🚨 Nasdaq Files 19b-4s For CoinShares XRP & Litecoin ETFs With US SEC 🇺🇸

Nasdaq files 19b-4 forms with the SEC to introduce CoinShares’ XRP ETF and Litecoin ETF, boosting institutional adoption.

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💰 The End of the Penny? Trump's Decision to Halt Production

🚫 President Donald Trump has ordered the U.S. Treasury to cease the production of the one-cent coin, known as the penny, citing its wastefulness due to the cost of production exceeding its face value. The U.S. Mint reported a loss of over $85.3 million in the last fiscal year from minting pennies.

📉 This decision follows a report from the Department of Government Efficiency (D.O.G.E.), led by Elon Musk, which revealed that minting the penny cost over $179 million in the 2023 fiscal year. Trump emphasized the issue, stating,

For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!

He instructed his Secretary of the US Treasury to stop producing new pennies to eliminate waste from the national budget.

💵 According to U.S. Mint data, the production cost of each penny was $0.037 last year, more than three times its face value. However, there is some confusion regarding Trump's authority to end penny production, as Congress typically dictates the specifications of coins. Robert K. Triest, an economics professor at Northeastern University, noted that while Congress sets specifications,

The Secretary of the Treasury might be able to simply stop the minting of new pennies.

⚠️ Experts have cautioned that the nickel, which is also produced at a loss compared to its face value ($0.05 to nearly $0.14), may be next in line for similar treatment. Trump's decision regarding the penny is part of a broader initiative to reduce resource misuse and enhance government efficiency, overseen by D.O.G.E.

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🏦 Rising Gold Demand in China Amid Market Instability

🌟 Gold is regaining its appeal in China as a protective investment against market instability. Recent reports indicate that some Chinese banks have sold out of popular gold products aimed at retail investors due to a surge in demand. The Industrial and Commercial Bank of China, for instance, has depleted its stock of Ruyi bars in various sizes, leaving only limited quantities of the 10g bar available.

📉 Other banks are also struggling to keep up with the rising demand. The Agricultural Bank of China has run out of its 10g and 20g Chuan Shi Zhi Bao gold bars, while the China Construction Bank only has its more expensive 50g and 100g bars left. Retail gold stores are feeling the impact as well, with one store reporting that their 100g bars sold out before the Chinese New Year.

💰 This surge in gold demand comes as prices rise due to gold's status as a 'safe haven' asset amid geopolitical tensions, particularly the Trump administration's tariff policies. The World Gold Council anticipates that gold will perform well in times of geopolitical and economic turmoil. Louise Street, a senior markets analyst at the council, emphasized that

these themes should be prevalent this year, supporting demand for gold as a store of wealth and hedge against risk.

🚨 Vigilante Token's Bold Stunt: Climbing the Hollywood Sign

➡️ A man was arrested after climbing the iconic Hollywood sign and waving a flag for the Vigilante token cryptocurrency. On February 15, the Los Angeles Police Department confirmed the incident, stating that the flag displayed the cryptocurrency's name along with its website and social media details.

⏳ The police took less than two hours to apprehend the man, who was dressed in dark clothing and a ski mask. This daring act was reportedly planned by Vigilante. A day prior to the stunt, the company teased on X about a token launch that would attract attention:

On Feb. 15, 2025, we’re launching our Vigilante Token in the most viral way you’ve ever seen.

📈 The stunt seemed to pay off initially, as the token's value surged by over 60,000% shortly after the event, with its market capitalization briefly reaching $5.5 million. However, within 24 hours, the price plummeted by 99.5%.

🤔 Despite this rapid decline, the Vigilante team remained optimistic. In a series of posts on February 16, they announced plans for another "huge precursor" event before their next major promotion.

📈 Centralized Exchange Volume in 2024: A Significant Year

📊 The total trading volume of centralized exchanges reached $18.83 trillion in 2024, marking the second-highest total in five years but still below the record of $25.21 trillion set in 2021. Binance continued to dominate the market as the largest centralized cryptocurrency exchange, although its share of the total trading volume among the top 15 exchanges decreased from 47% to 39%. Its trading volume nearly doubled to $7.3 trillion.

🟥 The year 2021 was significant for several reasons, including a surge in altchain activity, Coinbase's listing on Nasdaq, and Bitcoin reaching its then-all-time high. Bybit held the position of the second-largest centralized exchange with a trading volume of just below $1.75 trillion (approximately 9.28% of the total). Crypto experienced a nearly tenfold increase in volume, rising to $1.29 trillion and securing third place. Upbit and OKX completed the top five with volumes of $1.258 trillion and $1.172 trillion respectively.

