Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Chairman Powell recently told the Senate Banking Committee that the central bank does not need to rush to cut interest rates — much to the chagrin of investors hoping for a lower rate environment in 2025.
Low interest rates are a positive catalyst for crypto prices as access to cheap credit encourages investors to borrow money and buy assets, thus propping up market prices.
Javier Milei risks impeachment after endorsing $107 million Libra rug pull
Argentine President Javier Milei is facing calls for impeachment after endorsing a cryptocurrency project that collapsed in what analysts are calling a massive insider scam.
The Solana-native Libra (LIBRA) token started its rally on Feb. 14, shortly after Milei posted about the project on X, formerly Twitter. His now-deleted post included a website and contract address for the token, which was a “private project” dedicated to “encouraging the growth of the Argentine economy.”
The Libra token briefly rose to a peak market capitalization of $4.56 billion at 10:30 pm UTC on Feb. 14 before falling over 94% to a $257 million market cap in just 11 hours since the token debuted for trading on decentralized exchanges, Dexscreener data shows.
Milei may now face the risk of impeachment after Argentina’s fintech chamber acknowledged that the case may be a rug pull.
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” opposition lawmaker Leandro Santoro told Reuters, according to a Feb. 16 report.
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Bitcoin analyst PlanB transfers Bitcoin to ETFs to avoid “hassle with keys”
Bitcoin analyst PlanB revealed that he has moved all his Bitcoin from self-custody into spot Bitcoin exchange-traded funds (ETFs), in an effort to manage his Bitcoin in the same way as traditional assets.
“I guess I am not a maxi anymore,” PlanB said in a Feb. 15 X post, explaining that he moved his Bitcoin into spot Bitcoin ETFs so he can manage his holdings more like equities and bonds — without the complexities of self-custody.
“Not having to hassle with keys gives me peace of mind,” he said. While Bitcoin maxis insist users should always control their own private keys instead of holding their Bitcoin on centralized exchanges, self-custody comes with the responsibility of keeping those keys safe from hackers, thieves and other bad actors.
