Today we bring you the top crypto news for the week of February 3rd. It was a juicy week!
After President Trump announced first round import duties for China, Mexico and Canada, the entire market crashed, causing a multi-billion dollar liquidation. Coinglass, a cryptographic data analytics platform, first reported about $2 billion in a 24-hour total liquidation, while Bybit CEO Ben Zhou said the actual total liquidation was far higher than reported. It claimed it was estimated at $8 billion to $10 billion.
According to Zhou, some exchanges limit the liquidation data to be pushed out in real time.
Also, this week, Ripple’s XRP ledger experienced a 64-minute network outage, halting block production and delaying around 88,000 transactions. XRP Ledger Chief Technology Officer David Schwartz explained that although the network may have been voluntarily recovered, validator operators must intervene manually to restore functionality.
According to the block, Ondo Finance has launched Ondo Global Markets, a new platform designed to make US securities on-chain. The service provides tokenized exposures to over 1,000 NYSE and NASDAQ stocks, bonds and ETFs, with tokens supporting 1:1 with underlying assets. The platform aims to improve accessibility, lower fees and improve interoperability while maintaining publisher control over distributions.
Metamask has introduced a new feature that allows users to exchange assets without the need for ETH for gas fees. Supported assets include USDT, USDC, DAI, and WBTC.
Crypto regulations were also news. US lawmakers are stepping up their efforts to establish clearer codes and stability regulations. A joint House and Senate group has been formed, with Senator Tim Scott aiming to actively promote new laws within the first 100 days. At David Sacks’ Crypto press conference, Crypto and Ai Czar suggested that the group is investigating the potential for a strategic Bitcoin reserve.
The new Crypto Task Force, led by Crypto Sec Commissioner Hester Peirce, will also focus on redefine asset classifications, shifting enforcement from the SEC where appropriate, and updating outdated regulatory frameworks. The task force is also intended to promote international collaboration while integrating crypto into traditional financial infrastructure.
The SEC also plans to reduce its crypto enforcement efforts and reassign more than 50 lawyers and staff from the crypto unit.