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Bitcoin Rebounds Above $96,000 After a Sharp Drop

Bitcoin rebounds above $96,000 on Thursday after a sharp drop.

Bitcoin sank on Wednesday after US inflation data came in higher than expected, pushing the cryptocurrency to its lowest level in nine days. The price correction accelerated as the US reported a 3% year-over-year increase in the Consumer Price Index (CPI) for January, leading to a retest of the $94,000 support level.

20 US States Push Bitcoin Reserve Bills, Potentially Igniting a $23 Billion BTC Buying Frenzy

Lawmakers across 20 U.S. states have introduced bills aimed at establishing bitcoin and digital asset reserves, potentially resulting in significant state-level investment. Matthew Sigel, head of digital assets research at asset management firm Vaneck, shared on social media platform X on Feb. 12:

We analyzed 20 state-level bitcoin reserve bills. If enacted, they could drive $23 billion in buying, or 247K BTC. This sum is independent of any pension fund allocations, likely to rise if legislators move forward.

These bills in Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania propose various levels of bitcoin allocations from general funds, stabilization reserves, and state treasurers’ accounts.

Riot Platforms Appoints New Directors to Board with Inputs from Starboard, D.E. Shaw

Bitcoin miner Riot Platformsb said on Wednesday it has appointed three new directors to its board after inputs from investors Starboard Value and D.E. Shaw.

The move comes after Reuters reported in January that D.E. Shaw, best known for employing quantitative investment tools to power returns, had built a position in the firm and might push for changes.

Last year, Starboard Value also took an undisclosed position in the company. Starboard had pushed Riot to consider allotting some of its power capacity to artificial intelligence.

Cathie Wood Says Odds of $1,500,000 Bitcoin Price Have Gone Up

ARK Invest’s Cathie Wood says that the chances of Bitcoin (BTC) eventually hitting $1.5 million are improving for one key reason.

In a new update to investors, Wood says that it’s looking more likely that Bitcoin will increase by 1,455% its current value due to increasing adoption by financial institutions.

“Many people know us for our bull case, $1.5 million. And we actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class. So many institutional investors are now looking at Bitcoin and thinking that they need to add it to their asset allocation, because its return profile looks so much different and its risk profile looks so much different from all of the other assets in their portfolios.”

Wood also says that the use of stablecoins is growing fast, with the total value of transactions made last year using digital assets pegged to fiat currency surpassing $15 trillion.

Russian Bitcoin Exchange Co-Founder to Be Freed in Deal for American’s Release

The Russian co-founder of a popular bitcoin exchange will be released from U.S. custody Wednesday, a day after a deal between Washington and Moscow freed American Marc Fogel, a U.S. official said.

Alexander Vinnik, the co-founder of BTC-e, is in U.S. custody in California and being prepared for transport to Russia, the official said. A lawyer for Vinnik confirmed that his family had been informed he was getting ready to be sent to Russia.

U.S. authorities have said BTC-e was a key platform used by cybercriminals to facilitate ransomware extortions, identity-theft schemes and narcotics distribution. Vinnik had been awaiting sentencing in the U.S. in late June, after pleading guilty to conspiracy to commit money laundering. He had been detained since 2017, first in Greece and then in France, before his extradition to the U.S. in 2022 at the age of 42.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $251.03 million. The total net asset value of Bitcoin spot ETFs is $113.91 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.92%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on February 12 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $101.97 million. Following that was ARK 21Shares Bitcoin ETF (ARKB), with a net outflow of 97.03 million, according to SoSoValue.

Source: SoSoValue