February 28 in Crypto: Price Movements and Market Analysis

Crypto News- Bitcoin flirted with the $60,000 mark, inching up almost 4% in a single day, only to see a dip in trading activity over the weekend, as reported by Kaiko. Meanwhile, there’s a potential delay in the extradition of Terraform co-founder Do Kwon to the United States.

BTC came close to hitting $60,000, soaring by 3.79% within a 24-hour period, reaching $58,504, a milestone not seen in over two years and three months.

February 28 in Crypto: Price Movements and Market Analysis

On a broader scale, Bitcoin has surged by more than 13.5% weekly and an impressive 38% monthly, according to data from CoinMarketCap.

This rally follows MicroStrategy’s recent announcement of acquiring an additional 3,000 BTC, totaling $155 million, at an average price of $51,813 between February 15 and 25. MicroStrategy now holds a whopping 193,000 BTC, making it the largest Bitcoin holder among publicly traded companies, having spent $6.09 billion at an average price of $31,544.

Bitcoin Weekend Trading Slumps Amid Rise of Spot ETFs and Institutional Activity

However, Bitcoin trading volume during weekends has dwindled this year, attributed to increased institutional participation and consequent diminished weekend market liquidity, according to crypto research firm Kaiko. Compared to five years ago, when a quarter of Bitcoin’s trading volume occurred on weekends, it has now plummeted to 13% in 2024. This trend is observed both in the United States and offshore, with offshore markets slightly outperforming with a 15% weekend trading volume compared to 11% in the US.

Kaiko also noted a significant improvement in Bitcoin liquidity since the launch of spot Bitcoin exchange-traded funds (ETFs) in the US. However, there have been minimal transfers between ETF issuers and exchanges over weekends.

In a separate development, Do Kwon’s extradition to the United States, co-founder of Terraform Labs, faces a potential delay. Defense lawyers anticipate that Kwon, currently held in Montenegro since March 2023, may not be extradited until the end of March, according to a recent filing with the US District Court for the Southern District of New York by attorney David Patton.