By Omkar Godbole (All times Eastern unless otherwise noted)
Although Bitcoin And while other major coins remain under pressure, the AI-generated memecoin on the Solana blockchain is sparkling.
Pippin (PIPPIN), which began as a unicorn image generated by ChatGPT and evolved into an autonomous AI agent that interacts on social media platforms, has soared 135% in the past 4 weeks and is up 10% in just 24 hours.
The rise in the token created by Yohei Nakajima, an innovator and thought leader in artificial intelligence venture capital, appears to be driven by speculation, according to market intelligence platform LunarCrush.
“Pippin’s price action is currently driven by strong speculative interest and rapid market capitalization growth, but concerns about manipulation and ‘criminality’ suggest that current prices may be influenced by the artificial pump rather than organic demand, creating an unstable environment,” it said.
Some social media accounts claimed the rally was involved in money laundering, raising reputational risks for the digital asset ecosystem.
Regardless, PIPPIN’s performance is evidence of the lingering speculative bubble in the market, even though Bitcoin has fallen nearly 50% since October. This suggests there may be more pain to come.
As Bloomberg’s Mike McGlone puts it, “Bitcoin’s bottom may require a further clearing of millions of cryptocurrencies that don’t track any information, as well as a return to stock market volatility.”
Bitcoin fell below $63,000 during the Asian session and has since stabilized near $63,200. Still, it was down about 4% in 24 hours, with ethereum (ETH), Solana (SOL), XRP and the CoinDesk 20 index falling at least as much.
U.S. tariffs and concerns about artificial intelligence-driven disruption to global growth and jobs have put risk assets under pressure.
CryptoQuant said that there is a lack of stable institutional demand, as evidenced by the continued negative Coinbase Premium Index, which measures Coinbase’s Bitcoin premium relative to Binance.
Observers continue to highlight $60,000 as a key level.
Serial entrepreneur and technology investor Vinny Lingham said: “If we lose $60,000, there will be a violent cascading liquidation, and you can say goodbye to any recovery at least until the next halving comes. You may see a bunch of BTC and ETH financial companies bankrupt, and if we lose $60,000, MSTR will fall below $100.”
“If we did lose $60,000, I would expect a similar situation in 2022,”
In traditional markets, the yen fell 1% against the dollar on reports that Japan’s prime minister was taking a tough stance on the Bank of Japan’s plans to raise interest rates. In recent months, the Japanese yen and Bitcoin have developed an incredibly positive correlation. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- Macro
- February 24, 8:15 a.m.: U.S. ADP employment weekly change (previous 10:25)
- February 24, 9 a.m.: S&P Case-Shiller house prices year-over-year (previous value: 1.4%)
- February 24, 10:00 am: US CB consumer confidence expected 86 (previous value 84.5)
- February 24, 1:00 pm: US money supply (M2) in January (previous value $22.4T)
- income (Estimate based on FactSet data)
- February 24: Cipher Mining (CIFR), pre-market, $0.03
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- February 24th: KAST will host an X Spaces session regarding the Pengu card launch.
- The GMX DAO is voting to eliminate the CEX oversupply by restructuring liquidity, setting up a temporary $5 buy-in wall, and suspending staking rewards until the token price reaches $90. Voting ends on February 24th.
- Unlock
- Token issuance
- February 24: WAR (WAR) is listed on Kraken.
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down 2.05% since 4pm ET on Monday to $63,257.26 (24 hours: -4.54%)
- ETH fell 1.95% to $1,826.78 (24 hours: -4.92%)
- CoinDesk 20 down 1.95% to 1,826.19 (24 hours: -4.53%)
- The comprehensive pledge rate of Ethereum CESR increased by 5 basis points to 2.81%
- The BTC financing interest rate on Binance is -0.0032% (annualized -3.5489%)
- DXY rose 0.1% to 97.81
- Gold futures fell 0.69% to $5,189.50
- Silver futures rose 1.32% to $87.71
- The Nikkei 225 closed up 0.87% at 57,321.09 points
- The Hang Seng Index closed down 1.82% at 26,590.32 points
- The FTSE fell 0.25% to 10,657.66
- The Stoxx Europe 50 index fell 0.13% to 6,106.15
- The Dow closed down 1.66% on Monday to 48,804.06
- The S&P 500 closed down 1.04% at 6,837.75 points
- The Nasdaq Composite Index closed down 1.13% at 22,627.27 points
- The S&P/TSX Composite Index closed down 0.12% at 33,776.50 points
- The S&P 40 Latin America Index closed down 1.48% at 3,743.45 points
- The U.S. 10-year Treasury bond rate rose 0.8 basis points to 4.035%
- E-mini S&P 500 futures rose 0.22% to 6,866.75
- E-mini Nasdaq 100 futures rose 0.33% to 24,843.50
- E-mini Dow Jones Industrial Average futures rose 0.15% to 48,922.00
Bitcoin Statistics
- Bitcoin dominance: 58.35% (-0.51%)
- Ethereum-Bitcoin ratio: 0.02881 (0.32%)
- Hash rate (seven-day moving average): 1,014 EH/s
- Hash price (spot): $27.70
- Total fee: 2.6 BTC / $170,446
- CME Futures Open Interest: 113,640 BTC
- BTC in gold: 12.2 ounces.
- Bitcoin and gold market capitalization: 4.23%
technical analysis
- This chart shows Ethereum’s daily price fluctuations in the form of candlesticks.
- Ethereum is facing fresh selling pressure and may soon retest recent lows at $1,781.
- If buyers fail to defend this, focus will shift to $1,385, the low reached last April. This level marked the end of the downtrend at that time.
crypto stocks
- Coinbase Global (COIN): Closed Monday at $160.24 (-6.48%), after closing at $157.85 pre-market -1.49%
- Circle Internet (CRCL): Closed at $61.17 (-2.94%), -1.05% at $60.53
- Galaxy Digital (GLXY): Closed at $20.34 (-4.06%), -1.52% at $20.03
- Bullish (BLSH): Closed at $30.63 (-3.59%), -1.40% at $30.20
- MARA Holdings (MARA): Closed at $7.88 (-1.13%), -1.90% at $7.73
- Riot Platforms (RIOT): -0.19% to close at $15.65, -1.47% to close at $15.42
- Core Scientific (CORZ): Closed at $16.89 (-2.37%), -0.47% at $16.81
- CleanSpark (CLSK): Closed at $9.82 (+1.76%), -1.93% at $9.63
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $39.76 (+2.36%), -0.58% at $39.53
- Exodus Movement (EXOD): Closed at $9.55 (-3.14%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $123.71 (-5.60%), -1.06% at $122.40
- Strive (ASST): Closed at $7.36 (-9.69%), +0.27% at $7.38
- SharpLink Gaming (SBET): Closed at $6.49 (-3.42%), -1.23% at $6.41
- Upexi (UPXI): Closed at $0.56 (-8.58%)
- Lite Strategies (LITS): Closed at $1.07 (-3.60%)
ETF flows
Spot BTC ETF
- Net daily traffic: -$203.8 million
- Cumulative net flow: $53.79 billion
- Total BTC holdings are approximately 1.26 million
Spot ETH ETF
- Daily Net Traffic: -$49.5M
- Cumulative net flow: $11.51 billion
- The total holdings of ETH are approximately 5.66 million
Source: Farside Investors
