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Arthur Hayes warns US Bitcoin reserve plan would be a misguided political stunt

The BitMEX co-founder believes a US Bitcoin Reserve could serve as an easy cash grab for political agendas.

CryptoSlate

Feb 7

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Happy Friday!

Today's crypto landscape is abuzz with significant developments. BitMEX co-founder Arthur Hayes has sounded the alarm on a potential US Bitcoin Reserve, labeling it a political maneuver ripe for exploitation. Meanwhile, Trump Media is making waves by launching a Bitcoin ETF as part of its financial services expansion. In another major move, Cboe has submitted four spot XRP ETF applications, capitalizing on Ripple's recent legal victories. Dive into these stories and more below.

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The global crypto market cap is $3.2 trillion, with a 24-hour volume of $132.21 billion. The price of Bitcoin is $97,982.85, and BTC market dominance is 60.8%. The price of Ethereum is $2,701.86, and ETH market dominance is 10.2%. The best-performing sector is Virtuals, which gained 10%. The Crypto Fear & Greed Index is currently Fear (44).