💪 In 2024, seven centralized exchanges surpassed the $1 trillion volume mark. In contrast, only Binance achieved this milestone in 2023. Crypto was the fastest-growing centralized exchange in 2024, with a remarkable 969.7% increase in volume. Bybit and Gate followed as the second and third fastest-growing exchanges with increases of 397.8% and 241.5% respectively. However, OKX (16.3%), HTX (16.0%), and MEXC (16.6%) experienced a decline in their volume shares over the past five years.

📉 By 2024, OKX, HTX, and MEXC had fallen out of the top five rankings with market shares of 6.2%, 4.4%, and 4.1% respectively. FTX, the exchange previously operated by Sam Bankman-Fried, accounted for 2.6% of the volume in 2021 and 4.8% in 2022 before its collapse.

👉 Brazil's Groundbreaking XRP ETF and Tether's Strategic Move in Agriculture

🌟 This week in Latin America’s crypto landscape: Brazil has made headlines by approving the world's first XRP exchange-traded fund (ETF), Tether is pursuing a majority stake in Adecoagro, and Argentine President Javier Milei addresses the fallout from his endorsement of the Libra project.

💰 Brazil's cryptocurrency market has achieved a significant milestone with the launch of the Hashdex Nasdaq XRP Index Fund, approved by the Brazilian Securities and Exchange Commission (CVM). This ETF allows institutions to invest in XRP, Ripple's cryptocurrency, without the complexities of self-custody. Managed by Genial Investimentos, the fund is currently in its pre-operational phase, positioning Brazil as a pioneer in providing investment options for both institutional and individual investors entering the crypto space.

➡️ In a bold move, Tether is seeking to acquire a 51% stake in Adecoagro, a major agricultural player in South America, for $385 million. The deal includes a 27% premium on Adecoagro's market share prices, making it a likely takeover. Tether stated,

This investment is part of Tether’s broader approach to allocating profits into strategic sectors such as financial technology, artificial intelligence, biotech, and energy.

🗣 Following the Libra project's recent troubles, President Milei defended his actions amidst claims that his social media endorsement led to significant losses for investors. He explained that he shared information about Libra as a financing option for Argentine entrepreneurs but acknowledged the subsequent negative attention it received. Emphasizing personal responsibility, Milei remarked,

If you go to the casino and lose money, it’s your problem.

💰 Memecoins: A Risky Gateway to Crypto Adoption

🚀 Experts are divided on the role of memecoins in the cryptocurrency ecosystem. While some believe they can attract new users, their volatility poses significant risks. One expert warned that the collapse of memecoins can harm liquidity and stressed the importance of caution when investing.

➡️ Coinbase CEO Brian Armstrong recently claimed that memecoins could lead to mass adoption. However, a study by Chainplay and Storibles revealed that many users have had disappointing experiences with politician-endorsed memecoins. In fact, 21% of first-time investors quit crypto after seeing the value of these memecoins drop. This has led to allegations of scams and a decline in trading volume on Solana’s decentralized exchange.

🔍 Despite acknowledging the potential for fraudulence in some memecoins, Armstrong remains optimistic about their role in bringing new users to the crypto space. He believes that free-market principles should allow Coinbase users access to these coins.

🟥 Some experts view memecoins as a double-edged sword. They may help onboard new users but might not support long-term adoption. Victor Young, founder of Analog, pointed out that memecoin volatility can destabilize entire blockchain ecosystems. Arthur Breitman, co-founder of Tezos, added that the collapse of memecoins can hurt liquidity and emphasized the need for investors to screen for fraudulent tokens.

📈 Young also agreed with Armstrong that the long-term success of the crypto industry depends on building sustainable products. He suggested that for memecoins to become a credible asset class, the industry must combine their cultural appeal with genuine utility. Additionally, he stressed the importance of strong regulation and investor education for market stability.

📉 Bitcoin and Ether ETFs Face Extended Outflows

📉 Bitcoin and ether exchange-traded funds (ETFs) are experiencing significant challenges due to persistent outflows. Bitcoin ETFs have faced an eight-day streak of withdrawals, with $275.83 million withdrawn on February 27. Ether ETFs also saw $71.08 million in outflows, extending their streak to six days.

👉 The largest outflow from bitcoin ETFs came from Blackrock’s IBIT, which reported a withdrawal of $189.02 million. Wisdomtree’s BTWC followed with an outflow of $53.78 million. Other notable withdrawals included Valkyrie’s BRRR ($12.82 million), Vaneck’s HODL ($10.58 million), and Grayscale’s GBTC ($7.26 million). Fidelity’s FBTC and Franklin’s EZBC each saw outflows of approximately $7.25 million while Grayscale’s BTC experienced a $5.54 million withdrawal. Bitwise’s BITB was the only fund to record inflows, attracting $17.65 million.

