By Kapil Rajyaguru
Bitcoin Bounces Back Above $98K, But Altcoins Steal the Show
Bitcoin shook off the dip below $94K earlier this week and just soared past $98K today—its highest since Monday. But the real action is in altcoins.
Top Gainers in the Last 24 Hours:
- XRP: Skyrocketed to $2.7
- SUI: Hit $3.3
- HYPE & TAO: Up 8% & 15%
- ADA, AVAX, SOL, HBAR: Slightly in the green
Meanwhile, Ethereum’s transaction fees have plummeted. The average cost is now $0.41, a massive drop from the $15.21 peak in the last two years. This could be an opportunity for investors.. Pectra Hard Fork is on the horizon, promising better scalability and censorship resistance. Ethereum Trades around $2750, up by 1% in the last twenty four hours.
But the biggest shock is Argentina’s crypto drama. President Javier Milei endorsed LIBRA, a Solana-based memecoin. Hours later, LIBRA plunged 90%, wiping out $4.4 billion and burning 74,000 traders for $286 million. Calls for impeachment are now louder than ever.
And memecoins are bleeding:
- DOGE: Down 65% from its ATH
- SHIB: Down 82% from its ATH
- PEPE: Down 66% from its ATH
- TRUMP: Down 77% from its ATH
- BONK & FLOKI: Down 73% from its ATH
Solana is also taking hits. It is down 40% since its $293 all-time high in January, and today it dipped below $170 for the first time since November.
The global crypto market cap is $3.24T, a 1.34% increase over the last day.
Strategy Announces $2bn In Convertible Notes To Buy More Bitcoin
Strategy, formerly known as MicroStrategy, has announced the pricing of its $2-billion senior convertible note tranche to purchase more Bitcoin and fund operating expenses.
The notes will feature a 0% coupon and mature on March 1, 2030. Each $1,000 block of notes is convertible to 2.3072 shares of Strategy’s Class A common stock at $433.43 per share — a 35% premium over the current market price.
Strategy’s most recent Bitcoin acquisition occurred on Feb. 10, when it purchased 7,633 BTC, bringing its total holdings to 478,740 BTC, valued at approximately $46.4 billion.
According to SaylorTracker, Strategy is sitting on unrealized gains of over $15 billion and is up over 49% on its BTC investment.
Metaplanet Expands Bitcoin Holdings to 2,100 BTC with $6.6mn Acquisition
Metaplanet has announced that its total Bitcoin holdings have reached 2,100 BTC, now worth $196 million. The firm revealed it recently bought an additional 68.59 BTC for $6.6 million at an average price of $96,335.
The Japanese investment firm has been rapidly increasing its Bitcoin holdings as part of its treasury operations. According to its “Bitcoin Plan,” shared on January 28, Metaplanet aims to reach 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026.
Brazil Leads Latin America with Historic Approval of XRP ETF
Brazil has made history as the first country to approve a spot XRP exchange-traded fund (ETF), signaling its growing influence in the crypto market.
The fund, managed by Hashdex, will soon be available on the B3 stock exchange, with Genial Investimentos overseeing administration.
This approval also coincides with a surge of spot XRP ETF applications in the United States, where the Securities and Exchange Commission (SEC) is currently reviewing proposals from companies like 21Shares, Bitwise, Grayscale, and CoinShares.
According to fresh insights from Polymarket, there is an 80% likelihood that the SEC will approve an XRP ETF in 2025, reflecting high confidence among bettors. This projection is notably higher than the 65% probability assigned by Bloomberg analysts Eric Balchunas and James Seyffart.
US States Utah and Montana Push for Bitcoin Reserve Bill
Utah’s Bitcoin Reserve Bill is gaining momentum after passing a key Senate step. The “H.B. 230” bill, proposed by Rep. Jordan Teuscher, would allow the state treasurer to invest up to 5% of public funds in digital assets like Bitcoin and stablecoins. The bill, which passed the House last month, is set for further Senate review. If approved, it takes effect May 7, 2025.
Meanwhile, Montana has advanced its own Bitcoin reserve bill at the subcommittee level, becoming the fourth U.S. state to do so. The measure would create a revenue account for precious metals, stablecoins, and digital assets with a $750B+ market cap—a category currently met only by Bitcoin. Both states signal growing institutional adoption of crypto-backed reserves.
OpenSea Halts Airdrop Reward System Following Community Backlash
Non-fungible token (NFT) giant OpenSea has halted its newly introduced airdrop reward system following widespread criticism from its user base.
The move comes after concerns were raised regarding the platform’s experience points (XP) system, which users claimed encouraged wash trading, prioritized fee generation, and failed to support builders within the ecosystem.
In response, OpenSea co-founder and CEO Devin Finzer announced that the platform would be pausing XP rewards for listing and bidding activities
The latest controversy comes a month after a report revealed that 7 million email addresses were leaked during OpenSea’s 2022 data breach.
EU Approves 10 Stablecoin Issuers Under MiCA Regulations, Excludes Tether From List
The European Union has approved 10 firms to issue stablecoins under its Markets in Crypto-Assets (MiCA) regulatory framework, excluding Tether, the issuer of USDT.
The approved firms include Banking Circle, Circle, Crypto.com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Societe Generale, StabIR, and Stable Mint.
These companies have issued 10 euro-pegged stablecoins and five U.S. dollar-pegged stablecoins. Tether, the world’s largest stablecoin by market capitalization at over $141 billion, was not on the list.
Tether Acquires a Minority Stake in Italian Football Giant Juventus
Tether – the company behind the biggest stablecoin in terms of market capitalization, USDT – announced the acquisition of a minority ownership stake in Juventus.
The latter is the most successful football club in Italy, having won the domestic Serie A championship a record 36 times. According to some studies, it also has the largest fan base in the country.
Additionally, acquiring a minority stake in Juve (as the team’s nickname is) will allow Tether to promote blockchain technology and stablecoin adoption in mainstream sectors such as the sports world.
Kraken Eyes Indian Market Revival Following 2024 Ban
Kraken exchange is getting ready to rejoin the Indian market after being banned in 2024 for violating anti-money laundering laws.
Kraken has appointed Vishesh Khurana, co-founder of Shiprocket and managing partner at Tribe Capital India, as an advisor to lead its India expansion efforts.
Nine offshore exchanges, including Kraken, were blacklisted by India’s Financial Intelligence Unit last year for breaking the Prevention of Money Laundering Act.
To operate legally, exchanges must register with the FIU, implement Know-Your-Customer compliance, and report suspicious transactions.
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