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Cryptocurrency News Highlights: Bitcoin, the world’s first-ever digital currency, once again curated a tidal wave of speculations across the broader crypto market on Thursday as the token briefly slipped below the $42 mark. As of press time, the token noted a 2.10% plunge over the past 24 hours and is currently trading at $42,025, whereas, the price continuously moved to and fro the $42K mark today, birthing additional inferences among crypto market enthusiasts. Meanwhile, top altcoins like Ethereum, XRP, and Solana noted a 2%-7% drop, nabbing significant attention across the crypto market.
On the other hand, Federal Reserve Chair James Powell spotlighted the Fed’s decision to keep the interest rates unchanged till the next FOMC meeting. Powell stated that the current inflation is too high when compared to the 2% target rate set by the central bank. Aligning with this, the Federal Reserve ruled out the decision to keep the benchmark rate in the 5.25%-5.50% range, echoing a wave of frenzy across the U.S.
Superstate has launched the Superstate Short Duration U.S. Government Securities Fund (USTB), a private fund leveraging Ethereum blockchain technology, exclusively for U.S. qualified purchasers. With a low management fee of 0.15% and the convenience of transactions via Circle’s USDC stablecoin, USTB sets a new benchmark in investment funds, aiming to marry the efficiency of blockchain with traditional treasury management.
Blackrock’s Bitcoin ETF has seen a significant increase in holdings, now containing 66,200 BTC, with an addition of 2,712 BTC just from yesterday. This surge in acquisition comes at a time when Bitcoin’s daily issuance rate of 900 BTC is set to halve to 450 BTC by April.
Blackrock's #Bitcoin ETF now holds 66,200 #BTC, up 2,712 from yesterday.
900 BTC are issued per day and in April this will drop to 450 per day.
Yesterday, Blackrock clients bought 3x the amount of BTC that was produced…
And there are also 9 other funds to consider 🤯 https://t.co/Esyybzj0Ic pic.twitter.com/GhSqHwqJXi
— Rajat Soni, CFA (@rajatsonifnance) February 1, 2024
The Binance team successfully froze $4.2 million worth of XRP following an exploit at Ripple, demonstrating the power of community collaboration and swift exchange response.
After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.
We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…
— Richard Teng (@_RichardTeng) February 1, 2024
Amid Federal Reserve actions, optimism for Bitcoin and broader cryptocurrency markets remains high. Analysts point out that the recent uptrend from wave 4 is forming in five waves, suggesting a potential for another upward move in five stages.
Despite the #FED I believe we will still head higher on #BTC & #Crypto.
The move up from wave 4 appears to be in 5 waves meaning that we should have at least another 5 wave move to the upside.#Evai pic.twitter.com/PuC40QMpZD— Matthew Dixon – CEO Evai (@mdtrade) February 1, 2024
As of January 29, the total Bitcoin holdings of US spot Bitcoin ETFs have been estimated at approximately 643 thousand BTC. This significant aggregation of Bitcoin assets highlights the growing acceptance and investment in cryptocurrency through traditional financial instruments.
Looked at #Bitcoin held by US spot Bitcoin ETFs in aggregate. Estimated at ~643 thousand BTC as of Jan 29. pic.twitter.com/TYG5GyP228
— James Seyffart (@JSeyff) February 1, 2024
Truflation’s latest report reveals a historic low in the US CPI at 1.44%, marking the lowest figure in the company’s records. With declines observed in 10 out of 12 categories, notably in Apparel, Recreation, and Transport, the unusual drop in inflation sparks worries about potential deflationary trends. This economic shift poses significant implications for Federal Reserve policies, businesses, and the broader US economy, stirring debates on the future financial landscape.
Polygon Labs’ CEO recently announced a reduction of 60 staff members, constituting 19% of its workforce. Following its independence from Polygon Labs in late 2023, Polygon Ventures has undergone a rebranding to P2 Ventures. Additionally, the Polygon ID team is set to become an independent entity in the near future.
Grayscale recently moved 4,494 BTC, valued at approximately $191 million, to Coinbase Prime and transferred 312 BTC, worth around $13 million, to Flow Traders. Since the approval of their ETF, Grayscale has transferred a total of 131,570 BTC, equivalent to $5.4 billion, showcasing significant market activity.
