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Ex-Ripple Director Says U.S. Federal Government Is Suppressing XRP Price, Proposes Solution

Lele Jima
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Ex-Ripple Director Says U.S. Federal Government Is Suppressing XRP Price, Proposes Solution

The former director accuses the U.S. federal government of suppressing XRP price as he encourages crypto fans to vote for Attorney Deaton in the upcoming Senate election.

For years, there have been a series of debates regarding whether the price of XRP is being suppressed. With several community members believing that XRP’s price has been suppressed for years, some people blamed Ripple for this suppression.

Experts like pro-XRP YouTuber Jerry Hall claimed that Ripple’s monthly XRP sales are responsible for the price suppression. It bears mentioning that Ripple sells hundreds of millions of XRP monthly to finance its operations.

Federal Government Suppresses XRP

In a startling development, Sean McBride, former director of Ripple’s Global Talent Acquisition, rekindled discussions regarding XRP suppression.

 

However, he blamed the United States federal government for suppressing the price of XRP. Although McBride did not explain how the government suppresses the XRP price, his remark suggests that Ripple’s ongoing legal tussle with the SEC is being used to manipulate the coin.

Furthermore, McBride accused the government of picking winners and losers, specifically in crypto. Allegations about the government picking winners and losers have soared in the crypto community recently.

Critics argue that government agencies, like the SEC, give specific projects a free pass while others suffer regulatory scrutiny. A case in point was William Hinman, former director of SEC’s Corporation Finance, declaring ETH to be a non-security. Since Hinman declared ETH a non-security, the commission has given several tokens the security tag, including MATIC, SOL, and ADA.

Solution to Ending XRP Suppression

To combat the government’s alleged suppression of XRP, McBride urged the community to elect top crypto advocates, like Attorney John Deaton, into office.

Recall that Attorney Deaton recently declared his intentions to run against experienced lawmaker and Democrat Elizabeth Warren in the upcoming Senate election.

Notably, McBride stressed the significance of the upcoming United States election for the XRP community. He said the upcoming election is the most important poll in U.S. history.

He urged XRP holders to stand up against corruption, tyranny, and invasion as part of a broader effort to “Make America Great Again (MAGA).”

McBride believes that electing these crypto enthusiasts in the upcoming election will end the government’s continuous suppression of XRP and address other ills ravaging the crypto industry.

Notably, McBride is not the only Ripple exec who has thrown his weight behind Attorney Deaton ahead of the upcoming election. As reported earlier, Ripple CEO Brad Garlinghouse retweeted a post urging Attorney Deaton to run against Senator Warren.

McBride Shares Update About XRP ETF and Ripple IPO

Despite leaving Ripple, McBride has continued to show concern for XRP and the leading crypto payments company. Since the beginning of this month, McBride has been urging XRP enthusiasts to prepare for a significant development that will be unveiled soon.

In a follow-up post, he speculated that the community will see a spot-based XRP ETF this year or 2025. Furthermore, McBride expects Ripple to go public outside the U.S. by next year.

It remains to be seen whether McBride’s predictions for XRP and Ripple will come true.

XRP Poised for Unprecedented Surge After Bitcoin: Forbes

Abdulkarim Abdulwahab
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XRP Poised for Unprecedented Surge After Bitcoin: Forbes

Forbes senior contributor Billy Bambrough believes digital assets like XRP may be set for unprecedented rallies amid projections of Bitcoin hitting $150,000 by 2025.

In a recent publication, Bambrough emphasized that Bitcoin’s value has grown more than 100% over the past six months to reach $64k. He noted that this significant growth rate has propelled the market values of competing crypto projects such as XRP. 

Notably, during this period, XRP surged by 26% from $0.4744 last September to its current value of around $0.6.

Bitcoin, XRP Set for Unprecedented Surge

The Forbes contributor attributed the Bitcoin rallies to the recently licensed Bitcoin exchange-traded funds (ETFs).

Meanwhile, Bambrough noted that Bitcoin and the broader crypto market are poised for “unprecedented institutional adoption,” citing analysts at Bernstein.

According to Bernstein analysts, Bitcoin is on track to hit $150,000 within 18 months due to this institutional adoption.

