KEYTAKEAWAYS
- Markets show stark contrast between bearish retail sentiment and bullish institutional investors, while regulatory bodies advance crypto infrastructure development globally.
- Major financial players like BlackRock and Tether make strategic moves in crypto space, while traditional metrics show Bitcoin outperforming conventional assets.
- Notable market movements include Ethereum's significant correction and large-scale UNI withdrawals, alongside industry forecasts from prominent analysts and leaders.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Bitwise CIO Notes Significant Market Sentiment Divide
There is an absolutely massive disconnect between retail and professional sentiment in crypto right now. Retail sentiment is the worst it’s been in years, while professional investors are extraordinarily bullish. It’s like living in two completely separate worlds.
2. Brazil Central Bank President: Stablecoins Account for 90% of Crypto Usage
Brazil Central Bank President Gabriel Galipolo stated that stablecoins dominate cryptocurrency transactions in Brazil. Speaking at a Bank for International Settlements event in Mexico City, Galipolo said digital asset use in Brazil has surged in the last three years. Galipolo said 90% of crypto use in the country can be linked to stablecoins. Galipolo highlighted the regulatory and oversight challenges presented by widespread use of stablecoins in payments, particularly around taxation and money laundering.
3. Acting CFTC Chair Advances Stablecoin-Backed Tokenization Pilot Program
Caroline Pham, who is running the U.S. Commodity Futures Trading Commission on an acting basis, is pursuing a stablecoin-backed tokenization pilot program, and an upcoming summit will include the heads of Coinbase, Ripple, Circle, Crypto.com and other digital assets firms. Pham had suggested the idea for a so-called regulatory sandbox on tokenization through her advisory committee, the Global Markets Advisory Committee, in November, but that hadn’t been embraced by the agency’s previous leadership. The agency said the idea is based on what Caroline Pham calls “responsible innovation” that would “advance the use of non-cash collateral through distributed ledger technology.” A date and further details for the forum of digital assets CEOs hasn’t yet been set.
4. SEC Delays BlackRock Ethereum ETF Options Trading Decision to April 9
The U.S. Securities and Exchange Commission delayed a decision on Friday on whether to approve BlackRock’s proposal to list and trade options on its spot Ethereum exchange-traded fund. The SEC said it will decide on April 9, 2025, whether to approve or disapprove allowing options trading on the world’s largest asset manager’s iShares Ethereum Trust, according to the filing. “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the agency said. BlackRock’s spot Ethereum ETF was approved along with eight others in May and began trading over the summer. Later, Nasdaq, on behalf of BlackRock, filed a rule change in August to list and trade options of the iShares Ethereum Trust.
5. Nigeria Launches First Compliant Stablecoin cNGN
Nigeria has launched its first compliant stablecoin cNGN. The stablecoin is already listed on two exchanges and has entered the Securities and Exchange Commission’s (SEC) incubation program. According to Senator Ihenyen, this NGN-backed stablecoin will enable faster, cheaper and more secure cross-border payments.
NOON NEWS
1. Grayscale Research Head: Bitcoin Could Hit New Highs in Q1 Despite Weak Employment Data
Bitcoin could hit new all-time highs in the first quarter of 2025 despite slower-than-expected US hiring in January, Zach Pandl, Grayscale’s head of research, told Cointelegraph. On Feb. 7, US officials said the country’s economy added 143,000 jobs in January, slightly below forecasts. “Bitcoin is likely to take today’s jobs report in stride,” Pandl said on Feb. 7. According to him, the report could “reinforce expectations that the Fed will be on hold for a while but is unlikely to result in material repricing.” Meanwhile, “Bitcoin and other digital assets are benefiting from a variety of policy-related tailwinds,” including progress on stablecoin legislation, he said. As a result, Pendl said he expects “crypto markets to trade with a bullish bias.” “As long as equity markets remain broadly stable, Bitcoin could make new highs later this quarter,” he said.
