Crypto Market Today: Feb 24 – Robinhood SEC Lawsuit Dismissed, Strategy Buys 20,356 BTC

In a major update, Binance announced expanded spot trading options and new services for tokens like KAITO, SOL, ETH, BNB, TST, TRUMP, and TRX. This move caught the attention of global investors, sparking a more bullish outlook on the long-term potential of these coins. It announced that it will add seven new trading pairs starting February 25 at 08:00 UTC. The new pairs are: KAITO/BRL, SOL/ARS, BNB/ARS, ETH/MXN, SOL/MXN, TRUMP/BRL, TRX/FDUSD, TST/TRY. In addition, Binance will launch ‘Trading Bots’ and ‘Spot Algo Orders’ for these pairs on the same date and time.

El Salvador, the first country to make Bitcoin legal tender, has paused its daily Bitcoin purchases, surprising the crypto community. This decision comes amid pressure from the International Monetary Fund (IMF) as part of its $1.4 billion loan agreement. El Salvador’s last Bitcoin purchase was on February 17, nearly a week ago. This comes as a contrast to the country’s current holding of 6,000 BTC, worth around $586 million at today’s price, and President Nayib Bukele’s earlier plan to buy one Bitcoin daily.

Binance founder CZ recently revealed his investment portfolio on Binance Square. His holdings are overwhelmingly in Binance Coin (BNB), making up 98.48% of his portfolio. Bitcoin (BTC) accounts for 1.32%, EURI for 0.17%, and USDT for just 0.03%. Notably, the presence of EURI suggests a connection to the Binance Card, hinting at potential integrations or functionalities related to the card ecosystem.

The SEC has dropped its investigation into Robinhood’s crypto unit, the company announced Monday. Robinhood received a letter from the SEC’s Enforcement Division on Friday stating that the probe is closed with no enforcement action planned. This follows Coinbase’s similar announcement three days ago. Shares of Robinhood rose over 2.5% in premarket trading. In May 2024, Robinhood faced potential securities law violations regarding its crypto operations. Chief Legal Officer Dan Gallagher welcomed the closure, emphasizing the firm’s commitment to federal securities laws. The SEC did not comment.

Strategy has acquired 20,356 BTC for ~$1.99B at ~$97,514 per bitcoin and has achieved BTC Yield of 6.9% YTD 2025. As of 2/23/2025, the firm hodl 499,096 $BTC acquired for ~$33.1 billion at ~$66,357 per bitcoin.

The crypto market today has posted reddish numbers, with the market cap of the business down by 1.42% to $3.11 T. Despite the events turning south the Fear & Greed Index remains neutral with a score of 40. Bitcoin with no price change since yesterday is at $95,840.04. However, Bitcoiners are hopeful of a price pump following Strategy’s acquisition. Coming to altcoins, Ethereum is down 3.73% to $2685.93, Solana with -5.75% change is at $159.09, and XRP is down by 2.82% to $2.48.

Strategy™ (Nasdaq: MSTR) announced on February 24, 2025 that it completed a $2 billion private offering of 0% convertible senior notes due 2030, raising net proceeds of about $1.99 billion. The notes, convertible into class A common stock at an initial rate of 2.3072 shares per $1,000, do not bear regular interest and will mature on March 1, 2030. Proceeds will fund Bitcoin acquisitions and general corporate purposes, reinforcing Strategy’s commitment to its Bitcoin treasury strategy while driving digital innovation.

According to Bloomberg, Ethena wrapped up a $100 million financing round in December last year. The funds are earmarked for launching tokens tailored for traditional financial institutions. Key investors in this round include Franklin Templeton and F-Prime Capital, a venture capital firm under Fidelity Investments. This move signals a growing convergence between traditional finance and digital tokenization, potentially paving the way for broader institutional adoption of blockchain-based financial solutions.

Nasdaq Stock Market LLC has filed a proposed rule change, identified as SR-NASDAQ-2025-018, to list and trade the Canary HBAR ETF. The ETF would focus on HBAR, Hedera Hashgraph’s native token, offering investors a new crypto investment avenue. A notice of the proposed rule change will appear in the Federal Register. Although the filing is generating excitement, official SEC approval remains pending and regulatory review is expected to be rigorous.

Robert Kiyosaki is raising concerns about Fort Knox’s gold reserves, questioning whether the U.S. still has its gold. He warns that if it’s missing, the economy could collapse, the dollar could crash, and global chaos could follow. His comments come after Donald Trump announced plans to visit Fort Knox with Elon Musk to verify the reserves. With growing speculation and secrecy around Fort Knox, Kiyosaki urges people to prepare by holding gold, silver, and Bitcoin, saying the dollar could become worthless. His message is simple: “What if the gold is gone?”

Germany’s Centre Right Alliance (CDU/CSU) has won the most seats in the latest election, securing 28.52% of the vote. The far-right Alternative for Germany (AfD) followed with 20.8%. Since no party got a majority, a coalition will be needed. Experts believe the new leadership could be open to innovation, including digital assets, but don’t expect big changes overnight. Germany is likely to stick to EU crypto regulations without major policy shifts. Now, the newly elected parliament faces the task of choosing the country’s next chancellor.

A massive 29.53 million XRP, valued at $75.38 million, just landed on Coinbase from an unknown wallet, triggering buzz across the crypto space. Whenever big amounts move like this, people start wondering—does this mean a big player is about to sell, pushing prices down? Or is Coinbase simply shifting funds around for operational reasons? While large exchange deposits often hint at selling pressure, it’s not always that straightforward. With XRP already down 4% today, all eyes are on whether this transfer signals a market shake-up or is just routine exchange activity.

