February 28, 2024
Bitcoin trains to recover in V, altcoins up 90% and more issues that will move the cryptocurrency market today

Bitcoin trains to recover in V, altcoins up 90% and more issues that will move the cryptocurrency market today

Bitcoin

Today is Bitcoin’s outright recovery day (BTC) Especially other cryptocurrencies after the correction over the weekend that caused the market as a whole to crash by 430 billion USD, and the traders who leveraged 1 billion USD. The main cryptocurrency in the market is starting to attract a V-shaped recovery and is already trading at $51,283 at 7am, up more than 8.4% in 24 hours, which has already resumed half of the losses that brought it down around $42,600. It arrived last Saturday (4).

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The outcome was better on the part of cryptocurrencies, which are advancing strongly and gaining up to 90% this morning, as in the case of the decentralized financial asset (DeFi) Spell Token (SPELL). The reasons for the rise are linked to the access to the Binance Smart Chain, a network with a higher transaction volume than Ethereum (ETH), and the proposed automatic burning of premium coins.

The classic BitTorrent (BTT(Up 65.9% after the announcement of Blockchain and Loopring)LRC(e polygon)matic) jumped between 31% and 35% after Vitalik Buterin released a new work suggesting that solutions like this would be the future of Ethereum.

Ethereum itself also rose strongly amid the publication of the new paper by Buterin, with a gain of 11.1% on the day, reaching $4,400. For Saturday’s low, the rally is close to 15%. Today was so positive that only one coin out of the 100 with the highest capitalization is currently down: Bitcoin Cash ABC (Biosafety Clearing-House) which is down 5.4%.

This brings the total capitalization back to $2.52 trillion and bitcoin’s dominance (share in total market capitalization) drops to 38.4%.

The broad recovery supports the theory that the cryptocurrency peak season is not over yet. Another important indicator is the behavior of long-term investors, who have been long-term assets for years: They did not move during the last recession, which was fueled by sales of new buyers.

The pullback was mainly caused by high leverage on unregulated derivatives exchanges, which would have given impetus to a correction that shouldn’t have been so severe. However, analysts continue to point to the possibility of further declines in the short term before a more sustainable recovery occurs.

The reserves of the broker Bitfinex, for example, one of the largest companies in the world, continue to increase, which indicates a possible wave of liquidation on the horizon. For Bitcoin, experts point to the $53,000 level as the key to ensuring a more predictable path toward a price recovery to $60,000 again.

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Check out the performance of major cryptocurrencies at 7:01 am:

Cryptocurrency price Change in the last 24 hours
Bitcoin (BTC) $51.283.45 + 8,4%
Ethereum (ETH) 4,399.90 USD + 11.1%
Binance Coin (BNB) 589.31 USD + 7.5%
Solana (Sol) USD 202,32 + 13.5%
Cardano (There is) 1,46 USD + 13.9%

Cryptocurrencies with their highest levels in the last 24 hours:

Cryptocurrency price Change in the last 24 hours
Spell Code (SPELL) 0.01727356 USD + 90.6%
Bit torrent (BTT) 0,00394958 USD +65.9%
Kadena (KDA) 12,30 USD + 35.0%
episode (LRC) 2.51 USD + 34.2%
polygon (matic) $2,33 USD + 31.7%

Cryptocurrencies with the highest losses in the last 24 hours:

Cryptocurrency price Change in the last 24 hours
Bitcoin Cash ABC (Biosafety Clearing-House) USD 107.70 -5.4%

Check out how the cryptocurrency ETFs closed in the last trading session:

ETF price disparity
Hashdex NCI (HASH11) 54.01 Brazilian Real -5.9%
Hashdex BTCN (BITH11) 66,90 BRL -8.48%
Hashdex Ethereum (ETHE11) 73.50 BRL + 2,27%
QR Bitcoin (QBTC11) 18,00 BRL -4.4%
QR Ether (QETH11) 17,42 BRL + 2,47%

Check out the main news from the cryptocurrency market this Tuesday (7):

Vitalik Buterin presents the future of Ethereum in a new paper

Ethereum co-founder Vitalik Buterin has published a new research paper detailing the next steps for Ethereum 2.0, a new version of the technology yet to be released to everyone in 2022. The work has been dubbed “Endgame,” or “Endgame,” in a free translation.

In the text, the co-founder of the project explains how to increase scalability (the capacity for growth) without giving up on non-mediation and resistance to censorship, which are seen as incompatible pillars of any decentralized protocol – when one improves, the other two suffer.

Buterin presented a theoretical experiment in which he proposed a network that separates data validation from network validation, which in theory would provide an ultimate solution to the problem that today prevents Ethereum from growing without becoming crowded.

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“We have achieved a chain where block production is still centralized, but block validation does not require third-party trust and is highly decentralized, and expert anti-censorship magic prevents block producers from censoring,” Buterin explained.

The proposal is based on so-called zero-knowledge cryptography (zero-knowledge cryptography, or just ZK), a relatively new technology that has gained traction in cryptocurrencies as an alternative to maintaining data privacy on the network.

The main head behind the invention of Ethereum, Buterin will outline his ideas next Thursday (9) at the ZK Day event, promoted by Polygon (matic).

Hacked brokerage pledges to return $150 million to victims

Cryptocurrency broker BitMart has announced that it will use its own fund to compensate for $150 million in cryptocurrency stolen in a hacker attack last week. The company stated that “user assets will not be harmed.”

BitMart said the attack came after private keys (passwords) were stolen from cryptocurrencies, allowing hackers to drain user account values. Cryptocurrency has been moved to shuffle services, which act as a kind of money laundering program in cryptocurrency.

Hacks do not happen on cryptocurrencies, but on trading platforms. Last week, crypto lending firm Celsius Network was one of the companies that lost money after hacking BadgerDAO, a decentralized funding protocol that lost about $120 million.

The biggest hack in history occurred in 2021, with PolyNetwork, another DeFi protocol, which pulled $600 million in smart contracts.

Attacks on centralized brokerages are rare and tend to have a greater chance of redress for victims. One reason is the need for a quick response on the part of the investor. BitMart, for example, has raised investments from New York-based private equity fund Alexander Capital Ventures, at a valuation of more than $300 million.

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The company hopes to resume deposit and withdrawal functions, which have been suspended since the weekend, from Tuesday.

US government launches new task force to investigate exchanges

The Biden government has announced a new anti-corruption plan that includes the creation of a task force to investigate cryptocurrency brokers. The goal is to discover the possibility of these companies being involved in money laundering.

“Oh, Ministry of Justice [Departamento de Justiça dos EUA] The newly created task force, the National Crypto Enforcement Team, will be used to focus specifically on the complex investigations and prosecutions of the criminal use of cryptocurrency,” according to the official document released yesterday.

According to the White House, the task force will investigate “crimes committed by virtual brokers, mixing services, and money-laundering infrastructure agents.”

The Department of Justice will also be able to implement a broader range of subpoenas for companies overseas to request financial records, and implement new disclosure requirements.

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