2. Video Platform Rumble Completes $775 Million Strategic Investment from Tether
Rumble (NASDAQ: RUM), the video-sharing platform and cloud services provider, announced the Company has closed its strategic investment of $775 million from Tether. As part of the transaction, Tether purchased 103,333,333 shares of Rumble Class A Common Stock at a price per share of $7.50, totaling $775 million. The Company will use $250 million of the proceeds, after transaction expenses, to support growth initiatives. As part of the closing of the transaction, the Company has successfully completed the previously announced tender offer to purchase up to 70,000,000 shares of its Class A common stock. As of the expiration, 70,061,168 shares had been validly tendered. Rumble subsequently accepted 70,000,000 shares for purchase, on a pro-rata basis, except for tenders of odd lots, which have been accepted in full, for a total of $525 million.
3. Bitcoin’s One-Year Return Reaches 109%, Outperforming Gold and S&P 500
According to HODL15Capital statistics, Bitcoin has achieved a return of approximately 9.2 million times since its inception 14 years ago, while gold and S&P 500 returned 110% and 354% respectively over the same period. In the short term, Bitcoin’s one-year return stands at 109%, compared to gold’s 41% and S&P 500’s 20%.
4. $25M Worth of UNI Withdrawn from Exchanges, Highest Since 2021
IntoTheBlock reported on X platform that $25M worth of UNI was withdrawn from exchanges on Tuesday, marking the highest withdrawal amount since 2021.
5. Judge Blocks Government Department from Accessing Sensitive Treasury Data
A federal judge early Saturday blocked Elon Musk’s Department of Government Efficiency from accessing Treasury Department records that contain sensitive personal data such as Social Security and bank account numbers for millions of Americans. U.S. District Judge Paul A. Engelmayer issued the preliminary injunction after 19 Democratic attorneys general sued President Donald Trump. The case alleges the Trump administration allowed Musk’s team access to the Treasury Department’s central payment system in violation of federal law. Engelmayer set a hearing for Feb. 14.
EVENING NEWS
1. Ethereum Down 36% from Local High, Santiment Suggests Potential Rebound
Crypto market research firm Santiment reports that Ethereum’s market cap has dropped 36% since its local high seven weeks ago, resulting in a sharp decline in profitable ETH tokens. Daily closing data shows the lowest percentage of profitable tokens in over 4 months, and lowest amount of coins in over 3 months. The market sentiment has turned notably negative toward the second-largest cryptocurrency as it has underperformed compared to other large caps. Despite current FUD and retail traders continuing to sell, Santiment suggests there may be surprise bounces once crypto markets stabilize.
2. PlanB: Bull Market to Continue for Nine More Months
Analyst PlanB shared a chart showing that historically, all Bitcoin gains occurred during red periods (6 months before halving until 18 months after halving), while blue periods resulted in losses. We are currently in a red period, with the bull market expected to continue for 9 more months (February to October).
3. Bitwise CIO: Coinbase Could Become a Trillion-Dollar Company
Bitwise Chief Investment Officer Matt Hougan tweeted that Coinbase has the potential to become a trillion-dollar company. He noted that previous government regulatory restrictions actually helped Coinbase build moats, maintain high profits, and expand into new businesses. With the current easing regulatory environment, Coinbase is in its optimal expansion period. CEO Brian Armstrong previously mentioned that Coinbase holds $420 billion in customer assets, equivalent to the 21st largest bank or 8th largest brokerage firm in the US.
4. Bloomberg: Bitcoin’s 2024 Gains Trail Gold Amid Rising Safe-Haven Demand
According to Bloomberg, Bitcoin is facing pressure despite outperforming most asset classes in 2024. Data shows Bitcoin has only risen about 3% year-to-date, while gold has gained 9%. On February 4th, Trump’s comments about potentially taking over Gaza, though downplayed by his staff, pushed gold prices to a historic high of $2,882 per ounce. Bitcoin’s price remains approximately 10% below its all-time high.
5. Kanye West Refuses to Issue Tokens, Citing Fan Protection
Renowned rapper Kanye West stated on social media, “I’m not doing a coin. I make products. I only do things I am passionate and knowledgeable about. I’m too rich to do anything else. Coins prey on fans with hype, just like hyped-up sneaker culture.” Previously, West reportedly received a $2 million proposal to issue a RUG pull Meme coin, which he rejected and ceased cooperation with the proposing party.
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