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Crypto News Digest
Regulatory Developments
The official end of the SEC’s enforcement "mania" was a major theme in the crypto news this week. The regulatory body dropped several major cases, including those against Uniswap, Coinbase, and MetaMask (ConsenSys). Additionally, it sought to end a fraud case against TRON and Justin Sun.
Market Trends
On the market front, the price of Bitcoin plummeted, falling below $80,000 in early hours of February 28. The CoinDesk Market Index, which tracks the broader digital assets market, has fallen 12% in the last five days.
Stablecoins
Stablecoins were another hot topic this week, with issuers debating the parameters of a new law covering the most used form of digital assets. Jeremy Allaire, co-founder and CEO of stablecoin issuer Circle, argued that USD-backed stablecoin issuers should be required to register in the U.S., a clear tilt at Circle’s biggest rival, Tether. Meanwhile, Bank of America announced plans to launch its own stablecoin.
Other News
In other important news, BitMEX, an OG trading platform, was reported to be up for sale. Bybit passed the blame for a $1.5 billion hack, while Ethereum Foundation’s executive director Aya Miyaguchi announced her departure. Sam Reynolds explained how investors in Mainland China may soon be able to access bitcoin.
Conclusion
As the crypto market continues to provide plenty to write about, stay tuned for our continuing coverage. Happy reading!
FAQs
Q: What happened to the price of Bitcoin this week?
A: The price of Bitcoin plummeted, falling below $80,000 in early hours of February 28.
Q: What was the outcome of the SEC’s enforcement actions this week?
A: The SEC dropped major cases against Uniswap, Coinbase, and MetaMask (ConsenSys), and sought to end a fraud case against TRON and Justin Sun.
Q: What is the current state of stablecoins?
A: Stablecoins are a hot topic, with issuers debating the parameters of a new law covering the most used form of digital assets.
Q: What is happening with BitMEX, an OG trading platform?
A: BitMEX is reportedly up for sale.
