Bitcoin (BTC), the oldest, and most valued crypto coin in the world, rode high on BTC exchange-traded fund (ETF) inflows to scale a 26-month high over the weekend and cross the $48,000 mark. BRRR, BTCW, HODL, ARKB, were among the nine new ETFs which attracted 6,009.49 BTCs from investors, and it is largely expected that if the rally continues, BTC may soon breach the $50,000 mark for the first time since December 2021. At the time of writing, the CoinMarketCap Fear & Greed Index rested cosily in the ‘Greed’ section, with a rating of 68 out of 100. It remains to be seen if crypto’s grand old coin can hold its own over the coming days.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (February 5), the overall crypto market cap stood at $1.63 trillion. BTC price stood at around $42,650, ETH price stood at around $2,290.
A week later, the overall market cap rose to a whopping $1.80 trillion.
DeFi’s total volume stands at $4.52 billion, at 9.99 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $40.40 billion, at 89.33 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 68 points (out of 100).
BTC dominance, at the time of writing, stood at 52.48 percent.
Over the past seven days, Bitcoin achieved a high of $48,707.34 (on February 12) and a low of $42,385.40 (February 6).
Ethereum, on the other hand, saw a high of $2,537.68 (February 11) and a low of $2,495.47 (February 12).
Crypto Events To Note
Nine newly launched spot bitcoin exchange-traded funds (ETFs) have seen a significant accumulation of assets since their introduction on February 9, 2024. The ETFs, named BRRR, BTCW, HODL, ARKB, EZBC, IBIT, FBTC, BITB, and BTCO, have collectively gathered 6,009.49 BTC, valued at approximately $288 million, according to the latest data. This brings the total holdings of these ETFs to 208,878.1 BTC, with a total value exceeding $10 billion.
Concurrently, Grayscale’s Bitcoin Trust (GBTC), which transitioned into a publicly traded exchange-traded product, has divested approximately 2,252.2 BTC, totalling about $108 million. These developments highlight the growing interest in cryptocurrency investment vehicles, as investors seek exposure to the digital asset market through diversified financial products.
Meanwhile, Coinbase, a prominent US-based cryptocurrency exchange, highlighted the potential cost savings for Americans through the adoption of cryptocurrency payments, contrasting them with traditional credit card fees. According to its recent State of Crypto report, Coinbase suggests that by embracing crypto technology, consumers could have collectively avoided a staggering $74 million in fees during 2022 alone, which the exchange attributes to the high transaction costs and delays inherent in conventional financial systems.
The report underscores that if individuals had opted to use cryptocurrency for transactions instead of credit cards, each American household could have retained an average of $600 in savings over the year. However, the impact of excessive fees isn’t limited to consumers alone; merchants have also borne a significant burden, shelling out approximately $126 billion in fees for processing credit card transactions. In contrast, the expenses associated with processing crypto payments could be minimal, potentially leading to substantial savings for businesses as well.
Lastly, in a recent legal battle between the Australian Securities and Investments Commission (ASIC) and cryptocurrency startup Block Earner, the ASIC has come out on top. The Australian Federal Court ruled in favor of ASIC, finding Block Earner’s product offering to be in violation of sections of the Corporations Act 2001.
Judge Ian Jackman, presiding over the case, determined that Block Earner had contravened sections 601ED and 911A of the Act by introducing the “Earner” product without obtaining the requisite Australian financial services license. This verdict marks a significant win for ASIC in its ongoing efforts to regulate the cryptocurrency sector and enforce compliance with financial regulations.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin currently trades at the $48,000 mark, and a successful breach beyond $48,970 could pave the way for a further ascent, targeting the $50,000 level, a milestone not witnessed since December 2021. Conversely, a downturn might signal a potential consolidation phase within the $44,700 to $48,970 range in the next few days. On the other hand, Ethereum faces resistance at $2,620 and support at $2,440. Traders and investors should closely monitor these key levels considering the potential for further price movements and the overall market sentiment..”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.