Key Points
- The top crypto news this week includes the launch of the LIBRA meme coin, a $1.2 billion payout from FTX to creditors, and the debut of Hamster Kombat Season 2.
- Bitcoin’s price approached $100,000, reaching a market capitalization of approximately $3.3 trillion. Bitwise Asset Management became the first Bitcoin ETF provider in the US to reveal its on-chain wallet address.
This week in the crypto world, the launch of the LIBRA meme coin, Bernstein’s analysis of potential US Bitcoin reserve plans, and a $1.2 billion payout from FTX to creditors were the highlights. In addition, the second season of Hamster Kombat made its debut, among other news.
On February 21, the price of Bitcoin neared $100,000, achieving a market capitalization of approximately $3.3 trillion at the time.
Bitwise Reveals On-Chain Wallet Address
Bitwise Asset Management became the first Bitcoin ETF provider in the US to disclose the on-chain address of its spot Bitcoin ETF (BITB) holdings, a significant step towards enhancing transparency.
This move has sparked discussions about transparency among core Bitcoin ETF issuers. Now, investors can verify the asset manager’s Bitcoin holdings directly on the blockchain, ensuring that the assets are securely locked in.
Bitwise’s co-founder and CEO, Hunter Horsley, emphasized this move as a step towards greater transparency, stating that Bitwise is now the only US ETP issuer to openly share its wallet addresses.
Bernstein on US Bitcoin Reserve Plans
Bernstein analysts released a report on a national Bitcoin reserve, noting that establishing such a reserve would not be straightforward. A significant question was raised regarding which US government agency would be responsible for purchasing and managing the Bitcoin treasury.
The analysts suggested that either the Federal Reserve or the US Treasury could take on this role. They also highlighted the challenges the US would face in funding the purchase of Bitcoin. One potential solution could be for the Federal Reserve to issue debt or sell some US gold reserves.
According to the Bernstein analysts, this strategy would enable the US to raise the necessary funds to purchase Bitcoin. They also noted that the US government has confiscated approximately $20 billion worth of Bitcoin from criminal investigations.
The launch of the LIBRA meme coin resulted in a significant market pump and dump, leaving 86% of traders with losses. The LIBRA meme coin pump and dump led to a total loss of $251 million. However, winning trades managed to accumulate a total of $180 million in profits.
The Bitcoin mining hashrate is slowing down after months of rapid growth. Despite the slowdown, Bitcoin mining remains a billion-dollar industry, bringing in $1.4 billion in revenue last month.
On February 18, the Bahamian branch of FTX began reimbursing smaller creditors, marking the first step in a distribution process aimed at restoring confidence in the crypto ecosystem.
As Bitcoin prepares for the exciting phase of the 2025 bull rally, Strategy (formerly known as MicroStrategy) has announced key details of how it plans to purchase the ongoing dip.
Telegram game Hamster Kombat is back with the debut of its Season 2, offering a new gameplay experience. Players can now build developer teams to create games and boost their earnings.
Kanye West, now known as Ye, is launching YZY, a cryptocurrency designed to power his business empire and bypass traditional platforms such as Shopify.
