Bitcoin momentarily soars to $25,000, US inflation slows to 6.4% in January, while Tron launches a $100-million Artificial Intelligence Development Fund. Read our News recap to learn more about the main crypto events that happened between 03rd and 16th February 2023.
Between 03rd and 08th February, the crypto market cap stood in the range of $1.050 to $1.090 trillion, according to CoinMarketCap. But on 09th February, the market started correcting, with its capitalisation falling to $990 million on 13th February. However, US inflation data facilitated market growth. The indicator increased by 16.6% to $1.115 trillion, which was not observed since mid-August 2022.
Trading activity fluctuated greatly. Between 03rd and 05th February, average daily trading volumes fell by 42%, from $65 billion to $38 billion. However, by 10th February, the indicator rose by 110% to $80 billion, only to fall back to $33-$36 billion. After the release of US inflation data on 14th February, trading activity rose by 124% to $75 billion.
Between 03rd and 09th February, the Cryptocurrency Fear & Greed Index fell by 20% to 48 points, entering the “Neutral” zone. However, since 13th February, the indicator started an upward movement, moving back to the “Greed” zone on 16th February.
Between the 03rd and 12th of February, Bitcoin’s 30-day BTC volatility index rose by 8% to 2.55%. Then, the indicator began to fall, eventually decreasing by 21.5% to around 2%. Ethereum’s volatility rose by 7.5% to 2.74% on 12th February. But on 16th February, the indicator fell by 11.6% to 2.42%.
After a strong upward movement in January, the crypto market needed a pullback for “healthy” growth, which is why we observed the correction phase. On 15th February, the market started growing after a series of liquidations which totaled $35.5 million in bitcoin alone. If BTC manages to gain a foothold above $25,000, we will be able to declare the end of the bearish trend in the crypto market.
Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.
|Coin||Trading volumes, $|
▲ 06.02.2023 – Regional Chinese governments reportedly gave away over 180 million e-CNY ($26.5 million) to boost CBDC adoption.
▲ 06.02.2023 – Visa confirmed its crypto strategy powered by blockchain technology for stablecoin settlements.
▲ 06.02.2023 – According to CoinShares, year-to-date inflows for digital asset investment products total $230 million.
▲ 06.02.2023 – According to Santiment, the amount of crypto discussions occurring on social platforms remains high, indicating the increasing interest in the industry.
▲ 09.02.2023 – Artificial intelligence (AI) and big data tokens are surging amid a massive interest in AI chatbots.
▲ 09.02.2023 – World’s largest stablecoin issuer, Tether, reported that it generated $700 million of profit in the final quarter of 2022.
▲ 12.02.2023 – Pantera Capital’s CEO believes that Bitcoin has already entered its next bull market cycle.
▼ 13.02.2023 – The New York State Department of Financial Services has ordered the cryptocurrency firm Paxos to stop issuing Binance USD (BUSD).
▼ 13.02.2023 – Between 04th and 10th February, digital asset investment products saw minor outflows totaling $7 million, following a week of inflows totaling $23 million.
▼ 14.02.2023 – Bloomberg: hedge funds, pension funds and private equity firms could have a tougher time working with many crypto firms under a draft proposal from the US SEC.
▲ 14.02.2023 – The annual inflation rate in the US slowed slightly to 6.4% in January, less than market forecasts of 6.2%.
▲ 16.02.2023 – Galaxy Digital Holdings CEO, Mike Novogratz, believes that there’s a chance Bitcoin could return to $30,000 or above before the end of March.
▲ 03.02.2023 – Ark Invest CEO, Cathie Wood, defends bitcoin as a good store of value, as well as the best inflation hedge in developing countries.
▲ 07.02.2023 – Glassnode Analysts: the Bitcoin market is in a transition cycle amid a sharp change in the ratio of total profits and losses.
▲ 07.02.2023 – Moving averages formed a “golden cross” combination on a daily BTC chart – a harbinger of a bull market.
▲ 08.02.2023 – BTC balances on exchanges keep falling. Less than 12% of the current Bitcoin supply is held on exchanges, marking a new low since January 2018.
▼ 10.02.2023 – Bitcoin’s increasing positive correlation with the SP500 index reduces the chances of a BTC rally.
▼ 13.02.2023 – Over the past weekend, Bitcoin’s mining difficulty decreased by 0.49% to 39.16 T.
▲ 14.02.2023 – The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the price of bitcoin will hit $500,000 by 2025.
▲ 14.02.2023 – Almost two-thirds or 67% of the surveyed millennials consider BTC a safe haven due to its decentralised nature and fixed supply cap.
▲ 16.02.2023 – After the launch of the NFT Ordinals protocol, the average Bitcoin block size has reached a new all-time high, which indicates increased interest in the Bitcoin network.
▲ 03.02.2023 – Ethereum plans to activate the Zhejiang public test network on 07th February 2023 in preparation for the Shanghai-Capella upgrade.
▲ 08.02.2023 – Ethereum supply declined by 7,000 ETH over the past week and by almost 16,000 ETH in a month.
▲ 13.02.2023 – The total value in the ETH 2.0 deposit contract has reached a new all-time high of 15,803,847 ETH.
▲ 13.02.2023 – According to Coinshares, Ethereum saw inflows of $5.1 million between 04th and 10th February.
▲ 14.02.2023 – The amount of ETH held on exchanges and available for sale continues to decrease. Since the Merge, there have been 37% fewer coins on exchanges.
▲ 14.02.2023 – According to Labrys, the proportion of Ethereum blocks that are compliant with orders made by the United States Office of Foreign Asset Control (OFAC) has decreased to 47%.
▲ 06.02.2023 – The number of smart contracts deployed on Cardano has surpassed 5,000, as the network keeps growing.
▲ 07.02.2023 – Cardano’s Total Value Locked (TVL) has climbed by 100% over the last month.
▲ 08.02.2023 – Cardano whale numbers have risen in 2023, and large transactions have notably prevailed.
▲ 09.02.2023 – Cardano will make enhancements to cross-chain functionality for DeFi applications building on the network. The upgrade will be tested starting 11th February.
▲ 13.02.2023 – According to staking rewards, Cardano ranks as the second-largest proof-of-stake (POS) network after Ethereum.
▲ 15.02.2023 – Twitter CEO, Elon Musk, posted a meme involving his dog Floki posing as the new boss of Twitter. The price of DOGE grew by 5%.
▲ 07.02.2023 – According to Santiment, Polkadot is currently the top crypto in terms of development activity.
▲ 08.02.2023 – Tron developers have proposed to change the size of transaction fees by making them dynamic.
▲ 09.02.2023 – According to Messari, new addresses, as well as average daily transactions on the Tron network, have grown significantly.
▲ 09.02.2023 – TRON DAO announced the establishment of a $100 million Artificial Intelligence Development Fund.
▲ 08.02.2023 – Chiliz native CHZ token rose 30% after the firm announced the successful launch of Chiliz Chain 2.0.
▼ 08.02.2023 – Dubai prohibited the use of privacy coins such as Monero (XMR) and ZCash (ZEC), as well as any activities related to these coins.
▼ 15.02.2023 – Yearn.finance launched the AI chatbot, yGenius, allowing users to find information about Yearn without reading through the documentation or discussing with developers.
We have added a Pro Mode to the Advanced Trade page. Now, you can trade crypto on EXMO.com even more conveniently!