion, constituting 90.42% of the total crypto market 24-hour volume.

• Bitcoin's dominance is at 52.43%, showing an increase of 0.23% over the day.

Major Worldwide News Update:

• Coinbase donated $3.6 million to Brink, a nonprofit aiding Bitcoin developers. Brink praised CEO Brian Armstrong and the exchange for supporting BTC development with no strings attached. The donation was facilitated through Coinbase's GiveCrypto initiative. Brink, founded in 2020, offers fellowships and grants to Bitcoin developers, backed by figures like Jack Dorsey.

• VanEck submitted its S1-A form for a spot Ethereum ETF, anticipating SEC approval. Delays in decisions on Ethereum ETFs by the SEC are attributed to concerns about Ethereum's transition to proof of stake. Despite delays, experts predict a 60% chance of approval by May. The spot Bitcoin ETF market approved in January has rapidly grown, with over $10 billion in Assets Under Management (AUM).

• Crypto markets, buoyed by resilience against financial strain, attract investors amid government asset weakness. US inflation data influences rate decisions, shifting Fed rate cut expectations to July. Amid government asset downturn, crypto markets anticipate a bull run, with forecasts like Bitwise's $80,000 Bitcoin price prediction in 2024.

• MicroStrategy entrusted 98% of its Bitcoin to Fidelity Custody and the rest to segregated solutions like Coinbase Prime, showcasing faith in Bitcoin's reserve asset potential and risk management. This strategy signals institutional confidence and sets precedents for broader cryptocurrency integration in traditional portfolios.

• Celsius, the bankrupt crypto lender, announces most creditors received liquid crypto distributions through PayPal and Coinbase. $2 billion worth of crypto, including Bitcoin and Ethereum, has been distributed. Account holders must agree to the restructuring plan for distribution, facing challenges if flagged for compliance issues by PayPal or Coinbase.

• Crypto markets, resilient amid financial strain, could ascend with potential government asset weakness. US inflation data impacts rate decisions, shifting expectations of a Fed rate cut to July. Falling treasury assets prompt crypto optimism, with forecasts suggesting a bullish future, particularly for Bitcoin, expected to surpass $80,000 by 2024.

COIN GABBAR Views: Will an increase in Bitcoin (BTC) price propel it to $60,000 next? With Ethereum (ETH) surpassing $2,800, is $3,000 the immediate next target? Can ADA reach the $1 level before the Bitcoin halving? 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, 16 Feb: Crypto Bubble Ready to Burst