Wednesday, 28 February 2024

Market Summary

Market Summary 28 February 2024

Bitcoin Price: US$57,037.34(+4.70%)
Ethereum Price: US$ 3,242.36 (+2.09%)

Bitcoin short sellers faced significant losses totalling over $161 million as Bitcoin surged nearly 11% to briefly hit a new yearly high of $57,000, resulting in the liquidation of more than $268 million in short positions. The market rally was attributed to a surge in Bitcoin’s price, which climbed 10.8% in less than 24 hours, reaching $57,035 before settling around $56,000. Institutional interest in Bitcoin, particularly through recently approved spot Bitcoin exchange-traded funds (ETFs), contributed to the bullish sentiment, with net inflows into Bitcoin ETFs exceeding $515 million on February 26. Meanwhile, Bitcoin layer-2 tokens, such as Stacks and RSK Infrastructure Framework (RIF), experienced double-digit gains, with Stacks surging 30% and RIF gaining 25% amid a broader crypto market rally. Ethereum co-founder Vitalik Buterin suggested open-source operating system Linux as a solution to Elon Musk’s Microsoft Windows OS issues, following Musk’s complaints about Windows OS installation requirements, sparking discussions about the benefits of open-source software.

Neo has introduced Neo X, an EVM-compatible sidechain aimed at combatting Miner or Maximal Extractable Value (MEV) attacks, which undermine the integrity and fairness of blockchain platforms. MEV attacks, often perpetrated by miners or validators, exploit transaction manipulation to extract additional value from block data, leading to significant financial losses and security concerns within the blockchain space. Neo X incorporates innovative features like the dBFT consensus mechanism and enveloped transactions to mitigate MEV exploitation at the protocol level, ensuring transaction neutrality and user protection. By addressing MEV challenges, Neo aims to enhance blockchain security, foster trust, and promote innovation in the industry. Additionally, the emergence of spot Bitcoin exchange-traded funds (ETFs) has witnessed substantial growth, accumulating 300,000 Bitcoin worth $17 billion within two months since their inception. With net inflows surpassing $6 billion, these ETFs contribute to increased Bitcoin demand and scarcity, potentially influencing its market dynamics. Furthermore, Ripple’s partnership with Axelar Foundation aims to enhance interoperability on the XRP Ledger (XRPL), facilitating cross-chain communication and unlocking liquidity for tokenised real-world assets (RWAs). This collaboration underscores the growing importance of tokenisation in blockchain adoption, with potential applications across various sectors, including real estate, commodities, and lending platforms. As tokenisation gains momentum, it is poised to become a significant driver of blockchain innovation, offering new opportunities for investment and economic growth in the coming years. has partnered with BTG Pactual, Latin America’s largest investment bank, to promote crypto banking in the region by listing BTG Pactual’s stablecoin, BTG Dol, on its platform. The stablecoin, pegged 1:1 to the US dollar, will be paired with popular cryptocurrencies like Bitcoin and Ether to facilitate its adoption and usage in the digital economy of Latin America, bridging traditional and digital finance. This collaboration reflects BTG Pactual’s goal of integrating crypto with traditional finance and providing its clients access to the digital asset landscape, while sees significant potential in Latin America’s economy and shares BTG’s vision of empowerment. Additionally, Coinbase has announced plans to enable users to recover assets mistakenly sent to its unsupported blockchains, such as BNB Chain and Polygon, by providing their transaction ID and inbound Coinbase wallet address. Users can retrieve assets under $100 for free, with a 5% commission charged for larger amounts. Meanwhile, decentralised exchange Uniswap is set to launch a web extension for its native wallet, allowing users to send, receive, buy, and swap tokens directly from their web browsers, leveraging Ethereum Name Service’s uni.eth domain for user-friendly addresses. The announcement comes amidst a surge in the value of Uniswap’s token, UNI, following a proposal for protocol fee rewards for users and ongoing discussions regarding the upgrade’s implications for the DEX’s security and immutability.


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