Today's News Highlights:
The White House will host the first cryptocurrency summit on March 7.
Insiders: The U.S. SEC will hold a series of roundtable meetings with cryptocurrency industry participants, with the first meeting scheduled for March 21.
The Arizona State Senate has voted to pass two cryptocurrency reserve bills, both of which have been submitted to the state legislature for further review.
BlackRock confirms it has added its Bitcoin ETF to its model portfolio for the first time.
The Trump Organization has applied for a trademark for "TRUMP" to launch a metaverse and NFT trading platform.
The Chicago Mercantile Exchange will launch SOL futures on March 17.
The daily issuance of Solana network memecoins has dropped to 40,000, the lowest level since December 25 of last year.
Bitcoin has returned to the top ten in global asset market capitalization, with a 24-hour increase of 7.02%.
Regulation/Macro
The European Central Bank (ECB) recently revealed that it is assessing the impact of a more deregulated cryptocurrency ecosystem on financial markets. In a memo from the January monetary policy meeting, the ECB mentioned that the Trump administration's lenient stance on crypto assets could pose long-term risks, including issues related to leverage and overvaluation. The ECB pointed out that deregulation in the U.S. financial system, particularly in the crypto asset sector, could exacerbate financial stability risks and even lay the groundwork for future financial crises.
Recently, there has indeed been a relaxation of regulation in the U.S. cryptocurrency market, such as the SEC withdrawing multiple lawsuits against cryptocurrency exchanges. Despite the rapid development of the cryptocurrency market, the ECB remains cautious about its risks and regulatory issues, believing they could pose a long-term threat to global financial stability.
Fox Business reporter Eleanor Terrett posted on X platform stating, "Two insiders told me that the SEC's cryptocurrency working group is preparing to hold a series of roundtable meetings with industry participants, themed 'Spring Sprint Towards Cryptocurrency Clarity.' The first of five planned roundtable meetings will take place on March 21 at the SEC office in Washington, D.C. I learned that the theme of the first meeting is 'Defining Securities Status.'"
Judge Dismisses SEC Lawsuit Against Hex Token Founder Richard Heart
According to an announcement from the UK's Financial Conduct Authority (FCA), between December 30, 2021, and March 12, 2022, London resident Osunkoya operated unregistered cryptocurrency ATMs at 28 different locations through his company GidiPlus Ltd, involving over £2.5 million. He was ultimately sentenced to four years in prison. This ruling marks the first conviction in the UK for unregistered cryptocurrency activities.
Previously, the FCA collaborated with law enforcement to crack down on illegal cryptocurrency ATMs nationwide. In 2023, the FCA visited 38 locations and dismantled 30 machines. The number of cryptocurrency ATMs promoted on CoinATMRadar in the UK has dropped from over 80 in 2022 to zero in 2024.
U.S. stocks closed lower on Thursday, with the Dow Jones down 0.45%, the S&P 500 down 1.59%, and the Nasdaq down 2.78%. Chip stocks were hit hard, with Nvidia (NVDA.O) down 8.4% and Broadcom (AVGO.O) down 7%. Tesla (TSLA.O) fell 3%, Strategy (MSTR.O) dropped 8.82%, and Coinbase (COIN) was down 2.16%. The Nasdaq Golden Dragon China Index fell 0.9%, with Alibaba (BABA.N) down 1.7%.
According to Cryptoslate, the Arizona State Senate has passed two cryptocurrency reserve bills. The legislature approved the Strategic Digital Asset Reserve Bill (SB 1373) with a vote of 17 in favor and 12 against. This bill will establish a digital asset strategic reserve fund managed by the state treasurer. Meanwhile, the Strategic Bitcoin Reserve Bill (SB 1025) received 17 votes in favor and 11 against. This proposal aims to authorize public funds to invest directly in cryptocurrencies. Both bills have now been submitted to the state legislature for further review.
The White House will host the first cryptocurrency summit on March 7
According to DEGEN NEWS, the White House will host the first cryptocurrency summit on March 7.
Attendees of the White House's first cryptocurrency summit include founders, CEOs, and investors
Fox Business reporter Eleanor Terrett stated on X platform that President Trump will attend the first White House cryptocurrency summit and deliver a speech on March 7. Attendees will include prominent founders, CEOs, and investors from the cryptocurrency industry, as well as members of the Presidential Digital Asset Working Group. The summit will be hosted by White House A.I. and cryptocurrency czar David Sacks, with the working group's executive director Bo Hines managing the event.
