News Headlines (27th FEB 2024)

AERO, the native token of liquidity protocol Aerodrome Finance, jumped by 77% on Tuesday after a position was acquired by Base Ecosystem Fund, which is led by CB Ventures.

Aerodrome is the largest protocol on the Base blockchain, boasting a market share of more than 30% with $132 million in total value locked (TVL), according to DefiLlama.

“The Base Ecosystem Fund, led by CB Ventures, was launched to invest in the next generation of on-chain projects building on Base,” Aerodrome wrote in a tweet. “We’re excited to announce that the Base Ecosystem Fund has market-acquired an AERO position. Together, we’ll build the future of Base.”

After flirting with $55,000 for much of the day, the price of Bitcoin didn’t hesitate to leap comfortably above $56,000 late Monday—$56,700 as of writing—reaching heady altitude despite more than $157 million in Bitcoin shorts being liquidated over the last 24 hours, according to CoinGlass.

The milestone comes only hours after BTC surged over $53,000, already seeing heights not seen since 2021.

Investors who took a short position on Bitcoin—betting that its price would go down from when the option to buy was secured—are liquidated when the price rises instead, triggering automated actions by exchanges to prevent further losses.

United States-based crypto brokerage firm OANDA is set to begin crypto trading services in the United Kingdom via its registered subsidiary, OANDA Crypto. The crypto subsidiary was established last year after the cryptocurrency brokerage firm acquired a majority stake in Financial Conduct Authority (FCA)-registered Coinpass.

The new crypto trading platform will offer trading services for over 63 cryptocurrency pairs, including Bitcoin BTC $57,005 and Ether $3,270, with plans to add more tokens and features in the coming years.

OANDA’s recent expansion in the U.K. comes more than a year after the firm opened crypto trading services in the U.S. in partnership with Paxos, a popular crypto trading platform. The firm recently moved its European operations away from Malta to Warsaw in Poland, acquiring Polish broker Dom Maklerski TMS Brokers SA, which was later rebranded to OANDA TMS.

According to PANews, Bitcoin mining machine manufacturer Canaan has reported its unaudited financial results for the fourth quarter and full year of 2023. In Q4 2023, the company’s sales reached a computing power of 5.5 million Thash/s, with revenues of $49 million, including mining revenues of $3.7 million. For the full year of 2023, the total sales computing power was 19.6 million Thash/s, with annual revenues of $211.5 million, including mining revenues of $34 million.

Canaan achieved these results by increasing sales and expanding computing power deployment in Africa and the Middle East, as well as optimizing inventory mix strategies.

Javier Milei, the president of Argentina, is making moves to stop the issuance of Argentine pesos to finance the state. According to local reports, Milei is preparing to send a bill to Congress that would penalize money issuance directly with jail time, preventing officials from the central bank from authorizing money printing operations.

The objective of this law would be to maintain the money supply constant while Milei’s administration cleans the economy. This process would precede the dollarization of the country, which was one of the more relevant promises of Milei during its campaign, but that won’t be able to be implemented this year.

Leveraged bets against bitcoin (BTC) lost over $150 million in the past 24 hours as prices rallied 10% for the biggest daily gain since October, spurring calls for a firm new bull market.

BTC briefly topped the $57,000 level early Tuesday to reach its highest price since November 2021 on the back of multiple catalysts, such as rising volumes on spot bitcoin exchange-traded funds (ETF) and institutional buying.

Covering shorts may have contributed to the asset’s strength since the start of this week. Data from CoinGlass show short bets have lost over $180 million since Sunday. Still, open interest jumped from $48 billion to nearly $54 billion – showing a rise in bullish bets as traders expected volatility.

Terraform Labs co-founder Kwon Do-hyeong will likely miss the start of the March 25 U.S. Securities and Exchange Commission trial on fraud charges amidst the delay in his extradition, Reuters reported citing Kwon’s defense attorney.

Kwon’s lawyer David Patton said Monday in a letter filed to a New York federal court that the former Terra leader does not seek to postpone the trial date, Reuters reported. Kwon previously expressed desire to attend the trial in person, pushing back the trial originally set in January to March.

Outflows from the Grayscale Bitcoin Trust (GBTC) have cooled off again after a brief spike in sales last week, reaching new lows since the fund officially converted into an ETF in January.

On Friday, U.S. Bitcoin spot ETFs saw $232.2 million of net inflows, which included $44.2 million of outflows from GBTC. This followed a day of only $55.7 million of outflows on Thursday, both marking the lowest daily outflows from Grayscale in the past 45 days.

Crypto exchanges in Hong Kong have until Feb. 29 to apply for a virtual asset trading platform (VATP) license issued by the city’s Securities and Futures Commission (SFC) or otherwise liquidate their business and exit the region within three months.

As of Feb. 26, 18 crypto exchanges have applied for registration with the SFC, including OKX, Bybit, and Binance-linked HKVAX. Four other applications have been withdrawn since the licensing regime opened in August 2023. Huobi HK, the Hong Kong subsidiary of crypto exchange Huobi (now HTX), filed a VATP application on Feb. 20 but withdrew it three days later. The exchange did not state why it withdrew the application.

According to BlockBeats, Meme tokens have seen a widespread increase in value on February 27th. Among the tokens experiencing gains are WIF, PEPE, WEN, FLOKI, and COQ.

WIF saw a 24-hour increase of 62.0%, with a current price of $0.5643. PEPE experienced a 24-hour gain of 55.5%, with a current price of $0.05214. WEN’s 24-hour increase reached 32.6%, with a current price of $0.049344. FLOKI’s 24-hour gain was 24.1%, with a current price of $0.044565. Lastly, COQ saw a 24-hour increase of 19.4%, with a current price of $0.05175.

These significant gains in Meme tokens highlight the volatile nature of the cryptocurrency market and the potential for rapid growth in value.