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 1. Chinese Yuan — priced Bitcoin Hits Historic High link
 On February 28th, BTC surged by 5.25%, surpassing $60,000, reaching a historic high when priced in Chinese yuan. As of the time of reporting, Bitcoin is quoted at $61,500, equivalent to approximately 442,800 yuan.
 Bitcoin saw a nearly 45% increase in February, marking its sixth consecutive month of gains and its best monthly performance since December 2020. Ethereum rose by over 47%, also marking its sixth consecutive month of gains and its best month since July 2022. According to CoinGlass data, Bitcoin has been profitable 10 times out of 12 Februaries over the past 12 years, with an average return rate of 15.7% for the month. Ethereum has seen gains in 7 out of the past 8 Februarys, with an average increase of 17.2% for the month.
 2. MicroStrategy Makes Another Purchase of 3000 Bitcoins link
 Michael Saylor, the founder of MicroStrategy, announced that the company purchased 3,000 bitcoins between February 15th and 25th at an average price of $51,813 per coin. As of February 25th, 2024, MicroStrategy holds a total of 193,000 bitcoins, acquired at an average price of $31,544 per coin, with a total purchase price of approximately $6.09 billion.
 Following three consecutive days of gains in both the company’s stock and the price of Bitcoin, Michael Saylor’s personal wealth increased by approximately $700 million. MicroStrategy’s stock price rose by 10% on Wednesday, accumulating a total increase of 40% over the three-day period. The majority of the company’s value is derived from its holdings in Bitcoin. Saylor, MicroStrategy’s largest investor, owns 12% of the company’s shares and disclosed owning 17,732 bitcoins in 2020.
 3. President of El Salvador: Bitcoin Holdings Profits Exceed 40%, No Plans to Sell for Now link
 President Nayib Bukele of El Salvador has announced that with the rise in the price of Bitcoin, the country’s Bitcoin holdings have yielded profits exceeding 40%. Bukele further stated that El Salvador has no plans to sell its Bitcoin holdings. The average acquisition cost of Bitcoin for El Salvador is $44,292, and the nation’s treasury holds a total of 2,381 bitcoins.
 4. Financial Stability Committee: Cryptocurrencies, Tokenization, and Artificial Intelligence Remain Focus of Monitoring link
 Chairman Klaas Knot of the Financial Stability Board (FSB) stated in a letter to the finance ministers of the Group of Twenty (G20) nations that cryptocurrency, tokenization, and artificial intelligence remain key focus areas for FSB monitoring. FSB will continue to lead efforts in cryptocurrency policy work in 2024 to ensure the implementation of a global regulatory framework for cryptocurrencies. Additionally, plans are underway to release two reports in October, focusing on the status of the cryptocurrency roadmap and the impact of tokenization on financial stability.
 5. Entities Without Virtual Asset Trading Platform License Application to Cease Operations in Hong Kong by End of May link
 Hong Kong Securities and Futures Commission’s CEO, LEUNG Fung Yee Anita, stated that service providers who have not submitted license applications must cease operations in Hong Kong by May 31st. At an event, she emphasized that the SFC issued a circular in November last year regarding tokenized investment products, providing clear guidelines for intermediaries and private funds involved in tokenized securities activities, including due diligence and risk disclosure requirements. She reiterated that the regulatory principles for tokenized securities products are based on “same business, same risks, same rules.”
 The deadline for submitting applications for the Hong Kong virtual asset regulatory platform license expired on February 29th. According to the official website of the Hong Kong Securities and Futures Commission, there are currently two licensed exchanges, namely Hashkey and OSL, with a total of 24 companies having submitted applications, including OKX, Bybit, HuobiHK, and others.
 6. Ruling Party in South Korea Withdraws Commitment to Spot Bitcoin ETF Election link
 The ruling People Power Party of South Korea has “indefinitely postponed” its plans to relax cryptocurrency restrictions, including lifting the ban on local spot Bitcoin exchange-traded funds (ETFs). According to local news outlet Chosun Biz on Wednesday, the party’s reversal of its commitment may stem from difficulties in coordinating with the government and financial authorities on cryptocurrency policies. Earlier, News1 reported that the ruling People Power Party of South Korea was considering incorporating cryptocurrency asset-related policies as part of its general election manifesto.
 7. Bank of America’s Merrill Lynch and Wells Fargo Offer Bitcoin Spot ETFs to Clients link
 The brokerage divisions of Merrill, a subsidiary of Bank of America, and Wells Fargo &amp; Co are now offering Bitcoin spot ETFs to their clients. Initially, these banks are providing approved ETF products to wealth management clients with brokerage accounts. A representative from Wells Fargo confirmed that Bitcoin spot ETFs can be actively purchased through Wells Fargo advisors or the bank’s online WellsTrade platform since receiving approval from the SEC. A representative from Bank of America did not respond to inquiries.
