📉Bitcoin Plummets to $78,000 as Crypto Selloff Extends into Fifth Day

gm Defiers!

Crypto markets are set to end the week deeply in the red after Bitcoin plunged as low as $78,200 on Friday. Solana was boosted by the CME’s announcement that it would launch SOL futures next month.

Meanwhile, the SEC is ending its investigation into Gemini, and is open to settlement talks with Justin Sun.

✍️ In today’s newsletter:

Bitcoin drops to $78,000 before rebounding
Democrats introduce MEME Act
SEC ends Gemini investigation
MKR soars 70% in two weeks
Aptos rallies on Bitwise ETF registration
SEC and Justin Sun pause lawsuit
Bitwise CIO says stablecoins will dominate B2B payments

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📈Crypto Markets Bounce After CME Announces Solana Futures

Crypto markets dropped for a fifth day, recovering some losses after the CME announced that it would launch Solana (SOL) futures next month, pending regulatory approval.

Bitcoin rebounded above $84,000 after trading as low as $78,200 in the overnight trading session. Buoyed by the CME news, SOL surged 16% to $146 off its overnight low around $125. ETH and XRP dropped by 4%.

🏛️U.S. Congress Introduces MEME Act Targeting TRUMP Memecoin

The Modern Emoluments and Malfeasance Enforcement (MEME) Act seeks to block senior government officials, members of Congress, and the President from issuing or sponsoring securities, commodities, or cryptocurrencies.

⚖️Cameron Winklevoss Wants Payback after SEC Ends Gemini Investigation

Announcing that the SEC has ended its investigation into crypto exchange Gemini, Winklevoss, the company’s co-founder and president, penned a long tirade on X, arguing that every SEC lawyer involved in similar crypto enforcement cases should be fired.

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🏦MKR Soars 50% Following Thwarted Governance Attack

The governance token of the DeFi lending protocol Sky, formerly known as MakerDAO, has skyrocketed in the past week after a failed governance attack.

📈APT Surges After Bitwise Registers Aptos ETF in Delaware

APT has rallied by approximately 12% in the last two days, likely due to recent ETF activity from asset manager Bitwise, which registered its Bitwise Aptos ETF in Delaware on Feb. 25.

🧑‍⚖️SEC and Justin Sun Pause Tron Fraud Lawsuit for Settlement Talks

On Wednesday, Sun, the Tron Foundation and the SEC filed a joint motion seeking to pause ongoing legal proceedings to “allow the Parties to explore a potential resolution.”

🪙Bitwise CIO Says Stablecoins Will ‘Dominate’ $44T Cross-Border B2B Payments in Five Years

Within five years, stablecoins will “dominate” the $44 trillion market for businesses buying from one another across borders, says Bitwise Asset Management’s chief investment officer, Matt Hougan.

🌍 ELSEWHERE

Bitcoin plunges 28% from all-time high as Trump pump turns into slump (Fortune)
‘Hot Money’ Flees Bitcoin ETFs at Record Pace in Risk Aversion (Bloomberg)
‘If you're panic selling, you're a noob’ — CryptoQuant CEO as Bitcoin drops below $85K (TheStreet)