Welcome to the February 28, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
February 28, 2024 Genfinity News Recap
Bitcoin
Bitcoin saw a dramatic shift on Wednesday. After soaring past $60,000 for the first time since November 2021, the price suddenly plunged 7%, wiping out over $700 million in leveraged trading positions. CoinDesk reported on this “bloodbath” that impacted the entire cryptocurrency market, with major coins like Ethereum and Solana dropping significantly as well. The price volatility triggered the largest liquidation event since last August, highlighting the risks associated with leverage trading in the crypto market.
At the time of writing, the total crypto market cap is $2.36 Trillion. This is a 5.28% change from the last 24 hours and a 113.14% change as of one year ago.
The news outlet also reported that Morgan Stanley is currently considering offering spot Bitcoin ETFs on its platform, following their recent approval by the SEC. This move could significantly increase investment in these products, which haven’t yet seen major inflows despite existing options. While details about the specific ETFs they might offer remain unclear, Morgan Stanley’s entry into this space could be a significant step for wider adoption of Bitcoin ETFs.
Spot bitcoin ETFs are creating a significant demand shock for the cryptocurrency. Analyzed by The Block, it seems that daily production holds steady at 900 Bitcoins, these ETFs are demanding over 2,800. This surge in demand may coincide with a 40% price increase in Bitcoin since the ETFs launched in January, raising questions about their impact on the market. With daily trading volume for these ETFs exceeding $6 billion, their influence on price trends seems undeniable.
Coinbase
Why does Coinbase have issues during busy trading times? Some Coinbase users faced a temporary glitch showing zero account balances during Wednesday’s Bitcoin surge. Though the exchange assured users their assets were safe, the incident highlighted its struggle with handling unexpected traffic spikes. CoinDesk reported that this outage followed similar issues in 2019 and 2020 during other periods of cryptocurrency volatility. Coinbase went public on the Nasdaq Global Select Market under the symbol “COIN” on April 14, 2021, via a direct listing.
Gemini
Gemini settled with New York regulators, promising to return at least $1.1 billion to customers harmed by the Gemini Earn program. The firm will also pay a $37 million penalty for its role in the matter. Summarized by Blockworks, this settlement comes amid ongoing legal battles between Genesis, its parent company, creditors, and New York’s Attorney General over the fate of customer assets and accusations of fraud.
Gemini currently has updates on its website. One update states that all Earn users will receive “100% of their digital assets back” as part of a settlement. Notably, the settlement still needs to be approved by a bankruptcy court.
We hope you enjoyed our February 28, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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