Crypto Market Soars in Fear and Greed Index, Bitcoin Leading the Way (+ Emoji)
The crypto market has entered a new sector in the Fear and Greed Index, while multiple cryptos, including Bitcoin, have started soaring in the aftermath of the ETFs. Let’s find out more.
Bitcoin
Bitcoin is currently up around 4% on the day at $51,700. This surge, along with Ethereum’s 4.3% increase at $2,750, and the impressive gains of some altcoins, has pushed the market into the extreme greed sector of the Fear and Greed Index.
In other news, Marathon Digital, a leading Bitcoin mining giant, is expanding its operations and exploring opportunities in Africa.
Ethereum
Franklin Templeton, a major player in traditional finance, is now vying for approval to launch an Ethereum ETF. This move reflects the growing interest from financial institutions in the crypto sector, despite regulatory delays.
DeFi
The Uniswap Foundation has announced that the highly anticipated Uniswap v4 upgrade will be launched in Q3 2024.
EigenLayer, a liquid restaking platform, has become the 5th largest DeFi protocol. It experienced a surge in inflows of over $4 billion after the removal of the staking cap.
Jito, a Solana-based crypto project, has allocated 12 million JTO tokens to its initial governance delegates, which include individuals from Coinbase Cloud, the Solana Foundation, and the Jito community.
Technology
Citigroup has successfully completed a proof-of-concept to tokenize private equity funds, joining other major financial institutions in exploring blockchain-based solutions.
Business
Crypto exchange Coinbase has reported a profitable Q4 for the first time in two years, according to its earnings report. This signifies a positive turnaround for the company.
Genesis Global, a financial institution, has received approval to sell approximately 35 million shares of the Grayscale Bitcoin Trust (GBTC), valued at a staggering $1.3 billion.
Hardware wallet maker Ledger and Coinbase have forged a strategic partnership to simplify crypto transactions and purchases for their users.
Ripple, a prominent blockchain company, is set to acquire Standard Custody & Trust Company as part of its expansion plans in the US regulatory market.
Web3
Aptos has collaborated with Jambo Technologies to introduce the affordable $99 JamboPhone, aimed at enhancing Web3 access in emerging markets.
Security
The notorious North Korean hacker group Lazarus Group has switched to using the YoMix Bitcoin mixer to launder stolen funds, following the recent crackdown on the Sinbad mixer.
The Angel Drainer phishing group has managed to steal over $400,000 from more than 128 crypto wallets by deploying a malicious Safe vault contract.
PlayDapp, a popular Web3 gaming platform, has fallen victim to a major hack, resulting in an estimated loss of $31 million worth of assets.
CBDC
Instead of utilizing a decentralized blockchain network, the Philippine government has chosen to develop a central bank digital currency (CBDC) as a means to introduce digital assets in the country.
Regulation
The US Treasury has refuted claims of significant crypto funding for Hamas, stating that reported amounts have likely misrepresented the total assets held in the organization’s wallets.
SEC Chair Gary Gensler has released a statement addressing lawmakers in the House of Representatives, responding to an unauthorized tweet regarding the spot Bitcoin ETF.
New Zealand central bank governor Adrian Orr has expressed strong skepticism towards stablecoins, referring to them as an oxymoron and stating that their stability is only as reliable as the balance sheet of the issuer.
Hot Take: Crypto Market Soars in Fear and Greed Index, Bitcoin Leading the Way (+ Emoji)
The crypto market has experienced a surge, sending Bitcoin and other cryptocurrencies into extreme greed territory on the Fear and Greed Index. This positive momentum showcases the growing interest from traditional financial institutions, as seen with Franklin Templeton’s pursuit of an Ethereum ETF. Additionally, exciting developments in DeFi, technology, business, and CBDCs are reshaping the industry. However, security remains a concern as hackers target platforms like PlayDapp and exploit vulnerabilities in crypto wallets. As the regulatory landscape evolves, the industry must navigate challenges and address issues such as stablecoin skepticism. Overall, the crypto market’s recent performance signals a promising future for crypto enthusiasts and industry professionals. (+ Emoji)
Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.