Solana-based Meme Coin Buttcoin Surpasses $29 Million in Market Cap, Soaring 140% in 24 Hours

February 2nd — Per Bitget market data, global financial markets declined, with South Korea’s KOSPI 200 Index futures dropping 5% to trigger a 5-minute circuit breaker. S&P 500 Index futures extended their losses to 1.1%, while Nasdaq Index futures fell 1.5%. In China’s A-shares, the Shanghai Composite Index widened its decline to 1.3%, and the Shenzhen Component Index dropped more than 1.4%.

Feb. 2 — On-chain analyst Ai Auntie (@ai_9684xtpa) notes that Trend Research, a subsidiary of Yihua, currently holds 618,245.96 ETH at risk of liquidation. The firm has collateralized $13.3 billion worth of WETH across six addresses and borrowed $9.39 billion in stablecoins. If ETH prices fall to the $1,781.09–$1,862.02 range, gradual liquidation will be triggered **without additional margin or deleveraging**.

On February 2, The Wall Street Journal reported that Coinbase CEO Brian Armstrong has emerged as the top adversary of Wall Street’s traditional financial giants, clashing with the industry’s future direction. Armstrong holds sharp disagreements with bank executives—including JPMorgan Chase’s CEO—over crypto regulation, particularly the Crypto-Currency Market Structure Law (CLARITY Act). Banks fear stablecoins’ high yields could siphon $6.6 trillion in bank deposits, harming their lending businesses. Armstrong advocates for free-market competition and accuses banks of stifling competitors. Stripe CEO Patrick Collison noted that Brian’s argument is clearly not in Coinbase’s self-interest: “In a world where revenue sharing is prohibited, USDC would at least appear far more direct and profitable for Coinbase. From what I can tell, Brian’s stance stems from his belief in a vibrant, competitive market to protect consumer freedom—and he deserves high praise for that.” Armstrong retwe

Ethereum fell below $2,200 on Feb. 2, posting a 9.8% 24-hour decline, per HTX market data. ### Notes on American English adaptation: 1. **Abbreviation**: Used "Feb. 2" (common in U.S. news for brevity) instead of full "February 2nd". 2. **Thousands separator**: Added comma in "$2,200" (standard U.S. number formatting). 3. **Casual brevity**: Replaced "according to" with "per" (more common in quick financial updates). 4. **Active verb choice**: "Posting" (natural for "recording a change" in market news) fits U.S. journalistic tone. 5. **Conciseness**: Streamlined structure to lead with the key event (price drop) before context (date/data source), aligning with U.S. news readability habits.

February 2nd U.S. Senator Elizabeth Warren has called for a congressional hearing over a $500 million deal: UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan acquired WLFI shares, with transaction documents signed by Eric Trump. Roughly $187 million flowed directly to Trump-related entities, and at least $31 million went to groups tied to Trump ally Steve Witkoff, per *The Wall Street Journal*. Warren labeled the move “purely corrupt” and urged the Trump administration to reverse its decision to sell sensitive AI chips to the UAE. She also demanded testimony before Congress from key officials—including Witkoff, White House crypto advisor David Sacks, and Commerce Secretary Howard Lutnick—alleging they jeopardized U.S. national security by seeking to profit from a presidentially linked crypto company.

Bitcoin dropped below $76,000 on February 2nd, posting a 24-hour loss of 3.77%, per HTX market data.