Crypto News: Feb 21,2024

22 Feb

Crypto News: Feb 21,2024

1. Circle Discontinues Support for Tron Blockchain 🚫

Stablecoin issuer Circle has announced that it will no longer support USDC on the Tron blockchain.

"Circle is discontinuing support for USDC on the Tron blockchain in phases. From this point forward, we will not mint USDC on Tron," the statement read.

Transfers of USDC to other blockchains will be supported until February 2025.

In its decision, Circle cited risk management considerations. "This action is consistent with our efforts to ensure that USDC remains reliable, transparent, and secure," the company stated.

Following this news, the price of TRX, the native coin of the Tron blockchain, remains stable, hovering around 14 cents.



2. Swiss PostFinance: Crypto Trading Starting at $50 💲

PostFinance, a systemically important bank in Switzerland, is launching a new service for its clients—cryptocurrency trading with an entry threshold of $50.

"Cryptocurrencies represent another investment opportunity that is here to stay. The advantage is that our 2.5 million clients can now easily and safely invest in cryptocurrencies," said Philipp Merkt, Director of Investments at PostFinance. "In addition to traditional asset classes such as stocks and bonds, cryptocurrencies represent an attractive investment opportunity within alternative investments."

Thanks to this new offering, PostFinance customers can trade cryptocurrencies from their accounts 24/7.

PostFinance is one of the leading financial institutions in Switzerland, with assets valued at 106 billion francs.



🟢 Current cryptocurrency market capitalization is $2.076 trillion

🟢 Trading volume over the last 24 hours is $103.51 billion

🟢 BTC dominance is 49.2%

🟢 Crypto Fear & Greed Index:

Today 78 "Extreme Greed", Yesterday 72 "Greed", A week ago 72 "Greed"
where, 0 is "Extreme Fear" (can be a sign that investors are too scared—often a good time to buy), and 100 is "Extreme Greed" (the market may need a correction).

On Tuesday, Bitcoin encountered strong resistance at the $53,000 level, initiating a price correction. Today, February 21, 2024, the price dropped to $50,535, narrowly holding the price. I expected a swift fall to $48,000. Let's continue...

Meanwhile, the price of ETH surpassed the $3,000 mark for the first time since April 2022 on Tuesday, continuing its growth streak. The second-largest cryptocurrency by market cap gained about 2.0% in the last 24 hours and has risen more than 13% over the past week.

In March, the Ethereum network awaits the significant Dencun update. Speculation around the launch of spot Ethereum ETFs continues, with the SEC facing initial deadlines for applications for this new exchange-traded product in May.

Is the Market Experiencing Euphoria? 💲

Glassnode reports that the cryptocurrency market is currently teetering between Greed and Euphoria:


Greed has been the prevailing sentiment since October 2023, with a brief period of neutrality during the January drop when BTC's price fell 20% below the $40,000 mark. However, numerous indicators suggest that the peak of Euphoria is still ahead.

For example, Google Trends shows that search queries for "Bitcoin" are currently significantly below the peak values of the 2021 bull rally:



The quarterly retail trading volume on Coinbase in the fourth quarter of 2023 amounted to $29 billion, whereas at the peak of 2021, the volume reached $177 billion.



Several indicators suggest that we are still far from the peak of market Euphoria (There hasn't been a crypto market peak or Alt Season yet). Everything lies ahead...