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Crypto Market Rebounds: Stocks and Nvidia Report Boost Sentiment

By:
Alexander Kuptsikevich
Published: Feb 22, 2024, 10:21 UTC

BNB Surges: Outpacing BTC's Modest Moves The crypto market rebounded in the overnight session, supported by a return of optimism in stocks after a

Crypto Market Rebounds: Stocks and Nvidia Report Boost Sentiment

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BNB Surges: Outpacing BTC’s Modest Moves

The crypto market rebounded in the overnight session, supported by a return of optimism in stocks after a cheering Nvidia report. The crypto capitalisation was up over 1% in 24 hours.

The impressive gains were much stronger than the market, with BNB up 5% in one day and 10.5% in seven days, compared to BTC’s +0.6% and -0.9% over the same periods. Still, BNB is playing catch-up over a broader time frame.

Bitcoin managed to hold above $50K on Wednesday, where it found buyers and is once again trading at its preferred level of $52K, near which we see daily opens and closes for the eighth consecutive day.

Ethereum proved earlier in the day that it is in rapid growth mode, characterised by lightning-fast corrections. On Thursday morning, the price was back above $3000, close to the highest since April 2022.

Crypto News

Ophelia Snyder, president of 21Shares, said the launch of the Bitcoin ETF was a great success, but the financial gap between the largest issuers could leave three to five funds in the market.

The US Treasury Department’s Office of Foreign Assets Control said it had de-anonymised several cryptocurrency wallets belonging to the hacker group LockBit and imposed sanctions on those associated with them.

The unidentified Ethereum whale transferred 1,732 ETH (~$5.15 million) to the Kraken crypto exchange after 8.5 years of inactivity. According to on-chain data, the address received 3,465 ETH (~$10.3 million) in an initial coin offering on Ethereum Genesis at $0.31.

Ripple CEO Brad Garlinghouse said he welcomed the launch of ETFs tied to XRP and expressed optimism about spot ETFs on other cryptocurrencies.

The US Department of Justice has sought a court order to limit the disclosure of confidential information about the case between US authorities and former Binance exchange chief Changpeng Zhao.

US-based Circle, the company behind the second most popular stablecoin USDC, unexpectedly announced the end of support for the Tron blockchain.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

About the Author

Alexander is engaged in the analysis of the currency market, the world economy, gold and oil for more than 10 years. He gives commentaries to leading socio-political and economic magazines, gives interviews for radio and television, and publishes his own researches.

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