Bitcoin hits $54,000, stablecoin market cap reaches $140 billion

Headlines

▌Bitcoin hit $54,000, up 4.31% on the day

Market data shows that Bitcoin touched US$54,000 per coin, up 4.31% during the day.

▌Stablecoin market capitalization reaches $140 billion for first time since late 2022

According to CoinMarketCap According to data, the total market value of stablecoins exceeded US$140 billion in February. DefiLlama data shows this is the highest level since December 2022.  

USDT of Tether, the largest stablecoin on the market, grew to a record high of $98 billion, an increase of approximately $2 billion in the past month. USDC, the second largest stablecoin, has grown from US$24 billion to more than US$28.5 billion since the beginning of the year, and its market value has increased by nearly US$2.5 billion in the past month, exceeding Tether's growth rate during the same period.  

K33 Research senior analyst Vetle Lunde said in a market report: "Changes in stablecoin supply are a thermometer to measure whether funds are flowing in or out of the crypto ecosystem."

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was US$54,530.2, with intraday increases and decreases+3.21%;

ETH’s recent transaction price was US$3176.66, rising and falling during the day Frame+0.97%;

BNB Recent The transaction price was US$401.7, and the intraday increase or decrease+1.26%;< /p>

ORDI’s recent transaction price was US$67.553, with an intraday increase or decrease of +3.65% strong>;

DOGE’s recent transaction price was US$0.08921, with an intraday increase or decrease+3.04%;

SOL’s recent transaction price was US$110.12, with intraday gains and losses+4.91%.

Policy

▌Court upholds fraud against My Big Coin founder Conviction

The Court of Appeal upheld the fraud conviction of Randall Crater, who founded the cryptocurrency project My Big Coin, and was sentenced to more than eight years in prison.  

In a Feb. 23 filing with the 1st Circuit Court of Appeals, a three-judge panel affirmed Randall Crater's conviction more than a year after a jury found that The cryptocurrency founder was found guilty of four counts of wire fraud, three counts of unlawful currency transactions and one count of operating an unlicensed money transmission business. Appeals judges Gustavo Gelpí, Jeffrey Howard and Julie Rikelman issued an opinion that Randall Crater should not receive a new trial for his involvement in the cryptocurrency scheme.

▌Texas Blockchain Commission says it has ‘strong legal case’ in mining investigation lawsuit< /p>

The Texas Blockchain Commission said it had a "strong legal case" in the mining investigation lawsuit, and last week the commission and Riot obtained a 14-day temporary restraining order blocking The U.S. Department of Energy and the Energy Information Administration collect information on Bitcoin mining companies.   

Lee Bratcher, chairman of the Texas Blockchain Commission, said he was "confident" in the commission's charges against the Department of Energy, adding: "We are concerned about companies like the Energy Information Administration For such a benign institution to be politicized in this way does not bode well for other industries that may lose the trust of government."

Blockchain Applications

▌Parallel Network partners with Lido to introduce stETH deposits and native Staking

Parallel Network announced a partnership with Lido to introduce stETH deposits and native staking to Parallel Network’s full-chain L2. Parallel will provide stETH deposits for its L2 early access and native staking through the Lido protocol. rewards, a move aimed at giving users more options for depositing and earning native rewards on the parallel network.

▌The Blast mainnet will be launched on February 29th

Layer2 network Blast is on A post on the social platform stated that the Blast mainnet will be launched on February 29.

Cryptocurrency

▌The daily trading volume of BlackRock Spot Bitcoin ETF exceeded US$1 billion, ranking 11th among all ETFs

According to data released by Bloomberg analyst Eric Balchunas, as of the U.S. At around 2:30PM ET on Monday, the daily trading volume of BlackRock Spot Bitcoin ETF (IBIT) has exceeded $1 billion, ranking 11th among all ETFs (top 0.3%) and among the top 25 stocks. .  

Analysts said: “For a novice ETF, this is a crazy number (especially one of the ten competitors). One billion US dollars in daily trading is a very large level of trading volume. Sufficient (and even more so) for institutional consideration”.

