BTC has surpassed the $59,000 mark after a long interval, reaching its closest point to the all-time high (ATH) since the end of 2021. The rally, which has been ongoing for months and has disappointed analysts who saw it as a bull trap, shows no signs of ending. Moreover, a significant portion of altcoins has also begun to recover. So, what happened in the crypto market on February 28th?
Current State of Cryptocurrencies?
Bitcoin’s price is on the rise, and the cumulative value of cryptocurrencies has climbed to $2.21 trillion. The total volume over 24 hours has exceeded $111 billion. Considering the days when we saw a daily volume of $13 billion, this is a significant gain.
Bitcoin on the Rise
With a 15.6% increase over the last 7 days, Bitcoin‘s price has reached a market cap peak of $1.165 trillion. Ethereum is also approaching its weekly gains limit of 14%. The biggest gainer among the top 100 cryptocurrencies is PEPE Coin, with an increase of 186%. We had previously mentioned that a major breakout was imminent and that the price could rise above $0.000003. As expected, PEPE Coin surged by 50% just today.
Bitcoin’s price increase coincided with Michael Saylor’s company MicroStrategy’s purchase of 3,000 BTC at an average price of $51,813 between February 15-25. The company, which has acquired 193,000 BTC for $6.09 billion, is in the position of the largest corporate Bitcoin investor.
Do Kwon’s Extradition
Terraform Labs‘ co-founder Do Kwon’s extradition to face a US court was approved by Montenegro. However, the lawyers of the individual blamed for the Terra collapse say the extradition process will not be completed until the end of March. Considering there is a court hearing in the middle of the month, this can be confusing.
Attorney David Patton has stated in a new filing to the US District Court for the Southern District of New York that Kwon, who has been detained in Montenegro since March 2023, is “unlikely to be extradited before the end of March.”
“Kwon will not be able to attend the trial scheduled to start on March 25, 2024. We are presenting this information as a status update for the Court only. Regardless of the timing of Kwon’s final extradition, we will not request a postponement of the trial date.”
