crypto news Feb 20th 2024

Crypto Roundup: February 20th, 2024 - Whales Move, Ether flirts with $3K, and Pro-Crypto Senate Bid

Crypto enthusiasts woke up to a dynamic Tuesday, with news across the spectrum shaking up the digital currency landscape. Here's a snapshot of the day's highlights:

Whale Movements and Exchange Holdings:

• Big fish on the move: CryptoQuant reported massive transfers of Bitcoin (BTC) off Coinbase, with 18,000 BTC (nearly $1 billion) departing the exchange. This could represent bullish sentiments, indicating whales holding their coins off exchanges.


• Coinbase's BTC holdings dwindle: The exchange's public order book now holds its lowest level of BTC since 2015, sparking discussions about Coinbase's role in the market.

Market Shifts and Price Action:

• Ether flirts with $3K: For the first time in almost two years, Ethereum (ETH) surged closer to the $3,000 mark. This rally is attributed to growing excitement surrounding ETH-based ETFs.


• Bitcoin consolidation continues: After briefly touching $53,000, Bitcoin saw a swift reversal, suggesting further consolidation may be ahead.

Regulation and Adoption:

• UK announces "world-first" crypto regime: The UK government unveiled a regulatory framework aiming to balance innovation with consumer protection.


• China softens stance on crypto mining: Reports suggest China's Sichuan province might ease restrictions on Bitcoin mining, potentially impacting the global hashrate.

Other Interesting Developments:

• Pro-crypto lawyer launches Senate bid: John Deaton, known for his advocacy against the SEC's stance on Ripple, entered the race to unseat Senator Elizabeth Warren, although his platform didn't explicitly mention crypto.




• BlackRock calls Bitcoin "progress": The investment giant filed a new ad for a potential spot Bitcoin ETF, labeling the flagship cryptocurrency as "progress."

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Remember: This is just a glimpse into the fast-paced world of crypto. It's always crucial to do your own research and stay informed before making any investment decisions.