▌The single-day trading volume of the U.S. spot Bitcoin ETF reached $3.2 billion, the second highest in history

Data compiled by Bloomberg analyst James Seyffart show that the single-day trading volume of U.S. spot Bitcoin ETFs, including Grayscale GBTC, reached $3.2 billion, the second highest in history. The largest transaction volume was on the launch day of these products, with $4.6 billion worth of transactions on that day.  

Analysts stressed that volume does not equal flows and will see flow data later tonight and/or tomorrow.

▌Genesis lawyers object to DCG’s “commission” from client recovery

Genesis lawyer Sean O'Neill expressed his opposition to DCG taking a "commission" from customer recovery at Monday's hearing, and said that DCG should not step in and reduce "customer assets." Genesis has previously said that under its plan, creditors expect recovery rates of up to 77%, although that figure depends on whether the plan is approved by a judge.  

It is reported that the hearing will discuss a number of matters in the Genesis bankruptcy case, and also cover the opening statements of Genesis and DCG, the parent company of the bankrupt company. The hearing is expected to last several days, with the court hearing arguments for and against Genesis' proposed bankruptcy plan.

▌The trading volume of nine new spot Bitcoin ETFs today reached 2.4 billion US dollars, a record high

Data monitored by Bloomberg analyst Eric Balchunas showed that as of the close of U.S. stocks on Monday, the daily trading volume of nine new spot Bitcoin ETFs except GBTC reached 24 billion, a record high, approximately twice the recent average daily trading volume.  

The trading volume of BlackRock IBIT reached US$1.3 billion, approximately 30% higher than the previous historical high.

▌Bybit Research: Ether Ethereum is now the largest institutional crypto asset

A new report from Bybit Research claims that institutions are allocating the majority of their portfolios to Ethereum, with Bitcoin not far behind, which is consistent with There is a sharp contrast among retail users who are more optimistic about the latter.  

Bybit conducted a survey of traders who own assets on the exchange, and the report showed that due to the expected Dencun upgrade, institutions have increased their Bitcoin and Ethereum portfolio concentration to 80%, Among them, investment in Ethereum has increased significantly. At the same time, retail users have a lower concentration on these assets and a higher preference for altcoins, the report added.  

The report also stated that despite high returns in 2023, institutions have significantly reduced their altcoin positions, especially volatile tokens such as Meme coins, artificial intelligence (AI), and BRC-20 tokens. Larger categories. Instead, institutions are paying more attention to stable asset tokens such as Layer-1 and decentralized finance (DeFi) protocols.

▌Yuga Labs will stop cooperating with markets that do not support royalties for all creators

Yuga Labs announced on the X platform that the Magic Eden Ethereum market will be launched tomorrow, which is the first The leading marketplace for working with creators. Additionally, starting tomorrow, support for marketplaces that do not support all creator royalties will be removed, meaning Yuga Labs collectibles with royalty filters can only be traded on marketplaces that respect all creator royalties at the protocol level.  

The Block Research research analyst Steven Cheng said: "The vast majority of royalty-generating NFTs in the Yuga Labs collection belong to the Bored Ape Yacht Club and Mutant Ape Yacht Club brands, which are not subject to this The impact of a change. So this update doesn't make a huge difference in terms of Yuga Labs' royalty revenue, but it does incentivize the team to build and provide value to its Otherside series."

Important Economic Updates

▌U.S. stocks closed: Digital currency concept stocks led the market higher, and Coinbase rose more than 16%< /strong>

U.S. stocks closed on Monday, with the Dow Jones Industrial Average initially closing down 60 points or 0.16%, the S&P 500 Index falling 0.38%, and the Nasdaq Composite Index falling 0.1%. Digital currency concept stocks led the market, with Coinbase (COIN.O) rising by more than 16% and Marathon Digital (MARA.O) rising by nearly 22%. Arm (ARM.O) rose nearly 10%, and Google (GOOG.O) fell more than 4%. The Nasdaq China Golden Dragon Index closed up 0.72%, Li Auto (LI.O) closed up 18.7% after the results, Xpeng Motors (XPEV.N) rose nearly 7%, and NIO (NIO.N) rose nearly 5% %.

Golden Encyclopedia

▌Artificial Intelligence Governance