Bitcoin Rises to $61,500 and Returns to the 58,800-73,750 Range:
Following the rise, Bitcoin is trading at $60,910 and altcoin Ethereum is trading at $2,677. The total value of the cryptocurrency market is 2.10 trillion dollars. Bitcoin’s market cap is $1.2 trillion, Ethereum’s market cap is $322 billion.
Following the rise, Bitcoin is trading at $60,910 and altcoin Ethereum is trading at $2,677. The total value of the cryptocurrency market is 2.10 trillion dollars. Bitcoin’s market cap is $1.2 trillion, Ethereum’s market cap is $322 billion.
Spot Bitcoin ETFs in the US see lowest daily trading volume since early February
Yesterday, spot Bitcoin ETFs in the US recorded net inflows of $61.98 with total trading volume of $779.87 million. This was the lowest daily trading volume since February 6 and the third-lowest overall. This trading volume is significantly lower than the daily trading volume of $5.24 billion on Aug. 6, according to SoSoValue data.
sofa.org Head of Insights Augustine Fan noted that low trading volume was expected and market sentiment remained low following the massive sell-off a few weeks ago. In addition, the decrease in recession concerns with the summer holidays and the latest economic data caused investors to wait for signals from the Fed’s Jackson Hole meeting to be held this week.
Yesterday, there was a net inflow of $92.68 million into BlackRock’s IBIT fund and $3.87 million into Fidelity’s FBTC fund. However, there was a net outflow of $25.72 million from Bitwise’s spot Bitcoin fund and $8.84 million from Invesco’s BTCO fund. Spot Ether ETFs recorded $124 million in daily trading volume, their lowest since their launch. Nine spot Ether funds experienced a total net outflow of $13.52 million. The bulk of this outflow was driven by $20.30 million from the Grayscale ETHE fund. In comparison, Grayscale’s Ethereum Mini Trust fund recorded a net inflow of $4.92 million and Bitwise’s ETHW fund recorded a net inflow of $1.87 million.
Ethereum DApp volumes dropped 33% in one week
Ether (ETH) has been trading in a tight $230 range since August 9, finding solid support at $2,550. However, this level represents a 20% decline from the $3,300 level three weeks ago.
This decline is parallel to the decline in the general cryptocurrency market. However, there has been a significant decrease in the activity of decentralized applications (DApps) on the Ethereum network in the last seven days. Additionally, there has been a total net outflow of $30 million from spot Ether ETFs since August 9. Inflows into funds from major players such as BlackRock and Fidelity could offset these outflows, but this is not clear yet.
While Ethereum maintains its leadership in terms of total value locked (TVL) and transaction volume, high transaction fees may direct users to alternative networks. According to DappRadar data, none of the 12 most popular DApps by number of users are Ethereum-based. On the other hand, Ethereum’s second layer solutions such as Base, Optimism, and Arbitrum reached an all-time high in transaction activity on August 17. However, decreasing on-chain transaction volumes could put pressure on ETH prices.
Last week, Ethereum’s transaction volume decreased by 33% to $39.04 billion, a decline that was also observed on other networks. On a positive note, Ethereum’s total value locked (TVL) increased by 9% in the last 30 days, reaching 18.6 million ETH. This shows continued investor confidence in Ethereum. However, declines in the overall crypto market indicate that Ethereum has a long way to go before returning to its former highs.
China Supreme Court revises “Money Laundering” law to include “virtual assets”
China’s Supreme People’s Court and the Public Procuratorate have announced that they have recognized “virtual asset” transactions for the first time by reforming the country’s Anti-Money Laundering (AML) laws. This latest revision to the existing Money Laundering Act, which came into force on January 1, 2007, is the first major update in nearly two decades.
At a conference held on August 19, the Supreme People’s Court and the Supreme People’s Procuratorate announced that “virtual asset” transactions are now among the recognized methods of money laundering, according to their new legal interpretation. Accordingly, the transfer and conversion of criminal proceeds through digital transactions will be evaluated within the scope of crimes of concealing the source and nature of criminal proceeds.
In case of violations of the law, fines starting from $1,400 (10,000 Chinese yuan) for minor crimes and up to $28,000 (200,000 Chinese yuan) for serious crimes will be imposed. Offenders could also face five to ten years in prison. Other changes include clearer guidelines, defining laundering more than $700,000 (5 million Chinese yuan) or refusing to cooperate with authorities as “serious circumstances.”
The Supreme People’s Procuratorate announced that 2,971 people were tried on charges of money laundering last year, a twenty-fold increase compared to 2019.
Crypto
1 in Crypto Markets with Trump’s Inauguration
Trump’s failure to mention Bitcoin in his inauguration speech led to a liquidation of $1.28 billion in crypto markets.