Also, the contributor quoted Alex Kuptsikevich, senior analyst at FxPro, who noted that while it may be more logical to anticipate weak performance before a halving, the reality suggests otherwise.

Kuptsikevich emphasized that investors must acknowledge this discrepancy, attributing it to “institutionalization.”

Meanwhile, the Forbes commentator highlighted additional factors that could support Bitcoin’s ascent to $150k.

In particular, he referenced Wall Street heavyweights like BlackRock, which have recently entered the Bitcoin market via exchange-traded funds (ETFs).

As The Crypto Basic recently reported, these ETFs have seen staggering inflows exceeding $6.11 billion in less than ten weeks of launch. 

Besides, Bloomberg’s senior ETF analyst Eric Balchunas recently disclosed that the newly licensed nine ETFs experienced an unprecedented single-day volume of $2.4 billion on Monday, February 26.

Furthermore, Balchunas highlighted the staggering $1.3 billion in trading volume for BlackRock’s spot Bitcoin ETF is deemed “insane” for a newcomer in the ETF space.

He emphasized that such volume indicates significant institutional interest, reaching a level that demands more institutional consideration.

XRP When Bitcoin Reaches $150k

Notably, with Bitcoin’s price currently at $62,500, reaching $150,000 by 2025 as projected signifies a bullish rally of 140%.

Applying a similar percentage increase to XRP’s current price of $0.5938 would place its price at approximately $1.43. 

However, such a price target would not be unprecedented for XRP, as the asset reached $3.84 in 2018.

Galaxy Fox The Next 100X Meme Coin? Presale Guide And Analysis

Esra Zuhal
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Galaxy Fox The Next 100X Meme Coin? Presale Guide And Analysis

Over the years, the meme coin market has produced some very profitable assets for investors. Shiba Inu, Dogecoin, and, more recently, Bonk are instances of meme coins that have seen returns of more than 100x.

As we begin another bull market cycle in 2024, Galaxy Fox ($GFOX), a new ICO crypto, has emerged as a possible 100x meme coin. With a new concept and a rapidly expanding presale, $GFOX has emerged as one of the top altcoins to watch. Continue reading to find out if this new presale can reach the 100x milestone by 2024.

BUY $GFOX TOKENS

Galaxy Fox ($GFOX): The Future of Meme Coins

Galaxy Fox ($GFOX) is a new meme coin project that has piqued the crypto community’s curiosity with its unique platform. The project is altering the popular narrative that meme coins have no utility by launching a blockchain gaming network.

This makes Galaxy Fox a hybrid protocol that is intended to reward early investors who not only enjoy the Web 3 runner game but are also rewarded for their participation. Players will earn $GFOX tokens and other NFT in-game benefits for participating and reaching milestones in the web3 runner game.

Galaxy Fox also has improved tokenomics, with only 5 billion $GFOX. The tokenomics will also be deflationary, and $GFOX will also be burnt periodically. The team has an organized distribution system, with about 70% of its total supply allocated to its 10-stage presale. This new ICO crypto has been one of the most successful in recent history. 

BUY $GFOX TOKENS

Why the Galaxy Fox ($GFOX) Presale is Enjoying Massive Support From Investors

Since the ICO of Galaxy Fox was announced, it has welcomed thousands of investors who have contributed to the purchase of over 2.8 billion $GFOX tokens. As a result, this new ICO crypto has raised almost $3.7 million ahead of its launch.

Top experts have linked the massive support for Galaxy Fox to its engagement in the web3 gaming space and its varied utility. The presale of Galaxy Fox has been more profitable than its competitors, recording a 300% price increase to reach its current peak at $0.002178.

In addition, the huge earning potential offered by the game and its versatility have made Galaxy Fox one of the best cryptocurrencies to invest in. The multi-utility nature of the ERC20 coin, $GFOX, thus sets it up for strong adoption potential and substantial rewards. 

Galaxy Fox Raises Excitement, But Can It Be the Next 100x Coin?

While Galaxy Fox is now ranked as the best ICO crypto, can it be the next project to rise by 100x? Historically, some of the best ICOs have brought something unique to the crypto space. 

