Daily News | Bitcoin Pressure Level Is $98,500, The Number of Institutions Holding BlackRock Bitcoin ETF Increased By 55%
Crypto Daily Digest: Argentine President accused of fraud due to LIBRA tokens, the number of institutions holding BlackRock Bitcoin ETF increased by 55% month-on-month
The market is closed over the weekend, and there has been no change in the flow of funds for crypto-related ETFs.
Argentine President Javier Milei Accused of Fraud in LIBRA Token Scandal
According to The Block, Argentine lawyers have filed a lawsuit against the country’s president, Javier Milei, alleging fraud for his involvement in the LIBRA token project. This scandal escalated after it broke out over the weekend when the token’s value plummeted 95% after Milei’s initial promotion.
“The president’s actions played a key role in the fraud perpetrated by this illegal group,” plaintiff Jonatan Baldiviezo said.
Report: Bitcoin mining industry created more than 31,000 jobs in the United States
As Cointelegraph reported, a study conducted by Perryman Group and published by blockchain advocacy groups Texas Blockchain Council and Chamber of Digital Commerce shows that despite being a nascent field, the Bitcoin mining industry has already created more than 31,000 jobs in the United States directly through mining operations and indirectly through supporting industries.
Twelve states in the United States concentrate most of the country’s Bitcoin mining activities. Texas is the most prominent, creating more than 12,200 jobs directly through Bitcoin mining and related supporting industries. In addition, mining activities contribute more than $4.1 billion to the U.S. GDP each year and effectively support the stable operation of local energy infrastructure by serving as a load-balancing resource for the power grid.
Data: As of Q4, 1,041 institutions held BlackRock IBIT Bitcoin Spot ETF
On February 17, according to Trader T statistics, 1,041 institutions reported holding the BlackRock IBIT Bitcoin Spot ETF in the fourth quarter of 2024, an increase of 55% from 672 in the third quarter of 2024.
Additionally, institutions doubled their Bitcoin holdings in the fourth quarter to 166,000 Bitcoins, of which 30% were held by reporting institutions, compared to 19% in the third quarter.
Market Trends: The market continued to fluctuate, and Bitcoin maintained a trading range of $95,000-$98,500
Market Hotspots
On February 16, Musk tweeted that Grok 3 will be released at 8 pm (Pacific Time) on Monday and a live demonstration will be conducted. As a result, the Meme coin GROK rose rapidly, up 75% in 24 hours, and the current price is $0.005698.
Coinglass data shows that in the past 24 hours, the total contract liquidation in the crypto market was $93.2697 million, of which long positions were liquidated for $63.6729 million and short positions were liquidated for $29.5967 million; the total amount of BTC liquidation was $6.8405 million, and the total amount of ETH liquidation was $8.2872 million.
Mainstream Coins
Bitcoin still maintains a range-bound trend, with an upper-pressure level of $98,500 and a lower support level of $95,000. The current price is $96,440.
Ethereum also maintained a volatile market with a weakening trend. The upper-pressure level is $2,740, and the lower support level is $2,580. The current price is $2,670.
Altcoins did not fluctuate much overall, but there was a slight differentiation. AI and CeFi sectors were relatively dominant, rising by more than 1% in the past 24 hours; Meme and PayFi sectors were relatively weak, with a 24-hour drop of nearly 2%.
Macro News: Texas to hold first public hearing on Bitcoin reserves
On February 17, FOMC voting member and Dallas Fed President Lorie Logan urged policymakers to remain cautious in the coming months. In a moderated discussion in California last Friday, he said, “Even if we get better data and it looks like (inflation) is indeed close to 2%, I think we should be cautious. Because if the labor market and the overall economy are strong, even in this environment, it does not necessarily mean that there is room for further rate cuts.”
According to Cointelegraph, the Texas government website announced that the first public hearing on establishing a potential strategic Bitcoin reserve in Texas is scheduled for February 18, less than a week after the Senate Secretary received the bill. This move is a positive step for the advancement of Bitcoin.
