| | Your Daily Digest of the 🔥Hottest News in Crypto | | | Today's top stories: 👀 BTC rallies, but no rush to buy 👉 CFTC cracks down on fraud despite vow 🤔 Is Ethereum really the backbone of Web3's future? 📰 Keep reading to find out about all of today's top stories | | | | |
Bitcoin rallies past $97K—but traders aren't rushing to buy Bitcoin briefly dipped below $95K on Feb. 9 after reports surfaced that China planned to slap tariffs on U.S. energy imports. But the dip didn't last long. After President Trump fired back with a 25% tariff on steel and aluminum, Bitcoin rebounded to $97K by Feb. 10. Despite the rally, traders—both retail and institutional—aren't piling in just yet. The hesitation isn't about Bitcoin itself but broader macroeconomic concerns. Spot Bitcoin ETF flows and BTC derivatives data suggest Most investors are waiting on the sidelines rather than making big moves. | | | CFTC cracks down on crypto fraud—after vowing to back off enforcement The U.S. Commodity Futures Trading Commission (CFTC) just hit a New York man with fraud charges for running a crypto investment scam. According to the agency, Rashawn Russell misled investors from 2020 to 2022, raking in about $1.5 million through a fake digital asset trading scheme. He's already pleaded guilty to wire fraud in federal court. What makes this case interesting? Acting CFTC Chair Caroline Pham recently said the agency would pull back on its "regulation by enforcement" approach. But this latest crackdown suggests crypto fraud cases are still on the menu. | | | | | | | | |  | | [AD]
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| | | | | Ethereum short positions skyrocket 500%—hedge funds are betting big on a decline Ethereum has been trailing behind Bitcoin, and hedge funds are taking notice. Since the U.S. presidential election in November 2024, short positions against ETH have spiked more than 500%, according to data from The Kobeissi Letter. Ether has only climbed 5.9% over the past year, while Bitcoin has soared 104%. Analysts say Ethereum's weak price action comes down to a lack of fundamental blockchain activity—meaning fewer users, transactions, and real-world adoption. "Short positioning in Ethereum is now up +40% in one week and +500% since November 2024. Never in history have Wall Street hedge funds been so short of Ethereum, and it's not even close." | | | | | | | | | Ethereum is the backbone of Web3's future | |  | | OPINION Web3 and Ethereum go hand in hand. The rise of layer-2 rollups, Ethereum's dominance in smart contracts, and the development of the Superchain all point to one thing: if Web3 succeeds, Ethereum will be at the center of it. | | | | | | | | | —Written by Monica Hutchison | | | | 3.5 million people follow us on social media. You should too. | | | | | | | | Cointelegraph | | 21 W 46th St, New York, NY 10036-4119 USA | | | You received this email because you signed up on our website. | | Download our official app: | | | | | | | | | | | | | | |