ICOs like Binance Coin ($BNB), Ethereum ($ETH), $NXT, and Neo ($NEO) that recorded gains of up to 100x all brought something unique to the crypto space. Galaxy Fox is doing the same thing, leading the meme coin space into the future. 

As a revolutionary project that seeks to change the way the meme coin market operates, Galaxy Fox has the potential to be the next 100x crypto. If the project continues on its current trajectory, acing its upcoming launch ahead of the 2024 bull market, $GFOX could join $ETH and $BNB on the list of most successful presales in crypto history.

Closing Thoughts

Galaxy Fox ($GFOX), a new ICO crypto, offers a unique and promising meme coin with the potential for exponential growth. Clearly one of the best ICO presales to start in 2024, the imminent launch of its ecosystem has the potential to spark a 100x price increase for $GFOX, making it one of the top cryptos to buy right now.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter 

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Here Are New Shiba Inu Targets and Support Levels as SHIB Crosses 0.000013

Mark Brennan
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Here Are New Shiba Inu Targets and Support Levels as SHIB Crosses 0.000013

With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward.

Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks.

Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch.

Shiba Inu to $0.00001668?

Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level.

According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level.

SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for.

Cautionary SHIB Note

Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend.

At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span.

There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist.

To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.

Gemini Unveils Plans to Pay Users of Its Defunct Earn Program 100% of Lost Funds Worth $1.8B 

Lele Jima
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0
Gemini Unveils Plans to Pay Users of Its Defunct Earn Program 100% of Lost Funds Worth $1.8B 

Gemini and Genesis have agreed on a settlement that would see customers of its now-defunct Earn program receive 100% of their locked-up crypto assets worth $1.8 billion. 

Leading crypto exchange Gemini has announced that it has reached a settlement in principle with Genesis. The settlement, if approved by the bankruptcy court, would enable customers of the now-defunct Earn program to receive 100% of their locked-up crypto holdings.

Gemini to Reimburse Users’ Assets in Kind 

Notably, Gemini’s Earn customers will receive the exact amount of their crypto assets committed to the Earn program, alongside all appreciation recorded since Genesis halted withdrawals in November 2022. 

For instance, customers who lent 1 Bitcoin in the Earn program before the service was shuttered will receive 1 BTC in return once the court approves. Additionally, Earn customers will also receive any form of appreciation that the assets have accrued over the past 15 months. 

At the time Genesis halted withdrawals in November 2022, the total assets were worth $1.1 billion. Following the recent spike in crypto prices, the assets’ value spiked by $700 million to $1.8 billion. 

Per the announcement, Gemini will reimburse 97% of affected Earn users’ assets within the next two months if the bankruptcy court approves the settlement. Also, the affected users will receive the remaining 3% within the next 12 months. 

Furthermore, Gemini expressed gratitude to the New York Department of Financial Service (NYDFS) for the role it played during the settlement. 

Bloomberg Analyst Reacts 

As expected, the announcement stirred reactions among crypto enthusiasts, with Bloomberg’s ETF analyst James Seyffart commenting on the development. 

Seyffart described Gemini’s plan to pay affected Earn users in kind as massive. Furthermore, he illustrated the tremendous spike in Bitcoin and Ethereum prices since Genesis halted withdrawal service.  

He compared BTC’s price in November 2022, when it traded at $20,000, to its recent surge to $61,000. Similarly, he pointed out that Ethereum has also surged in value from around $1,500 in November 2022 to $3,300 at the time of his tweet. 

Meanwhile, Gemini also revealed other terms of the settlement, which include committing $40 million to Genesis bankruptcy proceedings and paying a fine of $37 million to the DFS. 

Background of the Case 

Launched in February 2021, the Earn program allowed Gemini customers to receive interest by loaning their crypto assets to Genesis. However, Gemini failed to conduct due diligence on Genesis, which did not hold the necessary license to engage in the Earn program. 

The firm also defaulted on $1 billion in loans, with over 200,000 Earn customers affected. 

Consequently, the New York Attorney General’s Office sued Genesis for fraud, with the company filing for bankruptcy in January 2023. 