📌 Ether ETFs also faced significant outflows. Blackrock’s ETHA led with $26.06 million in withdrawals, followed by Fidelity’s FETH with $25.45 million and Grayscale’s ETHE with $19.57 million.

❗️ These consecutive outflows have resulted in a decline in the total net assets of both bitcoin and ether ETFs. Bitcoin ETFs’ total net assets have decreased to $94.3 billion, while ether ETFs now stand at $8.27 billion. Over the past eight days, bitcoin ETFs have experienced outflows totaling $3.27 billion, and ether ETFs have recorded outflows worth $315.53 million over the six-day period.

🌍 IMF's Stance on Bitcoin: Lessons from El Salvador

👉 In this edition of Latam Insights Encore, we explore the recent developments between the International Monetary Fund (IMF) and the Salvadoran government, particularly in the context of Bitcoin adoption. As the first country to recognize Bitcoin as legal tender, El Salvador's agreement with the IMF may set a precedent for other nations considering similar moves.

💰 Last week, the IMF executive board approved a $1.4 billion deal with El Salvador, emphasizing the importance of restricting state-level Bitcoin usage. IMF Deputy Managing Director Nigel Farage stated that the agreement includes provisions to address

bitcoin risks

and will limit government engagement in Bitcoin-related activities.

⚠️ This deal suggests that the Bukele administration has agreed to reduce its Bitcoin purchases in exchange for IMF support aimed at stabilizing the national economy. However, this sets a concerning precedent for emerging countries that wish to adopt cryptocurrencies as reserve assets or legal tender. The IMF is conditioning its assistance on the abandonment of Bitcoin initiatives that promote national independence.

🔄 As Bitcoin gains recognition as a reserve asset, there is a call for a new crypto-based economic structure that aligns with the decentralization ethos of Bitcoin. This structure should provide economic aid to countries opting out of the fiat system. However, until such a system is established, the IMF is likely to use El Salvador's deal as a model for discouraging Bitcoin adoption at the nation-state level.

🚫 The message from the IMF is clear:

Want funds? Drop bitcoin!

🟥 Argentine Prosecutor Freezes LIBRA Tokens Amid Ongoing Investigation

👉 Eduardo Taiano, the Argentine prosecutor investigating President Javier Milei and the LIBRA cooperators, has ordered the freezing of all LIBRA tokens linked to the case. He is also examining the activities of addresses holding LIBRA that have purchased other currencies.

📈 The investigation into LIBRA, a meme coin promoted by Milei before its collapse, is progressing. Taiano is seeking evidence to connect the group behind the currency's launch with Milei. He has requested a detailed report on all LIBRA token movements to identify the most benefited addresses and cross-reference them with their holders. However, the pseudonymous nature of these accounts complicates this task.

🔒 To prevent obfuscation and determine potential money laundering involving LIBRA movements to other platforms, Taiano has ordered a complete freeze of the assets involved in the investigation. He has reached out to international exchanges for data on LIBRA’s token movements.

💰 One of the addresses under investigation has already purchased other meme coins, which may suggest an asset laundering scheme. Additionally, Taiano is cross-referencing communications and visits to establish direct responsibility for LIBRA’s launch. He has requested phone records and visit registries to link the allegedly involved group, including President Milei.

↪️ Karina Milei, the president’s sister, is also facing allegations regarding possible bribes for access to Milei, disguised as “consulting fees.”

➡️ Reports suggest that investigations are also progressing in the U.S., with the Department of Justice initiating a probe that is currently in its early stages.

❗️ President Milei has consistently denied any involvement in the scheme affecting over 44,000 investors. He stated in a February TV interview,

If you go to the casino and lose money, it’s your problem.

💳 Bitcoin as Payment for Trump's Gold Card Proposal

💬 David Bailey, CEO of BTC Inc., suggested that bitcoin could be used to pay for the proposed "gold card" initiative by the Trump administration. This card would allow wealthy individuals to gain U.S. residency without utilizing taxpayer funds, thereby contributing to the country's strategic Bitcoin reserve.

💡 The official establishment of a strategic bitcoin reserve (SBR) in the U.S. has opened up various avenues for expansion without burdening taxpayers. Bailey, who attended the recent Trump crypto summit, proposed that the gold card—which would enable affluent foreigners to secure their place in the U.S.—could be purchased with bitcoin.

Many elites in emerging markets want to live in the U.S. but struggle to move $5M in USD out of their home countries. Bitcoin offers a simpler, safer, and more discreet solution,

Bailey stated on social media.

🗓 This idea aligns with Trump's earlier announcement on February 25 about the gold card initiative. He described it as a paid alternative to the green card that would facilitate citizenship for wealthy individuals willing to invest around $5 million. Trump emphasized,

We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges.