Trump’s failure to mention Bitcoin in his inauguration speech led to a liquidation of $1.28 billion in crypto markets.
The cryptocurrency market has been volatile over the last 24 hours, with large liquidations and widespread declines in altcoins. Bitcoin has shown a more resilient performance compared to leading altcoins such as Solana and Cardano. According to Coinglass data, more than 386,000 investors were liquidated in the last 24 hours and a total of approximately $1.28 billion was liquidated.
Of this, $816 million came from long positions and $307 million came from short positions. This shows that market participants are changing their positions to adapt to sudden price movements. “Given Bitcoin’s sensitivity to US economic data and Fed interest rate expectations, investors should be prepared for increased volatility in the coming days,” said FXTM Senior Market Analyst Lukman Otunuga. he said.
Analysts stated that the market has consolidated after its recent rally and is cautiously optimistic.
Trump’s World Liberty Financial (WLF) project purchased more than $100 million in cryptocurrencies on inauguration day
Hours before Donald Trump took office, World Liberty Financial, the DeFi project associated with the Trump family, purchased a large amount of cryptocurrency. According to Arkham Intelligence data, the project wallet purchased $46.8 million worth of Ethereum (ETH) and $46.7 million worth of Wrapped Bitcoin (wBTC) in four hours.
Additionally, tokens with smaller market caps such as Ethena (ENA), Wrapped Tron (wTRX), Chainlink (LINK), Aave (AAVE) and Uniswap (UNI) were also purchased. With these purchases, the total crypto asset value of the wallet reached 326.2 million dollars, the largest part of which is ETH, USD Coin (USDC) and wBTC.
World Liberty Financial also purchased ENS domains, leading to speculation that memecoins will be issued that may be tied to other members of the Trump family.
Ethereum Foundation will allocate 50,000 ETH to support DeFi applications
Ethereum His foundation announced that it will allocate 50,000 Ether, approximately $165 million, to support Ethereum’s decentralized finance (DeFi) ecosystem. Ethereum founder Vitalik Buterin stated in his post on the X platform on January 20 that the foundation will make organizational changes in order to more actively support application developers and provide more transparency to the community.
The funds will be held in a 3-of-5 multisig wallet on Safe and the testing process was successfully carried out via the lending protocol Aave. However, Ethereum Foundation representative Hsiao-Wei Wang stated that the full installation of the wallet may take a few days. The foundation’s treasury reserve decreased from 617,000 Ether in January 2020 to today’s level of 269,000 Ether (56% decrease). The 50,000 Ether allocated corresponds to 18.5% of total assets.
Although there are criticisms among community members about the foundation’s lack of interest in DeFi and the price pressure caused by the sale of Ether, it is reported that the foundation aims to meet its budget with staking rewards. Vitalik Buterin emphasized that the foundation will adhere to the principle of impartiality and will not engage in lobbying activities with regulators. CryptoQuant CEO Ki Young Ju supported Buterin, saying that the foundation prioritizes “creating value rather than making money.”
Crypto
Crypto currencies are waiting for the meeting to be held at the White House on March 7?
Bitcoin is traded at $ 87,147 at the Ethereum $ 2,180. The total value of the crypto currency market is 2.82 trillion dollars. Bitcoin’s market value of $ 1,72 trillion, Ethereum’s market value is 262 billion dollars. The US Senate canceled the controversial crypto tax regulation.
Bitcoin is traded at $ 87,147 at the Ethereum $ 2,180. The total value of the crypto currency market is 2.82 trillion dollars. Bitcoin’s market value of $ 1,72 trillion, Ethereum’s market value is 262 billion dollars. The US Senate canceled the controversial crypto tax regulation.
The US Senate accepted the bill with 70 to 28 votes for the cancellation of the controversial tax regulation that necessitates the US Revenue Administration (IRS) to report the user data of the intermediaries defined as “storage mediators”.
This decision will be submitted to US President Donald Trump. The bill, presented by Senator Ted Cruz and targeted the decentralized finance ecosystem, was criticized for violating personal privacy and preventing innovation and putting the crypto currency sector difficult. The Trump administration supports the cancellation of the regulation, stating that it will undermine American innovation and bring heavy compliance burden.
This arrangement required that platforms that provide service to non -decentralized financial protocols to collect user information. However, many experts find regulation unattended due to intense reactions from the sector and possible confidentiality violations. Some groups in the crypto currency industry filed a lawsuit against IRS against this rule and warned that the regulation could push the sector out of the United States.
El Salvador President Bukele said that despite the IMF pressure, Bitcoin purchases will continue.
