Whatâs happening in the crypto market? Is Bitcoin rising, or is crypto dying? Find answers to all these questions and more in our weekly crypto news round-up.
Solana Network experienced an unexpected outage on February 6 because of a bug in an upgrade to the projectâs Berkley Packet Filter (BPF) loader. This incident, which halted block production, is part of a series of challenges the network has faced over time â there was a similar outage almost exactly a year ago, in late February of 2023.
Following the outage, the Solana (SOL) price experienced fluctuations but eventually managed to rebound. Some experts and analysts are now also predicting an âextreme moveâ ahead for Solanaâs price, seeing as it is already up 6% this week.
Historically, Solana has been recognized for its high throughput and low transaction costs: it has positioned itself as a competitor to Ethereum, especially in decentralized finance (DeFi) and non-fungible tokens (NFTs). However, it also encountered several network outages and performance issues in the past, which raised concerns among users and developers about its reliability and scalability.
In response to the February 2024 outage, the Solana community and its developers timely undertook measures to address the technical issues that led to the halt in block production. Such incidents often lead to analyses and improvements to prevent future occurrences. The quick recovery in SOLâs price post-outage suggests continued investor confidence in Solanaâs potential and the broader ecosystemâs ability to overcome technical challenges.
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Solanaâs quick recovery, both in terms of its operations and its price, is remarkable â not only is it a testament to the professionalism of its team but also to investorsâ faith in the coin. If SOL does indeed rally in the near future, as predicted by the experts, it will be great news for all altcoins â and specifically Solana-based tokens.
Additionally, this event once again underlines the importance of ongoing development and maintenance in ensuring the stability and growth of blockchain networks. The quick price recovery could indicate a maturing market and the stable support certain cryptocurrencies, like Solana, have gained over the years â the support that helps them overcome technical challenges.
In February 2024, the Bitcoin market witnessed significant price movements, a reflection of historical patterns and fresh market dynamics. The period around the Chinese New Year has historically been favorable for Bitcoin, with predictions from 10x Research hinting at the possibility of Bitcoin reaching $48,000 due to these seasonal gains. This expectation is grounded in the analysis of past market behaviors during this time of the year, underscoring the cyclical nature of Bitcoinâs price movements.
The introduction of Bitcoin ETFs by financial giants such as BlackRock and Fidelity also played a crucial role in the market dynamics at the beginning of February. These ETFs not only brought a new liquidity influx into the Bitcoin market but also marked a significant milestone in the mainstream financial adoption of Bitcoin. The liquidity and accessibility provided by these ETFs have been instrumental in attracting a wider array of investors to the cryptocurrency market, potentially influencing Bitcoinâs price stability and growth.
Spot Bitcoin ETFs doing as well as they are was bound to have a positive impact on Bitcoin, too: BlackRockâs BTC ETF inflows are now the fifth-highest among all exchange-traded funds in 2024.
Moreover, a noticeable pattern of whale accumulation was observed, with substantial purchases by large holders contributing to a bullish sentiment around Bitcoin. This accumulation phase indicated a strong confidence among seasoned investors in Bitcoinâs long-term value, further buoyed by the marketâs positive response to the ETF launches.
The only stain on Bitcoinâs great week was caused by considerable miner reserve outflows, as recorded in a report by Bitfinex Alpha. These outflows started on January 12, right after the announcement of spot BTC ETF approvals. According to the aforementioned report, these outflows are likely caused by mining companies rebalancing their wallets as well as miners wanting to profit from the big news event.
Although the miner outflows could be regarded as a cause for concern, they are not really viewed as such by various experts and analysts. Their scale is not big enough yet to raise alarms, and many possible reasons can explain this behavior. In addition to the ones mentioned above, it is also likely that some miners are looking to liquidate their assets in order to upgrade their mining equipment ahead of the upcoming Bitcoin halving.
Historically, Bitcoin has always experienced a series of ups and downs, with its price being influenced by a wide variety of factors like regulatory changes, market sentiment, technological advancements, and macroeconomic trends. These recent price movements could be seen as a testament to Bitcoinâs ongoing maturation as a financial asset and its increasing integration into the broader financial system.
These developments, taken together, suggest a period of strategic positioning within the Bitcoin market, where investors and market observers closely watch the impact of institutional adoption against the backdrop of historical price patterns. As always, the cryptocurrency marketâs inherent volatility requires a cautious approach, with these recent events serving as critical data points for understanding Bitcoinâs future trajectory.
Between the continued attention to spot Bitcoin ETFs, Ethereumâs upcoming Dencun upgrade, the whispers of upcoming rallies, and various altcoin news, the crypto market is brimming with excitement. The market has been overwhelmingly green this past week, although the price gains have mostly been pretty moderate.
Bitcoin (+8.1%), Ethereum (+6.9%), and BNB (+5.8%) have all had a good week. The biggest gainers within the top 100 this week were DYM (+92.8%), a newly launched modular blockchain, and BTT (+31.6%), whose rise can be associated with an increase in trading volume (over 90% at the time of writing). The biggest loser was Monero, which went down by 30% following the announcement of the coinâs delisting from Binance.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authorâs opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
The post The Latest Crypto Market News: February 2 â 9 appeared first on Cryptocurrency News & Trading Tips â Crypto Blog by Changelly.
