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February 14, 2024

Bitcoin's Milestone: $1 Trillion Market Cap and Surpassing Giants

Leticia "Letty" Santos
Written byLeticia "Letty" SantosWriter
Researched byNikos PapadopoulosResearcher

Richard Teng, the new chief executive of Binance, the largest cryptocurrency exchange by trading volume, took to his Twitter/X account to comment on the significant milestone reached by Bitcoin today. Bitcoin not only surpassed the $51,000 level but also regained $1 trillion market capitalization for the first time since 2021. Teng described this as a big milestone for Bitcoin.

Bitcoin's Milestone: $1 Trillion Market Cap and Surpassing Giants

Bitcoin Surpasses Giants in Market Capitalization

On-chain data aggregator Glassnode highlighted that with this rise, Bitcoin has surpassed giants such as Tesla, Walmart, and even the fund of Bitcoin critic Warren Buffett, Berkshire Hathaway. This achievement further solidifies Bitcoin's position as the world's largest cryptocurrency.

Bitcoin's Pumping Continues

Bitcoin's upward momentum continued today, fueled by massive inflows into spot Bitcoin ETFs. Yesterday alone, over $600 million flowed into these ETFs, with almost half a billion the day before. Anthony Scaramucci, the founder of SkyBridge Capital, commented on the significant inflows into BlackRock's ETF IBIT, which have now crossed the $5 billion mark, leaving other Bitcoin ETFs far behind.

Binance Founder Faces Legal Troubles

In other news, Changpeng Zhao (CZ), the renowned founder and former chief executive of Binance, may potentially face a prison sentence on charges brought against him by the U.S. Department of Justice (DOJ). While a 10-year prison term seems unlikely, CZ may be sentenced to 18 months, primarily for violating the Bank Secrecy Act. CZ has already pleaded guilty to the DOJ, and Binance has paid a $4.3 billion fine, with CZ resigning from his position at the company.

CZ plans to dedicate more time to himself and engage in selected consulting with young start-uppers. He has also expressed interest in boosting cryptocurrency funding for biotech research.

About the author
Leticia "Letty" Santos
Leticia "Letty" Santos
About

Letty Santos, a vibrant spirit from the heart of Manila, seamlessly merges her passion for Filipino culture with the exhilarating world of online casinos. Bringing a unique Filipino touch to every project, she's a gem in the casino localization realm.

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