Monday, 26 February 2024

Market Summary

Market Summary 26 February 2024

Bitcoin Price: US$51,728.85 (+0.31%)
Ethereum Price: US$ 3,112.59 (+4.01%)

MicroStrategy’s official Twitter account fell victim to a hacking incident, wherein malicious links were posted, promoting a fake airdrop of a non-existent token called $MSTR. The scam resulted in losses exceeding $440,000 for some users, who were lured into connecting their wallets and claiming the airdrop, only to have their tokens drained by attackers. Meanwhile, US-based OANDA received approval to offer crypto trading services in the UK, expanding its reach to cater to the growing demand for cryptocurrency trading in the region. This move comes amidst tighter regulatory scrutiny in the UK following new advertising rules imposed on crypto firms by the Financial Conduct Authority (FCA). Additionally, blockchain game Shrapnel announced measures to combat unfair gameplay tactics, such as teaming and account sharing, by threatening permanent bans against violators. The game’s proactive approach aims to maintain fairness and integrity within its ecosystem, particularly as it prepares for the full-scale launch and integration of non-fungible tokens (NFTs).

Bitcoin mining firms such as Riot Platforms continue to face challenges, including chip shortages and potential regulatory changes, as outlined in their annual reports. Despite these risks, firms like Riot and Marathon Digital are expanding their mining operations in anticipation of the Bitcoin halving. Meanwhile, suspicions have arisen around the RiskOnBlast project, which is suspected of conducting a rug pull after disappearing with funds from a $1 million presale, prompting efforts from the crypto community to recover lost assets. Additionally, an Australian crypto exchange, Rhino Trading’s OTCPro, is embroiled in a legal battle to recover mistakenly credited funds of $650,000, reminiscent of a similar incident involving Crypto.com in 2021, highlighting the challenges of managing large sums in the crypto space.

Grayscale’s Bitcoin Trust (GBTC) has experienced a significant shift in outflows, marking its lowest point since its transition to an exchange-traded fund (ETF) back in January. This decline in outflows suggests a potential stabilisation or even a reversal in investor sentiment towards GBTC. On the other hand, ZachXBT’s successful recovery of stolen funds from a rare DeGods nonfungible token (NFT) highlights the importance of on-chain research and investigation in the cryptocurrency space. ZachXBT’s diligent efforts over nine months demonstrate the possibility of reclaiming lost assets in cases of crypto-related theft, providing a glimmer of hope for victims. Additionally, the Carlson Group’s decision to include four Bitcoin exchange-traded funds (ETFs) in its offerings for registered investment advisers (RIAs) underscores the growing interest in cryptocurrency investment products among traditional financial institutions. By prioritising factors such as asset growth, trading volume, and low fees, the Carlson Group aims to cater to the evolving needs of investors while expanding the accessibility of crypto assets in the financial advisory space. This strategic move aligns with broader trends in the industry, where established firms are exploring avenues to integrate digital assets into their portfolios, potentially paving the way for wider adoption and acceptance of cryptocurrencies in mainstream finance.

Source: https://cointelegraph.com

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