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Bitcoin Hovers Around $96,000

Bitcoin hovered around $96,000 on Wednesday. The world’s largest cryptocurrency once dropped below $95,000 on Tuesday, extending last week’s weakness as traders remained cautious over Trump’s new tariffs and upcoming key inflation data.

SEC’s Peirce Says Agency Wants New Approach to Crypto Policy

US Securities and Exchange Commissioner Hester Peirce says the Wall Street watchdog is taking a close look at cases it has brought against crypto firms as it tries to strike a new tone on regulating digital assets.

“During the past several years, enforcement cases have been used as a way to make regulatory policy; that is very atypical,” Peirce said Tuesday during a “Bloomberg Crypto” TV interview. “We’re trying to get back to a path where we’re really using our other tools to make policy.”

The SEC on Monday filed a request to pause litigation against Binance, the world’s largest crypto exchange. The regulator sued Binance and co-founder Changpeng “CZ” Zhao in 2023, alleging the firm mishandled customer funds, misled investors and regulators and broke securities laws.

Trump's Crypto Company Launches Strategic “Token Reserve“

World Liberty Financial, the new crypto platform in which President Donald Trump holds a financial stake, announced that it was unveiling a strategic token reserve designed to bolster Bitcoin, Ethereum and other cryptocurrencies "that are at the forefront of reshaping global finance."

Millions of dollars, including $100 million in fees alone off of the meme coin, have poured into entities connected to the president's new suite of crypto companies. WLF has already seen token sales of $500 million, by Reuters calculations.

World Liberty Financial launched two months ahead of the U.S. presidential election. Trump and his affiliates own a 60% stake in its holding company and are entitled to 75% of revenues and 22.5 billion tokens, according to the company's website.

Fed Chair Jerome Powell Says No US CBDC Under His Watch

Federal Reserve Chair Jerome Powell said the United States would not issue a central bank digital currency, or CBDC, as long as he remains the head of the organization.

The announcement came during a hearing of the Senate Banking Committee on Tuesday. During the hearing, Senator Bernie Moreno (R-OH) asked Powell to commit that the United States would never have a CBDC as long as he was the head of the Federal Reserve System.

“Yes,” Powell responded.

Goldman Sachs Invests $1.5B in Bitcoin and $476M in Ether ETFs

Goldman Sachs significantly increased its holdings in both Bitcoin and Ethereum ETFs in the fourth quarter of 2024, signaling a growing institutional interest in cryptocurrency investments.

The investment bank's spot Ether ETF position grew by 2,000% to $476 million, while its Bitcoin ETF holdings more than doubled to $1.5 billion.

According to the firm's Feb. 11 filing with the Securities and Exchange Commission (SEC), Goldman Sachs upped its Ether ETF exposure from $22 million to $476 million.

Report: Over 650 Million People Now Have Access to Bitcoin

Satoshi created bitcoin (BTC) as “peer-to-peer digital cash,” but over time, the cryptocurrency has morphed into what many call “digital gold,” with investors choosing to “hodl” the asset rather than spend it. But Bitcoin scaling firm Breez co-authored a report that it published last week, showing how bitcoin might be staging a comeback as digital cash.

The Lightning Network, a layer two solution for cheaper and faster bitcoin payments, is the technology responsible for that comeback, according to the report, which describes Lightning as the backbone of bitcoin payments.

And now, with Lightning integration across multiple uses cases, from retail and luxury goods to global remittances, bitcoin has reached more than 650 million people worldwide, marking a shift from being a store of value to once again being a medium of exchange, the report says.

Crypto Custody Firm BitGo Said to Weigh IPO as Soon as This Year

BitGo Inc. is considering an initial public offering, according to people familiar with the matter, joining a flood of crypto companies anticipating more support for their plans from regulators.

The Palo Alto, California-based company is in talks with potential advisers on a listing as soon as the second half of this year, one of the people said, asking not to be identified as the information isn’t public.

BitGo raised $100 million in 2023 from new investors at a $1.75 billion valuation. Its backers have included Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures and Valor Equity Partners, an April statement showed.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on FTuesday was $56.76 million. The total net asset value of Bitcoin spot ETFs is $111.78 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.92%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on February 11 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $43.63 million. Following that was Franklin Bitcoin ETF (EZBC), with a net outflow of 11.03 million, according to SoSoValue.

Source: SoSoValue