Market update
Cointree Crypto Market Update - February 21st 2024
Market report for traders
š® BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$79,862, rising +2.36% at the time of writing. Meanwhile, Ethereum hits $4,600, unseen since early 2022, increasing +10.89% week-on-week. And in other altcoin movements, Immutable X increases +16.73%, Cardano +11.65%, and Solana -5.74%.
š Whatās happening in the news?
Hereās some good news: Recent studies have concluded that orchestrating a 51% attack on Bitcoin and Ethereum has become economically and logistically impossible (almost).
Such an attack, which involves gaining majority control of the network's computing power to manipulate the blockchain, would require an investment running into billions of dollars, alongside a supply of microprocessors that far exceeds current availability. This means both Bitcoin and Ethereum have become super secure, effectively safeguarding their networks against potential compromise.
In parallel, Ether has surged to AU$4,500 for the first time since April 2022, fuelled by speculation around the approval of a spot Ether ETF in the U.S. This anticipation follows the successful launch of spot Bitcoin ETFs, shifting the spotlight to Ether and its potential for similar regulatory green lights.
Backed by heavyweights like Ark Invest, Fidelity, and BlackRock, the ETH ETF could receive the nod as soon as May 2023. Such a development would mark a significant milestone for Ether, potentially unlocking new avenues for investor engagement and market growth.
Meanwhile, the "stablecoin wars" are heating up, with Circle and Coinbase appealing to Congress for stricter oversight of Tether. This call for regulation aims to address concerns over offshore stablecoins circumventing anti-money laundering standards. However, the move has sparked controversy and drawn accusations of hypocrisy from parts of the crypto community, fearing it may prompt tighter legislative constraints on the broader industry.
š What weāve been reading
2024 will be the Ethereum network's biggest year in history
āThis year will mark the networkās first bull cycle since the Merge in 2022ā
Bitcoin Is Back, Back, Back, Baby
"The premier crypto is regaining dominance of investment dollars, mindshare and 'narrative,' says Ben Schiller."
How the āHalvingā Could Impact Bitcoin
āBitcoin halvings have generally been good for the network. But price increases have decreased over time,ā
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.
