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24 Crypto Update, 19 Feb: Altcoin Trading Mixed Amid BTC Dip

Key Takeaways
  • Investors are awaiting FOMC minutes, PMI data, and other updates for market insights.
  • Bitcoin fell below $52,000, while Ethereum remained above $2,900.
  • The broader cryptocurrency market experienced a 0.20% increase, driving total market capitalization to $2.07 trillion.
20-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 19

Crypto market saw a 0.20% surge, value at $2.07 trillion

  • Traders are inclined to take higher risks for a potential rally to $60,000, as reflected in Bitcoin's options data and open interest.

  • BlackRock advertises its new spot ETF with a mature approach, labeling Bitcoin as "progress

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the last day, the market has shown a strong positive trend, registering above 75 on the "Fear and Greed Index" and experiencing a significant 3-point increase. With the index currently at 75 on a scale of 0 to 100, prevailing sentiment in the market is notably optimistic.

Latest Market Update: 

  • #Bitcoin ($BTC) lost support at $52,000 and experienced a decline.

  • #Ethereum (ETH), #XRP (XRP), and #Cardano (ADA) saw gains, while #Helium ($HNT), #Blur ($BLUR), and #The Graph ($GRT) all suffered losses.

  • #Arweave ($AR) emerged as the top performer with a notable surge of over 18.59% in the last 24 hours.

  • #Pyth Network ($PYTH), previously leading in gains, recorded the most significant loss, dropping by over 8.15% within the past 24 hours.

  • Total crypto market volume over the last 24 hours: $71.65 billion, marking a 9.07% increase.

  • DeFi volume stands at $6.77 billion, representing 9.45% of the total crypto market's 24-hour volume.

  • Stablecoin volume amounts to $64.17 billion, comprising 89.56% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is currently at 51.57%, experiencing a decrease of 0.27% over the day.

Major Worldwide News Update:

  • UK lawmakers are set to introduce new regulations for crypto-staking services and stablecoins over the next six months, spurred by pressure to submit proposals before the general elections. Despite previous pledges to clarify guidelines by 2024, progress remains slow, leaving crypto firms operating in uncertainty amid a lack of clear rules.

  • Reports indicate a wallet potentially linked to Justin Sun, TRON's founder, has acquired $160.7 million in Ethereum through Binance and decentralized exchanges, sparking bullish speculation. Sun's involvement suggests significant interest in Ethereum, aligning with his recent initiatives aiming for blockchain interoperability and TRON's advancement.

  • PolkaBot.AI, a new AI tool, is integrated into the Polkadot ecosystem, offering insights and education. Vanguard and Google also embrace AI, while NVIDIA introduces Chat with RTX. OpenAI competes with innovative tools like Sora. Worldcoin plans to revamp its Orb technology. The AI industry shows promising growth and expansion.

  • The ECB's digital euro project sparks skepticism within the cryptocurrency sector, with concerns over centralization and stifled innovation. While the ECB aims to streamline digital payments in Europe, critics fear it undermines decentralization ideals. Despite attempts to address concerns, the project's potential impact on innovation remains contentious.

  • BlackRock boosts media campaign for its Bitcoin ETF, framing the asset as "progress" in its latest advertisement. With a subtle approach compared to competitors, it emphasizes standardizing Bitcoin like traditional assets. Observers note its strategic move amid escalating competition and increased advertising in the Bitcoin ETF space.

  • CoinShares reports a surge in crypto ETP inflows, boosting combined AUM to $67 billion, a level not seen since 2021's bull market peak. BlackRock and Fidelity's ETFs lead last week's $2.45 billion inflows, while Grayscale sees significant outflows. Bitcoin's price rise accompanies the influx, but short-Bitcoin products also attract investor interest.

  • UK lawmakers aim to introduce crypto staking and stablecoin regulations within six months, spurred by pressure before the next general elections. Economic Secretary Bim Afolami pledges swift action, yet timelines remain uncertain. Regulatory clarity is sought amidst Prime Minister Rishi Sunak's ambition to establish the UK as a global crypto hub.

COIN GABBAR Views: Will BTC's surge above $52,000 persist, or is a correction looming? Speculation rises on whether it will breach $60,000 soon or face further decline. Analysts predict $58,000 as Bitcoin enters a pre-halving rally, but uncertainty remains regarding a possible reversal. Market reaction to the Fed's January meeting minutes and inflation remarks is also under scrutiny. 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, 19 Feb: Bitcoin Pauses, Altcoins Soar

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