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In the last 24 hours, Bitcoin (COIN:BTCUSD) has crossed the $45,000 mark, coinciding with the historical peak of US stock market indices. Fernando Pereira, an analyst at Bitget, shared his view on Bitcoin’s immediate future, highlighting two potential paths: “I see 2 possibilities for the short term in BTC. Failing at $45,000 and falling again or breaking through that region, going back to $49,000 and failing there.” Additionally, Pereira expressed skepticism about a sharp increase beyond these points in the short term: “I don’t see fuel to rise much more than that in the coming weeks, the supply is growing too much.“
Ethereum’s (COIN:ETHUSD) Dencun update is scheduled for March 13, bringing “proto-danksharding” functionality to improve efficiency in secondary layer transactions. This advancement, flawlessly tested on the Holesky network, is expected to reduce costs and facilitate data storage, marking the biggest blockchain evolution since April 2023. Final confirmation depends on developers and will be formalized on GitHub, with implementation occurring in blockchain slot 8626176. Additionally, Ethereum staking has grown, with 25% of its supply now staked. Lido’s (COIN:LDOUSD) leadership in the market and the $73 billion valuation of staked ETH highlight the network’s growing robustness and security.
Ark Invest and 21Shares have updated their Ethereum ETF filing, specifying that only cash transactions will be allowed for creations and redemptions of shares, excluding operations with ETH. The change aligns with Bitcoin spot ETF practices. Additionally, the filing suggests the possibility of Ethereum staking, although with uncertainties about its final approval by the SEC. The decision on spot Ethereum ETFs is expected in May.
According to JPMorgan (NYSE:JPM), BlackRock’s (NASDAQ:IBIT) and Fidelity’s (AMEX:FBTC) Bitcoin spot ETFs already show superiority over the Grayscale Bitcoin Trust (AMEX:GBTC) in terms of market liquidity. Despite Grayscale’s fee reduction to 1.5%, its offerings are still more expensive than competitors. Metrics such as market breadth and deviation from net asset value suggest better liquidity for BlackRock and Fidelity ETFs, challenging GBTC’s leadership. On February 7, Fidelity’s FBTC led with inflows of $130 million, bringing total inflows to $2.7 billion. BlackRock’s IBIT had a modest net inflow of $56 million, bringing its total net inflows to $3.3 billion. Grayscale’s GBTC faced outflows, despite the overall positive market balance of $1.7 billion. Bitcoin ETFs experienced a net inflow for the ninth consecutive day.
Deribit, a leading cryptocurrency derivatives platform, is expanding its offerings by including linear options for Solana (COIN:SOLUSD), XRP (COIN:XRPUSD), and Polygon (COIN:MATICUSD), in response to customer demand. The introduction of options in USDC marks a significant advancement for the platform, which already has a significant share in Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD) contracts. Increased activity on Deribit highlights growing interest from both institutional and retail investors.
After a sharp decline due to the Binance delisting announcement, Monero (COIN:XMRUSD) saw a partial recovery in its value on February 7. The price, which had dropped to $100, rose to $130, marking a 27% increase from the lowest point. At the time of writing, the token showed a -5.1% retracement in the last 24 hours, trading at $124.19. Delisting is scheduled for February 20, but Binance will allow XMR withdrawals and conversions until May, which may gradually influence its market price.
Cross-chain protocol Wormhole has announced the launch of its native token ‘W’, with an initial supply of 1.8 billion out of a maximum of 10 billion. Intended for various groups, 82% of the tokens will be locked and gradually released over four years. The launch aims to advance the decentralization of the protocol’s governance, allowing the community to influence important decisions.
The Abu Dhabi Global Market (ADGM) has joined forces with the Solana Foundation, aiming to foster the adoption of blockchain technologies and drive innovation in the sector. This agreement, based on ADGM’s recent DLT regulations, reinforces the commitment of the United Arab Emirates to being a global leader in blockchain innovations and financial technology services.
Coinbase’s (NASDAQ:COIN) “State of Crypto Report” reveals that adopting blockchain technology could have saved American consumers about $74 billion in credit card fees in 2022. Dissatisfaction with high fees and the slowness of the current financial system motivates a desire for reforms, with many Americans seeking faster, cheaper, and more accessible transactions. The study underscores blockchain’s potential to transform the financial system, significantly reducing costs for consumers and merchants.
Frax Finance, known for its innovative partially algorithmic stablecoin Frax (COIN:FRAXUSD), expands its DeFi ecosystem with the launch of Fraxtal, an Ethereum Layer 2 network. Initially, Fraxtal is available for selected partner applications and was developed using OP Stack, aiming to integrate with the Optimism Superchain (COIN:OPUSD) ecosystem. This network promises significant expansion, offering a robust platform for financial dapps with general access expected soon.
Bakkt, a digital asset giant, has notified the SEC of its concern about the possibility of running out of financial resources due to crypto sector dynamics. Despite high-profile partnerships and international expansion, the company faces uncertainties in new markets and a challenging environment, leading it to reconsider strategies and seek additional funding to sustain its future operations.
Flood, an Ethereum-focused DEX aggregator, has raised $5.2 million in a round led by Bain Capital Crypto and Archetype. The startup, which already operates on Arbitrum One and aims to expand to other networks, stands out for its optimal routing that ensures the best prices in trades. With plans for hiring and expansion, Flood introduces innovations such as gasless trading and a model that avoids maximum extractable value, reinforcing efficiency and security for users.
The Appeals Court of Montenegro has canceled the extradition of Terraform Labs co-founder Do Kwon to South Korea or the US, acknowledging defense arguments pointing to procedural flaws in the previous decision. The court indicated the need for clarifications in the extradition requests, leading the case back to the initial instance for a new evaluation.
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