Category: crypto

Tether has decided to discontinue support for its offshore yuan stablecoin CNH₮ due to low demand and limited community adoption. The company will stop minting CNH₮ immediately, with redemption support ending in one year. Tether will focus on USDT and other stablecoin infrastructure with high adoption rates.

Bitcoin critic Peter Schiff warned that a drop below $50,000 could lead to a steep decline to $20,000, advising investors to sell. Despite backlash, Schiff argued that factors like leverage and institutional ownership make this downturn riskier. Critics point to his history of bearish calls, while supporters emphasize Bitcoin’s value proposition.

Bitcoin ETFs saw a $88.04 million inflow on February 20, breaking a three-day streak of outflows totaling $403.90 million. IBIT and FBTC had the most activity, while most other funds remained inactive. Weekly outflows continued at $315 million, with total net assets at $85.31 billion and cumulative inflows at $54.01 billion.

Minneapolis Federal Reserve President Neel Kashkari criticized the cryptocurrency industry, calling digital assets “utterly useless” with confusing marketing. He argued that after a decade, crypto has not provided a practical use case for U.S. consumers, unlike AI tools. Kashkari also questioned the viability of cross-border payments using crypto.

Industry leaders and lawmakers are optimistic that the CLARITY Act, aimed at making America the “crypto capital of the world,” will pass by April 2026 after Coinbase withdrew support but has now returned to negotiations. The Act focuses on stablecoin rewards to democratize the financial system and address technical risks like quantum computing.

Polymarket has acquired Dome, a Y Combinator-backed startup that provides a unified API for developers to access multiple prediction market platforms. Dome raised $500,000 from Y Combinator and $4.7 million in seed funding. The financial terms of the acquisition were not disclosed, but Dome’s team will join Polymarket.

An Australian executive was accused of accepting $1.26 million in cryptocurrency payments for selling sensitive cyber tools to a Russian broker, causing $35 million in losses and threatening the security of Five Eyes allies. Prosecutors are seeking a nine-year prison sentence and restitution, highlighting the risks of cryptocurrency in espionage activities.

Australian executive Peter Williams is accused of accepting $1.26 million in cryptocurrency payments for selling sensitive cyber tools to a Russian broker, causing $35 million in losses and threatening the security of Five Eyes allies. Prosecutors are pushing for a nine-year prison sentence, $35 million in restitution, and fines.

Sharplink, a leading advocate for Ethereum-focused digital asset treasuries, has reached major milestones, holding 867,798 ETH valued at $1.72B and staking nearly 100% of its holdings. The company appointed Steven Ehrlich to amplify its mission and rebranded as “Ethereum with an Edge” to attract institutional investors seeking exposure to DeFi.

Crypto traders are preparing for volatility as the U.S. releases December Personal Consumption Expenditures (PCE) data, with forecasts predicting a rise in both headline and core PCE. Bitcoin is trading around $67,852 with RSI at 36.86, awaiting the inflation print. A hotter-than-expected print could impact Treasury yields and the U.S. dollar.