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24 Crypto Update, 21 Feb: Market Bleeds after FOMC Minutes

Key Takeaways
  • Federal Reserve meeting minutes indicate officials' cautious optimism regarding inflation, signaling no immediate plans to lower interest rates.
  • Bulls failed to keep Bitcoin above $52,000, while Ethereum plummeted below $2,950.
  • The broader cryptocurrency market experienced a 1.20% decrease, resulting in total market capitalization reaching $2.06 trillion.
22-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 21

Crypto market fell by 1.2%, totaling $2.06 trillion in value

  • After the recent FOMC announcements, there's an anticipation of unchanged interest rates, indicating contentment with the current rate levels.

  • Tether didn't clarify its stance on dropping Tron support after Circle's decision due to safety concerns.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the last 24 hours, the market has shown a trend towards selling, with the "Fear and Greed Index" dropping by 4 points. Currently at 74 on a scale from 0 to 100, the prevailing sentiment in the market remains largely optimistic.

Latest Market Update: 

  • #Bitcoin (BTC) halted its rally on Thursday, maintaining a price range around $51,500.

  • #Ethereum failed to maintain the $3,000 level and traded below $2,950.

  • Notable declines for #Polygon ($MATIC), #Lido DAO ($LDO), #Flare (FLR), and #Apecoin ($APE), while #Binance ($BNB) and #Worldcoin ($WLD) experience gains.

  • #JasmyCoin ($JASMY) token experienced a remarkable surge, gaining over 46 percent in a 24-hour period.

  • On the contrary, #Lido DAO ($LDO) saw a significant decline, marking the biggest loss among the listed tokens, with a dip of over 10.60 percent within the same timeframe.

  • Total crypto market volume over the last 24 hours: $83.53B, showing a decrease of 5.72%.

  • DeFi volume: $5.91B, representing 7.08% of the total crypto market 24-hour volume.

  • Stablecoin volume: $77.02B, constituting 92.21% of the total crypto market 24-hour volume.

  • Bitcoin dominance: 51.75%, with an increase of 0.23% over the day.

Major Worldwide News Update:

  • Crypto markets anticipate increased volatility as the likelihood of US Fed rate cuts diminishes, per recent meeting minutes. Officials remain cautious on rate reductions, dampening optimism for upcoming meetings. While delayed cuts affect sentiment, a resilient economy may support continued crypto market growth despite Fed decisions.

  • Digital Currency Group (DCG) contests the New York Attorney General's settlement with Genesis Global, alleging it sidesteps bankruptcy rules. DCG criticizes the agreement for favoring preferred creditors, flouting standard procedures. This dispute adds to Genesis' legal woes, including an $8 million fine and increased accusations by DFS, highlighting growing regulatory scrutiny in crypto markets.

  • Sam Bankman-Fried, ex-CEO of FTX, shifts legal representation for his appeal, raising concerns over conflict of interest. Transition to attorneys Marc Mukasey and Torrey Young, shared with Alex Mashinsky, sparks controversy. Despite complexities, Bankman-Fried and Mashinsky waive conflict concerns, opting for specialized appellate lawyers.

  • Tron founder Justin Sun's large Ethereum transactions, totaling $259.1 million, prompt speculation about market impact. Sun's involvement raises questions about Tron's strategic direction amid Ethereum's growth. Circle's decision to end USDC support on Tron adds to Tron's market concerns, impacting TRX token value.

  • NVIDIA and Google forge a strategic partnership, integrating Gemma AI into NVIDIA's products, enhancing performance. Gemma, Google's advanced language model, utilizes NVIDIA GPUs for improved capabilities. This collaboration heralds a new era in AI innovation, with companies like OpenAI and Microsoft also making strides in the field.

  • Google launches AI-powered Gemini for Workspace, expanding productivity tools at $20/user/month. Competing with Microsoft's Copilot, Google aims to tap into the growing AI revenue stream. Despite current lack of profitability, AI-driven products anticipate increased interest and income for tech giants, aligning with global AI market growth projections.

  • Lejilex and CFAT challenge SEC's cryptocurrency regulation in Fort Worth court. Lawsuit contests SEC's jurisdiction over digital assets, seeking clarity and precedent for platforms like Legit.Exchange. Plaintiffs argue SEC's actions hinder industry growth and innovation, emphasizing need for clear regulatory guidance.

  • Tether, the largest stablecoin issuer, remains ambiguous about support for Tron network post-Circle's withdrawal of USD Coin minting. Tether states ability to freeze transactions for compliance. Tron hosts over half of Tether's supply, despite concerns raised about its use in cyber fraud.

COIN GABBAR Views: What's the projected peak for Bitcoin before halving? Does BTC face a 10% correction in the next 3 days? Will BTC reach a new ATH next month? Post-FOMC minutes, will BTC surpass $50,000? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto Daily Roundup, 21 Feb: Crypto World Pauses for FOMC

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