Major cryptocurrencies experienced gains on Wednesday evening, aligning with the notable surge in traditional markets.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Bitcoin BTC/USD +1.2.0%$26,378Ethereum ETH/USD +2.38%$1,674Dogecoin DOGE/USD +1.50%$0.063
What Happened: Bitcoin surged in Wednesday afternoon trading, reaching a peak of over $26,600. This sets a new high for the week, as the cryptocurrency market begins to recover from the losses experienced in the previous Thursdays dip.
In addition, Solanas SOL, a Layer 1 blockchain, experienced a notable increase of almost 7% during the day. This surge came as Shopify, the popular webshop platform, integrated Solana Pay. This integration enables customers to make payments using the USDC stablecoin.
Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Astar+11.52%$0.06657dYdx+10.16%$2.16Fraxshare+8.15%$6.14
Currently, the global crypto market capitalization stands at $1.06 trillion, a 1.44% increase in the last day.
Stocks closed higher on Wednesday as Wall Street eagerly anticipated the latest quarterly figures from Nvidia, the chipmaker that has soared in popularity due to the artificial intelligence trend in the financial industry. Investor sentiment was further boosted by a decline in yields. The S&P 500 saw a strong 1.1% gain, marking its best daily performance since June 30. Additionally, the tech-heavy Nasdaq Composite rose by 1.6%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe observed that Ethereum experienced a significant dip toward its cycle low in September 2019, which coincided with the eight-month timeframe leading up to the Bitcoin halving. Fast forward to 2023, and it appears that Ethereum is once again undergoing a similar downturn, aligning with the eight-month period before its own halving.
Crypto analyst Benjamin Cowen believes that Ethereum is poised for a significant drop before experiencing a resurgence and reaching new all-time highs.
Cowen reiterates his theory that ETH will need to return to its home on the fair-value logarithmic regression trendline. He points out that during the last cycle in 2020, Ethereum plummeted 33% below this band. Consequently, Cowen suggests that a favorable accumulation range for Ethereum would fall between the price range of $400 and $600.
Photo by Igor Faun on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
A pilot has died after a private jet owned by Motley Crue frontman Vince Neil crashed into another plane at an airport in Arizona.
Neil was not on board at the time of the collision, which happened off the runway at Scottsdale Airport on Monday afternoon.
Neil’s girlfriend Rain Andreani and her friend suffered injuries which are not thought to be life-threatening.
They were taken to hospital with the jet’s co-pilot, who was also injured.
Image: Emergency responders work on Vince Neil’s plane after the collision. Pic: AP
“While details are still emerging, our hearts go out to the families of both the pilot who lost his life and the passengers who suffered injuries,” Motley Crue said in a statement.
“Motley Crue will announce a way to help support the family of the deceased pilot – stand by for an announcement very soon”.
Rain Andreani broke five ribs in the crash and the dogs the women were travelling with survived, TMZ reports.
Donald Trump says the Gaza ceasefire should be cancelled if all remaining Israeli hostages are not returned by noon on Saturday – as he warned Hamas that “all hell is going to break out”.
The US president’s intervention came hours after Hamas has said it will delay the release of more hostages and accused Israel of violating their ceasefire deal.
While signing a series of new executive orders, Mr Trump said he feared many Israeli hostages scheduled for release are already dead.
Referring to his Saturday deadline for the release of hostages, Mr Trump said: “If they’re not here, all hell is going to break out.”
He acknowledged that a decision to end the ceasefire was up to Israel, adding: “I’m speaking for myself. Israel can override it.”
Hours earlier, Mr Trump said Palestinians would not have the right to return under his plan for US “ownership” of Gaza – contradicting officials in his administration who said they would be relocated temporarily.
Image: Widespread destruction seen in Gaza City. Pic: AP
Hamas halts release of hostages
Earlier on Monday, Hamas claimed ceasefire violations had included “delaying the return of the displaced to the northern Gaza Strip, and targeting them with shelling and gunfire”.
Spokesman Abu Obeida said Hamas remained committed if Israel kept to the terms, but that the 15 February handover was postponed “until the occupation commits to and compensates for the past weeks”.
Egyptian security sources told Reuters that mediators now fear the deal will break down.
They said Hamas believes Israel isn’t serious about the ceasefire – which began on 19 January.
They were among about 250 people taken during the 7 October 2023 attack, when 1,200 people were murdered.
