Last Week in Crypto (Feb 17-21, 2025)
Your weekly dose of blockchain and market updates, straight to your inbox.
Hey there!
Crypto doesn’t do quiet weeks, and this one was no exception. Argentina’s president “backed” a token that imploded, Ethereum quietly launches Open Intents — setting the stage for a new era of frictionless DeFi, and institutional giants keep stacking Bitcoin.
The markets are moving fast—let’s break it all down. 🚀
📊 7-Day Market Recap
Bitcoin $BTC — 🟢 $98,886.28 +1.7% ⬆
Ethereum $ETH — 🟢 $2,800.99 +3.3% ⬆
Ripple $XRP — 🔴 $2.66 -3.0% ⬇
BNB $BNB — 🔴 $663.59 -1.3.% ⬇
Solana $SOL — 🔴 $178.11 -11.4% ⬇
📰 The Big Story: The $LIBRA Scandal
Political endorsements can move markets, but when they go wrong, they go very wrong. This week, Argentina’s President Javier Milei backed $LIBRA, a Solana-based token, only for it to crash 94% within hours.
📉 What Happened?
The Hype: Milei publicly endorsed $LIBRA, fueling speculation that it had government backing. The market cap shot past $4.5B.
The Dump: Eight insider wallets withdrew $107M, sending the token into freefall.
The Fallout: The Argentine stock market dipped 4%, 112 fraud complaints were filed, and Milei now faces regulatory scrutiny.
🔍 The Hayden Davis & Meteora Connection
At the center of this scandal is Hayden Davis, a known figure in the DeFi space, and Meteora, the Solana-based DeFi platform that facilitated $LIBRA’s launch.
🔹 Who is Hayden Davis?
Davis, who heads Kelsier Ventures, has a history of involvement in questionable DeFi projects, with allegations of insider activity.
His past associations with high-risk memecoins and yield-farming platforms like the recent $MELANIA token have made him a controversial figure.
🔹 Meteora’s Role in the Collapse
Meteora was the primary launch venue for $LIBRA, providing liquidity and infrastructure.
Ben Chow, co-founder of Meteora, resigned following the scandal, claiming no direct involvement in the insider sell-offs.
The project’s reputation is now at risk, as users question its role in allowing potential rug pulls.
🚨 Why This Matters for Traders
Memecoin fatigue? Solana’s memecoin sector took a hit, with $JUP down 45% from ATH.
Regulatory red flags: With this level of political involvement, expect more oversight on tokens promoted by public figures.
Solana under pressure: Can Solana-based assets recover, or is this the turning point for its speculative cycle?
🔍 Key Market Trends
🚀 Ethereum’s Open Intents Framework – The Next Big Leap for DeFi?
Ethereum just quietly introduced one of the biggest shifts in on-chain trading with Open Intents, allowing trustless execution without needing centralized intermediaries.
Impact for traders? Lower fees, reduced frontrunning, and a new era of gasless trading.
Who benefits? Arbitrageurs, DeFi traders, and anyone looking for MEV-free transactions.
⚡ Monad Testnet Goes Live – The Ethereum Alternative to Watch?
Monad claims 10,000 TPS with parallel execution, making it a direct competitor to Ethereum L2s and Solana.
📈 MicroStrategy to add $2B More to Its Bitcoin Holdings
Michael Saylor’s Bitcoin bet continues—raising $2B via convertible notes to add more BTC to its reserves.
MicroStrategy now holds 471,107 BTC, solidifying its position as one of the largest corporate Bitcoin holder.
📅 Events to Watch
Feb 18: FTX user repayments begin – Will traders accept the 2022 pricing model?
Feb 21: Telegram integrates $TON – Will this drive new user adoption?
Feb 26: NVIDIA earnings call – Could AI-related tokens like $FET & $AGIX move?
🎬 And that's a wrap on this week's digest! Stay tuned, and we'll meet in the next one! 📅 Until then, take care, and stay well! 👋💫
Cheers!
Kevin