Sec Ended Uniswap Investigation Without Sanctions
The SEC has closed its investigation into Uniswap Labs without issuing any sanctions. The regulator acknowledged that Uniswap is not considered an exchange under current legal definitions.
The investigation was examining whether Uniswap was operating as an unregistered securities exchange and whether the UNI token was an illegal security. Uniswap Labs had objected to the SEC’s potential sanctions in May 2024. The UNI token quickly rose 4.6% after the news.
BofA CEO Predicts Fed to Keep Interest Rates Steady
Bank of America CEO Brian Moynihan predicted that the U.S. Federal Reserve (Fed) will keep interest rates steady until 2026. Speaking at a conference he attended in Washington, Moynihan stated that it would take years to bring inflation under control. Fed officials continue their policy of keeping interest rates unchanged in order to bring inflation to the 2% target.
Moynihan also argued that US banking regulations should be simplified. Stating that the frequent changes in existing regulations create uncertainty for banks and customers, Moynihan stated that especially the anti-money laundering and customer recognition rules should be reviewed.
Crypto Liquidations Exceed $1.5 Billion, Lowest Levels of 2025 Seen
The $1.5 billion liquidation in the crypto market in the last 24 hours increased bear market concerns. Daily liquidations exceeded $1 billion for the third time in February.
Liquidations peaked in Ethereum due to the large outflows in Bitcoin ETFs and the Bybit hack attack. Bitcoin has fallen below $90,000 for the first time in three months. Despite the current volatility, analysts believe the market has the potential to recover by mid-2025.
Grayscale Expands Fund Portfolio with Polkadot ETF Application
Grayscale has filed a formal application with the SEC via Nasdaq for an ETF investing in Polkadot’s DOT token. The move comes after the firm filed for XRP and Cardano ETFs and has accelerated as the SEC adopts a more crypto-friendly stance.
The application will be approved within 45 days, at which time the SEC can accept, reject, or extend the review period. Grayscale has not previously offered a standalone Polkadot product. The new ETF application follows a similar application filed last month by crypto investment management firm 21Shares.
Ethereum’s Pectra Update Fails on Testnet
Ethereum’s Pectra update has failed to reach finalization on the Holesky testnet, hinting at potential delays. The issue was reportedly caused by a bug in execution clients.
The update aims to improve Ethereum’s transaction finalization mechanism and includes important innovations such as EIP-7702. However, the testnet error was caused by the incorrect handling of deposit contract addresses. Developers emphasize that testnets exist to detect such issues before they are pushed to the mainnet, while pressure is growing for Ethereum to accelerate development.
Ethereum Foundation Makes Leadership Change: Aya Miyaguchi Moves to New Leadership Role
Ethereum Foundation (EF) Executive Director Aya Miyaguchi has announced that she will be transitioning to the role of president under a new governance model. In her new role, she aims to strengthen institutional relationships and expand Ethereum’s vision.
Emphasizing Ethereum’s decentralized structure, Miyaguchi stated that the foundation’s mission is to maintain neutrality rather than control the network. While criticism of the foundation increased due to the low performance of Ethereum, it was decided that 50,000 ETH would be evaluated in the ecosystem within the scope of the new governance model.
South Dakota Rejects Bitcoin Investment Plan
The South Dakota state legislature rejected a bill that would allow the state to invest 10% of public funds in Bitcoin due to volatility concerns. The HB1202 bill was introduced with the aim of diversifying the state’s investment strategy. However, the House Commerce and Energy Committee rejected the bill by a vote of 9 to 3. A similar decision was made in Montana last week.
While House Commerce and Energy Committee Representative Logan Manhart, who introduced the bill, argued that Bitcoin could provide protection against inflation, State Investment Officer Matt Clark stated that Bitcoin is a risky asset because it has no physical use and does not generate income. Manhart announced that he will introduce the bill again next year.
ECB Advisor Sees Bitcoin as Economically Unnecessary
ECB advisor Jürgen Schaaf argued that Bitcoin has no economic necessity and that central banks holding BTC reserves would increase speculation. According to Schaaf; Bitcoin’s extreme volatility, illegal use and openness to manipulation make it an unsuitable asset for central banks.