 Additionally, Morgan Stanley is conducting due diligence on whether to add Bitcoin spot ETF products to its brokerage platform. A source familiar with the matter revealed that since the SEC approved the launch of Bitcoin spot ETFs in the United States in January, Morgan Stanley has been evaluating the possibility of offering Bitcoin spot ETFs to its clients. It is currently unclear which products Morgan Stanley plans to offer to its clients. Morgan Stanley is a leader in alternative investments and private markets, managing over $150 billion in assets, and became the first major U.S. bank to provide access to Bitcoin funds to its affluent clients in 2021.
 8. SBF Seeks Sentence Reduction to Below 7 Years, Citing Risks of “Harm and Extortion” in Prison link
 In a new court filing, SBF’s lawyer is requesting a reduced sentence to only 63 to 78 months of imprisonment and strongly refuting claims that SBF caused billions of dollars in losses to the company’s clients due to fraud. The lawyer stated that SBF was formally diagnosed with anhedonic depression while in college and has been taking antidepressant medication since then. SBF, who suffers from this condition, is particularly vulnerable to harm in prison. SBF’s lawyer and his parents have expressed profound regret and remorse for the situation that occurred previously. SBF is expected to be sentenced on March 28th.
 9. Binance’s Weekly Summary
 a. Two Binance Executives Detained in Nigeria link
 According to sources, following Nigeria’s decision last week to ban several cryptocurrency trading websites, executives flew to Nigeria, where they were detained by the country’s National Security Adviser’s office, and their passports were confiscated. On Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, singled out Binance during a press conference. Cardoso stated, “We are concerned about the ongoing presence of certain practices, indicating illicit financial flows through these entities (cryptocurrency platforms), at best, suspicious financial flows.” Cardoso further revealed that as much as $26 billion in funds had been transferred through Binance Nigeria operations in the past year alone, with the sources and identities of these funds unable to be adequately identified.
 b. Former Binance US Executive Joins IRS as Advisor link
 The United States Internal Revenue Service (IRS) has recruited two former digital asset executives. Sulolit “Raj” Mukherjee, who previously served as Global Head of Tax at ConsenSys and worked at Binance US, will serve as an advisor to the IRS. Seth Wilks, former Vice President of Government Relations and Success at TaxBit, has also joined in a similar capacity. The IRS stated that both individuals will help lead the agency’s efforts in cryptocurrency compliance and enforcement. Additionally, the tax authority is drafting final regulations that will require cryptocurrency brokers and exchanges to report detailed information about customer transactions to the U.S. government. The IRS division responsible for investigating financial crimes is handling a significant increase in cases related to cryptocurrency tax evasion.
 c. Binance Recovers $4.4 Billion Worth of Digital Assets for Users Affected by Operational Errors in the Past Two Years link
 Binance reported that it has recovered digital assets worth $4.4 billion for users who experienced operational errors over the past two years. Users may have encountered operational errors due to various reasons, including entering incorrect wallet addresses, depositing incompatible tokens, and issues related to block<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> upgrades. The report also highlighted Binance’s efforts in combating hackers and other criminal activities.
 10. Coinbase Rises to Become the World’s Fourth-Largest Listed Exchange link
 Since the Securities and Exchange Commission (SEC) announced the approval of the Bitcoin spot ETF in January, Coinbase, the world’s second-largest cryptocurrency exchange platform, has seen a significant surge in its market value. This week, its market value surpassed $50 billion (currently at $48.649 billion), exceeding that of the Hong Kong Stock Exchange (HKEX, valued at approximately $41.01 billion) and the German Stock Exchange. As a result, Coinbase has risen to become the fourth-largest listed exchange globally.
 Fundraising
 <ul>
 <li>Avail, a modular blockchain project, announced the completion of a $27 million seed round financing. link</li>
 <li>Cryptocurrency exchange Backpack completed a $17 million Series A financing round, valuing the company at $120 million. link</li>
 <li>Ether Fi announced the completion of a $27 million financing round, with Bullish and CoinFund as lead investors. link</li>
 <li>Talus Network announced the completion of a $3 million first-round financing, led by Poly<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> Capital. link</li>
 <li>Zero-knowledge native blockchain protocol QED announced the completion of a $3 million financing round. link</li>
 <li>Block<a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> platform Initia completed a $7.5 million financing round, led by Delphi Ventures and Hack VC. link</li>
 <li>DePIN project Geodnet completed a $3.5 million financing round, led by North Island Ventures. link</li>
 <li>BTC collateralization <a rel="noopener noreferrer nofollow" title="chain" href="https://thebittimes.com/tag/chain.html">chain</a> BounceBit announced the completion of a $6 million financing round. link</li>
 <li>NFT infrastructure company READYgg completed a $4 million financing round, with participation from Delphi Digital and others. link</li>
 <li>Web3 infrastructure Validation Cloud completed a $5.8 million financing round, led by Cadenza Ventures. link</li>
 <li>Cycle Network, a full-chain ledger protocol, completed a million-dollar financing round, led by Vertex Ventures. link</li>
 </ul>
 Learn more, check out crypto-fundraising.info.
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WuBlockchain Weekly: BTC/CNY Reaches ATH, Coinbase Surpasses Hong Kong Exchange in Market Value, US Banks Promote ETFs and Top10 News

TheBitTimes

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