Bitcoin Tops $50K With 91% Of Addresses Now In Profit
Bitcoin has recently approached the $50,000 mark, a level not seen since December 2021, following a week of significant bullish movement. This bullish trend is further supported by the substantial growth in the value of Bitcoin stored in ETFs, suggesting that investor interest and market participation remain strong.
Data reveals that 91% of Bitcoin addresses are now profitable, a sentiment bolstered by the asset’s continual surge in value and the approaching halving event for Bitcoin miners, which historically triggers further price increases.
The IntoTheBlock data indicates that 46.87 million Bitcoin addresses are in profit, with only a small portion of addresses at a loss or breaking even.
The majority of Bitcoin holders who bought their assets within the price range of $40,919.92 to $55,413.77 are now in profit, indicating a strong bullish sentiment in the market.
Spot Bitcoin ETFs now manage over $10 billion worth of BTC, with significant net inflows indicating robust market activity and potential for further price increases.
Aurelius Launches on Mantle
Aurelius, a new collateralized debt position (CDP) protocol, has launched on the Mantle Network. Aurelius is the first Chapter from the Bytemasons that utilizes cutting-edge Ethos Reserve technology to redefine the Mantle Network's financial ecosystem.
Aurelius introduces unique features like the $AUSD stablecoin and access to the Granary Finance lending market, enhancing liquidity and facilitating smoother financial transactions.
Aurelius has reached a significant milestone by hitting 100,000 in Total Value Locked within the first week of launch
Aurelius has secured strategic partnerships with teams such as Ramses and Cleopatra DEX.
Aurelius's launch has been backed with a substantial grant from the Mantle Network, marking the start of a new chapter in the DeFi space.
Frax Launches Modular Layer 2 Blockchain
Frax Finance, a leading entity in the stablecoin sector, has unveiled Fraxtal, a novel Ethereum Layer 2 blockchain developed with the Optimism (OP) stack in mind. This advancement is marked by a unique approach to rewarding users and developers through a dynamic blockspace incentive system known as Flox.
Fraxtal aims to carve out a unique position in the competitive Layer 2 market by introducing the Flox reward system, which is tied directly to chain utilization.
The upcoming airdrop for veFXS stakers will set the stage for the Flox mechanism's activation, promising rewards for both developers and users actively enhancing the Fraxtal ecosystem.
In collaboration with prominent Web3 infrastructure entities, including Etherscan and Chainlink, Fraxtal promises an accessible, cost-efficient platform compatible with Ethereum's virtual machine (EVM), thereby ensuring a seamless experience for its users.
The platform is planning to launch a retroactive public goods funding system (RetroPG) aimed at further encouraging development and infrastructure improvement, reflecting a strong commitment to the Superchain ecosystem's growth.
Solana Blockchain Live After 5-Hour Outage
After experiencing another significant outage that lasted five hours, the Solana blockchain network has successfully resumed operations.
The Solana outage, lasting five hours due to a required upgrade, ranks as the fifth longest in its history, and is the eleventh instance of degraded performance in the last two years.
Despite the fix, this incident marks another notch in the platform's history of reliability issues, sparking concerns among its user base and investors.
Moreover, the price of SOL, the native token of Solana, took a hit, dropping by over 3% during the period of downtime.
Despite facing scrutiny over its operational stability, Solana has seen a significant surge in its valuation, with SOL price increasing by more than 600% since the collapse of FTX, an ecosystem heavily backed by its founder Sam Bankman-Fried.
Kraken, OKX the latest crypto exchanges moving into new markets
Kraken and OKX are expanding their operations into new markets, with Kraken securing regulatory approval from the Dutch Central Bank to operate in the Netherlands and OKX launching a new platform in Argentina.
Kraken's operation in the Netherlands is part of a broader effort to consolidate its position in a highly fragmented European market for crypto services.
Europe’s forthcoming Markets in Crypto Assets (MiCA) regulation is prompting crypto exchanges, including Coinbase and Kraken, to establish bases in the EU to continue serving European clients under the new legal framework.
Coinbase has chosen Ireland as its "EU MiCA hub," highlighting a pattern of crypto companies seeking regulatory approval in EU countries ahead of the MiCA implementation.
In Argentina, OKX's new platform supports cryptocurrency trading and staking, tapping into a market with an established crypto presence and a supportive political environment under President Javier Milei.
MetaMask Deal With Robinhood Broadens Crypto Access
MetaMask, a self-custodial crypto wallet, has partnered with Robinhood, the online trading platform, to allow users to buy cryptocurrencies directly. This collaboration enables MetaMask users to purchase digital assets through Robinhood's order flow, while Robinhood users can seamlessly transfer cryptocurrencies to their MetaMask wallets.
MetaMask's integration of Robinhood's fiat-crypto on-ramp, known as Robinhood Connect, into its "Buy Crypto '' feature aims to simplify the process for users to access cryptocurrencies.
Robinhood introduced its on-ramp feature in April, enhancing the capability for users to fund their crypto wallets directly within decentralized applications, promoting a smoother transition to web3.
Lorenzo Santos, a senior product manager at Consensys, highlighted the partnership's goal to provide a more seamless and self-custodial way for individuals to enter the crypto space, leveraging trusted service providers.
In December, before this partnership, Robinhood expanded its crypto trading services to Europe, leveraging the EU's comprehensive digital asset regulations to support its growth outside the U.S.
NY attorney general triples her accusations against Gemini, DCG, seeks $3B
New York Attorney General Letitia James has escalated her legal actions against Gemini Trust and Digital Currency Group (DCG) by seeking $3 billion in restitution for their involvement in alleged fraud through the Gemini Earn product.
The amended complaint's $3 billion figure reflects additional losses from more investors who have since reported being affected by the alleged fraud.
Gemini is accused of falsely claiming its Earn product was highly liquid and that its partner, Genesis Capital, was creditworthy due to ongoing risk monitoring.
The legal tangle includes Genesis's bankruptcy proceedings, where it recently won a court ruling against Gemini over the ownership of Grayscale Bitcoin Trust shares worth approximately $1.2 billion.
In a separate lawsuit, Genesis is suing Gemini trying to reclaim over half a billion dollars, alleging Gemini withdrew funds unfairly before Genesis filing for Chapter 11 bankruptcy.
A preliminary conference for the New York attorney general's lawsuit is scheduled for March 4, indicating that the legal strife between these entities is far from resolution.