Today's news tips:
1. The White House will host the first cryptocurrency summit on March 7
2. Insider: The US SEC will hold a series of roundtable meetings with crypto industry participants, with the first meeting to be held on March 21
3. The Arizona Senate voted to pass two crypto reserve bills, both of which have been submitted to the state legislature for further review
4. BlackRock confirms it has added its Bitcoin ETF to a model portfolio for the first time
5. Trump Organization applies for trademark for "TRUMP" to launch metaverse and NFT trading platform
6. CME Group will launch SOL futures on March 17
7. The daily issuance of Solana network memecoin dropped to 40,000, the lowest level since December 25 last year
8. Bitcoin returns to the top ten global asset market capitalization rankings, with a 24-hour increase of 7.02%
Regulatory/Macro
ECB: US relaxation of cryptocurrency regulation may lay the groundwork for future financial crises
The European Central Bank (ECB) recently revealed that it is evaluating the impact of a more deregulated cryptocurrency ecosystem on financial markets. In a memorandum of a January monetary policy meeting, the ECB mentioned that the Trump administration's loose stance on crypto assets could bring long-term risks, including leverage and high valuations. The ECB pointed out that the deregulation of the US financial system (especially in the field of crypto assets) could increase financial stability risks and even lay the groundwork for future financial crises.
Recently, the regulation of the US crypto market has indeed been relaxed. For example, the US SEC has withdrawn several lawsuits against cryptocurrency exchanges. Despite the rapid development of the cryptocurrency market, the ECB remains cautious about its risks and regulatory issues, believing that it may pose a long-term threat to global financial stability.
Fox Business News reporter Eleanor Terrett wrote on the X platform: "Two people familiar with the matter told me that the U.S. Securities and Exchange Commission (SEC)'s cryptocurrency working group is preparing to hold a series of roundtable meetings with industry participants, with the theme of 'Spring Sprint, Towards Cryptocurrency Clarity'. The first of the five planned roundtables will be held on March 21 at the SEC's office in Washington, DC. I learned that the theme of the first meeting is 'Defining the Status of Securities'."
Judge dismisses SEC lawsuit against Hex Token founder Richard Heart
According to the announcement of the UK Financial Conduct Authority (FCA), between December 30, 2021 and March 12, 2022, London resident Osunkoya operated unregistered cryptocurrency ATMs in 28 different locations through his company GidiPlus Ltd, involving a value of more than 2.5 million pounds. He was eventually sentenced to 4 years in prison. This sentence is the first time in the UK that someone has been sentenced for unregistered crypto asset activities.
Previously, the FCA worked with law enforcement agencies to crack down on illegal crypto ATMs across the country. In 2023, the FCA visited 38 locations and disrupted 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK has dropped from more than 80 in 2022 to zero in 2024.
At the close of US stocks on Thursday, the Dow Jones Industrial Average initially closed down 0.45%, the S&P 500 fell 1.59%, and the Nasdaq fell 2.78%. Chip stocks were hit hard, with Nvidia (NVDA.O) closing down 8.4% and Broadcom (AVGO.O) down 7%. Tesla (TSLA.O) fell 3%, Strategy (MSTR.O) fell 8.82%, and Coinbase (COIN) fell 2.16%. The Nasdaq China Golden Dragon Index fell 0.9%, and Alibaba (BABA.N) fell 1.7%.
According to Cryptoslate, the Arizona Senate has passed two crypto reserve bills. The legislature passed the Strategic Digital Asset Reserve Act (SB 1373) in third reading with 17 votes in favor and 12 votes against. The bill will establish a digital asset strategic reserve fund managed by the state treasurer. Meanwhile, the Strategic Bitcoin Reserve Act (SB 1025) received 17 votes in favor and 11 votes against. The proposal aims to authorize public funds to invest directly in cryptocurrencies. Both bills have been submitted to the state legislature for further review.
The White House will host its first cryptocurrency summit on March 7
According to DEGEN NEWS, the White House will host its first cryptocurrency summit on March 7.
