What Happened in Crypto Today: Reasons Behind the Ongoing Decline

Why Crypto is Going Down Today: XRP, Bitcoin, Pi, and Libra Coin News

Global Crypto Market Cap Declines Slightly

The global crypto market cap currently stands at $3.2T, marking a 0.79% decline in the last 24 hours. However, trading volume surged 22.23% to $70.66B, signaling heightened market activity. DeFi volume accounts for $5.57B, while stablecoin transactions dominate with $64.26B, covering 90.94% of the market’s daily trade volume.

Argentina President Milei’s LIBRA Coin Controversy

In a surprising turn, Argentina’s President Milei promoted the LIBRA coin on X, calling it a driver of economic growth. The token skyrocketed after his post but plummeted 90% once he deleted it. The government is now investigating whether officials profited from the move.

Key Takeaways:

• LIBRA token saw massive volatility due to political influence.

• Milei’s administration insists he was merely supporting entrepreneurs.

• An official investigation is underway into possible insider activities.

US States to Hold Bitcoin Reserves? Here’s the Latest News

More US states are exploring Bitcoin reserves as part of their fiscal strategy. Investment firm VanEck estimates states could amass 247,000 BTC ($23.7B) if proposed bills are passed.

Why Are States Investing in Bitcoin?

• Inflation Hedge: Bitcoin is dubbed digital gold and protects against currency devaluation.

• Diversification: Crypto operates independently from traditional markets.

• Growth Potential: Analysts predict Bitcoin could hit $185K by 2025.

Tapswap Token Launch – Will It Boom or Bust?

The Tapswap ($TAPS) token is listed on MEXC and Bitget on February 17, 2025, at 12:00 UTC. With 1 billion tokens in supply, many expect high volatility post-launch.

Price Prediction:

• Comparable to Catizen ($CATI), which started at $0.300–$0.400.

• Analysts predict TAPS could launch within the same range.

• Watch for early airdrop sell-offs, which may lead to price corrections.

Pi Coin’s Price Surge Fuels Binance Listing Speculation

The Pi Network community is buzzing as Pi Coin ($PI) surged 100% following OKX and Gate.io listings. Traders now speculate on a potential Binance listing.

What’s Happening with Pi Network?

• OKX will list $PI on February 20, trading against USDT.

• Gate.io also confirmed its listing.

• 100M+ users await Pi Network’s full launch, but the asset is not yet fully tradable.

Is Binance Next?

• No official confirmation yet from Binance.

• Hype is growing, but investors should stay cautious.

XRP News Today: Will the SEC Withdraw Its Appeal?

The SEC’s closed-door meeting on February 20 could bring major updates on the Ripple vs SEC case. Investors speculate the SEC might withdraw its appeal, ending years of legal uncertainty for XRP holders.

Key Developments:

• Commissioner Hester Peirce now leads the Crypto Task Force.

• Paul Atkins is set to become SEC Chair, possibly softening crypto regulations.

• No major Ripple case filings until April, but a decision could come sooner.

Why the Market is Down

While the overall crypto market cap is down, trading volume has surged, indicating volatility rather than a full crash.

Possible Reasons for the Dip:

• Macroeconomic concerns affecting investor confidence.

• Profit-taking after recent rallies.

• Regulatory uncertainty, especially in the US and Argentina.

When Will the Crypto Market Rise Again?

The crypto market’s recovery depends on several factors:

• Bitcoin’s movement: If BTC breaks resistance, altcoins may follow.

• Regulatory clarity: The SEC’s decision on XRP and Binance cases could trigger a rally.

• Upcoming token launches: Tapswap and Pi Coin listings may boost sentiment.

The crypto market is as volatile as ever, with political influences, major listings, and regulatory decisions shaping its trajectory. Whether you’re an investor or a trader, staying informed is the key to navigating these price swings.

Stay tuned for more updates on what happened in crypto today!