24 Crypto Update, 25 Feb: Ethereum Surges to 20-Month High

Crypto market climbs 0.70%, hitting $2.10 trillion valuation

• The crypto community eagerly awaits SEC decisions on spot Ethereum ETFs, with anticipation building around pending applications.

• Bitcoin's price resilience, aided by legal wins like Texas Blockchain Council's, highlights stability amidst global regulatory uncertainty, notably in Nigeria.

Major Events To Watch

Crypto Fear and Greed Index:

In the past day, the "Fear and Greed Index" has experienced noticeable downward pressure, leading to a 2-point decline. Presently at 72 on the 0 to 100 scale, the overall market sentiment continues to lean predominantly towards optimism.

Latest Market Update: 

• #Ethereum ($ETH) surpassed the $3,000 mark, marking a 20-month high, while #Bitcoin ($BTC) remained stable around $51,000.

• Other leading cryptocurrencies such as #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) saw slight downturns in their prices.

• The #Flare ($FLR) token showed the highest gains, rising over 18% in a 24-hour period.

• Conversely, #Helium ($HNT) experienced the largest loss, dipping nearly 5% within the same timeframe.

• Total crypto market volume in the last 24 hours is $51.06 billion, showing a 0.10% increase.

• DeFi volume stands at $5.37 billion, representing 10.52% of the total crypto market volume within the same period.

• Stablecoins contribute a volume of $43.96 billion, constituting 86.09% of the total crypto market volume in the last 24 hours.

• Bitcoin's dominance is at 50.74%, experiencing a decrease of 0.43% over the day.

Major Worldwide News Update:

• Solana NFTs achieve a groundbreaking $5 billion in sales, showcasing remarkable growth driven by heightened trading activity and a strong user community. With consistent momentum since October, #Solana NFTs maintain resilience, surpassing $1 billion in nine months, promising a bright and enduring future in the #NFT market.

• #Binance, a leading cryptocurrency exchange, faces regulatory challenges but signals change under new CEO Richard Teng. Embracing compliance and transparency, Binance paid a $4.3 billion fine and prioritizes innovation. Proactive cooperation with regulators sets a positive standard for the industry, ensuring long-term success amid evolving regulations.

• The EU designates Frankfurt for its Anti-Money Laundering Authority, sparking debate on its impact on cryptocurrencies and DeFi. AMLA's focus on due diligence improves market integrity but raises compliance costs and entry barriers. Privacy concerns and global regulatory alignment pose challenges amid evolving cryptocurrency regulations.

• MicroStrategy, the top #Bitcoin corporate holder, faced a Twitter phishing attack, leading to approximately $440,000 in losses. Hackers posted a fraudulent airdrop link on #MicroStrategy's account, deceiving users into providing sensitive information or transferring cryptocurrency. Such breaches highlight the need for enhanced security measures across communication channels.

• Starknet, #Ethereum's Layer-2 scaling solution, surges with over $1 billion TVL post-launch. Despite initial inconsistencies in its STRK airdrop, #Starknet gains traction, listing on Binance. TVL hits $1.31 billion, trailing Arbitrum One and others. Unique zk Rollup tech draws capital inflow, with Orbiter Finance and Rango Exchange leading adoption.

• #FTX settles dispute over FTX Europe, selling back to founders for $32.7 million after difficulties finding buyers. Dispute arose from alleged misuse of customer funds in the $323 million acquisition. Lawsuit and counterclaims were resolved on Feb. 21. FTX plans to repay billions to customers, unloading shares to recover funds.

• RiskOnBlast, a gambling platform on the Blast layer-2 ecosystem, suspected of a rug pull as funds vanish. Presale raised $1.25 million in ETH. Funds moved to ChangeNOW exchange. Etherscan flags address as phishing scam. Community aids recovery efforts. Victims report losses up to $12,500. Team's identity undisclosed.

• Carson Group, managing $30 billion, selects four #SEC-approved #Bitcoin ETFs: BlackRock's IBIT, Fidelity's FBTC, Bitwise's BITB, and Franklin Templeton's EZBC. Selection driven by asset growth and low fees. Bitwise and Franklin Templeton chosen for lowest costs and robust research teams. Platform approvals crucial for ETF growth, says Bitwise CEO.

COIN GABBAR Views: Will Ethereum's price reach $3500? Is Bitcoin stuck in a range while ETH experiences a surge, indicating potential downsides ahead? Is there speculation surrounding Bitcoin's ability to surpass the $100K milestone after the halving? 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: Zcash Jumps 20% After Grayscale's Privacy-Based ETF Move