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24 Crypto Update,4 Feb: Altcoins Swing, BTC Steady Continues

Key Takeaways
  • Traders observing Bitcoin's stable price movement are now closely examining LINK, ICP, RNDR, and SUI in the altcoin market.
  • Bitcoin is currently valued at over $42,500, and Ethereum is trading around $2,300.
  • The cryptocurrency market as a whole saw a 0.40% decrease, bringing the total market capitalization to $1.72 trillion.
05-Feb-2024 By: Lokesh Gupta
24 Crypto Update,4 F

Crypto currency market fell by 0.6%, totaling $1.72 trillion

  • Today's crypto prices show a sustained rebound for major cryptocurrencies like Bitcoin and Ethereum.

  • BlackRock and ProShares are now reporting daily spot Bitcoin volumes that exceed those of Grayscale's GBTC.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the last 24 hours, the market underwent consolidation, resulting in a steady reading on the "Fear and Greed Index." Presently holding at 60 on a scale ranging from 0 to 100, the current market sentiment reflects a sense of optimism.

Latest Market Update: 

  • #Bitcoin ($BTC) successfully maintained a position above the $42,500 threshold throughout the weekend.

  • Other prominent cryptocurrencies, such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC), displayed marginal gains and losses.

  • The #Ronin ($RON) token stood out as the top performer, experiencing a noteworthy 24-hour surge of over 14.23%.

  • Conversely, #Render ($RNDR) faced the most significant decline, with a 24-hour dip of nearly 5.39%.

  • Total crypto market volume in the past 24 hours increased by 22.79% to reach $35.17 billion.

  • DeFi's total volume stands at $3.93 billion, comprising 11.18% of the overall crypto market's 24-hour volume.

  • Stable coins contribute significantly, with a total volume of $30.34 billion, constituting 86.28% of the entire crypto market's 24-hour volume.

  • Bitcoin's dominance is currently at 51.15%, showing a marginal decrease of 0.09% within the day.

Major Worldwide News Update:

  • FTX, a cryptocurrency exchange, has submitted a court proposal against the bankrupt company Genesis Global Capital. In the filing, FTX is seeking approval to sell its $175 million claim against Genesis. Currently, the claim against the insolvent digital financial services firm is being offered at 65% of its face value.

  • On February 1, GBTC, which held the position as the prominent spot Bitcoin ETF since January 11, yielded its dominance to IBIT and BITO. GBTC encountered difficulties marked by outflows and diminished daily trading volumes, resulting in a loss of over $5.8 billion in assets since January 11. Notably, GBTC's average BTC transfers to Coinbase witnessed a significant decline from $700 million to below $300 million since January 26.

  • Scammers utilized deepfake technology to deceive an employee at a multinational firm, tricking them into transferring over $25 million. Impersonating company executives in an online meeting, the fraudsters employed AI-generated voices. The incident, a first of its kind in Hong Kong, underscores the rising threat of deepfake scams.

  • Pro-Bitcoin President Nayib Bukele is poised for a second term in El Salvador, with exit polls indicating his party's victory with 87% of votes. Bukele, known for making Bitcoin legal tender, faces controversy over re-election, criticized by some for potential constitutional violations. El Salvador's future as a crypto-friendly hub is anticipated despite concerns.

  • OpenAI's Sam Altman hints at a possible upgrade to the GPT-4 algorithm, addressing recent complaints about ChatGPT's unresponsiveness and incomplete responses. The move comes amid rising competition, especially from Apple, emphasizing the importance of maintaining market dominance. Altman's X post suggests improvements to ChatGPT's functionality.

  • Cardano founder Charles Hoskinson dismisses the potential of Bitcoin Layer-2 (L2), stating it lacks adaptability for a dynamic environment. He contrasts this with Ethereum and Cardano, which regularly undergo targeted upgrades to enhance L2 capabilities. Hoskinson believes Bitcoin may not engage in similar frequent upgrades, making it less conducive for L2s.

  • Binance responds to concerns arising from a GitHub hack leak, assuring users that no data breach occurred within its systems. The exchange emphasizes its commitment to robust security measures, including Multi-Factor Authentication, and acknowledges the community's role in reporting potential threats.

COIN GABBAR Views: Is Bitcoin stuck in a range, and can BTC bulls rescue the $40,000 levels? Will it surpass the $43,800 levels, or is consolidation underway? What's the current status of Bitcoin- is the 'bottom not in,' and is there a possibility of a retest at $30K looming? 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, 03 Feb: Crypto Markets Coil in a Range

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