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Bitcoin consolidates at $50,000 with investors booking profits

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DeCrypt Weekly Update

Sat, Feb 24, 2024 | 10:27 AM IST
Bitcoin consolidates at $50,000 with investors booking profits

Hello Reader,

During the past week, Bitcoin experienced a surge, reaching the $53,000 mark, but is currently undergoing consolidation around the $50,000 level, primarily due to an uptick in profit booking. Despite facing bearish pressure, Bitcoin remains resilient above the crucial $50,000 threshold, indicating a prevailing optimism among most investors regarding its long-term prospects.

Meanwhile, Ethereum achieved a milestone by reaching the $3,000 level for the first time since April 2022. The speculation surrounding the potential approval of Ether exchange-traded funds (ETFs) in May played one of factors driving the recent surge in Ethereum's price. Read More
Edul Patel
About Edul PatelCo-Founder and CEO, Mudrex
CRYPTO TOP GAINERS
As on Feb 24, 2024 10:20 AM
Name LTP Vol (24h, Cr.) M.Cap (Cr.) Circ. Supply (Cr.)
Uniswap 1,00067.68% 21,526 75,531 75.38
Sushi 14031.43% 2,893 2,738 19.28
Siacoin 1.8220.72% 1,158 10,375 5,649.14
Flare 3.5220.46% 1,019 11,925 3,462.69
Shadow Token 13618.76% 33.83 2,172 15.99
dYdX 28317.93% 642 12,131 42.60
dYdX 28317.74% 3,056 8,541 30.06
WEEKLY TOP NEWS
Bitcoin consolidates at $50,000 with investors booking profitsBitcoin consolidates at $50,000 with investors booking profits
In a noteworthy development, Reddit has divulged its strategic investment in Bitcoin (BTC), aligning itself with the likes of MicroStrategy and Tesla in acquiring digital assets.
Top cryptocurrencies price on February 23: Bitcoin falls below $51,300; Internet Computer, Chainlink decline up to 4%Top cryptocurrencies price on February 23: Bitcoin falls below $51,300; Internet Computer, Chainlink decline up to 4%
At 11:30 p.m., Bitcoin was trading 0.5% lower at $51,229, while Ethereum was up 0.9% at $2,958. Meanwhile, the global cryptocurrency market cap fell 0.25% to around $1.95 trillion in the last 24 hours.
Bitcoin fair value still zero despite ETF inclusion: ECB BlogpostBitcoin fair value still zero despite ETF inclusion: ECB Blogpost
The blogpost on Thursday by Ulrich Bindseil, the Frankfurt institution's market infrastructure and payments director general, and Juergen Schaaf, an adviser, reiterates their long-held view that the digital currency presents risks to both society and the environment.
Advantages and disadvantages of cryptocurrencyAdvantages and disadvantages of cryptocurrency
Cryptocurrency in India offers financial inclusion, protection against inflation, remittance benefits, new investment avenues, fast transactions, and decentralization. However, it faces regulatory challenges, volatility, fraud risk, power consumption, and impact on traditional banking. The Supreme Court ruling and government regulations shape the future of cryptocurrency in India.
Crypto Price on February 22: Bitcoin holds near $52,000; BNB jumps over 7%Crypto Price on February 22: Bitcoin holds near $52,000; BNB jumps over 7%
​The cryptocurrency markets were trading marginally higher in Thursday's trade, led by Bitcoin, Ethereum, and BNB. The global cryptocurrency market cap surged 0.47% to around $1.97 trillion in the last 24 hours.
Texas crypto company sues SEC for 'overreach' on digital assetsTexas crypto company sues SEC for 'overreach' on digital assets
Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of Texas (CFAT) claim the SEC has asserted jurisdiction over the industry without a "clear statutory mandate." Lejilex wants the court to rule that listing pre-existing tokens will not violate securities laws.
Crypto Price on February 21: Bitcoin stays below $52,000; altcoins tank up to 6%Crypto Price on February 21: Bitcoin stays below $52,000; altcoins tank up to 6%
Bitcoin was trading 0.3% lower at $51,814, while Ethereum was up 1.4% at $2,971. Meanwhile, the global cryptocurrency market cap fell 0.21% to around $1.97 trillion in the last 24 hours. Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu fell up to 6%. While Ethereum and Tron surged up to 2%.
For More Insights Visit ETMarkets Crypto Corner
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