We left behind an active week in the cryptocurrency market. In addition to the activity in global markets this week, there were important developments in the crypto sector. Political messages and economic signals, especially from the US, put the cryptocurrency market under pressure. Bitcoin? Bitcoin couldn’t rise above $100,000 this week either…
We have compiled the most important events of the week, developments affecting the crypto market and striking headlines for you.
Donald Trump’s Taxes Shake the Crypto Market
The cryptocurrency market started the week with US President Donald Trump’s tax announcements. On February 9, Trump announced a 25 percent tariff on steel and aluminum imports to the US. The trade wars that have been going on since the beginning of February have moved to the next level with this tariff.
Following the tax announcements at the weekend, markets fell on the first trading day of the week. Of course, cryptocurrencies, especially Bitcoin, were also affected by this decline. After Trump’s statements, the Bitcoin price fell from $ 97,000 to $ 94,000. Altcoins lost more than 10 percent in value.
Bitcoin Comment from Coinbase CEO
Coinbase CEO Brian Armstrong’s statements marked the week in which the cryptocurrency market made a bearish start. The famous name of crypto suggested that if the adoption trend in the cryptocurrency space continues, the number of Bitcoin users will exceed one billion in 2030. Coinbase CEO argued that the sector will develop day by day and reach better places.
Strategy Can’t Stop Buying Bitcoin
Technology company Strategy (formerly MicroStrategy) announced on Monday that it purchased 7,633 Bitcoins in the previous week. The company spent 742 million dollars for this purchase.
According to the latest data, Strategy holds 478,000 BTC, averaging $65,000. The company’s total BTC holdings reached $31.1 billion.
Strategy Chairman Michael Saylor signaled that they will make more acquisitions and continue their vision for Bitcoin.
ETF Sounds for Cardano
After spot Bitcoin and spot Ethereum ETFs, eyes turned to altcoins. Economic experts predict that altcoins will soon be opened to institutional investors with ETFs. Many analysts predict the launch of Solana and Litecoin ETFs. In the midst of the discussions, a surprise cryptocurrency ETF move came. NYSE Arca, a subsidiary of NYSE Group, filed a spot Cardano ETF application on behalf of crypto asset manager Grayscale. The proposal submitted to the SEC was an important step towards the listing of the Grayscale Cardano Trust.
Elon Musk Bid For OpenAI, Sam Altman Mocked!
Billionaire Elon Musk, President of the US Department of Government Efficiency (DOGE), made a crazy offer for the artificial intelligence company OpenAI. Musk reported that he made an offer of 97.4 billion dollars for OpenAI. Musk, the owner of Tesla, SpaceX and X, set his sights on OpenAI, the shining name of artificial intelligence this time. However, Musk realized that money cannot buy some things with a post made from his own platform. OpenAI CEO Sam Altman, who shared on X, stated that he wanted to buy X for 9.74 billion dollars. While this post went viral in a short time, Altman’s mockery of Musk drew attention.
African Country’s Prime Minister Issues Memecoin
There are developments in the cryptocurrency market every day. Especially on the memecoin side, the steps taken by famous and billionaire names attract attention. The Solana blockchain has turned into a global memecoin mint. Singers, political figures, tech entrepreneurs and more have minted memecoins on Solana. However, a development this week took crypto investors by surprise. The Prime Minister of the Central African Republic launched a memecoin called CAR. The Prime Minister argued that this memecoin is an opportunity to promote the country. Reactions? Of course, the reactions were not delayed, but it is worth remembering that the memecoin in question has managed to reach a market capitalization of over $300 million.
US Economy Ringing the Danger Bells
One of the most important developments this week was the consumer and producer inflation data from the US. Bitcoin, the leading cryptocurrency, faced huge selling pressure as inflation data came in above expectations. First, the consumer price index came in high on Wednesday, then the producer price index came in high on Thursday. While these two data increased recession concerns in the US, the Bitcoin price was stuck in the $95,000 region.
Notable Moves from the Trump Family-Backed Project
World Liberty Financial, the DeFi project backed by the Trump family, announced this week that it has created a strategic token reserve. While this move caused excitement in the crypto market, the first seeds of the reserve were also sown. World Liberty Financial invested in many altcoins, especially Bitcoin and Ethereum, and included them in the reserve.
Star of the Week Ethereum Staking ETF
While ETF applications for altcoins increased in the US, there was a development that will move the cryptocurrency market and delight investors. By the middle of the week, eyes turned to Ethereum. Ethereum, which has been performing poorly in terms of price for a long time, will take another step forward in the US. CBOE BZX Exchange applied to add staking to the spot Ether ETF on behalf of asset manager 21Shares. This application increased the ETH price by 3.5 percent. Crypto commentators suggested that Ethereum’s most important feature is the staking system, and if this feature is reflected in ETFs, a big bull run could be experienced.
Binance’s Ex-CEO CZ Sparks Controversy
Changpeng Zhao (CZ) made a move that brought the memecoin craze to BNB Chain. CZ chatted with several crypto traders on X, during which he mentioned his dog. Crypto traders asked CZ to share a photo of his dog and write its name. CZ shared a photo of his dog named Broccoli a day later. The memecoin named Broccoli, launched on BNB Chain, quickly reached a market capitalization of over $100 million. Although CZ’s posts, knowing that memecoin would be released, attracted reaction, the BNB price touched $720.
Binance Case Postponed
Towards the end of the week, a bombshell news hit the agenda. The lawsuit between Binance and the SEC was postponed for 60 days. This result raised expectations that Ripple’s ongoing lawsuit with the SEC could also be concluded positively. According to predictions, the SEC, which has taken on a pro-crypto structure, will go to an agreement with Binance.
DOGE and XRP ETFs Approved
The US Securities and Exchange Commission (SEC) marked the beginning of a new era in the cryptocurrency market. According to the developments on Friday, the SEC approved Grayscale’s XRP and DOGE ETFs. For those of you asking what happens next, a 240-day review process has begun. It looks like we will soon be able to see spot XRP and DOGE ETFs traded in the US.
Argentine President Milei Shares Memecoin: Chaos
Argentine President Javier Milei shared a memecoin called LIBRA on the X platform. Milei said the memecoin was important for Argentina and asked investors to buy it. The memecoin named LIBRA reached a market capitalization of $4.5 billion in a short time. Crypto investors showed a great reaction to Milei’s memecoin sharing. The fact that the entire supply of LIBRA is in circulation and can be sold at any time has fueled the reactions.
And then what happened? Of course, the event you all predicted happened. Milei deleted his post about LIBRA and announced that he had nothing to do with this memecoin. LIBRA fell as low as $200 million. An investor who bought it at $4.5 had to sell it at a loss at $0.20. This memecoin issuance seems to damage the cryptocurrency market.
Leave a comment