White House Hosts Crypto Summit as Bitcoin Breaks $91K 🚀
Cheers to the new month, guys 🍻
February did go down as a month to forget for Bybit, with the hack making history for all the wrong reasons. But March has everyone dreaming big with Bitcoin on a bull run, and President Trump and the White House just rolled out the red carpet for the crypto community.
Meanwhile, the SEC is finally backing off Coinbase, and the twist is that the regulators are actually "reforming their approach" to crypto... Who saw that coming?
Here are the Highlights:
- White House to host crypto summit this week
- Bitcoin Jumps Above $91K After Trump's U.S. Crypto Reserve News Brings Bulls Back
- SEC dismisses lawsuit against crypto exchange Coinbase
- Crypto Losses Hit $1.53B In February, Driven By $1.4B Bybit Hack
White House to host crypto summit this week
The White House has announced that it will host its first cryptocurrency summit this week on March 7. U.S. President Donald Trump will deliver remarks at the event, according to a statement released by the White House on Feb. 28. The summit will bring together prominent founders, CEOs, and investors from the crypto industry alongside members of the president’s Working Group on Digital Assets, a group comprised of the heads of several federal agencies. The event will be chaired by White House Artificial Intelligence (AI) and crypto czar David Sacks and administered by the Working Group’s Executive Director Bo Hines.
Bitcoin Jumps Above $91K After Trump's U.S. Crypto Reserve News Brings Bulls Back
Bitcoin's (BTC) price surged past $91,000 on Sunday after U.S. President Donald Trump announced a crypto strategic reserve for the world's biggest economy. In his initial announcement, Trump announced XRP, Solana (SOL), and Cardano (ADA) as cryptocurrencies to be included in the reserve and later said BTC and ether (ETH) would also be part of it. XRP jumped 31% in the last 24 hours to trade around $2.80, while ADA price crossed above $1 and SOL above $160, both rising more than 20% on Sunday. Meanwhile, BTC was up 6% in the last 24 hours, finally trading above $91,000 after prices stuck near the 80,000 to the $84,000 range.
SEC dismisses lawsuit against crypto exchange Coinbase
The US Securities and Exchange Commission has dismissed its lawsuit with crypto exchange Coinbase on Feb. 27, filings show, ending the case permanently. The SEC agreed to voluntarily dismiss all litigation tied to Coinbase and Coinbase Global with prejudice, which included withdrawing from its initial June 2023 lawsuit and its request for an interlocutory appeal with the US Court of Appeals, a Feb. 27 court filing shows. It comes after the two parties announced an agreement to end the legal dispute on Feb. 21. The SEC said that “the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry.”
Crypto Losses Hit $1.53B In February, Driven By $1.4B Bybit Hack
The cryptocurrency sector suffered staggering losses in February, with scams, exploits, and hacks totaling nearly $1.53 billion, according to blockchain security firm CertiK. The bulk of these losses stemmed from the $1.4 billion attack on Bybit, marking the largest crypto heist in history. On February 21, hackers targeted crypto exchange Bybit, reportedly seizing control of a storage wallet. CertiK attributed the attack to North Korea’s Lazarus Group, the same entity responsible for the $650 million Ronin Bridge hack in March 2022. The FBI later confirmed that North Korean operatives were behind the Bybit breach and had begun dispersing the stolen funds across thousands of blockchain addresses.
Other Highlights Worth Mentioning
Binance denies claims of dumping Ethereum and Solana - Cryptoslate
Bybit Hackers Have Laundered Nearly 70% of the Stolen ETH - BeInCrypto
US Court Dismisses SEC Case Against Richard Heart, Hex - Decrypt
Donald Trump Names XRP, SOL, ADA, BTC and ETH as Part of U.S. Crypto Reserve - CoinDesk