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Crypto Daily Roundup, 16 Feb: Crypto Bubble Ready to Burst

16-Feb-2024 By: Lokesh Gupta
Crypto Daily Roundup

Crypto values have fallen during the previous 24 hours

Top 5 Losers Coins

IndicesLTPChange (%)
Pyth Network$0.60724.87%

Crypto News Key Highlights:

  • Yellow Card partners with Stellar to integrate USDC, enhancing transactions in Africa's digital economy. This collaboration aims to address banking challenges in Africa, providing simplified access to digital assets and financial services. By merging traditional finance with blockchain, the initiative promotes financial inclusion through incentivized USDC transfers on Stellar.

  • Robert Kiyosaki criticizes the Federal Reserve, labeling it a "criminal organization" responsible for wealth inequality. He advocates for Bitcoin, gold, and silver as alternatives, emphasizing their reliability over traditional fiat currencies controlled by central banks. Kiyosaki also expresses resentment towards key figures like Jerome Powell and Janet Yellen, reaffirming his allegiance to Bitcoin.

  • Bitcoin surged past $50,000 , marking the 2024 bull run fueled by ETF inflows, an upcoming Halving event, and US stock market performance. Market cap hit $2.05 trillion, up 5.40% in 24 hours. Bitcoin Futures OI rose by 3.58% to $24.58 billion. However, caution is advised due to overbought RSI and potential volatility from economic data.

  • Jupiter, an asset management firm, faces hurdles investing in Ripple's XRP ETP due to varying EU regulations. While Germany allows crypto investments, Ireland prohibits them in Ucits funds. Regulatory inconsistencies pose challenges for asset managers navigating the complex crypto landscape within the EU.

  • In a startling development, LookOnChain revealed that Kirill.eth, linked to Convex Finance, lost 180.25 million BEAM to a phishing scam on February 15, leading to a $5.14 million loss and a subsequent 7% token price drop. Coinglass data mirrored the downtrend, suggesting bearish sentiment. Trading View's data confirmed the price plunge post-scam.

  • OpenAI's Sora, a text-to-video creation platform, gains attention but faces criticism from Elon Musk, who mocks its shift from nonprofit to profit-focused. Doge Designer's comment on OpenAI's tweet sparks speculation. Despite controversy, Sora garners interest from industry leaders like Kunal Shah and Matt Schlicht.

  • LUNC proposal 12059's ambiguity on liabilities concerns stakeholders like @Genuine__Labs, Tax2Gas team, and others. Lack of clarity poses risks and legal ramifications. Advocates propose adopting Apache 2.0 license to define liability scopes for protection and sustainability. Voting against until liability terms align is suggested.

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, 15 Feb: Stability Reigns Amidst Volatility

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