Grayscale deposited 4,494 $BTC($191M) to #CoinbasePrime again 20 mins ago and transferred 312 $BTC($13M) to #FlowTraders 10 hours ago.#Grayscale has transferred 131,570 $BTC($5.4B) to since the #ETF was passed.https://t.co/x2uKwnd0GU pic.twitter.com/UbjlDgkxrt
— Lookonchain (@lookonchain) February 1, 2024
Binance has launched an Inscriptions Marketplace within its Web3 Wallet, facilitating the inscription and trading of BRC-20 tokens like ORDI. BRC-20 tokens, an experimental standard for fungible tokens on the Bitcoin blockchain, use Ordinals inscriptions to store data on individual satoshis, enabling the creation of meme coins on Bitcoin.
Due to poor liquidity and trading volume, Binance is set to remove several spot trading pairs, including popular cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB). The removal is part of routine reviews to maintain a high-quality trading environment and will not affect the availability of the respective tokens on Binance Spot.
BitMEX founder Arthur Hayes has surprised the crypto community by withdrawing 500,000 Pendle (PENDLE) tokens worth $1.28 million from Binance at $2.57 each. Hayes now holds 1.34 million PENDLE tokens, valued at $3.54 million, potentially making a significant profit of $1.45 million, signaling that market sentiment has changed.
Arthur Hayes (@CryptoHayes, #BitMEX founder) withdrew 500K $PENDLE ($1.28M) from #Binance at $2.57 ~35 minutes ago.
Currently, he holds 1.34M $PENDLE ($3.54M) with an estimated profit of $1.45M (+70.4%) (all unrealized).$PENDLE seems to be bouncing back after his withdrawal.… pic.twitter.com/gAqengrTkV
— Spot On Chain (@spotonchain) February 1, 2024
Shiba Inu (SHIB) experienced a significant increase in its token burn rate, surging by 219.78% in the last 24 hours, while the token’s price declined by 1.12% to $0.00000888. In January, over 9.9 billion SHIB tokens were burned through 269 transactions, with a monthly burn rate increase of 61.57%. Despite recent price drops, some analysts anticipate a potential SHIB upswing, with predictions of reaching $0.010 to $0.011.
In the past 24 hours, there have been a total of 15,573,546 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/zN8gNeINGi
— Shibburn (@shibburn) February 1, 2024
DZ Bank, Germany’s third-largest bank, is set to launch a cryptocurrency retail trading pilot, focusing on Bitcoin transactions with customers. Shifting from its original plan to collaborate with DWP Bank, DZ Bank has yet to reveal the details of its new partnership. The initiative allows customers to execute multiple cryptocurrency transactions independently, without bank-provided advice.
A suspected airdrop hunter has profited $1.17 million from the JUP airdrop, according to Lookonchain. The individual used around 9,246 wallets to receive 1.85 million JUP, selling most of it on decentralized and centralized exchanges.
It seems someone made $1.17M in the $JUP #airdrop!
Wallet"7poJrJ" received an airdrop of 1.85M $JUP($1.17M) via ~9,246 wallets.
Then sold 1.4M $JUP($898K) at $0.6371 on #DEX, and deposited 121K $JUP($77K) to #Bybit and #MEXC.
The wallet has 319K $JUP($196K) left currently. pic.twitter.com/llz2fWYWJN
— Lookonchain (@lookonchain) February 1, 2024
According to a report by Reuters, the approval for options on new U.S. spot Bitcoin exchange-traded funds (ETFs) may face delays of up to ten months due to regulatory complexities involving the SEC and CFTC.
Crypto.com has suspended its planned delisting of Terra Luna Classic (LUNC), originally scheduled for February 15th. According to the latest update from the platform, users are advised to sell or withdraw their LUNC holdings by April.
JUST IN: #Cryptocom Feb 15th #LUNC Delisting is Now SUSPENDED!
Users Holding $LUNC Kindly take the necessary steps to sell or withdraw your Terra Luna Classic by April – @cryptocom pic.twitter.com/OrXBamIf4P
— Oscar Ramos (@realOscarRamos1) February 1, 2024
XRP price witnessed a significant 2% decrease in the past 24 hours, now resting at $0.494. This decline follows a slight dip from its previous support level of $0.50. Crypto analyst cryptoBusyy took to Twitter to highlight the current downward trend, questioning whether XRP can maintain its multi-year trendline support.
CAN $XRP HOLD THIS MULTI YEAR TRENDLINE SUPPORT? 🚨 pic.twitter.com/s99eESLzD6
— CryptoBusy (@CryptoBusy) January 31, 2024
ApeCoin is back in the green even as doldrums take over the crypto market led by Bitcoin, Ethereum and Solana. The token powering the NFT and gaming ecosystem has increased by 7% to $1.5 on Thursday.
