Crypto Daily Roundup, 13 Feb: Bitcoin Hits $50000 Milestone

Crypto prices have shot up over the previous 24 hours

Top 5 Gainers Coins

Crypto News Key Highlights:

• CoinDCX and Koinex merge to tackle regulatory hurdles in India's crypto space, aiming to enhance adoption. Existing Koinex users transition seamlessly to CoinDCX, ensuring access to assets. CoinDCX pledges support and personalized assistance, emphasizing empowerment of users and fostering growth in the crypto ecosystem.

• MicroStrategy, led by Michael Saylor, pivots towards Bitcoin investment amid surging demand for cryptocurrency assets. Its strategic shift redefines the company as a Bitcoin development entity, emphasizing substantial holdings in the digital currency. MicroStrategy maintains its core software business while exploring financial strategies for growth and shareholder value.

• #Bitcoin ETFs saw a massive inflow of $493.3 million, third-largest to date, as $BTC surpassed $50,000. BlackRock leads with $374.7 million inflow, totaling over $4.126 billion. $BTC price surged, likely heading towards $55,000, fueled by ETF demand. Institutional optimism grows amid supply shortage and bullish derivatives bets.

• Analog, a Web3 platform, secured $16 million in recent fundraising, with significant backing from Web3 and crypto projects. Investors include Orange DAO, Near, Benqi Finance, Venture Capital firms, and individual investors. Valuation reached $120 million, fueling growth in cross-chain communication tools development.

• Former #Binance CEO Changpeng Zhao's sentencing for money laundering is delayed until April 30, raising concerns about the legal process. With CZ facing accusations from the U.S. Department of Justice, Binance navigates legal challenges under new CEO Richard Teng. CZ's legal team seeks a sentence involving home detention and probation.

• Following securities fraud allegations against Karony and SafeMoon's bankruptcy, his legal representation shifted due to inadequate funds. SafeMoon's failure to cover legal fees led to a public defender appointment. Karony's strict $3 million bail terms include house arrest and a ban on cryptocurrency promotions amidst concerns over flight risk.

• Bitcoin's climb to $50,000 signals investor optimism amidst economic uncertainty. The surge is propelled by factors such as the upcoming halving, institutional interest, and anticipated policy changes. Support from corporations and clearer regulations further enhance Bitcoin's attractiveness, drawing in a diverse range of investors.

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Also read- 24 Crypto Update, 12 Feb: BTC Sees First Surge Since 2021