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Altcoins take the lead: Bitcoin holds $65K in tactical reset |
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Key points: |
Bitcoin rebounded toward $65,600 but remains within a three-week range, even as altcoins outperformed and the altcoin season indicator returned to January highs. ETF inflows, short liquidations, and thin liquidity conditions contributed to the bounce, though derivatives data suggests rotation rather than full bullish conviction.
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News - Crypto markets showed early signs of stabilization after rebounding from oversold conditions. Bitcoin climbed as much as 3.7% overnight before trimming gains to trade near $65,600, about 2.4% higher since midnight UTC. Despite the recovery, BTC remains locked inside a consolidation range that has persisted for roughly three weeks. |
Altcoins drove the momentum. Solana and Cardano each gained around 4.5%, while Polkadot advanced 11.5% and Solana posted gains above 8% over a 24-hour period. |
VIRTUAL, ETHFI, and Morpho delivered double-digit rallies, pushing the altcoin season indicator to its strongest reading since early January. The total crypto market cap rose 3.7% to $2.34 trillion, and more than $325 million in leveraged positions were liquidated across the market. |
Derivatives and liquidity signals - Futures open interest increased 1.5% to $93.5 billion, largely reflecting spot price appreciation rather than meaningful new leverage. Bitcoin and Ether futures open interest held steady, while open interest in gold-linked crypto products declined 12%, signaling capital rotation away from defensive exposure. |
Bitcoin's 30-day implied volatility eased to 56% from 65% earlier in the week, pointing to calmer conditions. However, hedging demand remains elevated. The $60,000 Bitcoin put is currently the most traded strike on Deribit, and puts continue to trade at a premium to calls for both BTC and ETH. |
Traders also debated rumors surrounding alleged institutional selling pressure tied to Jane Street, which the firm has dismissed as baseless. Market commentators pointed to thin order books and short liquidations as factors that may have amplified the rebound. |
Macro backdrop and sentiment split - The rebound coincided with strength in U.S. equities and positioning ahead of Nvidia's earnings, described by analysts as a key catalyst for broader risk sentiment. Bitcoin ETFs recorded $258 million in net inflows, while the Coinbase Premium Index flipped positive, indicating renewed U.S. demand. |
Meanwhile, Google Trends data shows record growth in searches such as "Bitcoin is dead," even as queries for "What is Bitcoin" reached all-time highs. The divergence highlights a market environment marked by skepticism at extremes, but growing curiosity among newcomers. |
For now, the recovery reflects tactical repositioning and capital rotation, not a decisive structural breakout. |
Senate probe targets Binance over $1.7B Iran allegations |
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Key points: |
Washington lawmakers have reopened sanctions-compliance questions around Binance, centered on reports of $1.7 billion in Iran-linked and Russia "shadow fleet" flows. Binance strongly denies the claims, calling media reports "defamatory" and asserting its sanctions exposure has fallen roughly 97% since early 2024.
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News - Binance is once again facing scrutiny in Washington. Senator Richard Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, has opened a probe into the exchange over reports that approximately $1.7 billion flowed through accounts linked to Iranian entities and Russia's oil "shadow fleet." |
In a letter addressed to CEO Richard Teng, Blumenthal requested internal records related to Iranian user activity, dealings with Hong Kong-based intermediaries Hexa Whale and Blessed Trust, and the alleged suspension or dismissal of compliance investigators. |
The senator cited reporting that internal investigators traced transfers to wallets associated with Iran's Islamic Revolutionary Guard Corps and groups such as Yemen's Houthi militants. He set a March 6 deadline for documents. |
The inquiry revives pressure just two years after Binance agreed to a $4.3 billion settlement with U.S. authorities for anti-money-laundering and sanctions violations. Founder Changpeng Zhao stepped down, served a four-month prison sentence, and later received a presidential pardon. |
Binance pushes back - Binance has rejected the allegations across multiple statements. CEO Richard Teng publicly criticized a Wall Street Journal report as inaccurate and defamatory, demanding corrections and a full retraction. The exchange maintains that no Iranian users are permitted on the platform and that internal investigations did not establish direct transactions with sanctioned organizations. |
In a recent compliance update, Binance said sanctions-related exposure fell from 0.284% of trading volume in January 2024 to 0.009% by July 2025. Direct interactions with four major Iranian crypto exchanges also declined sharply by January 2026, according to the company. |
What this means for crypto oversight - While no formal charges have been announced, the probe raises questions about whether Binance's post-settlement compliance overhaul is sufficient. Lawmakers are now examining whether internal warnings were ignored and whether reforms promised after the 2023 plea deal have meaningfully reduced sanctions risk. |
The outcome could influence broader expectations for how global exchanges manage sanctions compliance under heightened geopolitical scrutiny. |
Stablecoin crosscurrents: Circle surges as Tether contracts, DOJ seizes $61M in USDT |
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Key points: |
Circle shares jumped nearly 20% after reporting a 72% rise in USDC circulation and stronger-than-expected earnings. At the same time, Tether's market cap is shrinking for a second straight month, even as U.S. authorities seized $61 million in USDT tied to pig butchering scams.
