Here’s a quick recap of the crypto landscape for Friday (February 24) as of 9:00 a.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$95,872, reflecting a slight decrease of 0.059 percent over the past 24 hours. The day’s trading range has seen a high of US$96,506 and a low of US$95,097.
Ethereum (ETH) is priced at US$2,686.78, marking a decline of 4.49 percent over the same period. The cryptocurrency reached an intraday high of US$2,835.39 and a low of US$2,667.85.
Altcoin price update
- Solana (SOL) is currently valued at US$159.38, down 6.03 percent over the past 24 hours. SOL experienced a high of US$169.84 and a low of US$155.75 during Monday’s trading session.
- XRP is trading at US$2.49, reflecting a 3.11 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.60 and a low of US$2.44.
- Sui (SUI) is priced at US$3.21, showing a 4.75 percent decrease over the past 24 hours. It achieved a daily high of US$3.44 and a low of US$3.18.
- Cardano (ADA) is trading at US$0.7363, reflecting a 5.38 percent decrease over the past 24 hours. Its highest price on Monday was US$0.7782, with a low of US$0.7279
Crypto news to know
Hackers Steal US$1.5B from Bybit in ‘Biggest Digital Heist Ever’
The cryptocurrency exchange Bybit has suffered what is believed to be the largest digital theft in history, losing US$1.5 billion worth of Ethereum to hackers.
The Dubai-based platform reported that the attacker gained access to one of its Ethereum wallets during a routine transfer between cold and warm storage, successfully moving the funds to an unknown address.
Bybit CEO Ben Zhou reassured users that the exchange remains solvent and has enough funds to cover losses, ensuring all customers are fully reimbursed.
However, the platform has experienced a surge in withdrawal requests, causing processing delays. In response, Bybit has offered a 10 percent reward—up to US$140 million—for assistance in recovering the stolen funds.
Some security analysts suspect the involvement of North Korean state-backed hacker group Lazarus, known for previous large-scale crypto heists.
SEC Closes Investigation into OpenSea, Robinhood With No Charges Filed
The US Securities and Exchange Commission (SEC) has officially ended its investigation into OpenSea, the largest NFT marketplace, without pursuing any charges.
The inquiry, which began in August 2024, was part of the SEC’s broader efforts to regulate NFT platforms that might be classified as unregistered securities marketplaces.
OpenSea CEO Devin Finzer announced the decision on February 21, marking a win for the NFT space. Industry figures welcomed the move, as classifying NFTs as securities could have hindered innovation.
The decision also follows a similar dismissal of a lawsuit against Coinbase, indicating a potential shift toward a more crypto-friendly regulatory stance under the Trump administration.
Meanwhile, OpenSea continues to expand, with plans to launch its own token, SEA. However, the platform has faced criticism over its airdrop rewards system, which some users claim incentivizes wash trading rather than fostering a genuine community.
Similarly, Robinhood Markets announced that the SEC has concluded its investigation into its cryptocurrency operations without pursuing enforcement action.
The company had previously received a Wells notice, signaling potential charges, but successfully argued against them.
Dan Gallagher, Robinhood’s chief legal officer, stated that the investigation was unnecessary, emphasizing that the company has always complied with federal securities laws.
Franklin Templeton Files for Solana-Based ETF
Global asset management giant Franklin Templeton has filed with the SEC to launch an exchange-traded fund (ETF) for Solana, the sixth-largest cryptocurrency by market capitalization.
The proposed Franklin Solana ETF would track Solana’s price, with assets held by Coinbase Custody Trust Company and listed on the Cboe BZX Exchange.
This move follows a wave of similar applications from firms like Grayscale, Bitwise, and VanEck, reflecting growing interest in Solana-based investment products.
Solana’s price has recently declined to the US$159 range, down more than 16 percent in the past week, amid controversy over the Libra token and a slowdown in meme coin projects.
However, demand for crypto ETFs continues to surge, with Bitcoin ETFs seeing over US$40 billion in net inflows in the past year.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
