Cointree Crypto Market Update - February 7th 2024
Market report for traders
🔮 BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$66,445, dropping by -2.93% at the time of writing. Meanwhile, Ethereum ends at AU$3,670, losing -1.72% week-on-week. And in other altcoin movements, Arbitrum increases +6.43%, Cardano -6.06%, and Solana +6.74%.
🗞 What’s happening in the news?
You might have notice Solana dip 4% last night, but why?
Solana faced a snag this week with a major outage on February 6, leaving the network down for about five hours. Validators and engineers across the ecosystem sprang into action to restore service, working on a fix and preparing for a restart. The Solana mainnet beta hit a pause in block production, with the blockchain explorer flagging a "major outage.” Fortunately, this issue was resolved within a few hours. The incident report promised a detailed analysis of the root cause, ensuring vigilant monitoring to prevent future disruptions.
The hiccup saw SOL's price dip by 4%, a small blip in the grand scheme of crypto volatility.
As we edge closer to the Chinese New Year on February 10, history suggests we might see Bitcoin's value take a dip, as it has in years past around this time. This trend, observed over several years, reflects a pattern where Bitcoin prices have historically dropped in the weeks leading up to the Lunar New Year. Whether due to shifts in market sentiment, traditional cash needs, or other factors, it's an interesting phenomenon that seasoned investors watch closely.
On a more optimistic note, FTX's recent court announcement brings a glimmer of hope to those affected by its downfall in 2022. The exchange expects to fully repay its customers as part of its bankruptcy liquidation process, marking a potential end to a saga that has rattled the crypto community. Over 36,000 customer claims totalling around $16 billion have been registered against FTX.
📖 What we’ve been reading
Ethereum’s short-term price action ‘may take traders by surprise’
China Never Completely Banned Crypto
3 Bitcoin price forecasts calling new all-time highs and more in 2024
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.