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First Mover Americas: Bitcoin Correction Could Be Approaching
The latest price moves in crypto markets in context for Feb. 26, 2024.
Updated Mar 9, 2024, 5:50 a.m. Published Feb 26, 2024, 1:01 p.m.
This article originally appeared in First Mover, CoinDesk's daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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The bitcoin price was little changed Monday, in line with subdued weekend volatility, with one trader saying it could drop to as low as $47,000. "The price of bitcoin has fallen below $51K, which is near the bottom of the consolidation range of the last eight days," Alex Kuptsikevich, FxPro senior market analyst, told CoinDesk in an email. The CD20 broad market gauge has dropped 0.4% in the past 24 hours. Bitcoin hovered around the $51,500 mark, while ether regained $3,100 on the back of the relatively new narrative for spot ether exchange-traded funds (ETFs). After a buoyant week for artificial intelligence (AI)- related tokens, prices fell with and both losing around 4%. Tokens of Ethereum layer-2 platform Mantle zoomed 30% to a lifetime peak at 93 cents. There was no immediately apparent catalyst for the price gains, but it came on the back of mantleETH, a staked version of ether, crossing the $1.5 billion value-locked mark last week.
U.S.-based forex pioneer Oanda is opening a U.K. cryptocurrency trading platform registered with the country's regulator, the Financial Conduct Authority (FCA), based in London and dubbed Oanda Crypto. It's the summation of last year's acquisition of a majority stake in FCA-registered Coinpass, and will offer trading in over 63 cryptocurrency pairs, including bitcoin, ether and XRP, with plans to add more tokens and features over the course of the year, the company said. While some crypto-focused companies tend to stay away from places like the U.S. and other heavily regulated jurisdictions, this was an attractive feature for Oanda, the firm's head of digital assets, Lucian Lauerman, said.
The core team behind decentralized finance (DeFi) protocol Frax Finance could soon follow the leading decentralized exchange (DEX) Uniswap's proposal to distribute a portion of protocol fees to stakers of its native token, Frax's CEO and founder Sam Kazemian told CoinDesk. The ecosystem's governance and utility token is (FXS). Users who lock their FXS receive veFXS tokens, allowing them to keep their utility and governance rights. The veFXS tokens can be staked on the Ethereum mainnet and natively on Frax Finance's layer 2, Fraxtal. The proposal will recommend sharing protocol revenue with veFXS stakers, Kazemian said in an interview. The community voted to stop revenue sharing in 2022.
Chart of the Day
- The chart shows the annualized funding rate for the top 25 cryptocurrencies by market value. The yellow bars represent an annualized percentage rate (APR) of nearly 50%, which indicates excess bullish leverage.
- The market for most coins looks overheated, with APR nearing 50%.
- Excess leverage often presages mass liquidations and rapid price corrections.
- Source: Velo Data
- Omkar Godbole
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Was Sie wissen sollten:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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