Coinspeaker Weekly Overview: LIBRA Meme Coin Losses Hit $251M, Bernstein Analysts Share Insights on US Bitcoin Reserve Plans, and More

Coinspeaker offers an overview of the top crypto news this week. Highlights include the launch of the LIBRA meme coin, Bernstein's analysis of potential

Bitcoin’s price continued its ascent on February 21, approaching the $100,000 mark. At the time of writing, Bitcoin's market capitalization stood at approximately $3.3 trillion.

Meanwhile, Bitwise Asset Management became the first Bitcoin ETF provider in the US to reveal the on-chain address of its spot Bitcoin ETF (BITB) holdings in a post shared on X. This move aimed to enhance transparency within the Bitcoin ETF space.

In other news, Bernstein analysts delved into the potential implications of setting up a national Bitcoin reserve, highlighting the challenges involved in such an endeavor.

Furthermore, a Blockchain research firm Nansen analyzed the launch of the LIBRA meme coin, promoted by Argentine President Javier Milei, which resulted in a massive pump and dump. According to the firm's report, 86% of traders ended up losing money in the scheme, amounting to total losses of $251 million.

Additionally, the Bitcoin mining hashrate is slowing down after months of fast growth, with large mining companies continuing to expand their operations while smaller miners struggle to keep up.

On February 18, the Bahamian arm of FTX began reimbursing smaller creditors, marking the first step in a distribution process aimed at restoring confidence in the crypto ecosystem.

Moreover, Strategy, formerly known as MicroGalaxy Digital Founder and CEO Mike Novogratz shared his thoughts on the market growth and popularity of Ripple-associated XRP and Cardano. In a conversation on the Galaxy Brain podcast, Novogratz attributed their success to their early launches and the limited competition at the time.

Lastly, Hamster Kombat made its highly anticipated return with the debut of Season 2, offering a new gameplay experience and the ability for players to build developer teams to create games and boost their earnings.