The Blockchain Bulletin, Feb 8: Ethereum Mirrors its Pattern From 2016
Hey folks! Welcome to another edition of The Blockchain Bulletin. Let’s have a quick peek at the events that took place in the crypto landscape over the last 24 hours. The market witnessed over 115,454 traders in the liquidated state, with total liquidations reaching $296.71 million. Notable liquidations include Bitcoin at $73.02M with its Longs at $45.46M and Shorts at $27.56M, while Ethereum witnessed $64.83M with its Longs at $47.03M and Shorts at $17.80M. XRP saw $17.22M with its Longs at $8.15M and Shorts at $8.71M.
Ondo Chain’s launch is a major step in bridging traditional finance and DeFi, allowing ETFs, stocks, and bonds to integrate with blockchain technology. Institutional interest is growing as a result, further legitimizing digital assets.
Regulatory action is also heating up. The U.S. is preparing for a key hearing on cryptocurrency rules, while the Cboe has filed for SEC approval of XRP ETFs. Meanwhile, Solana is gaining traction, with VanEck forecasting a price rise to $520 following the SEC’s green light for a Solana ETF. Ethereum also shows signs of an imminent bull run, with strong technical patterns supporting further upside.
Related: Consensys CEO Reveals Resilience Against Debanking Attacks
Bitcoin remains at a critical juncture, with market watchers eyeing its ability to sustain bullish momentum. Optimism extends to altcoins, with analysts predicting a revival. Helium (HNT) is already showing positive signals with key support levels.
Institutional investment continues to expand. Gemini is considering an IPO, and BlackRock has increased its stake in Strategy $MSTR to 5%. Meanwhile, Maryland and Kentucky are exploring Bitcoin as a reserve asset, with a Kentucky bill proposing the allocation of up to 10% of state funds in Bitcoin and crypto. Stablecoins are also seeing growth, as USDC’s supply reaches an all-time high of $56 billion.
Related: World Liberty Financial Unveils New Strategic Token Reserve
On the regulatory front, Japan’s Financial Services Agency has requested Apple and Google to remove apps from five unregistered overseas cryptocurrency exchanges, including Bybit, KuCoin, and MEXC. Additionally, Allium and Visa have developed a new methodology for tracking stablecoin transactions, filtering out artificial inflation.
With increasing regulatory clarity and institutional involvement, the crypto market is evolving toward mainstream adoption, positioning blockchain as a crucial component of the global financial system.
