$1.04 Billion Bitcoin Inflows Spark Speculation of Major Market Shake-Up

$1.04 Billion Bitcoin Inflows Shake Crypto Exchanges

According to U.Today, Bitcoin experienced a significant shift in market dynamics as $1.04 billion in net inflows were recorded on exchanges this week. This influx effectively reversed three weeks of outflows, highlighting market hesitancy amidst global economic uncertainties. IntoTheBlock data revealed that Bitcoin's total fees dropped by 10.74% to $3.2 million, while $1.3 billion marked the inflows. Such large inflows often signal potential selling pressure, as traders move assets to exchanges for selling purposes. This development has sparked speculation about a major price movement for Bitcoin, which has been relatively stagnant in recent weeks.

Meanwhile, institutional interest in Bitcoin continues to grow. CNBC reported that GameStop is exploring investments in Bitcoin and other cryptocurrencies, though the company is still evaluating the potential benefits for its business. Bitcoin's price, however, has faced challenges, with a recent decline to $94,000 amidst economic concerns, before stabilizing at $97,612. Federal Reserve Chair Jerome Powell emphasized the ongoing commitment to reducing inflation, which has influenced market sentiment. For more details, visit U.Today at https://u.today/104-billion-bitcoin-stun-crypto-exchanges-whats-happening.

Over 900K Ethereum Withdrawn from Exchanges in 10 Days

Bitcoinist reports that Ethereum has seen over 900,000 ETH withdrawn from exchanges within a 10-day period, signaling strong accumulation by larger investors. This trend suggests reduced sell pressure and growing confidence among long-term holders, even as Ethereum struggles to reclaim the $2,800 mark. The withdrawals indicate that institutional and long-term investors may be preparing for a potential rally, despite the cryptocurrency's recent price volatility.

Ethereum's price has faced challenges, with a dramatic sell-off last week causing a drop from $3,150 to $2,150 in just two days. Currently trading at $2,720, Ethereum remains below critical resistance levels. Analysts believe that reclaiming the $2,800 mark could signal a recovery, while failure to do so may lead to further downside. The next few days are crucial for determining Ethereum's trajectory. For more insights, visit Bitcoinist at https://bitcoinist.com/over-900k-ethereum-withdrawn-from-exchanges-in-10-days-bullish-surge-on-the-horizon/.

Tencent and Alibaba Invest $30M in HashKey Crypto Exchange

FinanceFeeds highlights a significant investment in the crypto sector as Tencent and Alibaba-backed Gaorong Ventures invested $30 million in Hong Kong-based HashKey crypto exchange. The investment, made at a pre-money valuation of nearly $1.5 billion, strengthens HashKey's position in Hong Kong's regulated crypto market. HashKey, which achieved unicorn status in January, has been expanding its regulatory footprint, securing licenses in Singapore, Japan, and Bermuda.

HashKey's recent developments include a partnership with Ripple to roll out XRPL enterprise solutions in Japan. Despite its legitimate operations, the exchange has faced challenges with over 30 scam platforms misusing its brand. Hong Kong continues to enhance its regulatory framework, granting licenses to 10 exchanges since 2020. For more information, visit FinanceFeeds at https://financefeeds.com/tencent-alibaba-invest-30m-in-crypto-exchange-hashkey/.

Coinbase Reports Strong Earnings Amid Cryptocurrency Growth

The Independent reports that Coinbase posted impressive earnings, with an earnings per share (EPS) of $4.68 for the quarter ending December 31, surpassing analysts' expectations of $1.81. Transaction revenue rose by 172% to $1.6 billion, while total revenue reached $2.3 billion, up from $953.8 million a year earlier. Despite these strong results, Coinbase's share price experienced volatility, dropping in pre-market trading before stabilizing later in the day.

Analysts remain divided on Coinbase's future, with some expressing concerns about sustainability and others optimistic about the platform's growth potential. CEO Brian Armstrong emphasized the company's focus on expanding crypto adoption and highlighted the pro-crypto stance of the current U.S. administration. For further details, visit The Independent at https://www.the-independent.com/business/coinbase-share-price-bitcoin-cryptocurrency-b2698308.html.

Coinbase Partners with Aston Martin Aramco F1 Team

Bitcoinist reveals that Coinbase has entered into a partnership with the Aston Martin Aramco Formula One team, becoming its exclusive crypto partner. The deal, paid entirely in USDC stablecoin, marks a significant step in Coinbase's efforts to promote crypto adoption. The Coinbase logo will feature on Aston Martin's AMR25 cars and drivers' suits throughout the season.

This partnership aligns with Coinbase's broader strategy of expanding its brand presence across various sectors. The company is also reportedly in discussions with major U.S. banks to provide crypto trading and custody services. Despite these advancements, Coinbase continues to face legal challenges, including its ongoing case with the SEC. For more information, visit Bitcoinist at https://bitcoinist.com/coinbase-crypto-sponsor-of-aston-martin-aramco/.

Sources: