Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
With Bitcoin reaching $63,000 as February comes to a close, Gemini paying more than $1 billion in a settlement, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Bitcoin Reaches $63,000 in February 2024
Crypto prices experienced an uptick on Feb. 29 as both bitcoin and ether geared towards concluding the month positively.
On the last day of February, Bitcoin exhibited a gain of over 5%, reaching $63,252.82, as reported by Coin Metrics. It had briefly surged to $64,000 on Feb. 28 before a series of long liquidations prompted a pullback to around $60,000. Ether also grew more than 6%, reaching $3,483.81.
Bitcoin has now surged by 47% for the month, achieving its sixth consecutive month of growth—its most impressive performance since December 2020, when it rose by 49.5%. Ether, on the other hand, has experienced a gain of over 51%.
Gemini Pays More Than $1 Billion in Settlement
Gemini, the cryptocurrency exchange, has committed to reimbursing customers $1.1 billion following a settlement with the New York Department of Financial Services (NYDFS).
Additionally, as part of the agreement, Gemini will be obligated to pay $37 million to the NYDFS due to “significant failures that posed a threat to the safety and stability of the company.”
The NYDFS alleges that Gemini, owned by the Winklevoss twins, Tyler and Cameron, exhibited “compliance, management, and internal audit issues” in the administration of its Earn program. Launched in 2021, Gemini’s Earn program allowed customers to lend their cryptocurrency to Genesis Global Capital in exchange for interest.
MicroStrategy Chairman Gets $700 Million Following Crypto Surge
MicroStrategy’s shares, predominantly influenced by its Bitcoin holdings, surged by 10% on Feb. 28, resulting in a three-day rally that amounted to a 40% increase. Chairman Michael Saylor, who holds a significant 12% stake in MicroStrategy, is the company’s largest investor. Furthermore, he revealed in 2020 that he owns 17,732 bitcoins.
Taking into account both Saylor’s control of MicroStrategy and his Bitcoin holdings, his net worth increased by approximately $700 million compared to the previous Sunday. As of Wednesday, his overall holdings rose from $2.27 billion at the beginning of the week to $2.96 billion in value.
Kraken Announces Kraken Institutional for Crypto Services
Kraken, a renowned cryptocurrency exchange recognized for its emphasis on security and dependability, has introduced Kraken Institutional. This novel venture brings together a comprehensive suite of Kraken’s offerings tailored to meet the requirements of institutional clients, encompassing asset managers, hedge funds, and high net-worth individuals.
Kraken Institutional seeks to function as a comprehensive platform, delivering scalable and seamlessly integrable solutions for institutions venturing into the realm of crypto assets. This consolidation incorporates well-known Kraken services such as spot trading, over-the-counter (OTC) trading, and staking, all fortified by cutting-edge cybersecurity measures and an award-winning account management team.
Published: February 29, 2024
