Bitcoin

Bitcoin’s Back to $40K and Millions of Shorts are Liquidated: The Weekly Cryptorecap

After weeks of long consolidation and sideways action in a narrow and squeezed range, Bitcoin finally broke free. It was a good thing.

Over the past week, BTC is up by a considerable 20%. At the time of this writing, it’s trading at around $39K, having pulled back slightly from the psychological and technical resistance at the coveted $40K level. Notable is also the fact that there was an increase in trading volume during the week. Although it is not as high as April and May’s levels, it is still an improvement.

The week began with a promising climb. BTC had gained $2.5K by Sunday. But the real advance came on Monday. The price skyrocketed from about $35,000 to $40,000, leaving millions worth of short positions liquidated. It was a constant battle with the desired line and BTC eventually lost. Today, we saw its price sliding down to $39K.

The majority of cryptocurrency markets followed their lead, with many altcoins also seeing impressive gains. Ethereum is up by 15.5%, BNB is up by 6%, ADA – by 7%, XRP – by 21%, and so forth. It became clear that Bitcoin’s rise is more than the rest of market, as the BTC dominance indicator jumped by 2% in the past week.

This was possible due to some significant developments in the field. The world’s governments continue to push for stricter crypto-related regulations in various areas, including taxation. After slashing its leverage down to 20x (from a max of 125x), Binance, for example, also revealed that it would be halting derivatives products in certain countries in Europe.

On a more positive note, a recent survey revealed that the number of cryptocurrency users more than doubled in the first half of the year. This is a remarkable achievement in terms of overall mass adoption. America’s second oldest bank – State Street – doubled down on its involvement and said that it would be offering crypto services to its private fund customers.

Overall, the market performance this week was refreshing after months of choppy activity. We don’t know if the positive momentum will continue.

Market Information

Market Cap: $1540B | 24H Vol: 78B | BTC Dominance: 47.6%

BTC: $39,057 (+20.7%) | ETH: $2,347 (+15.5%) | XRP: $0. 72 (+21%)

This Week’s Crypto Headlines You Must See

Binance Halts Derivatives Products for Users in Italy, Germany, and the Netherlands. The world’s leading cryptocurrency exchange, Binance, announced that it would halt its derivatives products for users from Italy, Germany, and the Netherlands. This announcement comes amid a wider regulatory clampdown on all aspects of the industry.

Number of Crypto Users Doubled in Just 6 Months: Survey. Following the parabolic advance of the entire cryptocurrency market, the industry saw an influx of new users. As a matter of fact, a recent survey revealed that their number doubled in just six months.

For The First Time Since May 12th: Bitcoin Fear and Greed Index is Neutral. The Bitcoin Fear and Greed index became neutral for the first time since May 12th. The market was in extreme fear before this. This is a sign that confidence has returned over the last few days.

Goldman Sachs Files for “DeFi” ETF to Track Tech Giants. The giant Wall Street investment bank Goldman Sachs has applied for an exchange-traded fund (ETF) for what it says is the decentralized finance (DeFi) space. But things may not be as they appear.

Not yet: Amazon denies rumors about plans to accept Bitcoin. The world’s largest online retailer, Amazon, has officially denied all rumors related to it accepting Bitcoin as a means of payment this year. The company’s spokesperson stated clearly that they have no plans to do so.

America’s Second Oldest Bank State Street to Provide Cryptocurrency Services to Private-Fund Customers. The second oldest bank in the United States, State Street, said it would offer cryptocurrency services to its private-fund clients. The institution partnered up with Lukka Inc , a crypto-focused technology company.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Solana – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. This information does not reflect the views of CryptoPotato about whether to invest in, sell or hold investments. Before making any investment decision, you are strongly advised to do your own research. You are responsible for any use of the information. For more information, please refer to Disclaimer.

Cryptocurrency charts by TradingView.

Bitcoin

Bitcoin Price Watch: $85K Pivot Sets Stage for Weekend Fireworks

Bitcoin traded at $85,287 on Saturday, commanding a $1.69 trillion market capitalization while moving $10.68 billion across exchanges in 24 hours. During the session, the leading cryptocurrency by market cap roamed between $84,366 and $85,398, packing price tension into a narrow corridor that could ignite the next decisive break…
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Bitcoin

MEXC launches STORY (IP) launchpool & airdrop+, offering 68,500 IP & 50,000 USDT in bonuses

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP). This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool…

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP).

