Bitcoin Dips After US CPI Data, Rebounds to $96,000

By Kapil Rajyaguru

Bitcoin Dips After US CPI Data, Rebounds to $96,000; Ethereum Surges on ETF News, Fails to Hold Gains.

 Bitcoin Price Movement:

• Bitcoin (BTC) saw significant volatility, dipping after the US CPI data came in worse-than-expected, briefly falling to $94,000.
• The price quickly bounced back, hitting $98,000 before settling around $96,000.
• Despite the fluctuation, BTC’s market cap remains over $1.9 trillion.

 Ethereum’s Reaction to Positive News:

• Ethereum (ETH) surged following news of CBOE filing for a spot staked ETH ETF with 21Shares.
• Despite the initial jump, ETH failed to hold gains and is now trading below $2,700.

 Altcoin Performance:

• Binance Coin (BNB), HYPE, and SUI emerged as the biggest gainers among larger-cap altcoins.
• XRP, DOGE, ADA, LINK, AVAX, and XLM are also showing modest gains.
• BTC’s dominance over altcoins has dropped to 57.6%, reflecting a shift in the market towards altcoins.

BNB Flips Solana in Market Capitalization After 22% Weekly Surge.

• The BNB Chain has announced major enhancements in its 2025 roadmap, including sub-second block times, gasless transactions, AI-driven smart wallets, and a goal of processing 100M transactions per day.
• Following the announcement, Binance Coin (BNB) surged 8.1%, surpassing Solana (SOL) in market capitalisation to become the fifth-largest cryptocurrency.
• BNB’s market cap stood at $102.9 billion, about $8.5 billion higher than SOL’s valuation. The asset soared 11.8% in the last 24 hours, reaching an intra-day high of $720 before settling around $705.

Michael Saylor’s Strategy Bags First Bitcoin Purchase Under New Name.

• Corporate Bitcoin holder Strategy, formerly MicroStrategy, acquired 7,633 BTC between Feb. 3 and Feb. 9, 2025, at $97,255 per BTC.
• The purchase came shortly after the company rebranded to “Strategy” on Feb. 5, shifting its focus to a Bitcoin corporate treasury strategy.
• Since its first Bitcoin purchase in August 2020, Strategy has accumulated 478,740 BTC at an average price of $65,033 per BTC.
• This acquisition highlights Strategy’s continued commitment to Bitcoin as a cornerstone of its financial strategy.

Bitcoin HODLer Metaplanet to Join MSCI Japan Index, Raises $26mn to Buy More BTC.

• Metaplanet to join MSCI Japan Index as of the close of play on Feb. 28 
• The MSCI index tracks mid-to-large-cap Japanese stocks, which serve as a key benchmark for institutional investors worldwide. As a result of inclusion, Metaplanet will benefit from increased exposure to global investment funds and exchange-traded funds (ETFs) that track MSCI indices.
• Metaplanet completes a $26 million raise for 0% in unsecured, unguaranteed ordinary bonds to acquire more bitcoin.
• The company disclosed that as of January 28, it has accumulated 1,762 Bitcoins, valued at approximately $171 million. 
• Metaplanet Holdings has seen a dramatic increase in its stock value, surging 4,800% over the past 12 months as of February 10, following the company’s strategic decision to add Bitcoin to its treasury. 
• Metaplanet has set a goal to acquire up to 21,000 BTC by the end of 2026, which would represent 1/1000th of the total Bitcoin supply.  

Tokyo-Listed Gaming Studio Gumi Acquires 1bn Yen Worth of Bitcoin.

• Japanese mobile gaming company Gumi has added Bitcoin to its balance sheet, acquiring 1 billion yen ($6.6 million) worth.
• Gumi plans to earn additional revenue on its Bitcoin holdings through the Babylon staking protocol.
• US tech companies, including Semlar Scientific, KULR Technology, Matador Technologies, and Quantum BioPharma, are also holding BTC on their balance sheets.
• Gumi’s move signals a growing trend of corporate Bitcoin adoption, particularly in Japan and the tech sector

20 US States Push Bitcoin Reserve Bills, Potentially Igniting a $23bn BTC Buying Frenzy: VanEck.

• Lawmakers in 20 U.S. states are pushing bitcoin reserve bills that could inject $23 billion (247K BTC) into the market, according to VanEck’s head of digital assets research, who calls the estimate conservative.
• The push for state-level bitcoin reserves signals a growing acceptance of digital assets in government financial planning. While these proposals are still in the legislative process, their passage could introduce billions of dollars into the cryptocurrency market. 
• If pension funds eventually join the initiative, total investment could increase beyond the current estimates.

Trump Plans to Pick a16z Crypto’s Quintenz to Head CFTC.

 President Donald Trump plans to appoint Brian Quintenz, head of policy at Andreessen Horowitz’s (a16z) crypto division, to lead the Commodity Futures Trading Commission (CFTC).

 Background on Brian Quintenz:

• Quintenz served as a Republican Commissioner at the CFTC during Trump’s first term.
• In December 2022, he joined a16z as global head of policy, focusing on the crypto sector.

 Regulatory Advocacy: Quintenz has been a vocal advocate for regulatory changes to support crypto companies, new technologies, and fintech products.

 Role in Trump Transition Team: He has also been advising Trump’s transition team on crypto policy matters.

 No Official Confirmation Yet: While no official statement has been made, Bloomberg reported the selection, with CFTC Acting Chair Caroline Pham congratulating Quintenz.

SEC, CFTC In Talks To Renew Crypto Regulation Through Joint Panel.

• The SEC and CFTC are reportedly exploring ways to work together on crypto regulation.
• Both agencies may revive the inactive CFTC-SEC Advisory Committee on Emerging Regulatory Issues, which has been dormant since 2014. 
• CFTC Acting Chair Caroline Pham has called for reviving the committee in 2024, emphasizing a collaborative U.S. regulatory approach.
• Neither the SEC nor CFTC has publicly commented on the potential revival.
• The joint committee’s work may pave the way for new crypto-specific regulations that address current gaps in oversight, boosting market confidence.

US Crypto Exchange Coinbase Eyes India Comeback.

• Coinbase is in talks with the Financial Intelligence Unit (FIU), Tech Crunch reported. 
• The exchange suspended operations in 2022, shortly after starting up in India. It stopped registering new users in 2023.
• The company joins other crypto exchanges in looking to establish, or reestablish a presence in the world’s most populous country. Binance, the largest exchange by traded volume, registered with the FIU after paying a $2.2 million fine for unauthorized operations.
• Bybit, ranked No. 2 on CoinGecko, also registered following a $1 million fine.

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