KEYTAKEAWAYS
- Bitcoin network shows significant slowdown with 55% transaction drop, while ETH ETFs gain traction with multiple exchanges seeking staking approval.
- Argentine LIBRA token incident reveals $107M team cashout amid presidential controversy, highlighting memecoin market risks.
- Hong Kong strengthens crypto framework through new advisory group and tokenization initiatives, demonstrating regulatory maturity.
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. Bitcoin Network Activity Hits 12-Month Low
The 7-day moving average of Bitcoin network transactions has declined to 330,000, marking a 12-month low and representing a 55% drop from the network’s historical peak of 730,000 transactions. Runes-generated fees have plummeted to under $20,000 in the past 30 days, compared to $60 million on its launch day, indicating a shift in speculative trading to alternative blockchain ecosystems. Current Bitcoin network transaction fees are reported at 3 Sats/s.
2. NYSE Arca and Cboe Seek ETH ETF Staking Approval
NYSE Arca has filed to enable staking for Grayscale’s Ethereum ETF, following Cboe BZX Exchange’s similar request for the 21Shares Core Ethereum ETF. If approved, these ETFs could generate additional returns from ETH holdings through staking rewards, potentially benefiting investors.
3. West Virginia Senator Proposes Digital Asset Investment Bill
Senator Chris Rose has introduced legislation allowing the state’s fiscal investment committee to allocate up to 10% of funds to digital assets or precious metals as an inflation hedge. The proposal covers virtual currencies, cryptocurrencies, stablecoins, and NFTs, with a focus on assets exceeding $750 billion in market value. Currently, only Bitcoin meets this criterion.
4. SEC Requests Extension in Coinbase Appeal
The SEC has sought a 28-day extension until March 14 in its ongoing legal dispute with Coinbase regarding digital asset classification. The delay is attributed to the formation of a new crypto working group, with Coinbase consenting to the extension request.
5. Argentine President Announces LIBRA Token Launch
President Javier Milei announced the launch of LIBRA meme coin through his official social media accounts, leading to volatile price action with market cap fluctuating from $5 billion to $1.1 billion.
NOON NEWS
1. LIBRA Team Trading Activity Revealed
According to LookOnChain monitoring, eight wallets associated with the LIBRA team accumulated approximately $107 million through various trading activities, including liquidity management and fee collection.
2. KIP Protocol Clarifies LIBRA Project Independence
KIP Protocol, the team behind LIBRA, stated that the Viva la Libertad project aims to support Argentine private enterprises and operates independently of President Milei, who later deleted his promotional tweet.
3. BNB Chain Announces Memecoin Support Program
BNB Chain launched a $4.4 million Memecoin liquidity support initiative starting February 18, with strict eligibility criteria including minimum market cap, holder requirements, and security measures for participating projects.
4. Ethereum Spot ETF Market Performance
February 14 saw $11.65 million in total net inflows for Ethereum spot ETFs, with Fidelity’s FETH leading. The total ETF market now represents 3.15% of Ethereum’s market cap, with cumulative inflows reaching $3.152 billion.
5. Goldman Sachs Adjusts GBTC Position
Goldman Sachs has reduced its GBTC holdings to $3.6 million, while Grayscale’s Bitcoin holdings have decreased to approximately 200,000 BTC, valued at $19.45 billion.
EVENING NEWS
1. Hong Kong SFC Launches Virtual Asset Advisory Group
The Hong Kong Securities and Futures Commission held its first virtual asset advisory group meeting, focusing on improving VATP operations and enhancing Hong Kong’s competitive position in the virtual asset space.
2. Hong Kong Advances Tokenized Fund Plans
Hong Kong’s SFC CEO discussed the potential launch of Asia-Pacific’s first tokenized retail money fund, highlighting the efficiency benefits of tokenization for money market funds.
3. CZ Comments on BNB Chain’s Memecoin Initiative
Binance founder CZ acknowledged the extensive development effort behind the memecoin liquidity support plan, suggesting possible program extension based on performance.
4. TikTok Resumes US App Store Operations
TikTok has confirmed its restoration to US Apple and Google app stores as of February 13th evening, resuming normal service across both platforms.
5. KIP Protocol CEO Addresses Community Concerns
Julian Peh, CEO of KIP Protocol, announced upcoming community engagement through a Space session, addressing project concerns.
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