What Happened in Crypto Today: Breaking Libra Coin and $Pi News

Why Crypto Market Is Up Today: Is Pi Network and Libra Coin Behind It?

Crypto Market Sees Modest Gains

The global crypto market cap has risen to $3.24 trillion, reflecting a 0.65% increase in the past day. Trading activity remains steady, with $98.28 billion in 24-hour volume. DeFi accounts for 7.66% of this, while stablecoins dominate at 91.14%. These trends indicate a stable yet growing market, with liquidity and investor interest holding strong.

Fed Chair Powell’s Bitcoin Shift: A Sign of Growing Acceptance?

Binance founder CZ has pointed out U.S. Fed Chair Jerome Powell’s evolving stance on Bitcoin, calling it “an improvement.” Speaking at the DealBook Summit, Powell acknowledged Bitcoin as a speculative asset, comparing it to gold but in virtual form. 

This shift marks a softer tone from past skepticism, sparking optimism in the crypto community. While it doesn’t indicate policy changes, it suggests increasing mainstream acceptance, which could influence regulations and long-term market adoption.

Libra Coin Crash : Pump-and-Dump or Economic Initiative?

Argentina’s President Javier Milei introduced the $LIBRA coin, claiming it was a private effort to boost the economy. However, within five hours, the token crashed, wiping out $4.4 billion. The price soared to 4.62 SOL before plummeting below 0.2 SOL, sparking accusations of a pump-and-dump scheme. Milei’s endorsement on X was later deleted, raising suspicions. With analysts doubting recovery, traders now question whether this was a genuine initiative or a well-planned exit scam.

Coinbase vs. SEC: Settlement on the Horizon?

The SEC has requested a 28-day extension in its lawsuit against Coinbase, citing its new crypto task force’s role in resolving the case. Filed in a federal appeals court, the request follows Coinbase’s challenge to a prior ruling that found the SEC’s case valid. Speculation is growing about a possible settlement, with the task force, led by Mark Uyeda and Hester Peirce, potentially influencing the outcome. The crypto community watches closely for further developments.

Will OKX Listing Ignite a Pi Network Rally?

Pi Network, with 60 million users, remains unlisted on major exchanges, keeping its token value at $0. That may change with its OKX listing Pi Network on February 20, 2025. A short-term price surge is expected, but long-term success depends on mainnet development, regulatory clarity, and adoption. The crypto community debates whether this will push PI into top-tier blockchain rankings or if its lack of utility will limit growth. The coming months will determine its true potential.

State Street and Citi Enter Crypto Custody: A Game Changer for Digital Assets

State Street and Citigroup are moving toward offering crypto custody services, aiming to provide secure storage for digital assets like Bitcoin and Ethereum. As two of the largest financial institutions, their involvement could drive mainstream acceptance of cryptocurrencies in traditional finance.

State Street has explored blockchain since launching a digital division in 2021, while Citi has long researched digital currencies. Their entry into crypto custody may encourage other banks to follow, making crypto safer for investors. 

As demand for secure storage grows, institutional backing could enhance trust and legitimacy in the crypto market. If successful, this move could mark a major shift, bridging the gap between traditional banking and digital assets.