Weekly Crypto Market Wrap February 17-23, 2025
This week turned out to be rich in events, and, unfortunately, there was not much positivity. On Friday evening, one of the largest exchanges came under attack by hackers – a record amount of funds was stolen: $1.5 billion in ETH.
Nevertheless, the market surprised with its resilience. It seems investors have already toughened up after FTX, geopolitical crises, and other shocks, as indicated by the Fear and Greed Index, which remains in a neutral position. Now, let's break down all the events of the week in order:
Strategy goes shopping again – another $2 billion for Bitcoin. Michael Saylor’s company decided that extra BTC wouldn't hurt and issued convertible bonds worth $2 billion. If anyone can call Bitcoin "their personal safe," it's Strategy.
SEC retreats: victory for Coinbase and OpenSea. The U.S. Securities and Exchange Commission (SEC) unexpectedly withdrew its lawsuit against Coinbase and did not press charges against the NFT marketplace OpenSea.
12 U.S. states invest $330 million in Strategy. While regular investors worry about whether to buy more BTC on the dip, 12 U.S. states confidently invest hundreds of millions of dollars in Strategy stocks.
Blockchain project Hyperliquid launches HyperEVM mainnet. This is a step toward improving performance and scalability, meaning another attempt to make Ethereum network transactions not cost as much as a ticket to a 30 Seconds to Mars concert.
FTX repays debts via Kraken and BitGo. The exchange, which left a financial black hole behind, has begun compensating its creditors. It’s like if a neighbor who borrowed money from you for an "urgent purchase" actually returned the debt a couple of years later – but through other neighbors.
Trump back with an agenda – 25% tariffs on cars and chips. Donald Trump has proposed imposing tariffs on imported automobiles, microchips, and pharmaceuticals. The idea seems simple: Make America Great Again, but how will trade partners react to this "proposal"?
Howard Lutnick appointed U.S. Secretary of Commerce. A person with strong ties to the crypto industry has become an official representative of the American economy. Place your bets — when will the U.S. establish a Ministry of HODL?
Bybit hacked for $1.46 billion, but CEO remains calm. On Friday, the exchange’s CEO confirmed the hack but promised to compensate all losses 1:1. Just days later, the exchange had already managed to recover 400k ETH thanks to help from Coinbase and Binance, purchases through OTC deals, contributions from whales, and loans from third parties. A rare case where an exchange not only acknowledges the problem but also solves it quickly.
Tether creates BrainOS – a response to Neuralink? Tether announced the development of BrainOS – an analog of Neuralink. If everything goes according to plan, the next step will be an embedded brain wallet for USDT.
CZ allocates 150 BNB ($100,000) for Argentine students. Changpeng Zhao decided to support those affected by the LIBRA token crash by donating funds for education. A noble gesture or a smart PR move? The main thing is that students can turn it into an investment in their future.
DOGE launches an audit of the SEC. The goal is to identify cases of corruption and abuse. DOGE has reached out to the public, asking them to share information about questionable actions by the regulator. If facts are confirmed, this could lead to large-scale reforms in the American financial system. Interesting that an organization with the abbreviation DOGE is now investigating the SEC — a regulator that has repeatedly clashed with the crypto industry and the meme coin Dogecoin.
Upcoming major token unlocks:
SUI: $205.40m (2.0%)
OP: $34.48m (1.9%)
ENA: $19.80m (1.5%)
ZETA: $13.73m (6.5%)
ALT: $10.52m (9.3%)
DYDX: $6.23m (1.1%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