Ethereum Foundation Moves to Sell $13.3M in ETH Amid Jim Cramer’s Endorsement

Sam Wisdom Raphael
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Ethereum Foundation Moves to Sell $13.3M in ETH Amid Jim Cramer’s Endorsement

The Ethereum Foundation recently moved $13.3 million worth of ETH to Kraken, signaling an intent to sell amid Ethereum’s surge above $3,300 Jim Cramer’s endorsement.

Ethereum rode on the latest market push to reclaim multiple psychological price territories, including the much-coveted $3,300 threshold.

Following the $3,300 breach, the Ethereum Foundation, a non-profit aimed at supporting the Ethereum ecosystem, moved 4,000 ETH to Kraken.

The move, recently spotlighted by surveillance resource Lookonchain, indicates an intent to sell the tokens amid the Ethereum price appreciation.

The market rally had pushed the value of these tokens to $13.3 million, marking a 47% increase, or a difference of $4.3 million, from the assets’ value a month ago when ETH traded at $2,250.

According to Lookonchain, on-chain data confirms that the last time this particular Ethereum Foundation wallet moved tokens to Kraken in a similar move was in January 2022.

At the time, Ethereum had also surged to $3,350, suggesting that the address has continued to sell its holdings above the $3,300 mark.

Notably, following the recent sale, the wallet now holds 33,006 ETH tokens currently valued at $114.9 million from the 39,006 ETH it initially received from the EthDev wallet.

The EthDev wallet is the original multisig address used by the Ethereum Foundation to manage its ETH allocation. It currently holds $1 billion in ETH.

The Ethereum Foundation has continued to initiate ETH sales through different wallets. Last October, the organization sold 1,700 ETH for 2.738 million USDC. As reported by The Crypto Basic, last month, Arkham Intelligence revealed that the Foundation sold $1.6 million worth of ETH amid a price drop.

Latest Ethereum Foundation Sale Coincides with Cramer’s Endorsement

Interestingly, the recent sale from the spotlighted Ethereum Foundation wallet coincides with a remark from Jim Cramer, which looked like an endorsement of Ethereum. Cramer has faced mockery from the crypto community due to market realities often taking the opposite of his calls.

As a result, a comment of endorsement from the CNBC Mad Money host is humorously interpreted as a sell signal. Cramer recently forecasted that the upcoming Ethereum ETF products would ride on the success of the Bitcoin ETF success to “bloom.”

Several crypto community figures said this comment would trigger panic among investors. Market analyst Ali Martinez humorously suggested that the Ethereum Foundation’s latest sale was inspired by Cramer’s comment. 

While these remarks merely represent attempts at humor, it is important to note that the Foundation’s sale occurred before Cramer’s comment.

Floki Team Teases Proposal to Burn 190,918,585,431 Tokens Amid 100% Price Jump

Mark Brennan
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Floki Team Teases Proposal to Burn 190,918,585,431 Tokens Amid 100% Price Jump

The group of developers behind the Floki project plans to burn around 2% of the asset’s circulating supply, amounting to 190,918,585,431 tokens.

The price of Floki has jumped 100% in the past month, outperforming most cryptocurrencies within this timeframe. Amid the growth, the project’s developers look set to champion a new proposal that could further propel prices northward.

A member of the Floki team confirmed that the project plans to float a proposal to burn 190.9 billion FLOKI tokens around 2% of the cryptocurrency’s supply. The permanent reduction of the supply in this manner is meant to serve two purposes, according to Floki’s developers.

First, the move will enhance the scarcity of the token. In a supply and demand-driven market such as the cryptocurrency space, a reduction in Floki’s circulating supply could potentially bolster the value of existing tokens. The assets to be burned if the proposal gains approval are estimated at around $11 million at today’s prices.

The second objective of the proposed burn is to enhance security for the project. The projected burn supply will be sourced from the now-defunct Multichain bridge, which was infamously hacked in 2023. Removing the tokens on the collapsed bridge eliminates any risk of future security exploits.

Will the Burn Lead to a Floki Bull Run?

News of a potential reduction in the circulating supply of Floki has raised questions about a possible jump in the price of the asset. Rightly, the price of FLOKI spiked 70% when the project executed a similar initiative in January 2023.

