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24 Crypto Update, 27 Feb: BTC Stable as GDP Figures Awaited

Key Takeaways
  • BTC has witnessed four consecutive days of growth, bouncing back from below $51k to test $57.5k, a level last seen in December 2021 after its previous all-time high.
  • Bitcoin is currently trading around $57,000, while Ethereum remains above $3,250.
  • The overall cryptocurrency market has seen a 1.10% increase, bringing the total market capitalization to $2.26 trillion.
28-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 27

Crypto market climbed by 1.10% to $2.26 trillion

  • Bitcoin remains stable at $57,000, while various altcoins experience significant declines.

  • PEPE price surged over 30%, surpassing meme coins Dogecoin and Shiba Inu.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the last 24 hours, the "Fear and Greed Index" has experienced a substantial uptick in bullish activity, leading to a noteworthy 3-point increase. Presently positioned at 82 on the 0 to 100 scale, the dominant market sentiment continues to lean heavily towards optimism.

Latest Market Update: 

  • #Bitcoin ($BTC) maintained stability above the $57,000 mark, a milestone not seen since 2021.

  • Other leading cryptocurrencies such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) experienced marginal fluctuations in value.

  • #Arweave ($AR) emerged as the top performer, witnessing a remarkable 24-hour surge of over 44%.

  • On the other hand, #Mantle ($MNT) experienced the most significant decline, with a 24-hour decrease of nearly 8%.

  • Total crypto market volume in the last 24 hours stands at $96.08 billion, marking an 8.47% decrease.

  • The volume in DeFi amounts to $8.28 billion, comprising 8.62% of the total crypto market's 24-hour volume.

  • All stablecoins combined contribute a volume of $87.16 billion, representing 90.72% of the total crypto market's 24-hour volume.

  • Bitcoin's dominance is currently at 52.11%, reflecting a 0.29% increase from the previous day.

Major Worldwide News Update:

  • MicroStrategy, led by Michael Saylor, acquired 3,000 Bitcoins worth $155 million, adding to their total of 193,000 BTC. Saylor emphasizes Bitcoin's strength and plans for long-term holding. Their consistent purchases bolster market confidence, signal growing institutional acceptance, and position Bitcoin as a hedge against inflation, contributing to crypto's mainstream adoption.

  • Spot Bitcoin ETFs saw consecutive days of $2 billion trading volumes, with $IBIT hitting a record $1.3 billion volume. Eric Balchunas speculated on the sustainability of this surge. Meanwhile, GBTC faced significant outflows despite being the largest ETF, likely due to its high management fee. Bitcoin held steady around $57,000 amidst strong on-chain indicators.

  • OpenAI accuses The New York Times of hacking its AI systems for evidence in a lawsuit, alleging deceptive prompts. NYT had previously sued OpenAI for copyright infringement, claiming AI platforms utilized its content unfairly. The case raises questions about AI's reliability and copyright issues in AI training.

  • Kraken surprises the crypto industry with Kraken Institutional, offering a comprehensive suite of services for corporate clients. It aims to be a trusted gateway for institutions entering the crypto market, emphasizing security and scalability. Despite regulatory challenges, Kraken seeks expansion and aims to compete with Coinbase in ETF custody.

  • White House worries over Bitcoin mining's strain on the power grid coincide with Bitcoin hitting $57,000. Gasparino reports on Fox Business, highlighting concerns about sustainability. Government aims to address environmental impact with proposed taxes, while industry evolves. Debate ensues over balancing economic growth with environmental responsibility.

  • Sony Group plans to cut 900 jobs, 8% of its workforce, in the gaming division due to post-pandemic spending slowdown. Major subsidiaries like Insomniac, Naughty Dog, and Guerrilla Games will be affected. Sony's foray into blockchain games also faces setbacks. Gaming industry sees widespread layoffs reflecting sector slowdown.

  • Justin Sun, TRON founder and HTX global advisor, unveils his HTX wallet holding 28,614 Bitcoin worth $1.6 billion. Amidst doubts on his HTX support, he emphasizes active involvement. Despite SEC scrutiny, Sun's influence persists. His HTX investment signals confidence in its stability and the broader crypto market's future.

COIN GABBAR Views: What factors are driving Bitcoin's rise to $57K, and could a 'God Candle' be on the horizon? Will Bitcoin reach a new all-time high by the April halving? How might Wednesday's release of US GDP figures for Q4 and speeches by Fed Vice Chair John Williams and FOMC members Raphael Bostic and Susan Collins impact the crypto market? 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, 27 Feb: Bitcoin Hits 26 Month High

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