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24 Crypto Update, 23 Feb: BTC at $51K, UNI Explosive Growth

Key Takeaways
  • Uniswap sparks robust trading across various DeFi protocols, prompting capital rotation from AI coins to DeFi assets.
  • Bitcoin maintains a hovering position around $51,000, while Ethereum remains steady near the $2,950 mark.
  • The broader cryptocurrency market witnesses a slight 0.10% decrease, resulting in a total market capitalization of $2.05 trillion.
24-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 23

Crypto market dips by 0.10%, reaching $2.05 trillion

  • Bitwise and Grayscale are awaiting SEC approval for broader investment strategies, potentially leading to the introduction of Bitcoin ETF options.

  • Grayscale is actively divesting Bitcoin, transferring 3,443.1 BTC valued at around $175 million to Coinbase Prime Deposit.

Crypto Fear and Greed Index:

fear and greed index

Over the last 24 hours, there has been evident selling pressure, resulting in a 4-point drop in the "Fear and Greed Index." Currently standing at 72 on a scale of 0 to 100, the prevailing market sentiment remains largely positive.

Latest Market Update: 

  • #Bitcoin ($BTC), the pioneering and highly valued cryptocurrency, is currently trading within a tight range.

  • Other prominent coins like #Siacoin ($SC), #Flare ($FLR), #Aave ($AAVE), and #Gala ($GALA) have observed gains.

  • #Uniswap ($UNI) token stands out as the top performer, registering a remarkable 24-hour surge exceeding 70 percent.

  • #Dymension ($DYM) records the most substantial decline, experiencing a notable 24-hour dip of over 13.48 percent.

  • Total crypto market volume over the last 24 hours: $64.73B, showing a 14.15% decrease.

  • DeFi volume stands at $8.94B, constituting 13.81% of the total crypto market's 24-hour volume.

  • Stablecoins collectively contribute $58.41B to the total crypto market volume, accounting for 90.24%.

  • Bitcoin's dominance sits at 51.29%, experiencing a decrease of 0.16% within the day.

Major Worldwide News Update:

  • Uniswap's UNI token surged 70% on February 23, driven by a proposed fee-sharing mechanism rewarding UNI stakers. This shift reflects growing interest in DeFi, with assets like COMP and SUSHI also seeing significant price and volume increases. Conversely, AI coin values decline as investors pivot towards DeFi protocols.

  • The U.S. Energy Information Administration (EIA) pauses its mandatory survey for Bitcoin mining data due to lawsuits from Riot Platforms and the Texas Blockchain Council. They argue the survey could harm businesses by disclosing sensitive information. Plaintiffs demand proper legal procedures be followed before data collection.

  • The SEC is poised to approve a rule change allowing Bitcoin ETFs on exchanges and derivatives trading. NYSE initiated this move due to demand from options trading on BITC and GBTC. Approval could revolutionize crypto integration into financial markets, providing new hedging and investment avenues.

  • Top film and TV mogul Tyler Perry halts his $880 million studio expansion due to concerns over OpenAI's Sora AI tool, capable of creating videos from text descriptions. Perry fears job losses in the industry and sees potential privacy and security issues with AI advancements.

  • Binance Holdings Ltd. agrees to a $4.3 billion plea deal, approved by a US judge, marking a significant penalty for anti-money laundering and sanctions violations. Binance will undergo monitoring for 5 years to ensure compliance with US laws and regulations. New CEO Richard Teng appointed, sentencing of Changpeng Zhao postponed. Sullivan & Cromwell law firm appointed as independent monitor to oversee compliance efforts.

  • Thailand's SEC proposes revoking Zipmex's digital asset license due to compliance failures, marking a significant regulatory shift. Zipmex faces scrutiny for operational challenges, including CEO allegations. Suspension mandates asset return by March 11, highlighting investor protection. Thailand's VAT exemption from January 2024 aims to boost digital asset trading and innovation, fostering economic growth.

  • Coinbase CEO Brian Armstrong refutes claims of Nigeria blocking its exchange, asserting full operational status. Binance admits some Nigerian users face access issues but assures fund security. Nigerian official accuses Binance of influencing Naira value, suggesting a crypto ban to curb currency depreciation.

  • Axie Infinity co-founder faced a hack with substantial ETH withdrawn to Tornado Cash. Despite no compromise on Ronin bridge, skepticism arose over hacked wallets. Co-founder Jeff 'Jihoz' Zirlin clarified hacked addresses were personal, not Ronin-related, assuring chain's security and thanking supporters. Ripple also faced recent hacks.

COIN GABBAR Views: Is Ethereum leading the way for an altcoin season amidst its rally against Bitcoin? Speculation surrounds Bitcoin's potential to surpass the $100K milestone post-halving. As Trump hints at crypto regulation, will Bitcoin experience a pump or dump this weekend? 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, 23 Feb: Mixed Trading in Crypto Market

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