Attendees at the first White House cryptocurrency summit include founders, CEOs and investors
Fox Business reporter Eleanor Terrett said on X Platform that President Trump will attend and speak at the first White House Cryptocurrency Summit on March 7. Participants will include well-known founders, CEOs and investors in the cryptocurrency industry, as well as members of the President's Digital Asset Task Force. The summit will be hosted by White House A.1. and cryptocurrency czar David Sacks and managed by the task force's executive director Bo Hines.
After PCE data, traders continue to bet on a June rate cut by the Fed
According to Jinshi, futures contract traders continue to bet that the Federal Reserve will resume rate cuts in June as data showed that inflation rose in January in line with expectations. They still believe that a second rate cut in September is more likely than no rate cut. Data showed that the annual rate of the personal consumption expenditure price index fell from 2.6% in December to 2.5% last month, and the core PCE index fell to 2.6%.
Project News
BlackRock Confirms It Added Its Bitcoin ETF to Model Portfolios for the First Time
According to Bloomberg, BlackRock Inc.'s investment outlook shows that it is increasing its allocation of 1% to 2% of funds to the $48 billion iShares Bitcoin Trust ETF (code: IBIT) in its target allocation portfolio that allows allocation of alternative assets. Although this is only a small part of BlackRock's entire model portfolio business, the move opens up a potential new demand channel for IBIT, especially at a time when cryptocurrency market sentiment is depressed. Model portfolios package funds into ready-made strategies and sell them to financial advisors. They have developed rapidly in recent years, and adjustments to their holdings may lead to large-scale inflows or outflows of funds.
“We believe Bitcoin has long-term investment value and may provide a unique and additional source of diversification for portfolios,” Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio series, wrote in a Feb. 27 investment review. A BlackRock spokesperson confirmed that the company adjusted the allocation of its model portfolios.
CME Group to launch SOL futures on March 17
According to PR Newswire, the derivatives market Chicago Mercantile Exchange Group (CME Group) announced plans to launch Solana (SOL) futures on March 17, pending regulatory review. Market participants will have the option to trade micro contracts (25 SOL) and large contracts (500 SOL). CME Group SOL futures will be cash settled and based on the CME CF Solana USD Reference Rate, which serves as a daily reference rate for the SOL USD price and is calculated every day at 4:00 pm London time. SOL futures will join the company's suite of crypto products, which include Bitcoin and Ethereum futures and options futures.
Trump Organization applies for trademark for "TRUMP" to launch metaverse and NFT trading platform
According to unfolded., the Trump Organization applied for a trademark for "TRUMP" to launch a metaverse and NFT trading platform.
Trump’s new metaverse and NFT project is reportedly called “Megaverse”
According to the trademark application information page, the name of Trump’s new metaverse and NFT project is rumored to be "Megaverse".
US SEC delays 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).
Earlier news revealed that BNB Chain launched a $4.4 million Memecoin liquidity support plan.
Microsoft will withdraw from Skype in May this year, and Skype will operate until May 5
According to Interface News, Microsoft announced on February 28 local time that in order to simplify free communication products and adapt to customer needs, it will withdraw from Skype in May 2025 and focus on Microsoft Teams.
Microsoft said that during the transition period, users can migrate to Microsoft Teams for free, Teams users can call and chat with Skype users, and Skype users can call and chat with Teams users. In addition, Skype users can also export Skype data during the transition period. Skype will continue to operate until May 5, 2025.
Viewpoint
James Butterfill, head of research at CoinShares, wrote on the X platform: “While total net outflows from Bitcoin and digital asset ETPs/ETFs have reached $2.6 billion so far this week (a record high), it looks like most basis trades have been unwound and the selling frenzy is fading.”
Ronaldinho: "Big News" About Cryptocurrency, Beware of Fake Meme Coins with the Same Name
Former Brazilian football player Ronaldinho Gaucho posted on the X platform: "Please be aware of the fake meme coins that are currently appearing in my name. Remember, I have not yet launched any official tokens. To the entire cryptocurrency community: Stay tuned because we will have big news here soon."
Under this tweet, many netizens commented and urged him to "not do things that damage his reputation", such as Rug Pull after issuing coins; some people also questioned whether his X account was stolen. It should be noted that many celebrities' X accounts have been hacked recently and used to promote malicious Meme coins. Users are advised to be careful to identify them.
