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24 Crypto Update, 26 Feb: Bitcoin Price Soars above $57000

Key Takeaways
  • BTC surged as Bitcoin spot ETF trading volume hit a record $2.4 billion on Feb. 26, boosting confidence among U.S. investors.
  • Bitcoin is trading around $56,000, with Ethereum maintaining a position above $3,200.
  • The cryptocurrency market as a whole has experienced a 6.40% increase, reaching a total market capitalization of $2.23 trillion.
27-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 26

Crypto market increased by 6.40%, hitting $2.23 trillion

  • Blackrock's Bitcoin ETF saw record $1.3B trading volume, coupled with the upcoming halving, leading analysts to anticipate unprecedented bullish momentum.

  • Ethereum surpassed $3,200 shortly after crossing $3,000, potentially establishing a new all-time high following Bitcoin's recent rally.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the past 24 hours, there has been a significant influx of bullish activity in the "Fear and Greed Index," resulting in a notable 7-point surge. Currently standing at 79 on the 0 to 100 spectrum, the prevailing market sentiment remains heavily skewed towards optimism.

Latest Market Update: 

  • #Bitcoin ($BTC) surpassed the $55,000 threshold for the first time since December 2021, briefly reaching $57,000 before retracing.

  • Other leading cryptocurrencies such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) all saw gains.

  • Memecoin #Pepe ($PEPE) experienced the highest surge, rising by over 51% within 24 hours.

  • Conversely, #Worldcoin ($WLD) faced the largest decline, dropping nearly 14% over the same period.

  • Total crypto market volume in the past 24 hours surged to $104.15 billion, marking a significant increase of 103.64%.

  • DeFi's total volume stands at $8.26 billion, accounting for 7.94% of the overall crypto market's 24-hour volume.

  • Stablecoins represent a substantial portion of the market, with a volume of $94.98 billion, constituting 91.19% of the total crypto market volume within the last 24 hours.

  • Bitcoin's dominance has risen to 51.77%, experiencing a daily increase of 1.02%.

Major Worldwide News Update:

  • BlackRock's IBIT, a spot Bitcoin ETF, surpassed $1 billion in daily trading volume on February 26, noted by Bloomberg's ETF analyst. Outperforming competitors like Grayscale's GBTC, IBIT's resilience amid market fluctuations signifies institutional interest. Bitcoin's rally, now at $55,800, likely fuels this surge, reinforcing optimism for future highs.

  • JPMorgan CEO Jamie Dimon, known for criticizing Bitcoin, now praises the AI industry's growth, deeming it legitimate and surpassing mere hype. He asserts AI's substantial impact, citing Google's Genie as evidence. Dimon's advocacy for AI marks a shift from his skepticism toward Bitcoin, despite JPMorgan's involvement in Bitcoin ETFs.

  • The Atlanta Fed cautioned banks about crypto and blockchain risks amid concerns over illicit use. Emphasizing adherence to Federal Reserve guidance, it highlighted partnerships with fintechs for market expansion. While open to CBDCs, the Fed seeks regulatory oversight. Governments globally monitor Bitcoin's impact, with varied stances from acceptance to prohibition.

  • Asian bond yields rise, enticing investors to safer assets, potentially dampening crypto markets. KraneShares reports Asia's high yield could surpass the US due to regional economic strength. Crypto interest in Singapore and Malaysia declines post-FTX crash and regulatory crackdowns. Tight regulations in India and China further challenge crypto investments.

  • Cathie Wood clarified Ark Invest's prior Nvidia share sale, acknowledging missing potential profits. Despite initial skepticism, Ark profited from Nvidia's growth. Wood advocates for long-term outlooks but sold all Nvidia holdings in Jan 2023. Nvidia's stellar earnings reinforce AI market growth, signaling the importance of AI revenue for tech companies' future income streams.

  • Ethereum surges past $3,200, hitting a 52-week high, enticing whales to accumulate more amidst bullish catalysts like the Dencun upgrade and Ethereum ETF. Notably, one whale purchases 6,000 ETH worth $80.69 million, while two others acquire 3,000 ETH totaling $9 million, signaling strong confidence in Ethereum's future.

  • Ripple Labs, CEO Bradley Garlinghouse, and subsidiary XRP II, LLC face a class action lawsuit in California, accused of selling XRP in violation of securities laws. Ripple asserts XRP isn't a security, challenging regulatory scrutiny. The lawsuit, alongside the ongoing SEC legal feud, underscores regulatory challenges within the cryptocurrency industry.

COIN GABBAR Views: Is Bitcoin's next target $60K after reaching a 26-month high? Could BTC hit $100K post-2024 halving? Is the recent blast past $55,000 signaling a pre-halving rally for BTC? 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.

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