Tuesday, 20 February 2024

Market Summary

Market Summary 20 February 2024

Bitcoin Price: US$51,774.73 (-0.70%)
Ethereum Price: US$ 2,944.80 (+2.21%)

As Ether approaches the significant milestone of $3,000, there’s a growing buzz among investors and analysts about the potential for an “altseason,” where alternative cryptocurrencies experience a surge in value. This optimism is fueled by Ethereum’s impending upgrades, including the Dencun upgrade and mainnet launches for scaling solutions like Blast and EigenLayer. Many in the crypto community believe that Ethereum’s underperformance relative to Bitcoin over the past year could lead to a catch-up rally, thereby benefiting other altcoins as well. However, some analysts remain sceptical, pointing out that the evidence for a full-fledged alt season is lacking, especially considering Bitcoin’s continued dominance in the market. Meanwhile, Starknet, an Ethereum layer-2 blockchain, has seen a sharp decline in active users following the controversy surrounding its Starknet Provisions Program airdrop, reflecting ongoing challenges in the crypto space. Additionally, BlackRock, the world’s largest asset manager, has taken a conservative approach in marketing its recently launched spot Bitcoin ETF, portraying Bitcoin as “progress” in its advertisement, amidst the evolving landscape of cryptocurrencies and financial products like ETFs.

The combined assets under management (AUM) of crypto exchange-traded products (ETPs) have surged to $67 billion, marking levels not seen since the last bull market peak in 2021, driven by a record week of inflows totalling $2.45 billion. Notably, United States-listed crypto ETPs, including approved spot Bitcoin ETFs, have experienced significant inflows, with BlackRock and Fidelity’s ETFs capturing the majority. Meanwhile, traditional brokerages in Hong Kong are actively seeking digital asset licenses, with firms like Tiger Brokers expanding their offerings to include crypto trading alongside traditional assets, reflecting the growing demand for regulated exposure to cryptocurrencies. Furthermore, Pyth Network’s introduction of real-time price feeds for 13 Bitcoin ETFs aims to bridge the gap between traditional finance and decentralised finance (DeFi), providing DeFi developers with access to accurate ETF data to enhance portfolio options and risk mitigation strategies, ultimately fostering institutional capital inflows into DeFi platforms.

Forbes has established a prominent permanent presence in the Web3 landscape by launching a distinguished experience within the Sandbox Metaverse, featuring luxurious amenities like a pool and bar, along with a gallery celebrating the 2024 Under 30 recipients. Visitors can immerse themselves in this meticulously designed space, complete with QR codes leading to exclusive content. Concurrently, Mumbai has introduced the Mumbai Metropolis Metaverse initiative, allowing users to explore the city’s infrastructure megaprojects in 3D and VR, showcasing developments like roads over the Arabian Sea and underground tunnels. Additionally, MetaMask, a popular self-custody crypto wallet, has enhanced its security features by extending default security alerts to web extension and mobile app users across multiple blockchains, including Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche. This expansion comes as MetaMask experiences significant user growth, reaching 30 million monthly active users in January 2024, driven by partnerships and its privacy-focused approach to security alerts, which have proven instrumental in safeguarding users against phishing scams and malicious activities in the Web3 space.

Source: https://cointelegraph.com

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