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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