🚀 The Bitcoin Bull is Back: Price Soars Amidst Volatility 🚀

Feb. 29, 2024 Cryptocurrency Market Trends and Price Changes Explained

Bitcoin’s price volatility increases in the Americas as trading volume for crypto derivatives soars.

The bitcoin bull is back, and it’s bringing a wave of price volatility with it. At press time, BTC is trading 6.8% higher at $62,992, reaching highs near $64,000 just yesterday. In fact, the price of bitcoin has gained an impressive 21% this week alone. 🐂

But what’s causing all this excitement? According to the Blocking.net 20 Index, a broader market gauge, the cryptocurrency market as a whole is also experiencing a surge, trading 7.5% higher at $2,326.

However, it’s not just the price that’s making headlines. The 30-day realized volatility of bitcoin, which measures the standard deviation of the last 30 days’ daily percentage price change, has skyrocketed to an annualized 46% from just 30% in a week. That’s quite a rollercoaster ride for bitcoin investors! 🎢

But it’s not just the price movements that have caught our attention. The crypto derivatives market is also heating up. According to Swiss-based data tracking platform Laevitas, a whopping $374 billion worth of crypto futures, perpetual futures, and options contracts have changed hands in the past 24 hours. This single-day tally is the largest since November 2021.

• 🐶 Dogecoin and bonk Tokens: The Memes Fuelling the Crypto Ecosystem 🚀
• 🚀 Dog-Themed Coins Skyrocket as Crypto Market Continues to Soar 🐕
• BlackRock’s Bitcoin ETF Sets Record Trading Volume, Fueling Frenzy in Market

All this renewed demand for leveraged products indicates a surge in risk appetite and the potential for some liquidations-induced price turbulence. It’s like riding a bike with rocket boosters on it—exciting, but you need to strap in tight! ⚡️

⛏️ Bitcoin Miners on a Selling Spree ⛏️

While investors are enjoying the crypto market’s bull run, bitcoin miners have been busy selling off their coins. Data tracked by Glassnode reveals that the estimated number of BTC held in wallets tied to miners has dropped by 8,426 BTC (worth around $530 million) since the beginning of the year.

The decline began in the second half of October when miners held over 1.83 million BTC. But why are they selling? Analysts at FRNT Financial believe that the impending halving of miners’ rewards, combined with the ongoing dry season in China, has pushed miners to sell and run down their inventories.

It’s like miners are playing the stock market, selling high and maximizing their profits. Smart move! 💰

💼 Morgan Stanley Considers Spot Bitcoin ETFs 💼

Morgan Stanley, one of the prominent leaders in alternative investments and the private market space, is reportedly considering offering spot bitcoin exchange-traded funds (ETFs) to its customers. This comes after the U.S. Securities and Exchange Commission greenlighted 11 spot bitcoin ETFs on January 10.

Spot bitcoin ETFs closely track bitcoin’s price and allow investors to gain exposure to the cryptocurrency without actually owning it. So if Morgan Stanley decides to offer these products, it could open the floodgates for liquidity as other major players like Merrill Lynch, Wells Fargo, and others are likely to follow suit.

With Morgan Stanley already managing over $150 billion in assets, its entry into the bitcoin ETF space could be a game-changer. It was also the first major U.S. bank to offer access to bitcoin funds to its wealthy clients in 2021.

It’s like the world’s biggest financial players are lining up to get their hands on the magic money-making machine that is bitcoin. 🤑

📈 Chart of the Day: Pendle Finance Hits a Record High 📈

In other news, Pendle Finance, a yield tokenization protocol, has reached a new milestone. On Wednesday, its daily trading volume crossed $100 million, marking a record high for the platform.

Pendle Finance allows traders to split yield-bearing instruments, such as staked ether, into yield tokens and principal tokens, offering a liquidity pool for trading these tokens. It’s like the stock market on steroids, with fast-paced trading and big profits on the line. 💸

🌐 Trending Posts 🌐

To keep you in the loop, here are some of the top posts trending in the crypto community right now:

• Shiba Inu Adopts Tech to Bring More Privacy to SHIB Token Holders
• Protocol Village: Bitcoin Miner Marathon, Plans ‘Anduro,’ a Multi-Chain Layer-2
• Winklevoss Twins’ Gemini Promises to Return $1.1B to Earn Customers

Now that’s what I call staying up-to-date with the latest crypto news!

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Q&A: Answering Your Burning Questions 💡

Q: Is now a good time to invest in bitcoin? A: As an expert, I can’t predict the future, but it’s worth considering your risk tolerance and conducting thorough research before diving into any investment. Remember, the crypto market can be quite volatile, so be prepared for some ups and downs.

Q: How can I start investing in bitcoin? A: To start investing in bitcoin, you’ll need to open an account on a cryptocurrency exchange, complete the registration process, and link a payment method. From there, you can buy and sell bitcoin based on your investment strategy. Just make sure to choose a reputable exchange and keep your account secure.

Q: Are bitcoin ETFs a good investment option? A: Bitcoin ETFs can offer a convenient way for investors to gain exposure to bitcoin without holding the underlying asset. However, it’s important to consider factors like fees, liquidity, and the track record of the ETF before making any investment decisions. Consulting with a financial advisor is always a good idea.

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With the bitcoin bull charging ahead and the crypto market heating up, it’s an exciting time to be part of the digital asset revolution. Make sure to stay informed and ride the wave responsibly. And don’t forget to share this article with your friends on social media—it’s never too late to join the crypto party! 🎉

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References:

1. Bitcoin bull is back
2. Blocking.net 20 Index
3. Laevitas
4. Glassnode
5. Pendle

This article originally appeared in First Mover, Blocking.net’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Edited by Sheldon Reback.

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