Weekly Update: 27th of February
What happened between the 20th and 27th of February?
- Bitcoin dropped to $62,400 before sharply rebounding toward $68,500, accompanied by positive ETF inflows and a broad altcoin rally. Read more
- CME Group announced plans for 24/7 crypto derivatives trading, a significant step for institutional accessibility. Read more
- Stablecoin developments emerged on multiple fronts: the White House, the SEC, Société Générale and Hong Kong all took concrete steps. Read more
- Trading firm Jane Street was sued for market manipulation in crypto, though it is still too early to draw conclusions. Read more
Market recovers after sharp correction
Bitcoin initially fell to $62,400 this week, its lowest level in nearly two years. What followed was a sharp rebound: BTC gained more than 6%, moving toward $68,500 as nearly $400 million in short positions were liquidated. For the first time in over 40 days, the Coinbase Premium Index turned positive, signalling the return of US buyers to the market.
Altcoins outperformed Bitcoin itself. Ethereum gained around 10%, reclaiming the $2,000 level, while Solana, Cardano and Dogecoin posted similar or larger moves. The strongest Bitcoin ETF inflows in weeks also came in alongside the price recovery. Analysts nonetheless urge caution, as stablecoin supply remains stagnant and macro uncertainty continues to weigh on sentiment.
CME Group announces 24/7 crypto derivatives trading
CME Group, the world's largest derivatives exchange, announced its intention to extend crypto futures and options trading to a 24/7 model. Currently, markets close on weekends and overnight — a clear contrast to the crypto market itself, which never sleeps. The move is a direct response to growing demand from institutional players who want to open or hedge positions outside regular trading hours.
CME's products, settled in dollars without requiring counterparties to hold crypto directly, are popular with pension funds and hedge funds. Round-the-clock trading would allow large investors to respond to news over weekends, which could structurally improve liquidity and further narrow the gap between crypto and traditional financial markets.
Stablecoin developments on multiple fronts
US stablecoin legislation gained further momentum this week. The White House held discussions with members of Congress on advancing the Stablecoin Bill, while the SEC announced plans to simplify the regulatory playing field for issuers that meet certain reserve requirements. Société Générale meanwhile expanded its euro stablecoin EUR CoinVertible to the XRP Ledger.
Concrete steps also came from Asia: Hong Kong confirmed it will begin issuing the first stablecoin licences in March under its new regulatory framework, positioning itself as one of the first major financial centres with a fully operational licensing regime. Together, these developments suggest stablecoins are rapidly evolving from a crypto-native instrument into a core component of international financial infrastructure.
Jane Street sued for market manipulation
Prominent trading firm Jane Street was sued this week for alleged market manipulation in crypto markets, causing considerable stir in the sector given the firm's reputation as one of the most influential market makers in both traditional and digital markets. The allegations centre on coordinated trading strategies that reportedly distorted price discovery in certain tokens.
It is nonetheless too early to draw conclusions. Jane Street has contested the claims and legal proceedings can be lengthy. Market manipulation is notoriously difficult to prove in crypto. The case does underscore the need for clearer oversight and more transparent market structures — an argument regulators in both the US and Europe have long been using to advocate for stronger enforcement.
In other digital assets news
- Meta is reportedly working on integrating stablecoins into its platforms, including WhatsApp and Instagram, to simplify payments between users globally and give a billion-strong audience direct access to digital payments.
- Binance selected Greece as its official EU base under the MiCA regulatory framework, centralising its European operations and demonstrating a serious commitment to compliance obligations across the region.
- Circle published strong quarterly results with significant profit growth, driven by sustained demand for USDC and the growing role of stablecoins in both institutional and retail markets worldwide.
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