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Your day-ahead look for Feb. 24, 2026
Even as leading cryptocurrencies decline, some speculative areas of the market are thriving. (Linny Miles/Pixabay)
What to know:
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By Omkar Godbole (All times ET unless noted differently)
While bitcoin and other significant tokens experience downward pressure, an AI-generated memecoin on the Solana blockchain is gaining attention.
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Pippin (PIPPIN), which originated from a ChatGPT-generated unicorn image and has developed into an autonomous AI agent that engages on social media, has surged 135% in the last four weeks, with a 10% increase in the last 24 hours alone.
The uptick in the token developed by Yohei Nakajima, an innovator in AI venture capital, seems to be fueled by speculation, according to market intelligence provider LunarCrush.
"Pippin’s price activity is now influenced by substantial speculative interest and swift market cap expansion, but apprehensions about manipulation and potential illicit activities indicate that the current price may be subject to artificial inflation instead of genuine demand, leading to a volatile atmosphere," it stated.
Multiple social media accounts have claimed that the price surge is linked to money laundering, which poses a reputational threat to the cryptocurrency ecosystem.
Regardless, PIPPIN’s performance illustrates persistent speculative excess in the market, even as bitcoin has dropped nearly 50% since October. This indicates a possibility of further challenges ahead.
As Bloomberg’s Mike McGlone remarked, "A Bitcoin bottom may necessitate a deeper cleansing of millions of cryptocurrencies that are not linked to anything and a rebound in stock market volatility."
Bitcoin fell below $63,000 during Asian trading hours and has since stabilized around $63,200. Nevertheless, it is down approximately 4% over the past 24 hours, with ether (ETH), solana (SOL), XRP, and the CoinDesk 20 Index experiencing similar declines.
U.S. tariffs and concerns about AI-driven disruptions to global economic growth and employment are maintaining pressure on risk assets.
According to CryptoQuant, consistent institutional demand is absent, as evident from the ongoing negative Coinbase Premium Index, which gauges the bitcoin price premium on Coinbase compared to Binance.
Market participants continue to point out $60,000 as a crucial level.
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"If we breach $60k, significant cascading liquidations are likely, and any recovery will be out of reach, at least until the next halving. You could see several treasury firms for both BTC and ETH collapse, alongside MSTR dropping below $100 if we fall below $60k," stated Vinny Lingham, an entrepreneur and technology investor.
"I anticipate a blowup similar to 2022 if we do lose $60k," Lingham added.
In traditional markets, the yen weakened by 1% against the U.S. dollar following reports that the Japanese prime minister is adopting a stringent stance on the Bank of Japan’s plans to raise interest rates. The yen and bitcoin have developed an unusual positive correlation in recent months. Stay vigilant!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For an expanded list of events this week, see CoinDesk’s "Crypto Week Ahead".
- Crypto
- Feb. 24: SSV Staking testnet launches.
- Macro
- Feb. 24, 8:15 a.m.: U.S. ADP employment change weekly (Prev. 10.25K)
- Feb. 24, 9 a.m.: S&P Case-Shiller home price YoY (Prev. 1.4%)
- Feb. 24, 10:00 a.m.: U.S. CB consumer confidence est. 86 (Prev. 84.5)
- Feb. 24, 1:00 p.m.: U.S. money supply for January (M2) (Prev. $22.4T)
- Earnings (Estimates based on FactSet data)
- Feb. 24: Cipher Mining (CIFR), pre-market, $0.03
Token Events
For an expanded list of events this week, see CoinDesk’s "Crypto Week Ahead".
- Governance votes & calls
- Feb. 24: KAST to host an X Spaces session on the launch of the Pengu Card.
- GMX DAO is voting to neutralize CEX supply overhang by restructuring liquidity, imposing a temporary $5 buy-wall, and pausing staking rewards until the token price hits $90. Voting concludes on Feb. 24.
- Unlocks
- Nothing scheduled.
- Token Launches
- Feb. 24: WAR (WAR) to be listed on Kraken.
Conferences
For an expanded list of events this week, see CoinDesk’s "Crypto Week Ahead".
- Day 2 of 4: Strategy World 2026 (Las Vegas)
- Day 2 of 2: NEARCON (San Francisco)
- Day 1 of 4: GFTN Forum Japan (Tokyo)
Market Movements
- BTC is down 2.05% from 4 p.m. ET Monday at $63,257.26 (24hrs: -4.54%)
- ETH is down 1.95% at $1,826.78 (24hrs: -4.92%)
- CoinDesk 20 is down 1.95% at 1,826.19 (24hrs: -4.53%)
- Ether CESR Composite Staking Rate is up 5 bps at 2.81%
- BTC funding rate is at -0.0032% (-3.5489% annualized) on Binance
- DXY is up 0.1% at 97.81
- Gold futures are down 0.69% at $5,189.50
- Silver futures are up 1.32% at $87.71
- Nikkei 225 closed up 0.87% at 57,321.09
- Hang Seng closed down 1.82% at 26,590.32
- FTSE is down 0.25% at 10,657
