24 Crypto Update, 09 Feb: Crypto market Ride High on Rally

Crypto market expanded by 2.8%, reaching $1.88 Trillion

• Bitcoin exceeds $47,000, Ethereum surpasses $2,500, and top altcoins like XRP, Solana, Cardano also rally.

• Despite Ethereum's rally, increasing deposits on its network bolster investor optimism.

Crypto Fear and Greed Index:

Over the last day, there has been increased buying activity in the market, resulting in a slight 2-point uptick in the "Fear and Greed Index." Currently at 74 on a scale of 0 to 100, the prevailing market sentiment is inclined towards optimism.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $47,000 mark early Saturday, affirming its status as the leading and most valuable cryptocurrency globally.

• Other notable cryptocurrencies including #Ethereum ($ETH), #Sui ($SUI), #Pendle ($PENDLE), #Avalanche ($AVAX), and #Bonk ($BONK) also witnessed unexpected gains.

• Particularly, #Bonk ($BONK) emerged as the standout performer, recording an impressive 24-hour surge of over 23.60 percent.

• Conversely, #Monero ($XMR) faced the most notable decline, experiencing a dip exceeding 3.40 percent within the same timeframe.

• Total crypto market volume in the past 24 hours: $73.69 billion, marking a 24.71% surge.

• DeFi total volume stands at $5.75 billion, representing 7.81% of the overall crypto market's 24-hour volume.

• The volume of stable coins now amounts to $68.15 billion, constituting 92.49% of the total crypto market volume in the past 24 hours.

• Bitcoin's dominance currently sits at 51.94%, experiencing a 0.16% increase within the day.

Major Worldwide News Update:

• In the first nine days of February, #Ethereum surged 10%, surpassing $2,450 amid bullish crypto market sentiment and macroeconomic factors. Investors eye Ethereum's increasing network deposits and potential demand. Concerns over U.S. debt trends and Chinese economic indicators influence market dynamics.

• #Bitcoin Dogs is poised to make history with the first #ICO on the Bitcoin blockchain, launching on February 14th, 2024. Its presale for 0DOG tokens will run for 30 days, offering an immersive GameFi experience and #NFT collection exclusively for token holders. Utilizing the Ordinals protocol, it aims to revolutionize NFT gaming within the Bitcoin ecosystem.

• The Hong Kong Securities and Futures Commission warns of a fraudulent entity posing as the cryptocurrency exchange MEXC, deceiving investors and siphoning funds. The SFC collaborates with local police to investigate virtual asset trading providers engaging in illicit activities, identifying eight suspicious websites associated with the impostor.

• The UN investigates DPRK-linked hacking groups for cyberattacks on cryptocurrency firms, amassing $3 billion in profits over six years. Chainalysis estimates $1 billion stolen in 2023 alone. TRM Labs forecasts increased damage in 2024. UN Office on Drugs and Crime warns of crypto misuse in East and Southeast Asia.

• #MicroStrategy, under former CEO Michael Saylor, declares itself a Bitcoin development company during its Q4 earnings call. With 190,000 BTC holdings worth $9 billion, it focuses on BTC network growth and software innovation. The company's pivot has significantly impacted its stock performance, outperforming assets like Bitcoin.

• Amid controversy surrounding SEC Chair Gary Gensler's leadership, reports suggest an impending exodus of senior lawyers from the agency's crypto division. Gensler's management style and decisions have fueled concerns. Meanwhile, the #SEC aims to bolster its crypto/cyber unit despite growing scrutiny. Gensler's future tenure hinges on the 2024 US Presidential Election outcome.

• Vitalik Buterin introduces innovative deepfake security measures amidst rising concerns over digital fraud. His solution relies on personalized security questions rooted in shared experiences, challenging for deepfake technology to replicate. Complemented by code words and multi-channel confirmation, it forms a robust defense against identity theft and fraud.

• A recent Coinbase study suggests California's crypto owners, comprising 27% of the population, could sway the 2024 U.S. election. They prioritize candidates supporting blockchain policies, highlighting the growing influence of crypto enthusiasts on electoral outcomes and regulatory demands.

COIN GABBAR Views: Is Bitcoin about to break $50,000, spiking above $47,000 to a two-year high? Is the Bitcoin bull run beginning, with futures data indicating a potential rally beyond $50,000? Will the BTC price ever dip below $40,000 again? To get latest news Stay tuned us at coingabbar

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: Crypto Daily Roundup, 9 Feb: Green Wave Sweeps Crypto Market