However, there is no clear way to determine whether the upcoming burn will impact prices positively. For one thing, the January 2023 burn involved a large amount of tokens, valued at over $100 million. 

On the other hand, the crypto market appears to be generally bullish as the market speculates on various assets, reaching new highs. The growing market euphoria could play in FLOKI’s favor.

Earlier this week, the token jumped after a market maker pledged $10 million to buy the dog-themed cryptocurrency. If the hype continues, FLOKI may see a significant rise, perhaps regaining lost ground from its current position as the 130th largest crypto by market cap.

El Salvador President Celebrates $57M Bitcoin Profit, Silencing Critics

Abdulkarim Abdulwahab
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El Salvador President Celebrates $57M Bitcoin Profit, Silencing Critics

Nayib Bukele, the pro-Bitcoin president of El Salvador, lashed out at critics amid Bitcoin’s move to crack 2021 highs, putting the country’s BTC portfolio at an unprecedented profit level.

In a scathing tweet, Bukele called out media pundits who previously scrutinized El Salvador’s bold Bitcoin adoption. He remarked that these critics were on top of their game a few months back while Bitcoin traded low.

In particular, he observed their vocal skepticism during Bitcoin’s downturn, in which they criticized the country’s decision as it navigated through unrealized losses in its investments.

“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” Bukele declared.

However, in a remarkable turn of events, El Salvador’s Bitcoin investment now sees staggering profit profiles. 

New-found Silence

Nayib Bukele took to social media to highlight the conspicuous silence of these critics and media pundits. He remarked on their apparent loss of voice in light of the newfound success of El Salvador’s Bitcoin strategy, saying:

“It’s very telling that the authors of those hit pieces […] are totally silent now.”

Furthermore, Bukele emphasized that should the country intend to liquidate its Bitcoin holdings, it would net an impressive 40% return on investment. However, he emphasized the country’s resilience and commitment to Bitcoin by asserting no plans for sale.

This sentiment aligns with MicroStrategy chairman’s remarks Michael Saylor, who confirmed that the company would continue to buy Bitcoin forever without any sales despite seeing over $6 billion in profit.

Nayib Bukele stressed that the intrinsic value of Bitcoin remains the same regardless of its market fluctuations.

“We won’t sell, of course. In the end, 1 BTC = 1 BTC: this was true when the market price was low, and it’s true now,” Bukele remarked.

Essentially, Bukele emphasized that the criticisms leveled against El Salvador regarding its Bitcoin investment were undeserved.

El Salvador Nets $57M Bitcoin Profit

Per data from a tracking portal, El Salvador holds 2,849 Bitcoin tokens. Over the past three years, it has amassed this Bitcoin portfolio with approximately $121.1 million at an average price of $42,504 per BTC.

Since Bitcoin trades above $62,534 at press time, El Salvador’s BTC portfolio amounts to $178,160,092. This figure translates to an unrealized profit of $57,064,172, reflecting a 47% gain.

Legal Docs Claim Ripple Used GSR Trading Bots to Increase XRP Price, Not Suppress It

Sam Wisdom Raphael
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Legal Docs Claim Ripple Used GSR Trading Bots to Increase XRP Price, Not Suppress It

Legal documents in the Ripple vs. SEC case claim Ripple leveraged trading bots from GSR to increase the XRP price and not suppress it, as earlier speculated by community members.

Dark Horse, the XRP community member, and crypto researcher who spotlighted Ripple’s use of trading bots for past institutional sales, recently shared court documents from the Ripple vs. SEC case detailing the SEC’s argument around the firm’s institutional sales.

Recall that Dark Horse initially suggested that Ripple’s use of these bots from leading market maker GSR contributed to XRP’s price suppression over the years. This theory aligned with speculation surrounding XRP’s price movements amid the perceived underperformance.

However, according to information from the court documents, the SEC contended that Ripple leveraged these bots to increase the price of XRP, contrary to the initial theory of price suppression, as uncovered in the documents by XRP community figure WrathofKahneman. 

Expert Opinion from Ripple vs. SEC Case

The document, filed in June 2023, indicates that the agency contracted the services of an expert, whose details were redacted from the public, to back up these claims.

