What Happened in Crypto Today: Reason Behind the Crypto Rise!

Crypto Market Update: Bitcoin vs Gold, Cardano ETF, Nano Price Surge

Global Crypto Market Update

The global cryptocurrency market continues to show strength. The total market cap now stands at $3.23 trillion, marking a 1.27% increase over the last day. In contrast, the total crypto market volume over the past 24 hours is $95.55 billion, reflecting a 9.96% decrease. 

DeFi has contributed $7.48 billion—7.83% of the overall volume—demonstrating the continued interest and evolution within decentralized finance. These updates answer many questions on what happened in crypto today and provide insight into the broader cryptocurrency market today trends.

Bitcoin vs Gold : The Safe Haven Debate

In this ongoing debate of Bitcoin vs Gold, the focus is now on gold shooting up to a new record of $2,940 per ounce, while Bitcoin struggles to cross the important mark of $100K. Veteran trader Peter Brandt states that the flux is going out of Bitcoin into gold, and economist Peter Schiff adds that the market cap of bitcoin against gold is shrinking further. 

The year 2021 showed Bitcoin taking 10.72% of the gold market cap, but as of today, it has fallen to 9.95%. This very shift allows for more debate about what reasons dictate every board move on the rise of bitcoin and whether bitcoin may still claim the status of those digital golds. 

Grayscale Files for Cardano ETF

In a significant move for Cardano enthusiasts, Grayscale Investments has filed for the first-ever spot Cardano ETF in the United States via NYSE Arca. This new ETF aims to list and trade shares of the Grayscale Cardano Trust, thereby increasing institutional access to ADA beyond the major players like Bitcoin and Ethereum. 

Following the announcement, Cardano’s price experienced a notable ADA price surge of 13.92%, reaching $0.7998. This development is seen as a potential game-changer, offering a boost to ADA’s market presence and contributing to the discussions on crypto market rise today.

Nano (XNO) Price Surge

Nano (XNO) creates a commotion in the market and has surged to an 11.13% increase in price on a single day. Long known for being free, instant transactions, and low energy usage whilst operated.

Nano is being recognized as a well-deserved contender in digital payments, and high volumes with a bullish sentiment have some thinking whether this sleeping giant can finally dethrone Bitcoin from payment supremacy. To those paying attention, the nano coin price prediction gives further credence that Nano has a fighting chance to win against already established cryptocurrencies. 

North Carolina's Bitcoin Investment Plan

On the governmental front, North Carolina is exploring investments in Bitcoin ETPs under the NC Digital Assets Investments Act (HB 92). Introduced by House Speaker Destin Hall on February 10, the act would allow the state treasurer to invest up to 10% of certain public funds—such as pensions and veterans’ funds—in Bitcoin ETPs. 

With strict eligibility criteria that include a market cap requirement of $750 billion, Bitcoin is the sole candidate for these investments. This initiative is seen as a practical hedge against inflation and reflects the state's growing interest in leveraging digital assets as part of public investment strategies.

SEC and Binance: A Legal Pause

In a notable legal development, the SEC and Binance have jointly requested a 60-day pause in their legal proceedings. They argue that the newly formed Crypto Task Force within the SEC might influence regulatory decisions during this period. 

This move, the first major litigation pause under acting SEC Chair Mark Uyeda, may serve as a model for other cases involving firms like Ripple and Coinbase. Industry experts are watching closely, wondering if this pause might help save resources and potentially lead to early resolutions, all while pondering will crypto crash again in the midst of these regulatory adjustments.