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24 Crypto Update, 20 Feb: Crypto market Awaits FOMC Minutes

Key Takeaways
  • FOMC members Bostic and Bowman to provide economic insights, possibly impacting investor sentiment.
  • Bitcoin dipped below $52,000, while Ethereum maintained its position above $3,000.
  • The broader cryptocurrency market saw a 0.50% increase, pushing total market capitalization to $2.08 trillion.
21-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 20

Crypto market noted a 0.50% gain, valued at $2.08 trillion

  • Today's cryptocurrency market witnessed mixed activity, with Bitcoin (BTC) prices seeing a slight rebound while some altcoins experienced declines.

  • Investors are eagerly awaiting the release of FOMC meeting minutes and speeches from Federal Reserve officials.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, the market has demonstrated a robust bullish trend, with the "Fear and Greed Index" experiencing a notable 6-point surge. Presently standing at 78 on a scale from 0 to 100, the prevailing sentiment in the market is decidedly optimistic.

Latest Market Update: 

  • Cryptocurrency prices experienced significant fluctuations, with #Bitcoin ($BTC) struggling to reach the $52,000 mark.

  • #Ethereum  surpassed $3,000, marking a notable milestone.

  • #XRP ($XRP), #Cardano ($ADA), and #Solana ($SOL) saw declines, among other top altcoins.

  • #Siacoin ($SC) emerged as the top performer with a surge of over 20.73% in the last 24 hours.

  • #Starknet ($STRK) recorded the most significant loss, dropping by over 13.47% within the past 24 hours.

  • Total crypto market volume in the last 24 hours increased by 22.44% to $87.8B.

  • DeFi's total volume stands at $6.75B, representing 7.69% of the total crypto market 24-hour volume.

  • The volume of all stable coins is $79.69B, comprising 90.77% of the total crypto market 24-hour volume.

  • Bitcoin's dominance currently sits at 51.53%, showing a decrease of 0.05% over the day.

Major Worldwide News Update:

  • Investors anticipate insights on Fed officials' stance from today's release of FOMC meeting minutes. The Federal Reserve aims to maintain interest rates unless inflation declines, despite mixed economic signals. Unexpectedly high US inflation data for January might delay monetary easing. Market expects potential rate cuts by July, while the Fed remains vigilant amid ongoing inflation concerns.

  • #Bitcoin (BTC) dipped to $52,00 after hitting a 2024 high of $53,019 on Feb. 20, attributed to spot BTC ETF inflows and an impending supply halving event. Bitcoin futures open interest surged, reaching levels last seen in November 2021. Spot BTC ETF inflows surged to $4.91 billion within six weeks, driving investor sentiment amidst anticipation of the halving.

  • VanEck's HODL Bitcoin ETF saw an unexpected surge in trading volume, reaching $258 million on Feb. 20, a 15-fold increase from the previous day. This spike, comprising 32,000 trades, puzzled analysts, speculating on potential influences from social media or Reddit. Similarly, WisdomTree's WBTC also experienced a notable volume increase to $154 million.

  • The #Stellar Development Foundation (SDF) has initiated the deployment of smart contracts on the Stellar network with the Protocol 20 upgrade. Soroban, the smart contract platform, promises enhanced developer experience with Rust and WASM languages. This launch follows delays due to a bug, with a $100 million funding initiative for Soroban development.

  • Circle announced the phased withdrawal of USDC support on the Tron blockchain, citing risk management concerns. This aligns with their commitment to USDC's integrity. TRX's involvement in fraud allegations prompted the move. Circle reaffirmed dedication to USDC's growth, exploring additional blockchains while preparing for an IPO.

  • Adobe launches AI Assistant for PDFs, enhancing document intelligence in Acrobat and Reader apps. Users can access summaries, formatting assistance, and more. The technology promises intelligent citations and navigation aids. Adobe joins tech giants like OpenAI in the AI race, with competition from Google, NVIDIA, and Microsoft shaping industry trends.

  • Hong Kong's defunct Atom Asset Exchange (AAX) sees over $56 million in Ether moved from inactive wallets, sparking concerns about potential money laundering. Former CEO Thor Chan and others arrested; founder at large with user funds. 2 million users unable to access assets; police investigating and warning of cryptocurrency trading risks.

COIN GABBAR Views: As Bitcoin's price hits resistance at $53K, futures open interest reaches a two-year peak. What implications does this hold? Is there a possibility of BTC dipping below $50,000? Meanwhile, Bitcoin maintains its position near the all-time high as traders anticipate the release of FOMC minutes. 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: 24 Crypto Update, 19 Feb: Altcoin Trading Mixed Amid BTC Dip

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