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24 Crypto Update, 22 Feb: BTC Steady as Altcoin Find Footing

Key Takeaways
  • The crypto market exhibited a slightly bearish sentiment over the last 24 hours, characterized by the first net outflow from BTC ETF since January 25, 2024.
  • Bulls faced challenges in maintaining prices above $51,000 for Bitcoin and above $2,950 for Ethereum.
  • The broader cryptocurrency market saw a marginal 0.10% decrease, leading to a total market capitalization of $2.06 trillion.
23-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 22

Crypto market dipped by 0.10%, reaching $2.06 trillion

  • Bitcoin remains stable at approximately $51,000 despite an increase in profit-taking.

  • NVIDIA's robust Q4 earnings hit $60.9 billion in revenue, highlighting its dominance in AI and data centers and prompting speculation about Bitcoin's future.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, there has been a notable uptrend in market sentiment, as reflected by a 2-point increase in the "Fear and Greed Index." Presently at 76 on a scale ranging from 0 to 100, the prevailing sentiment in the market remains predominantly optimistic.

Latest Market Update: 

  • #Bitcoin ($BTC), the oldest and most valued cryptocurrency, maintained stability within the $51,000 range early Friday.

  • #Ethereum ($ETH) has been steadily approaching the $3,000 mark in recent days and seems to be progressing well at the time of writing.

  • Other top coins such as #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) experienced minor dips across the board, While #Binance ($BNB), #Gala (GALA) and #Render($RNDR) gains. 

  • #Axelar ($AXL) token emerged as the biggest gainer, with a notable 24-hour increase of over 19 percent.

  • #Immutable ($IMX) experienced the largest decline, with a significant 24-hour dip of over 5.96 percent.

  • Total crypto market volume in the last 24 hours: $75.48B, showing a decrease of 9.28%.

  • DeFi volume stands at $5.64B, constituting 7.47% of the total crypto market volume in the last 24 hours.

          Volume of all stable coins amounts to $68.67B, comprising 90.97% of the total crypto market volume in the last 24 hours.

  • Bitcoin's dominance currently sits at 51.44%, marking a decrease of 0.31% over the day.

Major Worldwide News Update:

  • HTX, formerly Huobi, seeks a Virtual Asset Trading Platform license from Hong Kong's SFC. Despite challenges due to tough regulations, Hong Kong's emerging crypto market presents growth opportunities. Criticism of SFC's rigorous licensing prompts calls for easing procedures. Simplified regulations can spur competition, benefiting investors and advancing global crypto adoption.

  • StarkNet's STRK token surged by 11% to $2.10, easing selling pressure post-airdrop. StarkWare adjusts token release, reducing initial release to 0.64% from 13.4%. Early contributors' tokens locked; 64 million tokens released monthly from April 15, 2024. Gradual unlocking contrasts original plan, benefiting market stability and investor confidence.

  • FTX receives authorization from the US District Court in Delaware to sell its 8% stake in AI startup Anthropic, marking a crucial step in its liquidation process post-bankruptcy. The move, expected to generate over $1 billion, aims to aid FTX's recovery efforts and potentially satisfy creditors and customers affected by its downfall.

  • Franklin Templeton advances in Ethereum ETF race with CBOE filing a Form 19b-4 for spot ETF. This signals progress towards SEC approval, potentially leading to a $3,500 Ethereum price rally. Despite delays for other issuers, Franklin Templeton's move positions them advantageously, possibly securing a first-mover advantage in the approval process.

  • Senator Elizabeth Warren rallies donors against potential XRP advocate John Deaton, emphasizing his recent move to Massachusetts. Deaton garners support from the XRP community, aiming to promote cryptocurrency-friendly legislation. Crypto voters, constituting 1.9 million, may sway the 2024 election, prompting candidates to align with cryptocurrency interests.

  • Reddit's IPO filing reveals strategic investments in Bitcoin and Ethereum, signaling a shift towards blockchain integration. With a focus on risk reduction, Reddit aims to leverage blockchain's growth while exploring decentralized applications. This move aligns with the platform's goal of diversifying revenue sources and enhancing digital infrastructure.

  • South Africa plans to integrate stablecoins into its crypto framework, aligning with global trends. The Intergovernmental Fintech Working Group intends to distinguish stablecoins within crypto assets by 2024. December will see a discussion paper exploring tokenization's implications, aiming to reshape financial market infrastructure, amidst stable crypto regulation despite political shifts.

  • Fidelity's Jurrien Timmer presents a pioneering Bitcoin valuation model, juxtaposing its volatility with traditional stores of value like gold. His analysis integrates historical data, emphasizing Bitcoin's sensitivity to excess money growth and its unique attributes, offering nuanced insights into its market behavior.

COIN GABBAR Views: Is Bitcoin set to hit $100K post-Halving in 2024? BTC holds steady above $51,000 following NVIDIA's earnings report. Could this signal the beginning of a new rally? Will Bitcoin achieve a new all-time high next month? Is BTC poised to exceed $50,000? 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, 22 Feb: Bitcoin Falls Below $52,000

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