These statements come at a time when the US is evaluating plans to create a strategic Bitcoin reserve. Schaaf stated that the ECB will not add BTC to its reserves, and argued that crypto assets encourage speculation instead of economic stability. The statements came amid a sharp sell-off that has seen $1.5 billion liquidated in the markets.
GameStop Called to Convert $5 Billion of Reserves to Bitcoin
Strive Asset Management CEO Matt Cole argued that GameStop (GME) should convert $5 billion of its cash reserves to Bitcoin. In a letter to Ryan Cohen, Cole said that GameStop’s diversion of its cash reserves to Bitcoin would strengthen its financial future.
According to Cole, GameStop could become a “Bitcoin treasury” leader in the gaming industry by converting its cash assets to Bitcoin. This proposal reflects the strategy pursued by companies such as MicroStrategy and MARA Holdings.
US Senator Introduces Bill Against Crypto ATM Fraud
US Senator Dick Durbin has introduced a bill called the “Crypto ATM Fraud Prevention Act” in order to prevent frauds carried out through crypto ATMs. Durbin, in his speech in the Senate, emphasized that such incidents are increasing, explaining that a citizen lost $ 15,000 to fraudsters. The bill requires ATM operators to warn users about fraud risks, increase security measures and take steps to limit victims’ losses.
While there are more than 30,000 crypto ATMs across the US, criminals are targeting the elderly in particular using these machines. According to FBI data, Americans lost more than $ 5 billion in crypto-related frauds in 2023.
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BITCOIN (BTC)
BTC is priced at $ 88,800 with a 0.17% gain as of the morning hours. It is currently showing a slight recovery at 88,817. The region where the decline stopped is marked as the green support zone on the chart and this region covers the range of 86,000 – 85,000. Since these levels have been areas where strong buyers have stepped in in the past, the price may be reacting here. In order for the upward movement to continue, the price must first exceed the level of 91,370 and then retest the level of 96,060. If these levels act as resistance and the price is pressured downwards again, there is a possibility that BTC could decline towards the 86,000 level again.
ETHEREUM (ETH)
ETH is priced at $ 2490 as of the morning hours with a 0.09% loss in value. It has made a strong decline by breaking the 2,797 and 2,562 support levels. It is currently showing a slight recovery at the 2,494 level. The region where the decline stopped is the 2,461 – 2,338 range, which draws attention as a region that has received a reaction in the past. If the price gets a strong buying reaction from this region, it may test the 2,562 level again. However, it will need to maintain stability above this level for the recovery to continue. On the other hand, if the 2,461 level cannot work as support, there is a risk that the ETH price will decline to the next strong support zone of 2,338 – 2,168.
RIPPLE (XRP)
XRP is priced at $ 2.30 as of the morning hours, losing 0.84%. It broke the 2,722 support level and was exposed to a strong selling wave and fell to the 2.3024 level. The decline seems to have found support in the 2,300-2,200 range, which has been reacted to in the past, and the price is making a slight recovery from here. However, in order for the price to continue its upward movement, it must first maintain stability above the 2,500 level. This area is located within the blue area, which has acted as support in the past and is now resistance. If buyers fail to overcome this area, the price may decline back towards the 2,200 – 2,000 support area.
AVALANCHE (AVAX)
AVAX is trading at $ 22.14 as of the morning hours with a 0.96% gain in value. The price seems to have received a slight reaction after testing the critical 21.88 support level. However, the current structure shows that the downtrend is not over yet. In order for the price to make an upward recovery, it must first maintain stability above the 28.77 level. Otherwise, increases may offer a selling opportunity for investors who want to take bearish positions. If the 21.88 level is broken down, the decline is likely to accelerate and continue to deeper support levels (e.g. 20.00 and below).
SOLANA (SOL)
SOL is priced at $ 142.60 as of the morning hours, losing 1.12%. The price reached the critical support area of 145.00 – 130.00 and received a slight reaction from here. However, the general structure still shows that downward pressure continues. For an upward recovery movement, the 176.27 level must be exceeded. If the price remains below this level, increases can be evaluated as a selling opportunity. In the downside scenario, if the 130.00 level is broken, the decline may deepen to 120.00 and below. At this point, although buyer interest is observed in the 130.00 – 145.00 area, increases may remain limited unless there is strong buying pressure. Although a recovery towards 145.00 – 150.00 levels seems possible in the short term, it should not be forgotten that the main trend is still down in the current structure.