El Salvador President Nayib Bukele said that despite the call of the International Monetary Fund (IMF) to stop Bitcoin purchases, his government will continue to accumulate crypto currency Bitcoin. Bukle, on March 4 in a statement, “We do not stop and we will not stop,” he said they will not comply with the IMF’s request.
On March 3, the IMF demanded El Salvador’s $ 1.4 billion loan agreement to stop accumulating Bitcoin and stop Bitcoin mining. However, El Salvador continues its strategy of receiving at least one Bitcoin per day. The country has reached 6,101 BTC by increasing Bitcoin reserves and has accumulated an asset of about $ 534.5 million.
In 2021, El Salvador became the first country to accept Bitcoin as a legal payment tool. However, with the legal regulation made in January 2024, the acceptance of Bitcoin for the private sector was made optional. If the agreement with the IMF includes limiting some Bitcoin initiatives, D seems to be determined to maintain the boule government Bitcoin accumulation policy.
Metaplanet continues to purchase Bitcoin and added 43.9 million dollars worth of BTC.
The Japanese investment company Metaplanet increased its assets by acquiring 497 BTCs within the scope of Bitcoin accumulation strategy. The company announced that it has spent a total of 43.9 million dollars for this purchase at an average price of $ 88,448.
Thus, Metaplanet’s total crypto currency Bitcoin presence reached 2,888 BTC. The average cost of Bitcoins that the company has acquired so far is at the level of $ 83.172 and the total purchase cost is calculated as approximately 240.2 million dollars. The current market value reached $ 251 million and earned the company on paper.
Metaplanet in line with the Bitcoin accumulation strategy announced in April 2024, it continues to make aggressive purchases, while aiming to accumulate 10,000 BTC until the end of 2025 and 21,000 BTC until the end of 2026. Following this last Bitcoin purchase, Metaplanet’s shares traded in Japan gained 17 %on Wednesday. During the same time, Bitcoin increased by 4 %in the last 24 hours and reached $ 86,943.
Crypto
Bitcoin is trying to hold on at $ 88,000
Whales, Bitcoin 3 months to the lowest level of 26.4k BTC’yi carried the accumulation addresses.
Whales, Bitcoin 3 months to the lowest level of 26.4k BTC’yi carried the accumulation addresses.
Bitcoin declined to $ 86,000 yesterday and reached the lowest level of the last three months. Although there are data that there may be more decreases in the market, it is observed that whales accumulate.
Bitcoin with the loss of 10 %on a weekly basis, Analyst Axel Adler JR said that this correction was the largest quarter decline since August 2024. Short -term investors were also affected by the sales pressure, while 27,500 BTCs changed hands in the last 24 hours. On the other hand, big investors benefit from the opportunity.
According to Cryptoquant data, 26,430 BTCs were transferred to whale accounts on February 24th. It is known that such addresses are generally used for over -the -counter operations and long -term storage purposes. In addition, Strategy was reported to purchase 20,99 billion dollars of 20,99 billion BTC last week.
Bernstein reiterated the Bitcoin target of $ 200,000 and sees the opportunity to purchase during the market correction.
By re -confirming the 12 -month Bitcoin price target for $ 200,000, Bernstein re -evaluated the current market correction as a purchase opportunity for investors looking for strategic entry points before a new summit.
Analysts, Bitcoin’s fall below $ 80,000, the next 12-18-month period can offer a ratio of attractive risks for investors targeting new summits, he said. It was emphasized that the current correction was temporary and did not change Bitcoin’s views on the ongoing rise cycle. Bitcoin fell more than 7 %in the last 24 hours and fell below $ 87,000.
Bernstein, a global stock market of a hacking incident of $ 1.5 billion and Argentine President Javier Milei’nin supported by the factors such as discussions about the Libra Token, he said. In addition, macro concerns, such as high interest rates and uncertainties in government expenditures, also affected the Bitcoin market.
Bernstein stated that BTC has a binary structure that behaves like high beta technology and gold, and predicted that the demand from corporate and state treasures would continue to increase. Analysts estimate that Bitcoin has not yet reached the loop summit and may approach $ 200,000 in the next 12 months. This long -term projection is based on the class of “digital gold” assets that grow with corporate and state demand.
Grayscale, Altcoin ETF racing accelerated while applying for the Spot Polkadot Fund.
Grayscale, through Nasdaq, the US Securities and Stock Exchange Commission (SEC), Grayscale Polkadot Trust’ın shares to list and process a 19B-4 application for a 19B-4 application.
The assets of the fund consist of DOTs with Polkadot Network’s local Token. Grayscale announced in 2021 that it had established a series of new crypto funds, including Polkadot Trust. The 19b-4 application is the second step of the two-stage process for the consent of a crypto ETF. After the application is accepted by the SEC, the approval process will begin to be published in the Federal Register.
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