The Weekly Crypto Update (16/02/2024)

Welcome to our newest edition of The Weekly Crypto Update  — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.

Weekly Crypto Performance

Cryptocurrency market prices continue to rise — just look at these rates! Bitcoin (BTC) and Ethereum (ETH) saw increases of +11.35% and +13.84%, respectively, over the past seven days.

All of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

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Top Crypto Market News

Bitcoin ETFs Witnessed Record Inflows

On an astonishing day for the cryptocurrency market, spot Bitcoin ETFs recorded a jaw-dropping $631.2 million in net asset inflows. This remarkable figure is only slightly shadowed by the record set on their first trading day, which saw inflows of $655.2 million. In a more tangible sense, this influx equates to an increase of 12,736 BTC in assets under management (AUM) within a single day.

Leading the charge was the fund from BlackRock, which alone accounted for a staggering $493 million of the total, equivalent to 9,943 BTC. This influx has propelled the volume of cryptocurrency held by the iShares Bitcoin Trust to an impressive total exceeding 105,000 BTC. The expertise of BitMEX Research highlights these movements as significant indicators of growing investor confidence and market strength in Bitcoin.

TRON Announced Its Bitcoin Layer 2 Solution

In a bold move that has captured the attention of the crypto community, TRON has laid out its ambitious roadmap for a Bitcoin layer 2 solution. This initiative is poised to redefine the interoperability and utility of blockchain technologies, heralding a new era for the industry.

The initial phase of this groundbreaking project focuses on the development of a user-centric wallet and tools designed to facilitate the use of BRC-20 tokens, incorporating support for the innovative Ordinals technology. But TRON’s vision extends far beyond this. The subsequent phase will see the organization forging partnerships with several layer 2 protocols for Bitcoin, aiming to foster a collaborative environment for the development of second-tier solutions. This strategic move by TRON, under the leadership of its visionary founder, is set to enhance user experience and expand the functional landscape of Bitcoin.

Crypto Fear & Greed Index Reached Soared to New Heights

As Bitcoin’s value surged to the $50,000 milestone, a palpable wave of optimism swept through the cryptocurrency sector. The Crypto Fear and Greed Index, a barometer of market sentiment, soared to 79, marking its highest point since November 2021. This surge in positivity is a testament to the market’s robust recovery and its transition into a bullish phase, a trend that has been steadily building since last fall.


Crypto Fear & Greed Index Chart (source:

For years, the index lingered below the 70-mark, reflecting a cautious or even pessimistic outlook among investors. However, the recent upturn signals a significant shift in the collective mindset, driven by renewed confidence and a bullish outlook on the market’s future.

Stay tuned for more updates and insights into the world of cryptocurrency!