Bitcoin's $44K Surge and $33M Short Squeeze; Institutional Crypto Boom in 2024; Solana's $100 Milestone and more news...
GLOBAL NEWS?
Bitcoin Surges Past $44,000, Triggering $33M in Short Liquidations
Bitcoin's recent surge past the $44,000 mark, a peak not seen in over a week, has resulted in significant market movement, with over $33 million in BTC short positions liquidated in 24 hours. Data from Coinglass and The Block highlights a significant Bitcoin recovery, with 88% of its circulating supply now profitable, marking the fastest rally since 2019.
Institutional Investors Eye Cryptocurrency Boom in 2024
Analysts from leading crypto exchanges and a lending platform predict a significant increase in institutional investment in cryptocurrencies in 2024. This surge is expected to be fueled by the potential approval of a spot bitcoin ETF, anticipated U.S. Federal Reserve rate cuts, and improved regulatory clarity. Recent trends, including a notable uptick in institutional activity on Deribit derivatives exchange since October 2023, suggest a growing interest from traditional financial market players in the cryptocurrency sector.
Solana Soars Above $100: Record-Breaking Network Activity Post-FTX Recovery
In a remarkable comeback, Solana (SOL) exceeded $100 a year after the FTX fallout, with its network activity hitting new highs. The number of active addresses has surged 50% since November, now over 15.6 million, breaking the previous record. This growth is mirrored in the market enthusiasm, with Saga phones loaded with BONK airdrops fetching high prices on eBay, signaling strong investor confidence in Solana's future.
Argentina Embraces Bitcoin in Official Contracts Under Crypto-Friendly President?
Argentina, following the election of crypto-supportive President Javier Milei, has officially acknowledged Bitcoin as a legitimate currency for contractual agreements. Foreign Relations and International Commerce Minister Diana Modino stated that Bitcoin and other cryptocurrencies can be used in contracts, alongside traditional commodities like livestock and dairy products. While specific government strategies for crypto adoption remain undisclosed, this move aligns with President Milei's vision to leverage Bitcoin in combating hyperinflation and central financial system failures.
SEC Chair Announces Revaluation of Spot Bitcoin ETFs Following Court Rulings
SEC Chair Gary Gensler, in a CNBC interview, revealed a shift in the agency's stance towards spot bitcoin ETF applications, influenced by recent court decisions . This reevaluation, prompted by a judicial directive to reconsider Grayscale Investments' proposal, marks a potential turning point for numerous pending applications from major firms like BlackRock and Fidelity, reflecting a nuanced approach to the evolving cryptocurrency landscape.
Coinbase Hits Back at Warren's 'Revolving Door' Critique Coinbase counters Senator Elizabeth Warren's 'revolving door' accusations, defending its recruitment of former government officials as a pursuit of top talent. Chief Policy Officer Faryar Shirzad emphasizes the company's commitment to intelligent cryptocurrency regulation and legislation. The response also highlights the Global Advisory Council, featuring experts like Senators Patrick Toomey and Representatives Tim Ryan and Sean Patrick Maloney, underscoring its strategic value against Warren's critique.
Coinbase Gains French Regulator Approval, Expands European Crypto Operations Coinbase has secured a crucial registration with France's markets regulator, enabling it to offer comprehensive crypto services including asset custody and trading. This marks a significant step in the company's international expansion, recently extending spot trading to non-U.S. institutions and planning broader retail engagement.
RAIN NEWS?
Rain Introduces Instant Funding and Withdrawal Services for Virtual Assets in UAE
Rain, catering to both individual and institutional clients, now offers instant funding and withdrawal services for virtual assets in the UAE. Partnered with a local bank, Rain ensures seamless financial transactions for its users. As a fully licensed and regulated entity, it provides a secure and efficient platform for digital asset management. Interested parties can sign up at rain.com/en-ae/signup to access these innovative services. Check out all the benefits of Rain in the UAE.?
Spotlight article:
2024 Digital Assets Outlook