Bitcoin’s price fell precipitously on February 28, dipping below $80,000, following a steady rise from November’s election to around $70,000. The CoinDesk Market Index has dropped 12% in the last five days.
On the regulatory front, the SEC dropped cases against Uniswap, Coinbase, and MetaMask (ConsenSys), while seeking to end a fraud case against TRON and Justin Sun. The agency will not treat memecoins as securities, according to Cheyenne Ligon’s report.
Stablecoins are another major theme. Jeremy Allaire, Circle’s co-founder and CEO, advocated for USD-backed stablecoin issuers to register in the US, tilting at Tether, his rival. Bank of America plans to launch its own stablecoin, Helene Braun wrote.
Other notable news includes BitMEX being up for sale, Bybit passing blame for a $1.5 billion hack, and Ethereum Foundation’s executive director Aya Miyaguchi stepping down. Mainland China investors may soon gain access to bitcoin, according to Sam Reynolds’ report.
These stories will continue to be covered in the coming week as crypto news remains abundant.
Source: https://www.coindesk.com/news-analysis/2025/02/28/weekly-recap-bitcoin-s-tumble-and-the-sec-s-retreat