Welcome to the February 15, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realm of Web3 and finance can be a challenge. However, we are here to provide you with a concise overview of the most significant news you might have overlooked today.
February 15, 2024 Genfinity News Recap
Bitcoin ETFs
Genfinity reported on BTC ETFs and their possible effect on the market sentiment. February 2024 saw a historic surge in interest in Spot Bitcoin ETFs, with $4 billion in net inflows. Subsequently, this figure, along with January’s momentum, may have solidified Bitcoin’s status as a legitimate investment. Throughout February, daily net inflows averaged $265 million, pushing Bitcoin’s price past $50,000.
BlackRock and Fidelity’s ETFs led the charge, with BlackRock’s also seeing a single-day inflow of $493 million. Interestingly, outflows from Grayscale’s Bitcoin Trust decreased, suggesting a shift towards ETFs. This growing institutional and retail investor interest, coupled with the upcoming Bitcoin halving in April, suggests potential for further price increases and broader cryptocurrency adoption.
Total cryptocurrency market cap
Coin Gecko, a leading data aggregation platform for cryptocurrencies, shows that the total crypto market cap is 79% higher than it was one year ago. A positive 1.71% daily change may also reflect the current momentum. Within the backdrop of Bitcoin ETFs’ popularity, we can see a Bitcoin dominance of around 49% at the time of writing. Notably, the dominance of a cryptocurrency represents its share of the entire crypto market capitalization, calculated as its market cap divided by the combined market cap of all other cryptocurrencies.
Trust Wallet once associated with Binance is potentially unsafe
CoinDesk reported that a security flaw in “Binance’s Trust Wallet’s” iOS app has been flagged by the National Institute of Standards and Technology (NIST). This vulnerability, listed on Feb. 8, lets attackers steal money by guessing security words. While the severity is still under investigation, the wallet was previously exploited in July 2023.
Expanding on the investigation, NIST stated, “An attacker can systematically generate mnemonics for each timestamp within an applicable timeframe and link them to specific wallet addresses in order to steal funds from those wallets.”
Though acquired by Binance in 2018, Trust Wallet now operates independently. Despite the issue, Trust Wallet hasn’t made any public statements.
We hope you enjoyed our February 15, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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