Category: crypto

Arizona lawmakers are advancing legislation to create a Digital Assets Strategic Reserve Fund, allowing the state to hold, invest, and potentially lend seized cryptocurrencies like Bitcoin, XRP, and DigiByte. The fund would be capitalized using confiscated assets and administered by the State Treasurer. The bill still needs to pass through legislative chambers and executive review.

XRP products gained $3.5 million in inflows last week, while overall crypto funds saw outflows of $288 million. This marks the fifth consecutive week of withdrawals from digital asset funds, totaling $4 billion over the period. XRP, SOL, and LINK were among the few cryptocurrencies that attracted new capital during this time.

Dogecoin’s price has dropped below key moving averages, indicating a bearish trend with a potential decline to $0.06. Technical indicators suggest continued downside pressure, with low trading volume and Bollinger Bands pointing towards further drops. The next support level is near the August 2024 bottom. Reclaiming key levels is necessary for a bullish reversal.

Crypto.com has received conditional approval from the OCC to launch a federally regulated trust bank in the United States. The bank will focus on digital asset custody, staking, and settlement services, catering to institutional clients. This move reflects a trend towards federal oversight in the crypto industry.

Step Finance is shutting down its Solana-based platforms due to a hack in January that led to losses of up to $40 million. Efforts to secure funding or pursue acquisition were unsuccessful. The breach targeted executive devices, not smart contracts. Buybacks and token redemptions are being prepared for users.

On-chain investigator ZachXBT hinted at a major exposé on insider trading in the crypto industry. The post drew over 6 million views on X, with Polymarket traders speculating on potential targets like Meteora, Pump.fun, and others. The investigation is set to be released on February 26, sparking widespread speculation.

Ethereum co-founder Vitalik Buterin has sold nearly $7.3 million worth of ETH over the past three days, according to Lookonchain. Despite the sales, Buterin’s wallets still hold a substantial amount of ETH. The sales come as Ethereum trades lower around $1,800, with Buterin focusing on long-term resilience and security.

The Federal Reserve Board of Governors proposed removing “reputation risk” from bank supervision standards to end Operation Chokepoint 2.0. This change aims to focus on concrete financial risks and prevent debanking pressures on lawful sectors, particularly cryptocurrency firms. Senator Cynthia Lummis supports the proposal to make supervision fairer for all lawful sectors.

BitMine Immersion Technologies has increased its Ethereum holdings to 4.423 million ETH, totaling approximately $9.6 billion. Despite market softness, the company continues to accumulate ETH, staking a significant portion and focusing on long-term growth. This contrasts with Vitalik Buterin selling ETH amid market volatility. BitMine’s strategy emphasizes yield optimization and network participation.

Chainlink’s Taylor Lindman has joined the SEC’s Crypto Task Force as chief counsel, replacing Michael Selig. He brings five years of experience from Chainlink, where he focused on regulatory compliance and engaging with policymakers. The task force aims to develop regulatory frameworks for digital assets and move away from an enforcement-first approach.