The Last Fortnight In Crypto - February (Part 2)
Bitcoin's Meteoric Surge: Hitting $64K Amid Speculation of New All-Time Highs Pre-Halving
Bitcoin's price skyrocketed to $64,000, driven by anticipation of the upcoming supply halving and steady inflows into spot Bitcoin exchange-traded funds (ETFs). While some analysts warn of potential liquidation-driven corrections due to heavy leverage, others remain bullish, citing derivatives-driven momentum and strong spot demand. Despite a flash crash to $58,700, Bitcoin's resilience suggests ongoing optimism, with investors eyeing a potential break of the $68,900 all-time high before the halving in approximately 52 days.
MetaMask Surges: Active Users Reach Over 30 Million Amid Crypto Boom
Crypto wallet MetaMask saw a 55% increase in active users in the past four months, from 19 million in September to over 30 million in January - comparable to the record numbers the wallet hit in 2022. Its growing user base has coincided with a surge in crypto prices, as more users return to or find the wallet for the first time. MetaMask has rolled out Blockaid, a web3 security tool, by default for multiple blockchains to protect users against malicious transactions.
Rocking the NFT World: EtherRocks at Sotheby's Auction Spark Controversy
The recent inclusion of EtherRocks, a series of NFTs featuring simple cartoon images of rocks, in a Sotheby's auction has stirred debate within the NFT community. Despite their initial obscurity and simplistic nature, EtherRocks have become emblematic of the NFT phenomenon. While some view them as a satirical commentary on the NFT craze, others question their significance in shaping the NFT movement. Sotheby's decision to auction EtherRocks has reignited interest in the series, with recent sales fetching high prices. However, suspicions of collusion and manipulation in NFT markets persist, adding another layer of intrigue to the ongoing saga.
Bitcoin ETFs Hit Record Trading Volumes Amid Crypto Rollercoaster
As Bitcoin's price surged and then swiftly fell, U.S.-listed spot Bitcoin ETFs, particularly BlackRock's IBIT, experienced unprecedented trading volumes, surpassing previous records. With over $7.7 billion in combined trading volume and significant net inflows, these ETFs have become a focal point of investor frenzy amid volatile cryptocurrency markets. The surge in activity underscores the growing demand for Bitcoin exposure through regulated investment vehicles.
Ark and 21Shares Embrace Transparency: Integrating Chainlink to Verify Bitcoin ETF Reserves
Ark Invest and 21Shares, issuers of the ARK 21Shares Bitcoin ETF (ARKB), have announced integration with Chainlink's Proof of Reserve platform to enhance transparency. Following Bitwise's lead, which disclosed its wallet address in January, Ark and 21Shares aim to provide investors with greater insight and security regarding their holdings. ARKB has emerged as one of the leading spot bitcoin ETFs since its launch, amassing significant assets under management, with this move reinforcing its commitment to transparency and investor trust.
SEC Sets Sights on Ethereum: Spot ETF Decisions Loom in March
The SEC is gearing up for discussions and potential decisions regarding Spot Ethereum Exchange-Traded Funds (ETFs) in March, following the success of Spot Bitcoin ETFs approved in January. While Ethereum ETF approval has faced delays, upcoming meetings with applicants like Grayscale and VanEck signify growing interest in bringing Ethereum to stock trading. Despite regulatory caution, Ethereum's recent surge and trading at $3,356.16 highlight its potential attractiveness for investors seeking exposure to cryptocurrencies.
When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.
— Nayib Bukele (@nayibbukele) February 28, 2024
Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…