Solana Network Experiences Outage
Solana Network experienced an unexpected outage on February 6 because of a bug in an upgrade to the projectâs Berkley Packet Filter (BPF) loader. This incident, which halted block production, is part of a series of challenges the network has faced over time â there was a similar outage almost exactly a year ago, in late February of 2023.
Following the outage, the Solana (SOL) price experienced fluctuations but eventually managed to rebound. Some experts and analysts are now also predicting an âextreme moveâ ahead for Solanaâs price, seeing as it is already up 6% this week.
Historically, Solana has been recognized for its high throughput and low transaction costs: it has positioned itself as a competitor to Ethereum, especially in decentralized finance (DeFi) and non-fungible tokens (NFTs). However, it also encountered several network outages and performance issues in the past, which raised concerns among users and developers about its reliability and scalability.
In response to the February 2024 outage, the Solana community and its developers timely undertook measures to address the technical issues that led to the halt in block production. Such incidents often lead to analyses and improvements to prevent future occurrences. The quick recovery in SOLâs price post-outage suggests continued investor confidence in Solanaâs potential and the broader ecosystemâs ability to overcome technical challenges.
Crypto Price Alerts
Get daily alerts on price changes of the top 10 cryptocurrencies.
Please enable JavaScript in your browser to complete this form.
Email *
Subscribe
What does this mean for the crypto market?
Solanaâs quick recovery, both in terms of its operations and its price, is remarkable â not only is it a testament to the professionalism of its team but also to investorsâ faith in the coin. If SOL does indeed rally in the near future, as predicted by the experts, it will be great news for all altcoins â and specifically Solana-based tokens.
Additionally, this event once again underlines the importance of ongoing development and maintenance in ensuring the stability and growth of blockchain networks. The quick price recovery could indicate a maturing market and the stable support certain cryptocurrencies, like Solana, have gained over the years â the support that helps them overcome technical challenges.
Is Bitcoin Going to Rise?
In February 2024, the Bitcoin market witnessed significant price movements, a reflection of historical patterns and fresh market dynamics. The period around the Chinese New Year has historically been favorable for Bitcoin, with predictions from 10x Research hinting at the possibility of Bitcoin reaching $48,000 due to these seasonal gains. This expectation is grounded in the analysis of past market behaviors during this time of the year, underscoring the cyclical nature of Bitcoinâs price movements.
The introduction of Bitcoin ETFs by financial giants such as BlackRock and Fidelity also played a crucial role in the market dynamics at the beginning of February. These ETFs not only brought a new liquidity influx into the Bitcoin market but also marked a significant milestone in the mainstream financial adoption of Bitcoin. The liquidity and accessibility provided by these ETFs have been instrumental in attracting a wider array of investors to the cryptocurrency market, potentially influencing Bitcoinâs price stability and growth.
Spot Bitcoin ETFs doing as well as they are was bound to have a positive impact on Bitcoin, too: BlackRockâs BTC ETF inflows are now the fifth-highest among all exchange-traded funds in 2024.
Moreover, a noticeable pattern of whale accumulation was observed, with substantial purchases by large holders contributing to a bullish sentiment around Bitcoin. This accumulation phase indicated a strong confidence among seasoned investors in Bitcoinâs long-term value, further buoyed by the marketâs positive response to the ETF launches.
The only stain on Bitcoinâs great week was caused by considerable miner reserve outflows, as recorded in a report by Bitfinex Alpha. These outflows started on January 12, right after the announcement of spot BTC ETF approvals. According to the aforementioned report, these outflows are likely caused by mining companies rebalancing their wallets as well as miners wanting to profit from the big news event.
Although the miner outflows could be regarded as a cause for concern, they are not really viewed as such by various experts and analysts. Their scale is not big enough yet to raise alarms, and many possible reasons can explain this behavior. In addition to the ones mentioned above, it is also likely that some miners are looking to liquidate their assets in order to upgrade their mining equipment ahead of the upcoming Bitcoin halving.
What does this mean for the crypto market?
Historically, Bitcoin has always experienced a series of ups and downs, with its price being influenced by a wide variety of factors like regulatory changes, market sentiment, technological advancements, and macroeconomic trends. These recent price movements could be seen as a testament to Bitcoinâs ongoing maturation as a financial asset and its increasing integration into the broader financial system.
These developments, taken together, suggest a period of strategic positioning within the Bitcoin market, where investors and market observers closely watch the impact of institutional adoption against the backdrop of historical price patterns. As always, the cryptocurrency marketâs inherent volatility requires a cautious approach, with these recent events serving as critical data points for understanding Bitcoinâs future trajectory.
Is The Crypto Market Going To Rally Again Soon?
Between the continued attention to spot Bitcoin ETFs, Ethereumâs upcoming Dencun upgrade, the whispers of upcoming rallies, and various altcoin news, the crypto market is brimming with excitement. The market has been overwhelmingly green this past week, although the price gains have mostly been pretty moderate.
Bitcoin (+8.1%), Ethereum (+6.9%), and BNB (+5.8%) have all had a good week. The biggest gainers within the top 100 this week were DYM (+92.8%), a newly launched modular blockchain, and BTT (+31.6%), whose rise can be associated with an increase in trading volume (over 90% at the time of writing). The biggest loser was Monero, which went down by 30% following the announcement of the coinâs delisting from Binance.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authorâs opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
The post The Latest Crypto Market News: February 2 â 9 appeared first on Cryptocurrency News & Trading Tips â Crypto Blog by Changelly.
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