The expert’s analysis included an in-depth review of Ripple’s communications, SEC-provided documents, and data, scrutiny of publicly available XRP Ledger transactions, historical price data, and personal academic research. 

The expert contended that, at specific junctures, Ripple directed GSR to engage in XRP transactions to either drive prices upward or establish a price floor to prevent declines. Notably, instances of trading directed by Ripple correlated with upward movements or halting declines in XRP prices.

Furthermore, the expert highlighted Ripple’s use of market-making firms to sell XRP strategically, employing tactics to mitigate downward pressure on prices.

The individual noted the imposition of lock-up restrictions on certain sales of XRP, resembling those in traditional IPOs, as a method to stop XRP from slumping.

SEC Claimed Ripple Had Incentives to Keep XRP Price Up

The expert asserted that Ripple and its executives had strong incentives to influence XRP prices, which included an effort to maximize proceeds from sales. 

The substantial transfers of 4.4 billion XRP worth $1.3 billion from Ripple executives Chris Larsen and Brad Garlinghouse to GSR and other entities were noteworthy. These transfers, strategically made over time, aligned with GSR’s programmatic selling of XRP on behalf of Ripple.

Additionally, the expert claimed that Ripple leveraged proceeds from XRP sales between 2017 and 2020 to bridge a funding gap exceeding $800 million, unmet by venture capital fundraising and other revenue sources. 

The expert likened Ripple’s use of XRP to companies leveraging stock, emphasizing the incentive structure for Ripple employees akin to public companies, where increasing share value is a collective goal. 

The SEC’s goal was to prove that Ripple made efforts to increase XRP’s price for the benefit of investors. The charts provided by the SEC and highlighted by Dark Horse claimed that Ripple directed GSR to buy XRP when the price was down and sell when the price hit the top.

Bitcoin (BTC) Trading Volume Hits Multiple Milestones as Price Tops $63K

Mark Brennan
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Bitcoin (BTC) Trading Volume Hits Multiple Milestones as Price Tops $63K

With the Bitcoin (BTC) price soaring to multi-year highs, trading volumes bordering spot and derivatives offerings have hit historic levels as well.

Data from Kaiko shows that as of February 28, the aggregated Bitcoin spot trading volume of centralized exchanges soared to $34.05 billion. This figure comes off as the highest level on record since Sam Bankman-Fried’s FTX Derivatives Exchange collapsed in November 2022.

There is a bullish sentiment surrounding the digital currency ecosystem, which emerges from the intense adoption of spot Bitcoin Exchange Traded Funds (ETF) by institutional investors. The ripple effect of this embrace might account for the boost in CEX trading volume.

Bitcoin Spot Volume By Exchanges

With many trading platforms operating in the crypto scene, the obvious fight to gain a good market share was visible in the Kaiko data. Binance, recognized as the biggest in terms of trading volume, took the lead as BTC volume on the exchange topped $17.09 billion.

Coinbase also had a positive showing, with BTC volume jumping from $1.8 billion on February 27 to $2.98 billion as of February 28. The major shift was also seen on Bybit as the volume soared from $1.97 billion to $3.5 billion.

This CEX boom complements the accumulation in the spot Bitcoin ETF market which as of mid-month had seen its net inflow surpass $4.69 billion. While Kraken and OKX also recorded $1.05 billion and $2.02 billion as of February 28, almost all known exchanges saw an uptick in their Bitcoin trading positions.

Derivatives Market Also Rode the Tide

With the price of Bitcoin recently soaring above the $60,000 mark and jumping as high as $63,913.13, robust activity in the derivatives market was triggered.

The data culled from Laevitas pegs the total volume for Derivatives encompassing Futures, Options, and Perpetual Contracts at $380 billion. Specifically, Bitcoin Derivatives volume jumped to $182 billion, and ETH derivatives trading volume exceeded $72 billion.

While it remains unclear whether this massive growth in trading volume can be sustained for much longer, Bitcoin’s investors and observers are keen on knowing what is next for the cryptocurrency.

For now, Bitcoin’s price and market cap are up 5.58% in 24 hours to $62,452.26 and $1,228,054,768,953 with a trading volume of $91,009,725,18 coming with a 90% uptick.

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