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News - Circle delivered a strong fourth quarter, reporting that USDC circulation rose 72% year over year to $75.3 billion. Transaction volume reached $11.9 trillion, up 247%, while total revenue climbed 77% from a year earlier. The company posted earnings per share of 43 cents, beating analyst estimates of 16 cents. |
Shares of CRCL jumped more than 19% following the results, trading as high as $75.56 intraday. CEO Jeremy Allaire said adoption of USDC continued to expand across enterprise payments and onchain financial workflows, adding that Circle is building infrastructure to support automated, AI-driven transactions. The company recently released a testnet version of Circle Gateway, designed to enable autonomous cross-chain USDC transfers at minimal cost. |
Enforcement and fraud crackdown - Elsewhere in the stablecoin sector, the U.S. Attorney's Office for the Eastern District of North Carolina announced the seizure of more than $61 million in USDT tied to crypto "pig butchering" investment scams. Homeland Security Investigations traced the funds across multiple wallets before identifying addresses holding substantial balances. Tether assisted authorities in freezing and transferring the assets. |
The case ranks among the largest USDT confiscations linked to romance-based crypto fraud in U.S. history and reflects growing enforcement coordination as stablecoins are increasingly used in illicit settlement flows. |
Broader stablecoin signals - While USDC rebounded from a January dip near $70 billion to roughly $75 billion in market value, its growth has remained flat year to date. Meanwhile, Tether's market cap has fallen 0.8% this month to $183.61 billion, extending January's 1% decline and marking a rare second consecutive monthly contraction. |
Analysts note that shrinking stablecoin supply can signal capital outflows from crypto markets. The contrast between Circle's earnings momentum and broader stablecoin stagnation highlights a sector navigating both expanding adoption and slower liquidity conditions. |
Europe gets STRC access as Wall Street crowds into Strategy shorts |
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Key points: |
21Shares has listed a Strategy Yield ETP in Amsterdam, giving European investors regulated access to Strategy's 11.25% dividend-paying preferred stock backed by its 717,722 BTC treasury. At the same time, Strategy has become the most heavily shorted large-cap U.S. stock, even as institutions like Anchorage add STRC to their balance sheets.
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News - Crypto ETP issuer 21Shares has launched the 21Shares Strategy Yield ETP under the ticker STRC NA on Euronext Amsterdam, offering European investors exposure to Strategy's Variable Rate Series A Perpetual Preferred Stock. The product provides access to a security paying an annualized 11.25% dividend, distributed monthly, and backed by Strategy's Bitcoin holdings. |
Strategy currently holds 717,722 BTC, valued at roughly $46–47 billion depending on market pricing. The ETP structure allows investors to access the preferred shares through standard brokerage accounts rather than purchasing them directly. |
The launch comes as Strategy sits at the top of Goldman Sachs' list of most-shorted large-cap U.S. equities. Short interest equals about 14% of its market capitalization, reflecting skepticism toward its Bitcoin treasury model amid unrealized losses of roughly $7 billion tied to BTC price volatility. |
Not all shorts are bearish - Market participants note that elevated short interest may not represent outright bearish conviction. Analysts suggest that some positions reflect basis or carry trades, where investors pair long exposure to spot Bitcoin ETFs such as BlackRock's IBIT with short positions in MSTR stock to capture premium differentials. |
Recent filings show trading firms holding positions in both IBIT and MSTR, supporting the view that parts of the short interest may be market-neutral rather than directional bets. |
Meanwhile, crypto bank Anchorage Digital disclosed that it holds Strategy's STRC preferred stock on its balance sheet. CEO Nathan McCauley described the move as institutional alignment around Bitcoin treasury infrastructure. |
Credit stress enters the debate - The discussion around STRC also intersects with broader stress in U.S. private credit markets. The US Business Development Companies Index has fallen to multi-year lows, and UBS has warned that private credit default rates could rise to 15% under a severe scenario. |
Bitcoin educator Adam Livingston has argued that STRC represents a form of "digital credit," contrasting its exchange-traded structure, continuous price discovery, and Bitcoin-backed balance sheet with pressured private credit firms. He also noted that private credit and digital credit operate on fundamentally different risk engines. |
As Strategy expands structured access to its Bitcoin-backed securities in Europe, the stock remains both a yield vehicle and one of Wall Street's most contested trades. |
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More stories from the crypto ecosystem |
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Did you know? |
Crypto political finance is now setting off policy alarms in the UK: On February 24, 2026, the UK's national security committee urged a temporary ban on crypto political donations over foreign interference concerns, after Reform UK became the first party to accept crypto contributions, reflecting rising scrutiny of digital money beyond markets and into civic processes. U.S. regulators are quietly laying rails for on-chain and off-chain crossover finance: In February 2026, the SEC's Division of Trading and Markets updated its FAQs to allow broker-dealers to treat payment stablecoins as having a "ready market" for net capital calculations with a 2% haircut, effectively integrating certain stablecoins into broker-dealer capital frameworks. 2025 was a quiet institutional accumulation year you might've missed: Institutions, including companies, governments, funds, and ETFs, added roughly 829,000 BTC to their holdings in 2025, while Bitcoin Lightning payments surged to over $1.1 billion in monthly volume, signaling both deepening institutional demand and real-use payment adoption.
