PA Daily | Bitcoin falls below $90,000; Binance Launchpool launches RedStone (RED)

Today 's news tips:

1. South Korea's Financial Intelligence Agency restricts crypto asset transactions for 3 months

2. The US SEC accepts Cardano spot ETF applications submitted by Grayscale

3. Binance Launchpool launches RedStone (RED)

4. Babylon Foundation starts airdrop registration

5. Data: In the past 24 hours, the entire network contract was liquidated by US$1.23 billion, mainly long orders

6. Analysis: Bybit hackers have cleaned 100,000 ETHs

7. Binance Pre Market launches daily limit mechanism

8. Wall Street's large market maker Citadel Securities plans to enter the cryptocurrency market maker Citadel

Regulatory/Macro

South Korea's Financial Intelligence Agency restricts crypto asset transactions for 3 months

According to Yonhap News Agency, the South Korean Financial Intelligence Agency (FIU) announced on February 25 that it would implement regulatory measures against Upbit, South Korea's largest cryptocurrency exchange. According to regulations, Upbit will be restricted from newly registered users' cryptocurrency recharge and cash withdrawal services within the next three months.

US SEC accepts Cardano spot ETF applications submitted by Grayscale

The SEC accepts Cardano (ADA) spot ETF applications filed by Arca on behalf of Grayscale on the New York Stock Exchange. Previously, the SEC had accepted a large number of cryptocurrency ETFs, including Cboe's XRP ETF, Grayscale's spot XRP and DOGE ETF.

Trump officially announced: Tariff plans toward Mexico and Canada will be promoted as scheduled

U.S. President Trump said the U.S. plan to impose tariffs on Mexico and Canada will be "advanced as scheduled", after a one-month "suspended measures" will expire next week.

Project News

Binance Launchpool launches RedStone (RED)

Binance Launchpool launches its 64th project, RedStone (RED), a multi-chain oracle that spans EVM and non-EVM chains. The web page is expected to be online within 12 hours before the start of the new currency pool.

Binance Pre Market launches daily limit mechanism

Binance issued an announcement stating that in order to continue to innovate and improve users' trading experience, Binance will launch an enhanced function for Binance Pre Market - the daily limit mechanism. The upward circuit breaker mechanism will limit the maximum increase in trading prices of Pre Market within 72 hours after its first opening is a percentage of the initial opening price.

Babylon Foundation enables airdrop registration

Babylon Foundation announced the opening of the airdrop registration page, which will end on March 15. This airdrop mainly includes the first-stage stakers, the first-stage finality providers, and contributors to the qualified Github repository.

Founder of Time.fun: In the future, I will consider issuing platform tokens, but at this stage, I will focus on the market fit of the product.

Kawz, founder of Time.fun, said that in the future, he would consider issuing the platform's own tokens. If other platforms are built on tokenization time, then a platform-based token can connect them all together. But Kawz also admitted that it is too early to discuss the Time.fun token at this stage, because the platform must first find the market fit for the product, and the platform's key goal is to make tokenization time composable.

Bybit has transferred 40,000 ETH to Bitget to repay its previous loan

According to Lookonchain monitoring, Bybit has transferred 40,000 ETH to Bitget to repay previous loans.

Chainflip: Protocol upgrades to stop the flow of Bybit hackers

Chainflip officially announced that after discussing with teams, communities, liquidity providers, the main interfaces using Chainflip, and most validator providers, it has decided to block the illegal flow of Bybit hacker funds within the protocol through a protocol upgrade.

Wall Street's largest market maker Citadel Securities plans to enter the cryptocurrency market maker Citadel

Securities plans to enter the cryptocurrency market making space and become a liquidity provider for major exchanges such as Coinbase, Binance and Crypto.com. Previously, the company remained cautious about the market due to unclear U.S. crypto regulations.

Ethereum Pectra upgrade activated on Holesky test network but failed to confirm in the end, developers are investigating

Ethereum's Pectra upgrade was activated on the Holesky test network at 5:55, but based on blockchain data, it was not initially finalized. Final determination refers to an immutable and irreversible state once a transaction is confirmed and added to the block. It is not entirely clear why the test network failed to complete. Ethereum developers are investigating.

YZi Labs invests in crypto-artificial intelligence startup Vana

YZi Labs announced its investment in crypto-artificial intelligence startup Vana, with the specific amount not yet disclosed. As part of the investment, Binance co-founder Changpeng “CZ” Zhao has joined Vana as a consultant, and Zhao has actively participated in YZi Labs’ name change from Binance Labs.

Kraken announces cooperation with Paxos and other companies to support stablecoin USDG

Kraken announced a partnership with Paxos, Robinhood and Anchorage to support the stablecoin USDG, which has a 1:1 exchange rate between USDG and the USD, built on the Ethereum blockchain (ERC-20) and supported by Paxos, the global leader in stablecoin, aims to Becoming a trusted and transparent stablecoin for trading and preservation, providing users around the world with seamless access to digital dollars.

Analysts: Strategy's market value has dropped from 3.4 times to 1.6 times relative to its Bitcoin holdings

Crypto analyst Miles Deutscher posted that the premium rate of Strategy (formerly MicroStrategy)'s market value relative to its Bitcoin assets has dropped from 3.4 times in November last year to 1.6 times the current level.

He noted that the lower the number, the more difficult it will be for the company’s CEO Michael Saylor to raise more money to buy Bitcoin, which means that his pace of buying Bitcoin may slow down.

Important data

A large-scale long contract holder of a Bitcoin contract cuts his losses at an average price of US$89,138, with a total value of US$159 million

According to @ai_9684xtpa monitoring, the holders of the large-scale long contract of Bitcoin named "First Set 10 Large Targets" cut 1,783.48 BTC at an average price of US$89,138, with a total value of US$159 million. The average opening price of its position is US$100,320.8.

Data: In the past 24 hours, the entire network contract was liquidated by US$1.23 billion, mainly long orders

Coinglass data shows that in the past 24 hours, the entire network contract was liquidated by US$1.231 billion, of which US$1.154 billion were liquidated by long positions and US$77.2416 million were liquidated by short positions.

Most tokens have fallen from 30% to 80% since mid-December last year, and SOL's market value has shrunk by about $50 billion in a single month.

Data from digital asset management firm Arca shows that most tokens have lost 30% to 80% of their value since mid-December, with Solana losing about $50 billion in the last month, partly due to recent A Meme coin scandal called Libra is also under pressure to sell off due to the approximately $1.72 billion Solana token planned to be "unlocked" (releasing transaction restrictions) on March 1.

Analysis: Bybit hackers have cleaned 100,000 ETHs

According to Spotonchain monitoring, Bybit hackers have cleaned 100,000 ETH (about 250 million US dollars), accounting for 20% of the stolen 499,000 ETH. Hackers are actively spreading funds to multiple addresses and using THORChain for cross-chain exchange to BTC, DAI and other assets. Bybit hackers still hold 399,000 ETH, exceeding Ethereum founder Vitalik Buterin or the Ethereum Foundation.