![\"BTCUSD_2025-02-09_18-12-14\"](\"https:\/\/forklog.com\/wp-content\/uploads\/BTCUSD_2025-02-09_18-12-14-1024x541.png\")
Altcoins reacted more sharply\u2014many leading cryptocurrencies lost over 20%.<\/p>\n
The sell-off triggered the largest liquidation in crypto\u2019s history\u2014about $2.27bn in 24 hours, according to CoinGlass. Bybit CEO Ben Zhou argued the service significantly understated the figure because of limitations in exchanges\u2019 API<\/span>, putting the real total at $8\u201310bn.<\/p>\n Overnight on 4 February, bitcoin rebounded to $100,000. The catalyst was reporting that Washington had paused for 30 days the imposition of 25% tariffs on goods from Mexico and Canada after talks between the countries\u2019 leaders and US President Donald Trump.<\/p>\n The bounce proved fleeting amid uncertainty over potential trade wars. On-chain activity on the network of digital gold sank to a yearly low, and CryptoQuant concluded that the asset\u2019s fair value lies between $48,000 and $95,000.<\/p>\n At the time of writing, bitcoin is range-bound around $96,000.<\/p>\n Over the past seven days, the bellwether slipped nearly 3%. Several large altcoins fell more. Cardano (ADA) dropped 21%, while Ethereum (ETH) and XRP declined 14.4%.<\/p>\n The total crypto market cap stands at $3.28 trillion; bitcoin\u2019s dominance exceeds 58%, and Ethereum\u2019s is 9.7%.<\/p>\n One early task for the working group on digital-asset markets<\/a> is to assess creating a national bitcoin reserve. This was confirmed by Donald Trump\u2019s special adviser on AI and crypto\u2014and the head of the body\u2014David Sacks<\/a>.<\/p>\n Building a strategic reserve of the first cryptocurrency was among the president\u2019s campaign pledges.<\/p>\n Sacks called the asset \u201can excellent store of value\u201d.<\/p>\n \u201cIt is the strongest digital currency. [\u2026] No one has broken its security,\u201d he explained.<\/p>\n<\/blockquote>\n Stablecoin legislation will also be in focus. Within six months, the body is to draw up proposals for the regulation of digital assets more broadly.<\/p>\n The SEC\u2019s cryptocurrency task force led by Hester Peirce intends first to:<\/p>\n Specialists will also review lawsuits against crypto firms launched under former SEC chair Gary Gensler<\/a>.<\/p>\n Against this backdrop, the regulator is shrinking the division that handled industry enforcement. It had more than 50 staff; some will be reassigned elsewhere in the agency.<\/p>\n Ethereum\u2019s supply has risen to levels last seen in September 2022, before The Merge.<\/p>\n The metric has surpassed its pre-Merge readings.<\/p>\n Experts noted that inflation in the second-largest cryptocurrency began to pick up a month after the Dencun<\/a> hard fork, which took place in April 2024.<\/p>\n Scheduled for March<\/a>, the Pectra<\/a> upgrade could further accelerate Ethereum\u2019s supply growth, analysts forecast. They pointed to users and liquidity migrating to Solana amid the proliferation of L2 networks and hype around meme coins<\/a>.<\/p>\n On 4 February, most Ethereum validators backed raising the gas limit\u2014the maximum that can be used for transactions in a single block\u2014to improve the network\u2019s scalability.<\/p>\n Telegram\u2019s developers have required all third-party crypto wallets to use only the TON Connect protocol to connect to The Open Network.<\/p>\n![\"Cryptocurrency-Prices-Charts-and-Crypto-Market-Cap-CoinGecko-Google-Chrome-23\"](\"https:\/\/forklog.com\/wp-content\/uploads\/Cryptocurrency-Prices-Charts-and-Crypto-Market-Cap-CoinGecko-Google-Chrome-23-1024x588.jpg\")
David Sacks sets priorities for the White House crypto group; Hester Peirce outlines the SEC\u2019s counterpart<\/h2>\n
\n
\n
Ethereum\u2019s supply returns to pre-Merge levels<\/h2>\n
Community bristles at TON\u2019s growing \u201cmonopoly\u201d inside Telegram<\/h2>\n