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Top 3 coins of the day |
Polkadot (DOT) |
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Key points: |
DOT jumped to $1.44 after rallying 16.64%, breaking above the $1.43 consolidation ceiling with strong volume support. Price reclaimed the 20 MA at $1.33, EWO flipped decisively positive, while the 50 MA at $1.67 remains overhead resistance.
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What you should know: |
Polkadot printed one of its strongest daily candles in weeks, pushing from an intraday low of $1.23 to a high of $1.45 and decisively clearing recent range highs. The breakout followed weeks of compression near the $1.25–$1.35 band, signaling a shift from drift to expansion. |
Momentum turned constructive as the EWO moved back into positive territory with expanding green bars. At the same time, price reclaimed the 20 MA at $1.33, though it still trades below the 50 MA at $1.67, keeping the broader trend technically cautious. |
The surge coincided with heightened speculation around Polkadot's scheduled March 14, 2026 inflation reduction event and renewed chatter about potential ETF-related filings. Volume expanded sharply on the move, reinforcing conviction behind the breakout. Immediate support stands at $1.43, while $1.67 acts as the next resistance to monitor. |
Avalanche (AVAX) |
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Key points: |
AVAX climbed to $9.30 after rebounding from the $8.20 zone, pushing toward upper Bollinger resistance near $9.64 as volatility expanded. CMF flipped firmly positive at 0.14 while volume picked up, signaling renewed capital inflows behind the breakout.
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What you should know: |
Avalanche staged a sharp recovery after weeks of compression, with price reclaiming the mid-Bollinger level at $8.38 and accelerating toward the upper band. The move followed a strong bounce from the $8.20–$8.30 base, suggesting short-term structure had shifted from persistent decline to relief-driven momentum. |
The Bollinger Bands began widening after a prolonged squeeze, indicating volatility expansion in favor of buyers. Meanwhile, CMF held above zero, confirming that the rally was supported by steady inflows rather than thin liquidity. Volume also rose meaningfully during the breakout, aligning with the broader rotation into select altcoins. |
For continuation, $9.00 now serves as immediate support, while $9.64 remains the next technical ceiling to clear. Failure to hold above $9.00 could expose $8.38 again, but sustained inflows keep the short-term bias constructive for now. |
Virtuals Protocol (VIRTUAL) |
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Key points: |
VIRTUAL advanced to $0.67 after extending its sequence of higher lows, pressing toward overhead resistance near $0.75. The Awesome Oscillator remained green and continued improving, while volume expanded sharply, reinforcing speculative participation.
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What you should know: |
Virtuals Protocol continued building on its structural recovery, holding above the recent higher low near $0.59 and lifting from the broader base formed around $0.47. The Higher High Lower Low indicator showed the trend attempting to transition from prior lower highs into a developing upward structure. |
Momentum had already shifted positive earlier in February, with the Awesome Oscillator printing green bars that gradually expanded toward the zero line. This signaled sustained improvement rather than a one-session reversal. Volume also surged during the latest push, confirming that the move was backed by active liquidity rather than thin trading conditions. |
Immediate support rests at $0.60, while deeper structure holds near $0.55. On the upside, $0.75 remains the next resistance to clear. A decisive move above that level would strengthen the case for continuation, while failure to hold $0.60 could stall the recovery attempt. |
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