This move underscores the growing interest in APE among investors following a significant correction. Its trading volume surged 77% in the last 24 hours to $73 million with the market cap getting a commendable boost to $554 million.
Traders like Captain Faibik believe the ApeCoin season is around the corner, as the daily chart flaunts a potential 240% breakout to $5. For now, traders would be anticipating higher support at $1.50.
$APE #Apecoin Seems like bottomed out & Ready to Break the Major Trendline..📈 pic.twitter.com/1GOtytFC2b
— Captain Faibik (@CryptoFaibik) February 1, 2024
After ceding ground above support at $43,000 on Wednesday, Bitcoin price struggles to resume the uptrend toward $50,000. On the downside, support areas seem to be weakening, with $42,000 expected to keep BTC from being accepted into the lower range to $40,000.
Altcoins are also facing increasing resistance starting with Ethereum’s 1.5% decline to $2,270. Solana is widening the gap below $100 after rising to $105 earlier this week.
With the Relative Strength Index (RSI) below its downtrend resistance, analysts at Rekt Capital suggest that Bitcoin will stay rangebound for the foreseeable future — possibly until the pre-halving rally begins. The RSI must break above the downtrend for BTC to move higher on the weekly chart.
Bitcoin was able to revisit its red Range High resistance (~$43800) but has since rejected to form a Lower High (black)
In the meantime, the RSI is still at its downtrend resistance
The RSI needs to break this downtrend if price is to move higher$BTC #Crypto #Bitcoin https://t.co/da6foTzPwg pic.twitter.com/S8e3lpxZyj
— Rekt Capital (@rektcapital) February 1, 2024
Solana price has witnessed a notable decline, plunging by over 5% in the last day alone. Currently, it hovers around the $95.11 mark, having slipped below the previously held $100 threshold. Crypto expert Tonny recently highlighted this downward trajectory on Twitter. He predicts that, should the trend persist, Solana could soon find itself testing the $75 support level. This speculation adds to the growing discourse on the coin’s short-term outlook amidst a volatile market landscape.
Dips into $75.00 are a buy if we hold that level pic.twitter.com/eDlx0dC810
— Crypto Tony (@CryptoTony__) January 31, 2024
As per on-chain metrics spotlighted by the blockchain tracker Whale Alert, two Solana whales collectively shifted 361,689 SOL to CEXs recently. The unknown wallet, 3ADzk5YDP9…HwwPwmEFib, shifted 161,689 SOL to Binance, whereas the wallet, 3vxheE5C46…XWj25mgkom moved 200,000 SOL to Coinbase.
🚨 161,689 #SOL (16,363,987 USD) transferred from unknown wallet to #Binancehttps://t.co/vzD20rR8Xh
— Whale Alert (@whale_alert) January 31, 2024
🚨 200,000 #SOL (19,336,828 USD) transferred from unknown wallet to #Coinbasehttps://t.co/66uGTAvOkp
— Whale Alert (@whale_alert) January 31, 2024
According to the market data revealed by BitMEX Research, the net inflow of Bitcoin ETFs totaled $198 million on Day 14 since its inception. BlackRock (IBIT) ETF appears to have corked the ETF services providers list with a total flow of 2,787.2.
Bitcoin ETF Flow – Day 14
All flow data out. Net +$198m inflow for all providers pic.twitter.com/MI0Vc6C61d
— BitMEX Research (@BitMEXResearch) February 1, 2024
Leading crypto market analyst Ali Martinez recently spotlighted a staggering surge in Bitcoin accumulations over the past three years, signaling the most substantial accumulation streak. Intriguingly, the Accumulation Trend Score has hovered around 1 for the past four months, hinting at enormous BTC accumulations in recent days.
#Bitcoin is witnessing one of its most significant accumulation streaks in almost 3 years!
Notably, the Accumulation Trend Score has hovered near 1 for the past 4 months, signaling that larger entities are accumulating $BTC. This trend indicates strong confidence in the market! pic.twitter.com/QcJOEhzBUb
— Ali (@ali_charts) February 1, 2024
According to the Hong Kong SFC’s (Securities and Futures Commission) official website, Bybit has recently filed for a virtual asset trading platform license in Hong Kong. Bybit’s trading platform, named Spark Fintech Limited, awaits the SFC’s approval, along with many others.