Binance has denied speculation that it is dumping some of its assets, despite such claims being widely circulated on social media during the recent market decline. Binance has refuted these claims, saying they stem from a misunderstanding of its role as an exchange. A Binance spokesperson said: "Binance is not 'dumping' or 'selling' a large number of tokens as some tweets falsely claim. They misunderstand Binance's function as an exchange, we only help users match trades." Part of the speculation stems from market makers withdrawing a large amount of Solana (SOL) data from Binance hot wallets, leading cryptocurrency investors to mistakenly believe that this was the exchange dumping its assets.
Arkham Intelligence data shows that market maker Wintermute withdrew more than $38.2 million worth of Solana from Binance in the 24 hours before 9:02 a.m. UTC on February 24. These transfers occurred before Solana plans to unlock $2 billion worth of tokens on March 1, when more than 11.2 million SOL tokens will enter circulation. A Binance spokesperson explained that similar market makers operate according to their own strategies and have nothing to do with the exchange. The spokesperson added: "We have no way of understanding user decisions, including the behavior of market makers transferring assets based on their own strategies. Therefore, while blockchain transparency is one of the greatest advantages of cryptocurrency, it is important not to jump to conclusions based on transaction screenshots alone." The spokesperson also stated: "We always encourage users to do their own research, and we also hope that the community will learn more about the role of exchanges and the functions of market makers."
Still, industry observers have expressed concerns about the potential selling pressure from Solana’s upcoming token unlock. Crypto analyst Artchick.eth noted that more than 15 million SOLs (worth about $2.5 billion) will enter circulation in the next three months. Many of these tokens were purchased at $64 each in FTX auctions by companies such as Galaxy Digital, Pantera Capital, and Figure. Similarly, crypto trader RunnerXBT mentioned that it is a “dangerous” time to buy Solana, and emphasized that Galaxy Digital, Pantera, and Figure will receive $3 billion, $1 billion, and $150 million in unrealized profits, respectively, after their SOL unlocks.
Solana co-founder Toly said in response to the community, “Bitcoin has no value. At best, it’s insurance. Based on my life experience, there is a 1% chance of a superpower collapsing every year. For me, it’s worth spending 1% of my wealth on some assets that may not go to zero in that environment. This is not an investment, but a cost, and there is no guarantee that it will work. Bitcoin can do this at both $100,000 and $10,000. If it works, it has little to do with technology other than the original innovation 15 years ago.”
Important data
According to CoinMarketCap data, among the top 100 cryptocurrencies by market value in the past month, five tokens including RAY, TRUMP, and WIF have fallen by more than 50%, including: 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 hackers laundered 14,300 ETH in the past 24 hours, worth about $32.2 million
According to on-chain analyst Ember, the Bybit hacker has suspended the transfer and washing of ETH since 3 pm yesterday, so only 14,300 ETH (US$32.2 million) were washed away in the past 24 hours. There are still 218,000 ETH (US$486.6 million) in the hacker's address.
Solana network memecoin daily issuance drops to 40,000, the lowest level since December 25 last year
Data shows that daily issuance of memecoin on the Solana network has fallen to 40,000, the lowest level since December 25, 2024.
Bitcoin returns to the top ten global asset market capitalization rankings, up 7.02% in 24 hours
According to 8marketcap monitoring data, Bitcoin has returned to the top ten in the global asset market value ranking. Data shows that the current market value of Bitcoin is approximately 1.694 trillion US dollars, surpassing Meta Platforms (Facebook) to rank 10th in the global asset market value ranking, with a 24-hour increase of 7.02%.
According to Lookonchain monitoring, in the past 12 hours, 5 whale accounts canceled the pledge of 5.52 million SOL (US$810 million), and 3.54 million SOL (US$516 million) was deposited in Coinbase Prime.
According to PeckShieldAlert, there were 20 cryptocurrency hacking attacks in February, resulting in a loss of approximately $1.51 billion, making it the most loss-making month in the history of cryptocurrency. The Bybit incident alone caused a loss of $1.43 billion, ranking first in the list of the largest intrusions in the past five years. The top five hacking incidents in February are:
- Bybit: $1.4 billion
- Infini: $49.5 million
- zkLend: $9.66 million
- Ionic: $8.6 million
- Suji Yan: $4 million
