Market update

Cointree Crypto Market Update - February 14th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$76,637, rising a staggering +10.77% at the time of writing. Meanwhile, Ethereum ends at AU$4,074, increasing +6.84% week-on-week. And in other altcoin movements, Arbitrum increases +7.48%, Cardano +5.12%, and Solana +11.14%.

🗞 What’s happening in the news?

This week brought a wave of excitement for Bitcoin holders as the price soared to AU$77K for the first time since December 2021.

This significant rise is driven by the positive momentum from the recent inflows into spot Bitcoin exchange-traded funds (ETFs) and anticipation of the upcoming supply halving in April. With this pivotal event known for triggering price hikes on the horizon and 91% of Bitcoin addresses now showing profit, the mood among investors is incredibly optimistic. Eyes are now set on the all-time high of $93,482, last seen in November 2021, with many in our community hopeful for another historic peak.

In another major achievement, the total assets under management (AUM) of the nine spot Bitcoin ETFs have crossed the US$10 billion mark just one month after their approval. This milestone highlights the growing confidence in Bitcoin as a solid investment. The ARK 21Shares Bitcoin ETF now proudly holds about $1 billion in its portfolio. However, it's not all rosy; the Grayscale Bitcoin Trust (GBTC) witnessed outflows totalling US$6.3 billion over the past month, indicating a mixed sentiment within the investment community.

In regulatory news, the achievement for Changpeng Zhao, the founder and former CEO of Binance, has been postponed to April 30. Zhao, who stepped down amid charges of money laundering, faces a potential prison sentence, with U.S. prosecutors pushing for a term longer than the maximum 18 months. This development is a part of a broader US$4.3 billion settlement with the U.S. government, including a personal fine of US$50 million for Zhao. With Zhao restricted to the U.S. under a travel ban, the crypto community awaits the outcome of his sentencing with keen interest.

📖 What we’ve been reading

Did President Biden Just Endorse Bitcoin?

"The octogenarian politician is sporting laser eyes on Twitter, seemingly unaware it is a symbol of support for the cryptocurrency."

Read more

Ethereum transaction uptick sees network gas fees hit multi-month high

“This is an increase of over 15% from a seven-day moving average of $3.08 billion at the beginning of the month.”

Read more

Scam-as-a-service: New Solana drainers identified

“The drainers, available on scam-as-a-service marketplaces, can flip a conditional within an on-chain transaction.”

Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

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