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Crypto Daily Roundup, 27 Feb: Bitcoin Hits 26 Month High

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

Cryptocurrency values have climbed during the last 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)
Theta Network$2.1855.18%
Pyth Network$0.727533.88%

Crypto News Key Highlights:

  • The Russian parliament's approval of legislation allows domestic firms to utilize Digital Financial Assets (DFAs) like bank-issued Stablecoins and the digital Ruble for international trade, omitting Bitcoin due to its volatility. This move aims to counter economic instability from the Ukrainian War and sanctions, aligning with global digitalization trends, but faces challenges of technological readiness, adoption, and infrastructure.

  • Bitcoin surged over 10% to $57,000 after a 12-day stagnant period. The rally was fueled by ETF volume surge, Microstrategy's significant BTC acquisition, anticipation of Bitcoin ETF options, Federal Reserve's rate cut expectations, and upcoming global elections. Additionally, the impending Bitcoin halving, historically linked with price surges, further buoyed optimism, possibly leading to a $100,000 valuation.

  • BlackRock's Bitcoin ETF led the day's trading with $1.3 billion, followed by Grayscale and Fidelity at $843.7 million and $587.3 million. Ark Invest, Bitwise, and Invesco also made significant contributions. Lower trading volumes were seen from WisdomTree, VanEck, Franklin, Valkyrie, and Hashdex. Overall, heightened investor trust and interest in Bitcoin ETFs drive the market's positive momentum.

  • HTX, previously Huobi Global, withdrew its Hong Kong license application just days before the regulatory deadline, citing undisclosed reasons. Speculations abound regarding the move, reflecting the evolving regulatory complexities confronting crypto exchanges. Amidst Hong Kong's promising crypto landscape, HTX's retreat raises questions about regulatory risks and future strategies for industry players in the region.

  • OKX, rivaling Binance, introduces OKX TR, a platform tailored for Turkish crypto users. With an emphasis on transparency and compliance, it offers seamless access to DeFi and crypto assets. Featuring a Turkish Lira fiat on-ramp and major crypto pairs, it prioritizes user experience. OKX TR also introduces the OKX Wallet for decentralized finance engagement.

  • Merlin Chain partners with Tron Network to enhance Bitcoin's integration and utility in the blockchain ecosystem, marking a significant milestone. This collaboration aims to expand Bitcoin's interoperability and accessibility, leveraging both platforms' strengths. H.E. Justin Sun, Tron's founder, highlights the strategic importance of collaboration and emphasizes support for Bitcoin's layer 2 solutions, enhancing scalability and efficiency.

  • In a surprising twist, Ethereum's Vitalik Buterin invited Elon Musk to join forces, sparking excitement in the crypto world. Musk's potential collaboration with Ethereum could revolutionize the cryptocurrency landscape. Meanwhile, Ethereum's impending Dencun Upgrade on Mainnet signals positive market sentiment.

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 - The fuel that ignited Bitcoin's price explosion

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