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Crypto Daily Roundup,29 Feb: Market Rally Maintains Momentum

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

Crypto values have increased throughout the past 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)

Crypto News Key Highlights:

  • KuCoin and Revolut team up for euro-based cryptocurrency purchases, offering seamless access to various assets. Despite U.S. legal challenges, KuCoin serves 31M+ users. They launch a zero-fee trading event for BTC and Ether pairs, providing 100% Fee Rebate Vouchers. Bitcoin surpasses $64,000, signaling market optimism and its enduring appeal.

  • Tron prepares for a major upgrade with the GreatVoyage-v4.7.4 (Bias) release in Q1 2024. The update focuses on simplifying protocol development, enhancing network stability, and optimizing performance. Key features include gRPCurl tool support, Java-tron code dependency management, and improved vote reward withdrawal speed, reinforcing Tron's commitment to innovation and efficiency.

  • Bitcoin surpasses $64,000 as traders await U.S. Bureau of Economic Analysis' PCE inflation data. Recent CPI surge eliminates Fed rate cut possibilities. Wall Street giants are divided on PCE, but anticipate cooling inflation. Fed Chair Powell expects rate cuts from September, with a 65% chance in June. Strong PCE could boost USD and impact Bitcoin.

  • Spot Bitcoin ETFs saw a record $673 million inflow on Wednesday, driven by demand surpassing supply. BlackRock's IBIT led with $612 million inflow, totaling over $7.15 billion net inflow. Other ETFs like FBTC and ARKB also experienced substantial inflows. Meanwhile, GBTC witnessed a $216.4 million outflow. BTC surged above $63,000 amidst rising trading volumes and open interests.

  • OpenAI faces SEC scrutiny over alleged investor misrepresentation following CEO Sam Altman's internal communications. Leadership shakeup triggered overhaul, including co-founder's departure and Microsoft's non-voting board seat. Despite WSJ report, OpenAI remains silent. SEC inquiry involves internal document requests, subpoena issued in December post-Altman's dismissal. Legal battles and governance concerns add to company's challenges.

  • Bitcoin's surge past $64,000 sparks interest in cryptocurrency markets, affecting funding rates in contracts. Glassnode data shows rates correlate with Bitcoin's price, reaching highs on Binance and OKX. Understanding funding rates is crucial for traders as they indicate market sentiment and influence trading strategies.

  • Spot Bitcoin ETFs set new daily ATH inflows, led by BlackRock's IBIT with $612 million. Grayscale sees $216 million outflows, while Fidelity's FBTC records $245 million inflow. Analysts anticipate increased volatility due to thin supply and record trading volumes, driven by organic demand. Decreasing BTC supply on exchanges signals potential supply shock.

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, 28 Feb: BTC Rally Sparks Altcoin Bonanza

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