The SFC official website shows that Bybit has applied for a Hong Kong virtual asset trading platform license on January 31, 2024. The trading platform is called Spark Fintech Limited. There are currently 14 companies on the applicant list. https://t.co/XZhHM7FgU3
— Wu Blockchain (@WuBlockchain) February 1, 2024
The Binance Web3 wallet is now accessible on the Binance Inscriptions Marketplace, as per a recent statement by Binance. With this, the crypto exchange aims to jack up BRC-20 tokens, facilitating a seamless user experience on its platform.
The Binance Web3 wallet is now available on the Binance Inscriptions Marketplace (only supports Binance app version 2.78 and above) and supports BRC-20. EVM inscriptions are browser accessible within the wallet. The Binance Web3 Wallet FAQ document "How to Manage BRC-20 Assets…
— Wu Blockchain (@WuBlockchain) February 1, 2024
BitMEX founder Arthur Hayes recently withdrew 500K PENDLE from Binance, a prominent cryptocurrency exchange, at $2.57. With this, the BitMEX founder now holds 1.34 million PENDLE with an unrealized estimated profit of $1.45 million.
Arthur Hayes (@CryptoHayes, #BitMEX founder) withdrew 500K $PENDLE ($1.28M) from #Binance at $2.57 ~35 minutes ago.
Currently, he holds 1.34M $PENDLE ($3.54M) with an estimated profit of $1.45M (+70.4%) (all unrealized).$PENDLE seems to be bouncing back after his withdrawal.… pic.twitter.com/gAqengrTkV
— Spot On Chain (@spotonchain) February 1, 2024
OKX, a renowned cryptocurrency exchange, recently revealed that the firm is integrating ZetaChain, an EVM-compatible L1 blockchain, into its platform. With this, the exchange now supports seamless building of interoperable DApps across any chain, including Bitcoin.
We have integrated @zetablockchain, an EVM-compatible L1 that builds interoperable DApps spanning any chain, including #Bitcoin ✨
🎁 Check $ZETA airdrop and Cryptopedia rewards
🔁 Explore ZetaChain DApps
✅ Supported on both App and Extension Wallet pic.twitter.com/7L7dRlBmmW— OKX Web3 (Wallet | DeFi | NFT) (@okxweb3) February 1, 2024
The Federal Reserve’s recent stance on unchanged interest rates is likely to propel a bank run in the U.S. This mirrors the increased selling pressure seen on U.S. bank stocks after New York Community Bancorp’s (NYCB) stock dipped 38%.
The British law enforcement body recently seized Bitcoin worth $1.7 billion from a woman linked to a Chinese investment fraud of $6 billion. The woman, Jian Wen, is a 42-year-old UK citizen who reportedly denies all allegations against her.
On-chain data spotlighted by blockchain tracker Whale Alert suggests that an XRP whale recently shifted 52.8 million XRP to CEXs Bitstamp and Bitso. The unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted making the transfer in a series of two transactions.
🚨 29,100,000 #XRP (14,723,014 USD) transferred from unknown wallet to #Bitstamphttps://t.co/8sUPd4oh2B
— Whale Alert (@whale_alert) January 31, 2024
🚨 23,700,000 #XRP (11,984,272 USD) transferred from unknown wallet to #Bitsohttps://t.co/37IBeovzqK
— Whale Alert (@whale_alert) January 31, 2024
Leading crypto market analyst Michael van de Poppe recently stated that Ethereum, a prominent token, can still reach the $3,500-$4,000 mark in the coming 3-6 months following the marking of significant developments. This includes the Dencun upgrade final testnet on February 7 and the recent buzz around spot ETH ETF.
#Ethereum is still ready for $3,500-4,000 in the coming 3-6 months.
– Dencun upgrade -> final testnet February 7th.
– Ethereum Spot ETF hype.
– Bitcoin rotation after halving towards the rest of the ecosystem. pic.twitter.com/bs3W5WomMi— Michaël van de Poppe (@CryptoMichNL) January 31, 2024
As per Shiba Inu’s burn tracker Shibburn, the meme coin’s burn rate jumped 219.78% over the past day, nabbing significant attention globally. A staggering 15.57 million SHIB has been incinerated in the last 24 hours, falling in line with the jump in SHIB burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.0000089 (1hr -0.07% ▼ | 24hr -2.37% ▼ )
Market Cap: $5,251,553,293 (-2.19% ▼)
Total Supply: 589,291,864,206,827TOKENS BURNT
Past 24Hrs: 15,573,546 (219.78% ▲)
Past 7 Days: 117,784,032 (-42.71% ▼)— Shibburn (@shibburn) February 1, 2024
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