The global crypto market cap is down 8% over the past 24 hours to $2.63tn, while the total crypto market 24h volume remains above $155bn at $158.6bn. Bitcoin continues
Bitcoin dropped below $80,000 for the first time since November, falling as much as 8.4% to its current price of $78,700. It now trades 19.92% lower than it traded a week ago and has shed a quarter of its market value since mid-December when it topped $108,000. Ether similarly tumbled 10.6% over the past 24 hours to a 15-month low of $2,100.
Crypto liquidations came in at $930.17m over the past 24 hours, with 44% of them (worth $411.51m) BTC long positions and 19.9% of them (worth $184.90m) ETH long positions.
Trump, on his Truth Social platform, declared a 25% tariff on products from Canada and Mexico starting March 4, citing insufficient progress in combating drug smuggling into the US, alongside additional 10% levies on Chinese imports, sparking a broad market retreat from risk assets.
US GDP grew by 2.3% as expected according to the second estimate released by the U.S. Bureau of Economic Analysis, with slightly lower consumer spending offset by increased government spending and an improved trade balance. New jobless claims rose to 242,000, exceeding the expected 221,000 and marking the highest level this year.
A California Democrat Representative Sam Liccardo has introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, his first piece of legislation, aimed at curbing what he describes as unethical behavior by government officials, like President Trump, and their families. Meanwhile, the SEC declared in a statement that meme coins are not subject to regulatory oversight because they are not considered securities, but are rather "akin to collectibles".
A federal judge ruled Thursday that the Elon Musk-led Department of Government Efficiency (DOGE) must present a representative to testify under oath about the task force's structure, authority, and operations, challenging DOGE's access to federal agencies. The Justice Department opposed the request, but the court ruled key details about DOGE’s authority remain unclear.
Ondo Finance announced on Feb 26 that it will be the first provider to bring real-world assets (RWA) to Mastercard's Multi-Token Network (MTN), a digital network connecting financial institutions with businesses aiming to improve cross-border payments. Ondo’s tokenized Short-Term US Government Treasuries Fund (OUSG) will allow participating businesses to earn daily yield via tokenized assets with 24/7 subscriptions and redemptions, without the need for stablecoins onramps or settlement delays.