📌 Trump also mentioned the possibility of Russian oligarchs purchasing this card, saying,

I know some Russian oligarchs that are very nice people.

🔍 If implemented, this measure would signal the U.S.'s commitment to integrating bitcoin into its policy framework, despite some analysts questioning this direction amidst ongoing pro-crypto initiatives by the current administration.

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👉 Bolivia Embraces Cryptocurrency for Fuel Imports Amid Dollar Shortage

✅ Bolivia has implemented a cryptocurrency-based system for paying fuel imports through its state-owned company YPFB, due to a shortage of dollars and declining foreign reserves. YPFB, the largest energy company in the country, is prepared to use cryptocurrency payments to secure fuel and energy imports.

💱 The company has developed a system to account for crypto payments amidst the ongoing scarcity of dollars. A YPFB spokesperson stated that this system supports the national subsidy policy for fuel purchases, saying,

From now on, these (cryptocurrency) transactions will be carried out.

📢 Government officials have publicly confirmed the establishment of this system and the company's intention to use it, although it has not been utilized yet. While the announcement does not specifically mention stablecoins, officials have acknowledged their value as dollar substitutes. Central bank president Edwin Rojas Ulo emphasized the benefits of stablecoins in July, stating that using them is

as if one were trading in North American currency, although what one is doing are operations with these digital assets.

🔄 This development follows the central bank's decision to lift the ban on cryptocurrency use last year, allowing users to conduct crypto transactions through their bank accounts. Since this ban was lifted, Bolivia has experienced a surge in crypto activity, with increasing volumes and proposals to use crypto, such as USDT (a dollar-pegged stablecoin), to stimulate the local economy.

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🌍 Hive Digital's Ambitious Expansion Plans in Paraguay

🚀 Hive Digital, a leading public bitcoin miner, plans to increase its operational capacity by over 400% in Paraguay, leveraging the country's abundant hydroelectric energy. Frank Holmes, the company's Executive Chairman, announced these ambitious plans during The Street’s Roundtable.

💬 Holmes emphasized the significance of Paraguay for Hive Digital's growth, stating,

We’re going to go up above 400%. You got to think that we’re going to be having triplets over the next nine months as we build out Paraguay, which has a huge surplus of hydroelectricity.

He highlighted that the Paraguayan government supports bitcoin mining operations, as they provide a steady income in U.S. dollars for electricity that would otherwise be sold to Brazil at lower rates.

We’re actually a great engine for the government because they’re going to get paid U.S. dollars every month for that electricity, and we help build out the infrastructure within the community,

Holmes added. This partnership allows Hive Digital to capitalize on the energy surplus from the Itaipu dam, one of the world's largest hydroelectric facilities.

➡️ Hive Digital announced its entry into Paraguay in July, despite recent power fee hikes aimed at bitcoin miners. These increases raised concerns among some companies about the feasibility of continuing operations in the country. However, President Santiago Pena reassured that while profit margins might decrease, mining operators would still find value in staying in Paraguay.

💰 Solv Protocol Secures $10M to Enhance Bitcoin Yield for Institutional Investors

🚀 Solv Protocol, a bitcoin staking platform, has secured $10 million through its "Bitcoin Reserve Offering" to capitalize on the increasing institutional demand for bitcoin (BTC). This move comes after the U.S. Securities and Exchange Commission (SEC) approved the first spot bitcoin exchange-traded funds (ETFs) in 2024, paving the way for greater institutional adoption.

When institutions put their bitcoin into our bitcoin reserve, we won’t let it be idle,

said Solv co-founder Ryan Chow. He emphasized that the platform will actively deploy these assets into BTC yield-generating vehicles.

💡 Traditionally, holding bitcoin does not generate yield; investors only realize profits upon selling. Solv Protocol addresses this issue by offering staking yields to institutions. In return for depositing their bitcoin, institutions receive yield-bearing instruments similar to convertible bonds.

Chow elaborated on Solv's investment strategy:

We use the BTC as a pledge to borrow stablecoins, and then we invest the stablecoins in all those other ways.

The platform invests in various assets, including stablecoins like Ethena’s USDe, which currently offers a 4% yield but has previously reached returns of 56%.

🔍 Solv aims to conduct further fundraising rounds for its reserve. Chow mentioned that while he could not disclose specific names, large players in the crypto space have already committed funds for upcoming rounds.

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🚨 Strategy Funding: Michael Saylor Raises $722 Million to Accelerate Bitcoin Bet 📢

Michael Saylor's Strategy funding raises $722M through Series A stock sale to expand Bitcoin holdings, bringing total to over 500,000 BTC.

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