We're excited to announce our new format "Crypto Daybook Americas" will replace "First Mover" on Feb. 24. "Crypto Daybook Americas" is your new morning briefing on what happened in crypto markets overnight to equip you with what you'll need to know about during the coming day. It will arrive in your inbox at 7 a.m. ET to kickstart your morning with comprehensive insights and analysis. If you want a preview, "Crypto Daybook Americas" is already being published on the CoinDesk website, so hop over and take a look. You don't need to do anything to sign up, you'll start receiving "Crypto Daybook Americas" automatically when it starts coming out.

CoinDesk 20 Index: 3,295.07 +3.23%
Bitcoin (BTC): $96,735.15 +0.78%
Ether (ETH): $2,687.58 +0.79%
S&P 500: 6,115.07 +1.04%
Gold: $2,960 +1.17%
Nikkei 225: 39,149.43 -0.79%

Bitcoin climbed to $97,000 with altcoins leading the crypto market higher. XRP was the leader among the broad-market CoinDesk 20 Index with a 12% rise over 24 hours as the SEC acknowledged spot ETF applications, the first step toward a regulatory decision. Bitcoin brushed off the double-whammy of hot CPI and PPI inflation reports this week, demonstrating underlying strength, analysts said. "After a big CPI and big PPI, U.S. 10-year [Treasury bond] yields are unchanged," Geoffrey Kendrick, head of digital asset research at Standard Chartered, said in a note. "This is a pretty constructive sign for digital assets." He projected BTC will attempt a run toward the $102,500 resistance level, barring any negative news headlines on tariffs risking a trade war in the coming days.

Binance founder CZ's dog reveal unleashed frenzy and chaos in the memecoin trading trenches. After teasing the reveal, CZ posted a photo of his malinois named Broccoli. Dozens of BROCCOLI tokens popped up on BNB Chain and Solana launchpads as traders scrambled to capitalize on the sudden attention. CZ didn't endorse any single token, but encouraged the gamble. Token prices spiked then quickly sold off as insiders unloaded their holdings, leaving many holding the bags deep in the red. "The sudden spike and immediate reversal underscored the dangers of playing in the unregulated, lawless and morality-free memecoin economy," CoinDesk's Danny Nelson wrote. "No one profits more than insiders."

Coinbase fourth-quarter earnings beat expectations with trading volumes nearly tripling year-over-year. The Nasdaq-listed exchange reported $2.27 billion in revenue and $1.3 billion in adjusted earnings, well above already bullish analyst forecasts. Digital brokerage Robinhood's blowout report earlier this week driven by crypto trading revenues foreshadowed Coinbase's positive result. The exchange will likely carry the momentum into 2025 and beat first-quarter estimates, broker JMP said, lifting the COIN price target to $475 from $400 and maintaining its market outperform rating.

Historical trends tied to a key indicator suggest bitcoin (BTC) has plenty of upside left as renewed inflation in the U.S. threatens to challenge the rally.

The 200-week simple moving average (SMA) of bitcoin's price, which smooths out short-term market fluctuations to provide a clearer picture of the overall trend, stood at $44,200 at the time of writing, according to TradingView.

Although this is the average's highest point ever, it remains significantly below the previous bull market peak of $69,000 in November 2021.

That may be an important point because past data show bull markets end with the 200-week SMA rising to the record price established in the preceding bull run.

For instance, a bull market ended in late 2021 with the 200-week SMA rising to $19,000, the 2017 peak. Similarly, the bull market of 2017 ended in December of that year, with the 200-week SMA rising to the record price of over $1,200 set four years before.

If the pattern trends hold true, bitcoin's current range between $90,000 and $110,000 will likely resolve bullishly, paving the way for the next upward movement.

- Omkar Godbole