Bitcoin Price: US$54,476.47(+5.31%)
Ethereum Price: US$ 3,175.94 (+2.04%)
Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETFs) soared to a remarkable daily high of $2.4 billion on February 26, propelled by Bitcoin’s surge to $54,938. Among these ETFs, BlackRock’s IBIT emerged as the leader, recording an unprecedented volume of $1.29 billion, followed closely by Fidelity’s FBTC with $576 million. This surge in trading activity indicates a growing interest in Bitcoin investment through regulated financial instruments. Meanwhile, the Financial Stability Board (FSB) unveiled plans to standardise global incident reporting for crypto institutions, highlighting concerns over financial stability amid the rapid evolution of digital finance. The FSB’s initiative aims to address potential risks associated with cyber incidents and operational disruptions in the increasingly interconnected global financial system. In Hong Kong, crypto exchanges are facing a looming deadline of February 29 to apply for a virtual asset trading platform (VATP) license from the city’s Securities and Futures Commission (SFC). Despite regulatory efforts to enhance oversight, unauthorised exchanges remain a persistent challenge, as demonstrated by BitForex’s recent suspension of user redemptions and withdrawal of $56 million from its hot wallets, sparking ongoing investigations and underscoring the need for robust regulatory frameworks to safeguard investors in the crypto space.
All in Bits, led by Cosmos co-founder Jae Kwon, is set to launch GovGen, a new governance blockchain and token, on February 27 ahead of the Cosmos Hub AtomOne fork. The GovGen token will be distributed to Cosmos Hub stakeholders who voted against Prop 848, a proposal to lower the inflation of the ATOM token to 10%, with the token designated solely for voting purposes and non-transferable. This move follows a division within the Cosmos community over Prop 848, leading to the creation of two factions, each supporting different governance approaches. Meanwhile, the strong performance of GPU giant Nvidia’s earnings has catalysed a rally in artificial intelligence (AI) crypto tokens, with notable gains seen in tokens such as Worldcoin (WLD) and Arkham Intelligence’s ARKM. Nvidia’s impressive earnings report, which highlighted the surging demand for accelerated computing and generative AI, has spurred optimism in the AI sector, with projects like Sleepless and Fetch.ai making significant strides in AI-driven applications and partnerships with industry giants like Deutsche Telecom. Additionally, decentralised computing blockchain iExecRLC, a participant in Nvidia’s Inception Program since 2020, underscores the growing convergence between AI and blockchain technologies. Meanwhile, MicroStrategy continues to bolster its Bitcoin holdings, acquiring an additional 3,000 BTC despite a recent hacking incident, reaffirming CEO Michael Saylor’s commitment to Bitcoin as a superior asset class over traditional investments like gold, real estate, and equities. The surge in Bitcoin exchange-traded funds (ETFs) suggests growing institutional interest in Bitcoin as a hedge against inflation and a store of value, potentially posing a challenge to traditional gold ETFs in the near future.
Pyth Network is set to launch price feeds and benchmarks on the Hedera public ledger, providing over 400 real-time price feeds across various asset classes, including cryptocurrencies, foreign exchange, commodities, equities, and ETFs. These price feeds will enable developers and users on the Hedera network to access up-to-date market data and monitor ongoing volatility. Additionally, the integration of Pyth data with the HLiquity decentralised borrowing protocol will ensure over-collateralisation by tracking the prices of HBAR and Swiss francs. Meanwhile, Overdare, a metaverse-focused venture backed by PUBG publisher Krafton, partners with Circle to integrate in-game Web3 wallets and USDC payouts for gaming content creators, facilitating seamless transactions within the gaming ecosystem. Circle’s Programmable Wallets service will enable content creators to receive stablecoin payouts, supporting their transition into the Web3 space. In another development, Meta, the parent company of Facebook and Instagram, unveils its strategy to combat the misuse of generative AI ahead of the 2024 European Parliament elections. Meta plans to apply its Community Standards and Ad Standards to AI-generated content, with measures such as labelling AI-generated content and requiring disclosure from users who share such content. These efforts align with global initiatives to address the potential threats posed by AI manipulation in elections, with major tech companies and governments taking steps to mitigate risks and ensure the integrity of democratic processes.
The hacker responsible for the attack on the decentralised exchange KyberSwap has initiated movements of stolen funds, transferring approximately $2.5 million worth of digital assets from Arbitrum to the Ethereum network. Blockchain analytics firm PeckShield reported the movements, which also included the transfer of nearly one million dollars in stablecoins. The attack on KyberSwap, one of the largest hacks of 2023, resulted in the loss of nearly $49 million in digital assets. Following the attack, negotiations between KyberSwap and the hacker took a contentious turn, with the hacker demanding control over the company and its assets. In another development, Hong Kong-based crypto exchange BitForex has halted withdrawals without explanation following a significant outflow of funds from its wallets. Users have reported issues accessing their accounts, with some encountering blocks from the company’s website. BitForex previously faced accusations of violating Japan’s fund settlement laws in April 2023. Meanwhile, the Saudi Arabian Ministry of Culture has launched a metaverse initiative aimed at showcasing and preserving the nation’s cultural heritage. Developed on Oracle’s Hyperledger Fabric blockchain technology, the Cultural Universe metaverse offers users an immersive experience to explore Saudi Arabia’s rich history and cultural offerings. The initiative reflects the government’s commitment to leveraging technology, including blockchain and AI, for economic growth and cultural preservation in the region.
Source: https://cointelegraph.com
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