This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool and an Airdrop+ offering 8,500 IP plus 50,000 USDT—this collaboration further accelerates the growth of the STORY network while driving innovation in the blockchain space.

MEXC Supports the STORY Network with the Launch of IP Launchpool

In the digital age, traditional intellectual property (IP) management faces growing challenges. Centralized platforms and complicated intermediaries often lead to inefficiencies, high costs, and trust issues for creators. As a Layer 1 blockchain built with Cosmos SDK, STORY combines DeFi and AI technologies to offer automated, transparent, and cost-effective IP management solutions. With full EVM compatibility and a modular architecture, STORY empowers creators to tokenize their IP assets, automate royalties, and simplify licensing processes. MEXC’s support of the STORY network highlights the growing importance of such innovations in blockchain.

As a global leader in digital asset trading, MEXC consistently supports innovative blockchain projects. Its Launchpool initiative with STORY reaffirms this commitment. This collaboration not only strengthens the STORY ecosystem but also empowers global creators and developers to explore the potential of decentralized IP management. MEXC’s broad market coverage and strong liquidity offer the environment for blockchain projects like STORY to thrive and bring new possibilities to the digital economy. By allowing users to stake USDT, MX, and IP tokens to earn rewards, MEXC provides a platform for increased exposure and growth for STORY. Visit the STORY (IP) pre-market page to see this innovation in action.

Celebrate the IP Launchpool & Airdrop+ with a Prize Pool of 68,500 IP & 50,000 USDT

As a pioneer in the cryptocurrency industry, MEXC continues to foster innovation and support emerging blockchain ecosystems. MEXC is hosting two major STORY (IP) events: the Airdrop+ event, running from February 12, 2025, 10: 00 (UTC) to February 26, 2025, 10: 00 (UTC), featuring 8,500 IP plus 50,000 USDT in rewards, and the Launchpool, taking place from February 12, 2025, 10: 00 (UTC) to February 15, 2025, 10: 00 (UTC), with a 60,000 IP reward pool. These initiatives underscore MEXC’s ongoing commitment to advancing blockchain innovation and delivering valuable opportunities to the crypto community.

These activities include:

Event 1: IP Launchpool – Stake USDT, MX & IP to Share 60,000 IP
Event 2: Join Airdrop+ to Share 8,500 IP & 50,000 USDT bonus
- Perk 1: Deposit and Share 5,600 IP (New User Exclusive).
- Perk 2: Spot Challenge – Trade to Share 1,700 IP.
- Perk 3: Futures Challenge – Trade to Share 50,000 USDT in Futures Bonuses.
- Perk 4: Invite New Users and Share 1,200 IP.

MEXC continues to expand its market share in the centralized exchange space, leveraging its first-mover advantage in listing promising and valuable projects. As one of the leading cryptocurrency exchanges, with its commitment to innovation, user-centric approach, and strategic focus on early-stage token listings, MEXC remains at the forefront of the crypto industry, providing strong access to the rapidly growing blockchain ecosystem.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

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Bitcoin

Jailed BTC-e operator Vinnik released in US-Russia prisoner swap

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia. Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel. Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.…

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia.
Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel.

Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.

The former operator of the Russian crypto exchange BTC-e will head to Russia after the Kremlin reportedly agreed to an exchange involving US national Marc Fogel.

According to the BBC, the White House confirmed the prisoner exchange,with Trump having spoken to Fogel.The schoolteacher left Russia on Tuesday, Feb. 11.

Who is Vinnik?

Alexander Vinnik, 44, is a crypto kingpin that operated the Bitcoin exchange BTC-e. Authorities arrested Vinnik in 2017 in Greece, with the Department of Justice filing charges of money laundering involving nearly $4 billion.

According to prosecutors, Vinnik allowed cyber criminals to use BTC-e to launder and store proceeds of crimes, including crypto hacks, ransomware attacks and identity theft.

The Russian national’s reign at the helm of the exchange saw him promote the platform to perpetrators of these crimes. US authorities blamed him for the loss of $121 million.

Notably, New Zealand police also seized $90 million from the BTC-e operator.

Vinnik’s guilty plea in May 2024 meant he faced up to 20 years in prison.

The prisoner swap that sees him leave custody comes after his lawyers failed in a previous attempt to have included in other US-Russia prisoner exchanges. One such push involved the deal that saw Evan Gershkovich, a Wall Street Journal reporter formerly imprisoned in Russia, released.