Bitcoin Drops Below $79,000, 24-hour Loss Extends to 8.64%

On February 28th, the Web3 liquidity infrastructure protocol Orderly announced that it has integrated with Berachain to enhance cross-chain liquidity. By means of this integration, ecosystem projects of Berachain such as DEXes and perpetual contract protocols will be able to tap into Orderly's full-chain order book and immediately access Orderly's cross-chain liquidity. It is reported that Orderly is backed by more than 20 professional market makers including Wintermute and Riverside, providing deep market depth and tight spreads to ensure that DeFi users have the best trading experience. Currently, Orderly supports both EVM and non-EVM chains including Ethereum, Polygon, Arbitrum, Optimism, Base, Mantle, and Solana.

On February 28th, Caroline A. Crenshaw, a commissioner of the U.S. Securities and Exchange Commission (SEC), released "Crypto 2.0: Regulatory Whiplash". In this release, she indicated that the enforcement action taken against Coinbase had damaged the reputation of the SEC's enforcement division. This led people to think that the enforcement division would allocate enforcement resources based on the election cycle or in a way that was beneficial to the wealthy. As a result, there was criticism and the seeds of distrust in the government were sown.

On February 28th, in response to the widely spread community claim that "some of the largest cryptocurrency companies, such as Binance, sold their token holdings through over-the-counter (OTC) transactions, resulting in a market crash," a Binance spokesperson refuted the allegation. Regarding Wintermute's large-scale transfer of SOL tokens, a Binance spokesperson said that similar market makers operate according to their own strategies. "We cannot understand users' decisions, including market makers transferring assets based on their strategies. Thus, although blockchain transparency is one of the greatest advantages of cryptocurrency, it is crucial not to jump to conclusions based solely on transaction screenshots."

On February 28th, according to HTX market data, Bitcoin witnessed a short-term rally and broke through $81,000. It is currently trading at $81,013, with the 24-hour decline narrowed to 5.71%.

On February 28th, Degen made an announcement in a post on the X platform that the claiming of Airdrop 2 Season 13 is scheduled to take place on March 5th.

On February 28th, as per official information, Safe{Wallet} has resumed its operations on the Arbitrum network. The Safe{Wallet} team announced that they are dedicatedly working to regain access to more networks as quickly as feasible. They prioritize those networks that are the most active for users and have the most significant impact. In previous news, Safe stated that a developer's device was compromised, resulting in a theft from Bybit. It was also emphasized that there were no vulnerabilities in the smart contract and frontend code.