Crypto Updates

Bitcoin Tastes $48,000 As Ethereum And Avalanche Follow, Led By Record ETF Asset Inflows: The Week In Retrospect

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Major cryptocurrencies traded in the green on late Friday evening, propelled by the spot Bitcoin ETF inflows, which recorded its third-best inflow day following the approval.

Cryptocurrency Gains +/- Price (Recorded 8:45 a.m. EST)
Bitcoin (CRYPTO: BTC) -0.5% $47,270
Ethereum (CRYPTO: ETH) -1.0% $2,492
Avalanche (CRYPTO: AVAX) +3.3% $38.53

What Happened: Bitcoin surged from $45,349 to briefly cross the $48,000 mark to gain 5% gain in a single day, fueled by spot Bitcoin ETF inflows. Two of the ETFs approved last month rank among the Top 10 Global ETFs by asset flows.

In other developments, the Solana blockchain network experienced a five-hour outage, which did not hinder its mid-week rally. Bullish sentiments persist in the analyst community, with Dogecoin (CRYPTO: DOGE) and Cardano (CRYPTO: ADA) being touted as future outperformers. In the Avalanche community, approximately 9.5 million AVAX tokens, valued at $322 million, are set to be unlocked on Feb. 22, 2024.

Among cryptocurrency-related companies, MicroStrategy’s Bitcoin holdings have surged by 50% to $9 billion. During the latestearnings call CEO Michael Saylor referred to his company as a Bitcoin development firm and expressed commitment to expanding the Bitcoin network. Riding on the back of the Bitcoin rally, Coinbase Global (NASDAQ: COIN) saw a 7.2% increase in mid-day trading. The company is slated to report its quarterly earnings on Feb. 15.

Data from analytics firm Santiment shows that 90.5% of Bitcoin held are currently in profit, compared to Ethereum’s 84.7% and XRP’s 79.9%.

Top Gainers (24 Hours)

Cryptocurrency Gains +/- Price (Recorded 9:45 a.m. EST)
Bonk (CRYPTO: BONK) +8.2% $0.0000129
Pendle  (CRYPTO: PENDLE) +11.59% $3.21
Immutable (CRYPTO: IMX) +2.71% $14.20

The global cryptocurrency market cap stands at $1.78 trillion, reflecting a 1.25% increase over the past 24 hours. The upcoming halving event spurred record miner selling, further increasing Bitcoin prices.

Also Read: Bitcoin Halving Prompts Record Miner Selling: Bitfinex Report

In the broader market, the Nasdaq Composite surged by 1.25% to close at 15,990.66, while the Dow Jones Industrial Average dipped slightly by 0.14%, ending the day at 38,671.69.

The rally in tech stocks, driven by optimism surrounding Artificial Intelligence, contributed to gains…

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