BREAKING NEWS: Bitcoin Drops to $94K, SEC Under Scrutiny,and FTX Payouts Begin!

Welcome to CNBC’s Crypto World! I’m McKenzie Seallow.
After the President’s Day holiday, the crypto markets are seeing a sharp decline. As
of noon Eastern:
● Bitcoin (BTC) has dropped to $94,000.
● Ethereum (ETH) is down 3.4%, sitting at $2,633.
● Solana (SOL) plunged 9% to $162.
Meanwhile, Mara Holdings saw its stock fall over 3% after announcing its Texas
wind farm acquisition.
Argentina’s President in Hot Water Over Crypto Collapse
Argentinian President Javier Milei is facing an investigation after the Libertad
(LIBRE) token, a cryptocurrency he promoted, crashed, wiping out over $4 billion
since February 17. A local nonprofit has filed a legal complaint, calling it “the biggest
rug pull in history.”
Adding to the controversy, Kelsie Ventures CEO Hayden Davis admitted in a
YouTube interview that he was behind both Libertad and Melania Trump’s meme
coin, calling the failed project “a plan gone miserably wrong.”
U.S. Gov’t Department Targets SEC’s Spending
The Department of Government Efficiency (DGE), part of Trump’s spending
reduction initiative, is investigating the SEC’s financial practices. The department,
backed by Elon Musk, has opened a public request for reports on waste, fraud, and
abuse within the SEC.
Musk has had long-standing battles with the SEC, including legal disputes over his
Twitter (X) acquisition. The SEC has also faced criticism for its strict stance on
crypto regulation under the Biden administration.
However, confusion arose as Trump’s team contradicted itself on who leads the
DGE. A recent court affidavit states that Musk is only an advisor, while an earlier
announcement listed him and Vivek Ramaswamy as the agency’s heads.
FTX Creditors Finally Getting Paid
Bankrupt crypto exchange FTX is preparing to distribute payouts to creditors in
partnership with BitGo and Kraken.
To receive payments, creditors must:
● Complete KYC verification
● Submit tax documents
● Register with designated payment platforms
FTX has confirmed that separate payment dates will be announced soon.
Eric Chen on the Future of Crypto & Finance
T. McKel sat down with Eric Chen, CEO of Injective Labs, to discuss crypto’s future.
Market Trends & Institutional Adoption
Chen noted that while market sentiment is optimistic, high volatility will persist in
the coming months. He highlighted Injective Labs’ push to bridge traditional
inance (TradFi) with blockchain and emphasized how Charles Schwab’s move to
24/7 stock trading signals a merging of legacy finance and crypto markets.
Challenges in Crypto Adoption
Regulatory uncertainty is a major barrier for crypto-TradFi hybrid products. Chen
pointed out that while blockchain solutions can streamline global investing,
many countries still impose restrictions on crypto trading.
The Future of Blockchain Finance
Chen believes we are in the early stages of a financial revolution, citing
BlackRock’s recent move on Solana as proof that traditional finance is warming
up to blockchain. Injective Labs aims to enhance TradFi using on-chain
infrastructure, creating a seamless, global financial ecosystem.
Stay tuned for more updates on Crypto World!