⚠️ Ethereum: The Pectra update is turning into a fiasco
Welcome to the Daily tribune of Wednesday, February 26, 2025 ☕️
Happy New Year to Cointribu! 🚀
Today is Wednesday, February 26, 2025, and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
📉 Bitcoin drops below $90,000: Panic strikes the market!
Bitcoin has plunged below $90,000 mainly due to massive liquidations and a massive withdrawal from Bitcoin ETFs. In just six days, these funds recorded outflows of $1.14 billion, indicating a temporary institutional disengagement. Meanwhile, tensions between the United States and China fuel uncertainty, impacting market sentiment. With $1.3 billion in liquidations over 24h and more than 362,000 traders affected, volatility is at its peak. Some analysts estimate that BTC could still drop towards $70,000, while others remind that such corrections are frequent before new historical highs. 🔗 Read the full article
⚠️ Ethereum in crisis: the Pectra update encounters major problems!
The deployment of Pectra, the new update of Ethereum, has failed on the Holesky testnet, revealing a critical bug that prevents transaction finality. This issue, linked to a deposit contract error, has blocked several validations and raised concerns about network stability. Pectra, which was supposed to integrate EIP-7702 for improved wallet management, is therefore facing unforeseen delays. Developers of Ethereum are under pressure to fix the issue before its deployment on the mainnet, scheduled for mid-2025. 🔗 Read the full article
🇺🇸 Grayscale pushes a Cardano ETF: the SEC launches its evaluation!
The SEC has officially launched the review of the first spot Cardano (ADA) ETF, proposed by Grayscale and NYSE Arca. If approved, this ETF would allow institutional investors to access Cardano without directly holding the asset, just like the recent Bitcoin ETFs. However, the SEC remains cautious, particularly evaluating the risks of market manipulation. This request fits into a growing trend of crypto ETFs, with similar projects for XRP and Dogecoin awaiting validation. The outcome of this decision could significantly influence the future of ADA in traditional markets. 🔗 Read the full article
🔥 Sam Bankman-Fried resurfaces and causes FTT token to explode!
After two years of silence, Sam Bankman-Fried (SBF), former CEO of FTX, published a message from his cell, causing a 30% rise in FTT. This ironic tweet, where he compares his imprisonment to unemployment, reignited speculation around the FTT token, which went from $1.63 to $2 before quickly falling back. This event reminds of the ever-present influence of SBF on the market, even though he is serving a 25-year sentence for fraud. Meanwhile, FTX continues to settle its creditors, with $800 million already redistributed. Some analysts believe this media resurgence could be part of a broader defense strategy. 🔗 Read the full article
Crypto of the day: Pi Network (PI)
Pi Network is a cryptocurrency platform that aims to make mining accessible to everyone through a user-friendly mobile application. Unlike traditional mining methods requiring significant hardware resources, Pi allows users to "mine" Pi by simply tapping a button daily, without significantly consuming phone battery or data. This approach democratizes access to cryptocurrency, enabling more people to participate in the digital economy.
The PI is the native token of Pi Network. It is designed to serve as digital currency allowing transactions between users within the Pi ecosystem. Users can earn PI by participating in the network via the mobile app, validating their identity, and inviting others to join the platform. PI holders can use their tokens to purchase goods and services from merchants accepting PI as a payment method or exchange them for other cryptocurrencies on exchange platforms supporting PI.
Recent Performance:
Current Price: $1.89 (approximately €1.78)
24-hour Change: +21.25%
Market Capitalization: $12.41 billion
Rank on CoinMarketCap: #3151
Bitcoin below $90,000: How far can the drop go?
After a consolidation period around $96,500, Bitcoin faced strong selling pressure, bringing it below $89,000. It is currently trading around $88,000, with a recent low of $85,000, marking its lowest level since its last ATH. The short-term trend is clearly bearish, and although the long-term momentum remains bullish, the medium-term trend is becoming neutral, suggesting a possible reversal if the decline continues.
Liquidations and Key Support Zones
The drop led to $331 million in long position liquidations in two days, heightening volatility and weakening buying power.
Levels to watch:
Upwards: Stabilization above $86,800 could allow a return towards $90,700, then $99,400 and potentially $106,000.
Downwards: If BTC breaks $85,000, it could test $81,700, or even $78,500. A break below $76,000 would mark a more pronounced correction of 15%.
The Outlook
The selling pressure persists, and buyers struggle to regain control. As long as Bitcoin does not reclaim key levels, the threat of a further drop remains very present. The coming weeks will be decisive in determining whether BTC can rebound or if it continues its decline towards even lower levels.
