EddieJayonCrypto
2 Feb 24
Bitcoin is showing strength as it is set to achieve a weekly gain of approximately 2.9%. This comes after the Federal Reserve maintained its policy interest rate at 5.25%-5.50%. Despite this, Bitcoin remained below the $49K mark reached after the Securities and Exchange Commission approved 11 ETFs t...
Bitcoin is showing strength as it is set to achieve a weekly gain of approximately 2.9%. This comes after the Federal Reserve maintained its policy interest rate at 5.25%-5.50%. Despite this, Bitcoin remained below the $49K mark reached after the Securities and Exchange Commission approved 11 ETFs tracking its price. Analysts anticipate quick recovery from the recent sell-off, attributing it to upcoming halving events, potential rate cuts by the Fed, and a historical pattern of setting new all-time highs every four years. The total crypto market cap currently stands at $1.64T, up 1.17% over Thursday. Notable news includes the cryptocurrency lender Celsius Network starting to pay out $3B worth of crypto and fiat currency to its creditors, U.K. police seizing over 1.4B pounds worth of bitcoin from a significant investment fraud in China, and the now-shuttered cryptocurrency exchange FTX expecting to repay its customers and creditors in full. Bitcoin slipped 0.25% to $42,995 on Friday, while ether inched down 0.35% to $2,296. Nevertheless, SA contributor Mike Fay views Bitcoin as a straightforward bet in 2024, citing its potential as a hedge on both the global financial system and the fiat money system.
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