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Crypto News

Bitcoin Surpasses $93,000 with a 8.49% Increase in 24 Hours

Bitcoin has crossed the $93,000 benchmark and is now trading at $93,245, with a narrowed 8.49% increase in 24 hours. Crypto stocks soared in overnight trading. Hut 8 Mining Corp rose 20%, Canaan Inc. rose 19%, Strategy rose 16%, MARA Holdings rose 13%, Coinbase Global, Inc. rose 11%.

Trump Sparks Crypto Rally by Saying More Coins to Be in Reserve

The Federal Bureau of Investigation said on Wednesday that North Korea was responsible for the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit.

The agency said it refers to this specific North Korean malicious cyber activity as "TraderTraitor."

"TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains," it said in a public service announcement.

The FBI said it is expected the assets will be further laundered and eventually converted to fiat currency.

CME Predicts a 93% Probability That the Federal Reserve Will Keep Interest Rates Unchanged in March

The CME 'FedWatch' shows that the probability of the Federal Reserve keeping interest rates unchanged in March is 93%, while the probability of a 25 basis point rate cut is 7%. By May, the probability of maintaining the current interest rate is 68%, the cumulative probability of a 25 basis point rate cut is 30.1%, and the cumulative probability of a 50 basis point rate cut is 1.9%.

Trump Will Host Crypto Summit at the White House Friday

President Donald Trump will preside over the White House’s first cryptocurrency summit this Friday(March 7), further establishing his embrace of the industry.

Trump will deliver remarks at the gathering that “will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets,” the White House said in a statement.

The summit will be led by venture capitalist and White House crypto czar David Sacks, and will be administered by working group executive director Bo Hines, according to the statement.

Milei to Seek Congress Support for IMF Deal ‘in Coming Days’

Argentine President Javier Milei announced Saturday night that he will seek congressional support for a new program his government is negotiating with the International Monetary Fund, the most concrete sign yet that talks are advancing toward final stages.

“I want to announce that in the coming days I will request that Congress supports the government in this new agreement with the International Monetary Fund,” Milei said in an annual state of the nation address in the legislature, without providing more specifics. “We hope this Congress adopts the same stance that it had with all the rest, accompanying from your seats and supporting the government in this new agreement.”

SEC Nixes Wave of Crypto Probes and Suits in Trump-Era Reset

The U.S. Securities and Exchange Commission scrapped a slew of lawsuits and investigations targeting crypto-linked companies, marking a notable shift in its approach to crypto regulation amid the Trump administration's pro-crypto push.

Shortly after taking office last month, President Donald Trump tasked crypto-friendly Paul Atkins, who is awaiting confirmation as the new SEC chair, to develop a comprehensive, perhaps more favorable, regulatory framework for crypto assets. The regulator is currently led by Acting Chair Mark Uyeda.

As such, the SEC formed last month its own crypto task force, dismissing a growing number of suits brought against crypto-tied firms under the Biden administration.

Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says

Senator Cynthia Lummis, the sponsor of a bill calling for the US to set up a Bitcoin reserve, suggested that progress on the proposal is likely to take longer than many crypto advocates would like.

“My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government,” Lummis said during a conference hosted by crypto personality Anthony Pompliano in New York on Friday. “States are incubators of innovation.” She added that other nations are already taking action: “We’re seeing the United Arab Emirates purchase Bitcoin. You’re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so.”

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF last Friday was $94.34 million. The total net asset value of Bitcoin spot ETFs is $95.38 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.71%.

The Bitcoin spot ETF with the highest net inflow on Feb. 28 was ARK 21Shares Bitcoin ETF, with a net inflow of $193.70 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 176.03 million, according to SoSoValue.

SoSoValue