Please use Chrome browser for a more accessible video player
1:16
Tears as Thai hostages return home
Five swaps have taken place so far, with 21 hostages and more than 730 Palestinian prisoners released.
Saturday’s exchange was due to involve three more Israelis and hundreds of Palestinians.
Defence minister Israel Katz said any delay in releasing hostages would be “a complete violation” and he had instructed troops to be on highest alert.
The Hostages and Missing Family Forum called on mediating countries to restore the deal, saying “time is of the essence” and citing “the shocking conditions of the hostages released last Saturday”.
The four-mile-long Netzarim corridor separates northern Gaza from the south, and hundreds of thousands of displaced Palestinians have now crossed back over.
However, Israel pushed back the withdrawal by a few days in protest at the chaotic release of hostages Arbel Yehud and Gadi Moses.
This may be what Hamas is referencing what it talks of “delaying the return of the displaced”.
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1:03
Palestinians return to destroyed Netzarim
There have also been examples of Israeli troops shooting at or near Palestinians approaching Israeli forces after being warned to stay back.
So far, little progress has been made on an extension to the first six-week phase of the ceasefire.
A delegation from Israel has arrived in Qatar for further talks amid concern the deal might collapse before all remaining hostages are freed.
Israel has previously said it will not agree to a complete withdrawal from Gaza until Hamas’s military and political capabilities are eliminated.
Hamas has countered that it will not hand over the final hostages until Israel removes all its troops from Gaza.
Donald Trump says the Gaza ceasefire should be cancelled if all remaining Israeli hostages are not returned by noon on Saturday – as he warned Hamas that “all hell is going to break out”.
The US president’s intervention came hours after Hamas has said it will delay the release of more hostages and accused Israel of violating their ceasefire deal.
While signing a series of new executive orders, Mr Trump said he feared many Israeli hostages scheduled for release are already dead.
Referring to his Saturday deadline for the release of hostages, Mr Trump said: “If they’re not here, all hell is going to break out.”
He acknowledged that a decision to end the ceasefire was up to Israel, adding: “I’m speaking for myself. Israel can override it.”
Hours earlier, Mr Trump said Palestinians would not have the right to return under his plan for US “ownership” of Gaza – contradicting officials in his administration who said they would be relocated temporarily.
Image: Widespread destruction seen in Gaza City. Pic: AP
Hamas halts release of hostages
Earlier on Monday, Hamas claimed ceasefire violations had included “delaying the return of the displaced to the northern Gaza Strip, and targeting them with shelling and gunfire”.
Spokesman Abu Obeida said Hamas remained committed if Israel kept to the terms, but that the 15 February handover was postponed “until the occupation commits to and compensates for the past weeks”.
Egyptian security sources told Reuters that mediators now fear the deal will break down.
They said Hamas believes Israel isn’t serious about the ceasefire – which began on 19 January.
They were among about 250 people taken during the 7 October 2023 attack, when 1,200 people were murdered.
Please use Chrome browser for a more accessible video player
1:16
Tears as Thai hostages return home
Five swaps have taken place so far, with 21 hostages and more than 730 Palestinian prisoners released.
Saturday’s exchange was due to involve three more Israelis and hundreds of Palestinians.
Defence minister Israel Katz said any delay in releasing hostages would be “a complete violation” and he had instructed troops to be on highest alert.
The Hostages and Missing Family Forum called on mediating countries to restore the deal, saying “time is of the essence” and citing “the shocking conditions of the hostages released last Saturday”.
The four-mile-long Netzarim corridor separates northern Gaza from the south, and hundreds of thousands of displaced Palestinians have now crossed back over.
However, Israel pushed back the withdrawal by a few days in protest at the chaotic release of hostages Arbel Yehud and Gadi Moses.
This may be what Hamas is referencing what it talks of “delaying the return of the displaced”.
Please use Chrome browser for a more accessible video player
1:03
Palestinians return to destroyed Netzarim
There have also been examples of Israeli troops shooting at or near Palestinians approaching Israeli forces after being warned to stay back.
So far, little progress has been made on an extension to the first six-week phase of the ceasefire.
A delegation from Israel has arrived in Qatar for further talks amid concern the deal might collapse before all remaining hostages are freed.
Israel has previously said it will not agree to a complete withdrawal from Gaza until Hamas’s military and political capabilities are eliminated.
Hamas has countered that it will not hand over the final hostages until Israel removes all its troops from Gaza.