After PCE data release, traders continue to bet on a Fed rate cut in June
According to Jinshi, futures traders continue to bet that the Federal Reserve will resume rate cuts in June, as data shows that January inflation rose as expected. They still believe that the likelihood of a second rate cut in September is greater than that of no cut. Data shows that the year-on-year personal consumption expenditures price index fell from 2.6% in December to 2.5% last month, while the core PCE index dropped to 2.6%.
Project Updates
BlackRock confirms it has added its Bitcoin ETF to its model portfolio for the first time
According to Bloomberg, BlackRock Inc.'s investment outlook shows that it is increasing its allocation of 1% to 2% to the $48 billion iShares Bitcoin Trust ETF (ticker: IBIT) in its target allocation portfolio that allows for alternative assets. Although this is just a small part of BlackRock's overall model portfolio business, this move opens a potential new demand channel for IBIT, especially amid a downturn in cryptocurrency market sentiment. The model portfolio packages funds into ready-made strategies and sells them to financial advisors, and adjustments to its holdings could lead to significant inflows or outflows.
Michael Gates, the chief portfolio manager of BlackRock's target allocation ETF model portfolio series, wrote in an investment commentary on February 27: "We believe Bitcoin has long-term investment value and may provide a unique and additional source of diversification for portfolios." A BlackRock spokesperson confirmed that the company has adjusted its model portfolio allocation.
The Chicago Mercantile Exchange will launch SOL futures on March 17
According to a press release, the Chicago Mercantile Exchange Group (CME Group) announced plans to launch Solana (SOL) futures on March 17, pending regulatory approval. Market participants will have the option to trade micro contracts (25 SOL) and large contracts (500 SOL). CME Group's SOL futures will be cash-settled and based on the CME CF Solana U.S. Dollar Reference Rate, which serves as the daily reference rate for the SOL/USD price, calculated daily at 4:00 PM London time. SOL futures will join the company's suite of cryptocurrency products, which includes Bitcoin and Ethereum futures and options.
According to Unfolded, the Trump Organization has applied for a trademark for "TRUMP" to launch a metaverse and NFT trading platform.
The name of Trump's new metaverse and NFT project is rumored to be "Megaverse"
According to trademark application information, Trump's new metaverse and NFT project is rumored to be named "Megaverse."
The U.S. SEC has delayed the approval of Fidelity's spot Ethereum ETF options
Relevant documents show that the U.S. Securities and Exchange Commission (SEC) has delayed the approval of Fidelity's spot Ethereum ETF options.
CZ tweeted that he will personally add hundreds of BNB liquidity to the weekly winning projects of the "Meme Liquidity Support Program" on BNB Chain until the funds in the address are exhausted (from tokens transferred to his address by others).
Previously reported, BNB Chain has launched a $4.4 million Memecoin liquidity support program.
Microsoft will exit Skype in May this year, with operations continuing until May 5
According to Interface News, Microsoft announced on February 28 local time that it will exit Skype by May 2025 to simplify its free communication products and adapt to customer needs, focusing on Microsoft Teams.
Microsoft stated that during the transition period, users can migrate to Microsoft Teams for free, and Teams users can call and chat with Skype users, while Skype users can also call and chat with Teams users. Additionally, Skype users can export their Skype data during the transition period. Skype will continue to operate until May 5, 2025.
Opinions
CoinShares Research Director James Butterfill posted on the X platform, stating: "Despite the total net outflow of Bitcoin and digital asset ETP/ETFs reaching $2.6 billion this week (a record high), it seems that most basis trades have been closed, and the selling frenzy is subsiding."
Former Brazilian footballer Ronaldinho Gaucho posted on the X platform, stating: "Please be aware of the fake Meme coins currently appearing under my name. Remember, I have not launched any official tokens yet. To the entire cryptocurrency community: stay tuned, as we will soon release significant news here."
Under this tweet, several users commented urging him "not to do anything that would damage his reputation," such as a rug pull after launching a token; others questioned whether his X account had been hacked. It should be noted that many well-known individuals' X accounts have recently been hacked to promote malicious Meme coins, so users should be cautious in discerning.
Binance denied speculation that it was selling off some assets, despite widespread claims on social media during the recent market downturn. Binance refuted these claims, stating they stem from a misunderstanding of its role as an exchange. A Binance spokesperson stated: "Binance has not 'sold off' or 'disposed of' large amounts of tokens as some tweets incorrectly claim. They misunderstand Binance's function as an exchange; we are simply helping users match trades." Some speculation arose from market makers withdrawing large amounts of Solana (SOL) data from Binance's hot wallet, leading cryptocurrency investors to mistakenly believe this was the exchange selling its assets.
