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Ark Invest, led by Cathie Wood, sold more than 119,000 shares of Coinbase (COIN) on Feb. 5, valued at approximately $19 million, Decrypt reported. The sale comes just days after the investment firm purchased additional shares of the crypto exchange.

According to CoinNess market monitoring, BTC has risen above $70,000. BTC is trading at $70,009.9 on the Binance USDT market.

Ethereum founder Vitalik Buterin commented on social media, stating, "Zcash good, Zooko good."

Chinese regulatory authorities have announced an expansion of their crackdown on cryptocurrencies to include stablecoins and asset tokenization. CoinDesk reported that the announcement was made jointly by eight state agencies, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC). The report reiterates the country's comprehensive ban on crypto, prohibiting the trading, issuance, and facilitation of transactions in assets like BTC, ETH, and USDT. The new measures single out fiat-pegged stablecoins for special investigation. Chinese authorities noted that stablecoins threaten monetary policy by mimicking the core functions of a national currency. Consequently, a new rule has been added prohibiting both domestic and overseas Chinese companies, including the foreign branches of domestic firms, from issuing yuan-based stablecoins abroad without government approval. Alongside this, controls on tokenization have been tightened. Chinese domestic companies seeking to tokenize overseas assets must now obtain regulatory approval or submit relevant documentation and meet established standards. In 2021, China declared all crypto-related business activities illegal and banned cryptocurrency mining.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Nobel laureate in economics Paul Krugman has argued that the recent Bitcoin crash is different from previous cycles. According to U.Today, the City University of New York professor wrote on his blog that Bitcoin's rise was primarily driven by political factors, and the current downturn represents a crisis of trust in those factors. He explained that in the past, a libertarian ideology provided a floor for Bitcoin's price. This faith, backed by a strong ideological foundation, allowed it to recover from several major crashes. However, Krugman believes Bitcoin has now become a political product, and this ideological price defense will no longer be effective, concluding that the situation appears different this time.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

According to CoinNess market monitoring, BTC has risen above $69,000. BTC is trading at $69,031.56 on the Binance USDT market.

South Korean crypto exchange Bithumb announced that an abnormal quantity of Bitcoin was distributed to some customers during an event promotion on Feb. 6. In a notice, the exchange stated that sales from some of the accounts that received the Bitcoin caused a temporary, sharp fluctuation in its price. Bithumb added that its internal control system immediately detected the unusual transactions and promptly restricted trading on the affected accounts. As a result, the market price returned to normal levels within five minutes. The exchange also noted that its domino liquidation prevention system functioned correctly, preventing any chain liquidations resulting from the price anomaly.

Whale Alert reported that 2,989 BTC has been transferred from Coinbase Institutional to an unknown new wallet. The transaction is valued at about $205 million.

Amid a sharp price correction across the cryptocurrency market, Tether CEO Paolo Ardoino posted a short video to his X account depicting an army marching into battle with shields and swords. According to U.Today, the video is being interpreted as a symbol of resilience and defense against upcoming selling pressure.

Iran has rejected U.S. demands to halt uranium enrichment or transfer its stockpile abroad during talks held in Oman, foreign media reported. However, Iranian officials signaled a willingness to continue diplomatic efforts to avoid a military attack. The discussions were conducted indirectly through Omani mediators but made little progress on core issues.

Bitfarms' stock price surged after the company shifted its identity from a Bitcoin firm to one focused on artificial intelligence (AI), CoinDesk reported. CEO Ben Gagnon stated that the company is "no longer a Bitcoin company," emphasizing that it is now an "infrastructure owner and developer for HPC/AI data centers across North America." Following the news, Bitfarms' stock rose 18%, recovering all of its losses from the previous day. The company plans to focus on building data centers for high-performance computing (HPC) and AI workloads.

Citigroup has lowered its price target for Coinbase (COIN) to $400 per share from $505, CoinDesk reported. The bank had previously raised its target to $505 last July, when COIN stock was trading near its all-time high of around $450. The report cited declining trading volumes, a slowdown in institutional investor activity, and uncertainty surrounding the timing of U.S. crypto legislation as reasons for the adjustment. It also identified progress on a bill for crypto market structure (CLARITY) as a key catalyst for a potential recovery in the stock's price. At the same time, Citigroup maintained its Buy/High Risk rating for Coinbase.

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said the Fed must not lose sight of its inflation concerns. He noted that inflation has been too high for too long and is currently stalled.

Whale Alert reported that 800,000,000 USDT has been transferred from Binance to an unknown wallet. The transaction is valued at about $800 million.

According to CoinNess market monitoring, BTC has risen above $68,000. BTC is trading at $68,033.51 on the Binance USDT market.

Sberbank, Russia's largest state-owned bank, is preparing to offer corporate loans collateralized by cryptocurrency, Reuters reported. The bank stated that there is high customer demand for such a service and that it is prepared to work with the central bank to establish a regulatory framework. Sberbank aims to provide the service not only to crypto mining firms but also to other companies holding digital assets. Previously, Sovcombank, Russia's ninth-largest bank, became the first major financial institution in the country to begin offering loans backed by Bitcoin.

Tether, the issuer of USDT, has announced a strategic investment in the t-0 network, a USDT-based payments platform. The platform provides cross-border payment services targeting licensed financial institutions. The specific investment amount was not disclosed.

TD Cowen has assessed that MicroStrategy has the financial structure to withstand a Bitcoin bear market and is well-positioned for significant upside if the market rebounds, The Block reports. In a report, the financial services firm explained that MicroStrategy's common stock is designed to rise more sharply than Bitcoin during upswings and fall more significantly during downturns. The company's core model is centered on offering a security that amplifies Bitcoin's volatility, with its common stock engineered to have approximately 1.5 times the volatility of BTC. This correlation has been consistently maintained over both the short and long term and is expected to continue as long as the company's BTC acquisition strategy persists. TD Cowen maintained its price target for MicroStrategy at $440 and projected that Bitcoin could rise to $177,000 by 2026.

China has ordered internet companies to halt the provision of services related to cryptocurrency, Walter Bloomberg reported.

BTC has reclaimed the 100 million won level on the South Korean cryptocurrency exchange Upbit.

Whale Alert reported that 237,800,000 USDT has been transferred from an unknown wallet to Bitfinex. The transaction is valued at about $238 million.

China has banned the overseas issuance of yuan-backed stablecoins that have not received government approval, Walter Bloomberg reported.