Crypto Market Update Today: Breaking Libra Coin and $Pi News

By / / Crypto News, Daily News
Crypto Market Update Today: Breaking Libra Coin and $Pi News
Table Of Contents
  1. Crypto Market Sees Modest Gains

Crypto Market Sees Modest Gains

The global cryptocurrency market cap has just reached $3.24 trillion, reflecting a 0.65% increase in the past 24 hours. Trading volume remains steady at $98.28 billion, with decentralized finance (DeFi) accounting for 7.66% of this total and stablecoins dominating at 91.14%. These trends point to a stable yet growing market, with strong liquidity and investor interest.

Fed Chair Powell’s Bitcoin Shift: A Sign of Growing Acceptance?

U.S. Federal Reserve Chair Jerome Powell’s recent comments on Bitcoin have sparked optimism in the crypto community. Speaking at the DealBook Summit, Powell acknowledged Bitcoin as a speculative asset, likening it to gold in virtual form. While this statement doesn’t signal any policy change, it marks a softer stance compared to past skepticism, hinting at growing mainstream acceptance. This shift could have long-term implications on market adoption and potential regulatory changes.

Libra Coin Crash: Pump-and-Dump or Economic Initiative?

The launch of Argentina’s $LIBRA coin by President Javier Milei has stirred controversy. Aimed at boosting the country’s economy, the token saw a dramatic rise in value, reaching 4.62 SOL, before crashing back down to below 0.2 SOL within five hours. This sharp drop wiped out $4.4 billion, leading to suspicions of a pump-and-dump scheme. Milei’s endorsement of the project was later deleted on X, further fueling doubts about the legitimacy of the initiative. Analysts are now questioning whether the coin’s introduction was a genuine economic effort or a planned exit scam.

Coinbase vs. SEC: Settlement on the Horizon?

In the ongoing lawsuit between Coinbase and the U.S. Securities and Exchange1 Commission (SEC), the SEC has requested a 28-day extension to address the case, citing its new crypto task force’s involvement. The legal battle stems from Coinbase’s challenge to a prior ruling that upheld the SEC’s lawsuit. Speculation is growing that a settlement may be on the horizon, with the task force, led by SEC commissioners Mark Uyeda and Hester Peirce, possibly influencing the outcome. The crypto community is closely monitoring the case for further developments.

Will OKX Listing Ignite a Pi Network Rally?

Pi Network, which boasts 60 million users, remains unlisted on major exchanges, keeping its token value at $0. However, the upcoming listing of Pi Network on OKX on February 20, 2025, has generated excitement, with a short-term price surge expected. The long-term success of Pi Network will depend on the development of its mainnet, regulatory clarity, and broader adoption. The crypto community remains divided on whether this listing will elevate Pi to top-tier blockchain status or if its lack of utility will limit its growth potential. The next few months will be crucial for Pi Network’s future.

State Street and Citi Enter Crypto Custody: A Game Changer for Digital Assets

State Street and Citigroup are making strides into the cryptocurrency space by offering crypto custody services, which provide secure storage solutions for digital assets like Bitcoin and Ethereum. As two of the largest financial institutions globally, their entry into the market could help drive mainstream acceptance of cryptocurrencies within traditional finance.

State Street has explored blockchain technology since launching a digital division in 2021, while Citi has long been researching digital currencies. Their move into crypto custody may encourage other banks to follow suit, enhancing security and trust for cryptocurrency investors. If successful, this shift could mark a major transition, bridging the gap between traditional banking and the growing digital asset sector.

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