Data from Arkham Intelligence shows that market maker Wintermute withdrew over $38.2 million worth of Solana from Binance within 24 hours before 9:02 AM UTC on February 24. These transfers occurred before Solana plans to unlock $2 billion worth of tokens on March 1, when over 11.2 million SOL tokens will enter circulation. A Binance spokesperson explained that similar market makers operate based on their own strategies and are unrelated to the exchange. The spokesperson added: "We cannot know users' decisions, including market makers' asset transfers based on their strategies. Therefore, while blockchain transparency is one of the greatest advantages of cryptocurrency, it is important not to jump to conclusions based solely on transaction screenshots." The spokesperson also stated: "We always encourage users to do their own research and hope the community gains a better understanding of the role of exchanges and the function of market makers."
Nevertheless, industry observers remain concerned about the potential selling pressure from the upcoming token unlock for Solana. Crypto analyst Artchick.eth pointed out that over 15 million SOL (worth about $2.5 billion) will enter circulation in the next three months. Many of these tokens were purchased by companies like Galaxy Digital, Pantera Capital, and Figure at $64 each during the FTX auction. Similarly, crypto trader RunnerXBT mentioned that it is a "dangerous" time to buy Solana and emphasized that Galaxy Digital, Pantera, and Figure will realize unrealized profits of $3 billion, $1 billion, and $150 million, respectively, after their SOL unlock.
Solana Co-Founder: Bitcoin is Insurance, Not an Investment, Ensuring Assets Don't Go to Zero
Solana co-founder Toly responded to community members, stating, "Bitcoin has no value. To put it positively, it is insurance. Based on my life experience, there is a 1% chance that a superpower will collapse every year. For me, spending 1% of my wealth to buy some assets that might not go to zero in that environment is worth it. This is not an investment; it is a cost, and it cannot guarantee that it will work. Bitcoin can do this at both $100,000 and $10,000. If it works, it has almost nothing to do with technology, aside from the initial innovation 15 years ago."
Important Data
Ethereum Spot ETF Saw a Net Outflow of $41.8245 Million Yesterday, Continuing 7 Days of Outflows
According to CoinMarketCap data, in the past month, 5 tokens among the top 100 cryptocurrencies by market cap, including RAY, TRUMP, and WIF, have fallen over 50%, with the following declines: Raydium (RAY): down 69.20%, currently priced at $2.07; OFFICIAL TRUMP (TRUMP): down 59.74%, currently priced at $11.23; dogwifhat (WIF): down 56.95%, currently priced at $0.5686; Virtuals Protocol (VIRTUAL): down 51.21%, currently priced at $0.9871; Bonk (BONK): down 50.96%, currently priced at $0.00001234; Movement (MOVE): down 49.42%, currently priced at $0.4206; Cronos (CRO): down 46.51%, currently priced at $0.06913; Bitget Token (BGB): down 46.43%, currently priced at $3.73; Solana (SOL): down 44.69%, currently priced at $129.55; Ethena (ENA): down 44.29%, currently priced at $0.3907; Dogecoin (DOGE): down 44.24%, currently priced at $0.1846; The Sandbox (SAND): down 43.96%, currently priced at $0.2902.
Bybit Hacker Laundered 14,300 ETH in the Past 24 Hours, Worth About $32.2 Million
According to on-chain analyst Yu Jin's monitoring, the Bybit hacker has paused ETH withdrawals and laundering since 3 PM yesterday, so only 14,300 ETH ($32.2 million) has been laundered in the past 24 hours. The hacker's address still holds 218,000 ETH ($486.6 million).
Data shows that the daily issuance of memecoins on the Solana network has decreased to 40,000, the lowest level since December 25, 2024.
According to 8marketcap monitoring data, Bitcoin has returned to the top ten in global asset market capitalization, with its current market cap approximately $1.694 trillion, surpassing Meta Platforms (Facebook) to rank 10th in global asset market capitalization, with a 24-hour increase of 7.02%.
According to Lookonchain monitoring, in the past 12 hours, 5 whale accounts canceled 5.52 million SOL ($810 million) in staking. Additionally, 3.54 million SOL ($516 million) were deposited into Coinbase Prime.
According to PeckShieldAlert monitoring, 20 cryptocurrency hacking incidents occurred in February, resulting in approximately $1.51 billion in losses, making it the most devastating month in cryptocurrency history. The Bybit incident alone accounted for $1.43 billion in losses, ranking first among the largest breaches in the past five years. The top 5 hacking incidents in February were:
- Bybit: $1.4 billion
- Infini: $49.5 million
- zkLend: $9.66 million
- Ionic: $8.6 million
- sujiYan: $4 million
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