Buterin Aids Musk with PC Issues as Bitcoin ETF Volumes Soar Amidst BitForex Concerns
Summary:
Elon Musk's struggle to install Microsoft Windows on his new laptop without a Microsoft account led Ethereum's creator, Vitalik Buterin, to suggest embracing the desktop Linux community. Meanwhile, Bitcoin's price skyrocketed past $57,000, setting new daily trading volumes record for Bitcoin spot ETFs excluding Grayscale, which boosted the entire crypto market cap to over $2T. Amid this, concerns rose as BitForex exchange halted withdrawals while maintaining eerily silent with clients.
Elon Musk was recently offered some computer advice from Vitalik Buterin, following Musk's dissatisfaction with the requirement of a Microsoft account to install Microsoft Windows on his brand new laptop. All this while, Bitcoin spot exchange-traded funds (ETFs), not including Grayscale, experienced unprecedented daily trading volumes on February 26th, as Bitcoin's price exceeded $57,000, propelling the total crypto market value over the $2 trillion mark.
After Musk grumbled about complications faced when attempting to load Microsoft Windows on his freshly acquired computer, Ethereum's creator, Vitalik Buterin, suggested Musk try desktop Linux instead. Musk had taken to social media on February 26th, frustrated with the inability to operationalize Windows on his laptop without an obligatory Microsoft account, contrasting it with the past when one could opt out of making or signing into a Microsoft account. Musk's tweet triggered myriad responses, with many providing assurances that using Windows without a Microsoft account was still feasible, including some with detailed workaround procedures. However, Musk dismissed these suggestions arguing that the procedure had become overly complicated.
Simultaneously, the spot Bitcoin ETFs, excluding Grayscale, saw record-breaking daily trading volumes on February 26th, accompanied by Bitcoin's price soaring beyond $57,000. However, the current halt in withdrawals and lack of communication from BitForex exchange has raised concerns among customers.
The 'new nine' batch of spot Bitcoin exchange-traded funds (ETF) witnessed a record daily trade volume as Bitcoin claimed values as high as $54,938. Over $2.4 billion was traded from the 'new nine' on February 26th, exceeding the previous milestone of $2.2 billion set on their debut trading day, January 11th, according to Eric Balchunas, Bloomberg ETF analyst.
The price of Bitcoin leaped to $57,000 after the trading hours in New York on Monday, illustrating a 10.8% upward surge from $51,471 to $57,035 in less than a day, based on data from TradingView. Meanwhile, Bitcoin short-sellers incurred a substantial $158 million in losses, while Ether short-sellers faced $44 million in liquidations as indicated by TradingView's data. During the same period, the ten Bitcoin ETFs experienced a notable influx, with a significant $515 million on February 26th, marking one of the biggest influx days since the ETFs received approval on January 11th.
The price of Bitcoin witnessed a significant rally on the 26th of February and nearly brushed past the $55,000 mark, a level which hadn't been reached in over two years. BTC and the wider crypto markets predictably reacted to the intensified inflows into spot Bitcoin ETFs, as seen in the CoinShares data that recorded last week's BTC ETF inflows at $598 million.
The overall assets managed across all crypto exchange-related products reached a peak of $68.3 billion, the highest since December 2021, according to CoinShares' research head, James Butterfill. Meanwhile, the total value of the crypto market increased by 4.4% to a whopping $2.09 trillion, as per CoinMarketCap's data.
This news does not aim to provide investment advice or recommend any trading movements. All forms of investment and trading entail risks, and it is crucial that readers undertake comprehensive research before making any decisions. Reporting credit goes to Geraint Price, Sam Bourgi and Felix Ng.
Published At
2/27/2024 4:00:59 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.