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Bitcoin holds range as leverage builds in ether and cardano: Crypto Markets Today

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Bitcoin holds range as leverage builds in ether and cardano: Crypto Markets Today

Bitcoin cooled off in Asia hours on Thursday, trading at $68,600 after testing $70,000 during a ferocious U.S. session on Wednesday.

As February draws toward a close, the largest cryptocurrency remains in a trading range that has persisted since early in the month, having tested $62,500 on Tuesday and $71,100 to the upside on Feb. 15.

It’s worth noting that bitcoin broke a similar trading range to the upside in January, trapping breakout traders before the price tumbled from $98,000 to $60,000 over the subsequent three weeks, forming a lower high in this recent bearish cycle.

A few tokens outshone the broader altcoin market. HYPE is up 4.3% since midnight UTC as it moves back toward $30, while privacy token decred (DCR) rose to its highest since November after adding 4%.

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U.S. stock index futures are little changed, with NVIDIA’s earnings report failing to generate sustained upside amid lingering concerns that AI valuation is overdone.

Derivatives positioning

  • Total crypto futures market open interest (OI) has increased by over 6.6% to nearly $100 billion. This is bigger than the increase in the total crypto market cap, indicating there’s been an influx of fresh capital into the market.
  • ADA and ETH futures stand out with OI increases of 21% and 15%, respectively. Several other altcoins have seen increases of 9%.
  • Bitcoin’s OI growth of over 3% appears largely due to the spot price gain.
  • BTC and ETH’s 30-day implied volatility indices, BVIV and EVIV, remain near weekly lows, indicating market calm and supporting continued price gains.
  • Annualized perpetual funding rates for most tokens, including bitcoin and ether, have stabilized to slightly above zero, indicating a renewed bias for bullish, long bets.
  • On Deribit, bitcoin’s price bounce triggered demand for call options at strikes ranging from $85,000 to $90,000. However, the overall options market continues to show a bias for puts, a sign that downside reservations still linger.
  • The $60,000 put option remains the most popular bet, with a notional open interest of over $1.4 billion.

Token talk

  • Layer-1 token posted a 21% gain over the past 24 hours. While the move petered out in European hours, investors are showing appetite ahead of the network’s reward halving coming in March.
  • Uniswap’s governance token (UNI) also jumped, adding 15%. The move can be attributed to a new governance vote that proposes increasing the protocol’s revenue capture across several layer-2 networks.
  • One token that particularly underperformed was , which lost more than 6%, with the selloff continuing into European hours. There is no clear bearish catalyst for the move, which reflects persistent altcoin vulnerability due to a lack of liquidity.
  • Crypto majors and ether (ETH) rose by around 8.5% since Wednesday morning. The moves were intriguing because open interest for both assets increased, suggesting they was backed by leverage as opposed to spot buying, according to Coinalyze.

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Crypto World

ECB Opens Work on ATM, Payments for Digital Euro

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ECB Opens Work on ATM, Payments for Digital Euro

The European Central Bank (ECB) is seeking industry experts to contribute to workstreams focused on how the digital euro central bank digital currency would function across ATMs, payment terminals and acceptance infrastructure. 

In an announcement published Wednesday, the ECB opened applications for two workstreams under its Rulebook Development Group (RDG), covering implementation specifications for ATM and terminal providers, as well as certification and approval frameworks for payment solutions. 

The initiative revolves around defining how a potential digital euro would integrate with existing payment systems and hardware, including support for offline transactions and interoperability with standards used across Europe. 

The move signals a deeper shift from policy design toward implementation planning, with the ECB seeking input on how a digital euro would work across ATMs, payment terminals and related infrastructure, including offline use and existing technical standards.

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Related: ECB reveals Appia roadmap for central bank money in Europe’s tokenized markets

Workstreams target ATM integration, certification frameworks

According to the ECB, one workstream will focus on developing implementation specifications for ATM and terminal providers. This includes communication technologies, offline functionality and the reuse of existing payment standards. 

The second workstream will develop proposals for testing, certification and approval processes for payment solutions and infrastructure used by payment service providers within the digital euro ecosystem. 

Related: Stablecoins could weaken bank lending and monetary policy in Europe: ECB

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The workstreams will report to the RDG, which includes representatives from merchants, payment service providers and consumers. 

The ECB said selected experts are expected to provide technical input to support the development of a standardized rulebook.

ECB targets 2027 digital euro pilot

The ECB previously outlined plans to start selecting European Union-licensed payment service providers (PSPs) ahead of a 12-month digital euro pilot expected to start in the second half of 2027

On Feb. 18, ECB Executive Board Member Piero Cipollone said the pilot would involve a limited number of merchants, Eurosystem staff and PSPs. 

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Digital euro pilot information. Source: ECB

While the developments point toward continued progress on a digital euro, the ECB said a final decision on whether to issue it will only be taken after the relevant legislation is adopted.