What happened in the cryptocurrency market in February and why it is important - BEINCRYPTO Overview

Tesla has invested $ 1.5 billion to Bitcoin, the oldest American bank goes to the cryptocurrency market, and Ripple beats with SEC not for life, but to death. On these and other important events of February, read in the monthly review of Beincrypto

The cryptocurrency market began February with positive dynamics. The market capitalization of digital currencies in circulation increased from $ 1.02 trillion to $ 1.4 throne. The maximum in the monthly interval of the market reached on February 21 at a rate of $ 1.776 trillion.

The month turned out to be rich in records: Bitcoin and Ethereum (ETH) updated historical maxima, and Cardano cryptocurrency (ADA) unexpectedly published in the third place in market capitalization, adding more than 270% in the price.

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Dynamics of the three largest cryptocurrency on capitalization

Bitcoin (BTC)

• Price: $ 46,600.
• Current Market Capitalization: $ 874.9 billion.
• Changing the price per month: + 40%.
• Dominance index: 61.2%.

ETHEREUM (ETH)

• Current course: $ 1450.
• Current Market Capitalization: $ 168.9 billion.
• Changing the price per month: + 10%.

Cardano (ADA)

• Price: $ 1,28.
• Current Market Capitalization: $ 39.5 billion.
• Changing the price per month: + 270%.

What happened in the cryptocurrency market in February

Tesla announced investment $ 1.5 billion in BitcoinIn early February, the TESLA electronic car manufacturer announced the investment of $ 1.5 billion to Bitcoin. In addition, the company stated that they could add the possibility of accepting Bitcoin as payment for goods.

Why this is important: Tesla is one of the giants in the US innovative companies market. Moreover, the shares of the manufacturer of electrocarbers in different counts are included in the top most popular in the stock market. Solving the leading manufacturer of electrocarbers to buy Bitcoin perceived in the cryptosocence as a long-term growth signal cryptocurrency.

The oldest bank of the United States will begin to provide depository services for cryptocurrency

The oldest bank of the United States, The Bank of New York Mellon, will begin to provide depository services for cryptocurrency. It is reported that the Financial Institute plans to store not only Bitcoin, but also other cryptocurrency on behalf of the management of assets.

Why it is important: the cryptocurrency community has long been awaiting the coming of traditional financial players to the cryptocurrency market. It is assumed that thus the threshold of entering the market will significantly decrease, intensifying the international adoption of cryptocurrency.

Ripple strikes back: new circumstances revealed

In the course of the hearings in the Securities and Exchange Commission and Exchange Commission (SEC) against Ripple, lawyers of Fintech Startap said that the regulator was supposed to warn market participants that XRP is valuable. However, the SEC did not begin to warn about the status of XRP, even despite requests from cryptocyr.

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Why this is important: this is the first court session of the exchange regulator and Ripple, on which the parties briefly explained their positions. The outcome of the proceedings is extremely important for the company, because in case of loss, the XRP token may be in disfavor among cryptocurrency exchanges, which are directly or indirectly in the jurisdiction of the US legal field.

Blocked activity

It seems that in February, Bitcoin reserves on the stock exchanges ceased their reduction. However, the influx of cryptocurrencies on stock exchange wallets still occurred at the end of the month, when Bitcoin hit the maximum of $ 58,367.

Source: Cryptoquant.com.

It is noteworthy that the identical picture is observed with ETH reserves. For example, as the cryptocurrency began to roll from a maximum of $ 2041, the amount of ETH on the wallets of the stock exchange began to grow. The increase in volume can be explained by the fact that users decided to massively fix profits in anticipation of correction than and provoked market panic.

What to expect next month

• On March 1, Hardfork Mary is scheduled on the Cardano network. However, it is worth noting that Hardforka in Cardano differs significantly from traditional updates. In particular, the updates on the network do not lead to the separation of the blockchain.
• In the first days of March, BCH and BSV delusted will also be held with OKCOIN cryptocurrency exchange. According to the stock exchange, the decision with the discusant is made due to the permanent war between Craig Wright (the main ideologue of the BSV) and the crypto community.
• It is expected that on March 15, the Symbol MainNet network will be launched. The XEM Hodlers should be known before the project is launched - read in a special BEINCRYPTO material.

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