Crypto Chaos: Ye’s Token Troubles and Market Malaise 🌪️

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What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

In the realm of digital gold, the SEC’s crypto cops have donned a new badge—now the Cyber and Emerging Technologies Unit. Meanwhile, Atlanta’s Fed prez, Raphael Bostic, is singing a sweet tune about cryptos.

The name change? A mere trifle, you say? Nay, it’s a grand gesture, a pivot away from the crypto witch hunts that once plagued our screens. “Clearer regs are coming,” says BackPack’s Armani Ferrante, and Bitcoin‘s heart flutters above $98,000.

But hold your horses, the market’s still as exciting as a snail race. “These slow days won’t last,” says Wintermute’s Jake O, though he might be biased since he’s in the OTC business. 🐌

As the U.S. and Europe bicker like an old married couple, Germany’s election might just be the glue to hold this fragile family together. A strong showing could mean more risk-taking and less hand-wringing.

But don’t get your hopes up. The crypto market’s still waiting for a knight in shining armor. JPMorgan’s analysts say it’s a “negative development” when spot prices rise above futures. Stay alert, folks!

Conferences:

CoinDesk’s Consensus is coming to Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

  • Feb. 23-March 2: ETHDenver 2025 (Denver)
  • Feb. 24: RWA London Summit 2025
  • Feb. 25: HederaCon 2025 (Denver)
  • March 2-3: Crypto Expo Europe (Bucharest, Romania)
  • March 8: Bitcoin Alive (Sydney, Australia)

Token Talk

By Oliver Knight

  • Oh, boy. Memecoin land is a mess. Argentina’s Javier Milei botched a launch, and Ye (formerly Kanye) is stirring the pot with his YZY token. He’s keeping 70% for himself. Greedy, much? 🤑
  • Castle Island Ventures’ Nic Carter says the memecoin craze is “over.” And with Ye’s shenanigans, it might be six feet under.
  • But the rest of the crypto world? Business as usual. ETH and LTC are up, and TRX is soaring. Liquidity’s moving from speculative tokens to more useful projects.
  • NEAR‘s leading the pack with an 11% surge, thanks to their “first truly autonomous” AI agents. Watch out, they might start trading your assets without you. 😜

Derivatives Positioning

  • BTC open interest’s up, and funding’s flipped from positive to negative. A short squeeze scenario? Maybe. Short liquidations are dominating, and it’s not looking pretty for the bears. 🐻
  • Maker DAO, Virtuals Protcol, and Artificial Super Intelligence are seeing the highest one-day increase. Who knew AI and virtual stuff could be so popular?
  • Option traders are feeling optimistic with BTC calls trading like hotcakes. But remember, options are a double-edged sword. 🎩

Market Movements:

  • BTC’s up a tiny bit, ETH’s up a bit more, and the CoinDesk 20’s up too. But gold and silver? Down, down, down.
  • The DXY’s up, and the Hang Seng’s having a party with a 3.99% gain. Meanwhile, the DJIA’s down, and the Nasdaq’s feeling blue.
  • Bitcoin’s dominance is slipping, and the Ethereum to bitcoin ratio’s up. Hashrate’s high, and total fees are a whopping $526,892.

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2025-02-21 15:11