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Good Morning,

Here's a quick preview of today’s content: Bitcoin fell below 80,000 as all markets are in panic, SEC continues to make massive moves with a new stance on memecoins that has traders rejoicing, Bank of America eyes the potential of a stablecoin, the CEO of Robinhood is all in on crypto and much more.

It’s finally Friday - Let’s dive in.

Market Snapshot

• Bitcoin fell below $80,000 late Thursday evening, extending its decline to -27% from its all-time high of $109,000 reached in January.

  • Over the month of February, investors have pulled more than $2B from spot Bitcoin ETFs, the most significant weekly outflows since their inception

• Ethereum, the world’s second-largest digital asset, is down -8% to $2,150, a more than 14-month low

• Liquidations across the broader crypto market surged past $220M within the past hour, with Bitcoin long positions accounting for nearly half of the total, CoinGlass data shows

• U.S. stock markets closed lower on Thursday, with the S&P 500 down -1.6%, the Dow Jones Industrial Average slipping -0.4%, and the Nasdaq Composite dropping -2.8%, as a sell-off in tech stocks—led by Nvidia—combined with concerns over potential tariffs from President Trump weighed on investor sentiment

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Here’s a quick breakdown of all the lawsuits that the SEC has dropped this week alone, see here

• The SEC said in a Thursday statement that it generally does not consider meme coins to be securities under its purview (DC)

• Uniswap Labs COO reveals it spent ‘tens of millions’ fighting SEC (BW)

• House dems move to ban Presidential memecoins with ‘MEME Act’ (BK)

• Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin (CD)

• Avalanche Foundation launches Visa credit card for IRL payments (BW)

• The SEC agrees to drop Consensys lawsuit (CT)

• Decentralized exchange Uniswap has entered into a partnership with trading platform Robinhood and a number of payment platforms (CT)

• Olas' Mech Marketplace enables AI Agents to hire each other for help (CD)

• Crypto-Friendly Former Congressman Patrick McHenry Joins A16z as a Senior Advisor (CD)

• Jeremy Allaire, the co-founder of Circle, says issuers with digital tokens pegged to the dollar should be registered to operate in the U.S (CD)

• Genesis Digital Assets (GDA) is adding 50mw of mining capacity across two sites in West Texas (CD)

• SEC and Justin Sun pause Tron fraud lawsuit for settlement talks (TD)

• T-Mobile parent Deutsche Telekom joins Binance-incubated Injective as validator (TB)

• Robinhood CEO Vlad Tenev declared "crypto is the future" late Wednesday, outlining four ways in which the trading firm intends to accelerate its industry offerings (TB)

• World Liberty coin (WLFI) has been stacking ETH over the past week by purchasing roughly 1,500 ETH in the last 7 days (CT)

• ARK Invest Swaps Nearly $9M of Its Own Bitcoin ETF for Coinbase (CD)

• Snoop Dogg goes all in on web3 streaming with Tune.FM partnership (BB)

Launches

• Sky (formerly MakerDAO) has connected to Berachain, integrating Polaris as part of its “agent framework.” (TB)

• MetaMask shared a flurry of announcements on Thursday, aimed at improving its wallet's user experience (CD)

Venture Capital

• Global investment firm Sixth Street has invested $200M in Figure Technology Solutions, a US-based lender that uses blockchain technology to boost efficiencies and lower costs in the lending market (DS)

• Bitwise raises $70M Electric Capital, MassMutual, and Haun Ventures back Bitwise Asset Management in the new round (BK)

• Raise nets $63M in round led by Haun Ventures to build a crypto platform for gift cards (FT)

• Endless Web3 Genesis Cloud announces $1M strategic investment from Foresight Ventures (GB)

• Metaplanet is seeking to raise another 2B Yen by selling additional ordinary bonds with a 0% interest (CD)

Regulation

• Pakistan is set to establish a National Crypto Council to oversee digital asset regulation in the country (BT)

• Arizona crypto reserve bills inch closer to law after passing Senate (CT)

• The U.K. government introduced the Crime and Policing Bill that, if passed, aims to help law enforcement agencies retrieve money from crypto criminals (CD)

• Five states' crypto efforts faltered as Texas advances and Utah nears a final vote, leaving the state-level push for digital asset reserves with mixed results (CD)

Cybersecurity

• Gotbit founder Aleksei Andriunin extradied to U.S. on fraud charges (CD)

• Bybit hackers have moved at least 209,384 ETH (~$480M) onto Bitcoin, according to Arkham Research (TB)

• Chainalysis says $40B worth of illicit transactions took place in crypto in 2024, with estimates rising up to $51B once all crime is accounted for (CD)

Extra Reads

• Beijing isn't going to allow crypto exchanges to directly operate BTC in China, but there might be a way that Hong Kong crypto ETFs can be traded in the mainland.
  
  Read how a new loophole is emerging

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