Bybit saw its reserves plunge by over $6 billion in just two days following a $1.4 billion exploit on Feb. 21. Data from DeFiLlama shows withdrawals of $2.5 billion on Feb. 22 and $3.26 billion on Feb. 23, shrinking total assets from $16.9 billion to $10.8 billion. Stablecoins and Bitcoin led the outflows, with significant transfers to Binance and OTC platforms. CEO Ben Zhou reassured users that the Ethereum shortfall has been resolved and all client assets remain fully backed.

Digital asset investment products experienced significant outflows totaling US$508m amid uncertainty over tariffs and monetary policy. Bitcoin led the sell-off with outflows of US$571m, while XRP bucked the trend with inflows of US$38.3m. Other assets saw smaller inflows, including US$8.9m for Solana, US$3.7m for Ethereum, and US$1.47m for Sui. Regional flows showed a US outflow of US$560m, with Germany and Switzerland registering inflows of US$30.5m and US$15.8m respectively.

ChainCatcher reports that BeosinTrace has tracked a new address for the Bybit hacker: 0x96244d83dc15d36847c35209bbdc5bdde9bec3d8, which started transferring funds on February 24, 2025, at 14:52:59. Meanwhile, the old address (0x83c7678492d623fb98834f0fbcb2e7b7f5af8950) completed all asset transfers at 14:57:59. BeosinKYT has flagged these addresses, noting that most destination addresses belong to Thorchain and exchanges, the hacker’s preferred laundering channels.

Pi Network’s official Twitter @PiCoreTeam has surpassed Ethereum, entering the Top 5 most followed crypto accounts worldwide. The current leader is Binance with 14M followers, followed by Bitcoin at 7.5M, Dogecoin at 4.3M, and now Pi Network at 3.9M. With Pi Day approaching, fans are urging the community to push past Dogecoin’s numbers. Stay tuned for more updates as this story unfolds.

Rapper and entrepreneur Kanye West, now known as Ye, may have sold his X account to Barkmeta ahead of a crypto launch. Allegedly sold for $17 million, Barkmeta, infamous for previous scams, has sparked suspicion. On-chain analyst Blade warns against the upcoming meme coin. Meanwhile, Ye denies any involvement, stating, “This is not real. I don’t know this person.” The crypto community remains cautious amid potential scam allegations, fueling concerns.

Malaysian Prime Minister Anwar Ibrahim announced enhanced economic cooperation with Bahrain, focusing on cryptocurrency, the Sandbox platform, tourism, connectivity, and manufacturing. Invited by Bahrain’s Crown Prince, Anwar’s visit aims to boost bilateral ties and regional integration, with Bahrain supporting upcoming ASEAN-GCC summits. In January 2025, Anwar met Binance founder Changpeng Zhao and UAE officials to discuss crypto regulatory frameworks, as Malaysia seeks to modernize its financial system for future growth.

Hong Kong-based digital bank Infini suffered a breach, losing nearly $50 million in USDC. The hacker exploited a single private key, stealing USDC in two batches, swapping it for DAI, then converting to ETH via Tornado Cash. Notably, the attacker was involved in developing Infini’s contract and retained admin rights post-delivery. Infini founder Christian Li reassured users that withdrawals remain unaffected and promised full compensation if needed, while also confirming that the hacker’s computer has been located and reported to the police.

HK Asia Holdings Limited boosted its Bitcoin portfolio by purchasing 7.88 BTC for $761,705 on Feb. 20, bringing its total to 8.88 BTC. Approved by the board and funded internally, this move comes just a week after the firm’s first Bitcoin buy, which sent its stock soaring 93% by Feb. 17. As of Feb. 24, shares are up 5.7% on the Hong Kong Stock Exchange, reflecting strong investor confidence amid stable Bitcoin prices around $95,537.

Georgia’s Senate has introduced SB 228, the state’s second Bitcoin reserve bill. Coming just 10 days after SB 178—which is backed by Republican sponsors—SB 228 is led by Democrats, marking the first partisan competitor in the realm of Bitcoin reserve legislation.

Pi Coin has surged over 27% and is now trading at $1.64, bouncing back from earlier setbacks. A potential Binance listing is eagerly awaited, with 85% of poll participants supporting the move—though no confirmation exists yet. Increased trading volumes and significant capital inflows signal strong investor backing. With leading exchanges like OKX, MEXC, Bitget, GateIO, and Pionex already listing Pi Coin, its exposure is expanding.

Bitcoin price today sits at roughly $95,600, having been steady within a three-week range between $94,000 and $100,000. If the BTC price close below $94,000, it might trigger a further decline, potentially testing the key support level at $90,000.

Pump.fun, a platform for creating memecoins on the Solana blockchain, is testing its own Automated Market Maker (AMM). This could mean token liquidity might shift away from Raydium and change fee structures and market dynamics. Social media buzz hints that Pump.fun might be planning to charge higher fees or introduce a new reward system for token holders, sparking a lively debate in the crypto community.

Bybit CEO Ben announced that the company has completely closed its ETH gap. A new audited Proof of Reserves report is on its way, confirming that client funds are now fully backed 1:1 using a merkle tree. On-chain data also shows that Bybit has secured over 400,000 ETH through OTC purchases and loans.