Crypto Market Weekly Recap: Crypto Bill White House Meeting, Binance Buys $1B BTC, and More (9- Feb 13)

The crypto market continued to exhibit bearish sentiment throughout the past week, with Bitcoin and altcoins sustaining further losses. However, there were some positive developments in the market. The crypto bill signaled a promise following a key White House meeting.

While some institutions were cashing out and liquidating their crypto portfolios, Binance stacked up more Bitcoin for its SAFU fund. Michael Saylor’s Strategy also stated that they would continue buying BTC.

Crypto Market Bill Still Stalled, But Promise Remains

Earlier in the week, crypto firms and banks converged at the White House to continue talks on the stalled CLARITY Act. However, reports showed that there were some concessions made, but no final agreement has been reached yet.

Both parties were positive about the negotiations as discussions on the important issues continued. For example, unlike in the previous meeting, where the bank officials did not appear ready to deliberate, this time they came with a list of regulations they are willing to compromise on.

Ripple CLO at the time also stated that the discussions on the crypto bill were indeed fruitful. He also stated that the involved parties are close to reaching a compromise.

On the other hand, Digital Chamber has challenged the banks’ proposal on the crypto bill with a new set of guidelines. Traders are hopeful that the passage of the bill will save the  crypto market from a crash.

Binance Completes $1B Bitcoin SAFU Fund

Binance finished the $1 billion Bitcoin conversion for its emergency fund, pledging to hold Bitcoin as its primary reserve asset. The exchange bought another $304 million worth of BTC on Thursday, finishing the conversion of $1 billion in Bitcoin for its SAFU wallet.

The fund currently holds 15,000 Bitcoin, worth over $1 billion, bought at an average aggregate cost of $67,000 per coin. The final batch of BTC was bought three days after Binance’s last $300 million purchase on Monday.

The exchange first made the announcement on January 30 that it would convert its $1 billion user protection fund into Bitcoin, pledging a 30-day window for the purchases, which were finished in less than two weeks. The exchange will rebalance the fund if its value goes below $800 million due to crypto market volatility.

Michael Saylor Maintains Strategy Won’t Sell

One of the co-founders of Strategy stated that they will not sell their BTC assets, despite the prevailing volatility in the market and the unrealized losses incurred by the company’s investment.

The executive chairman also explained that the company’s plans for accumulating Bitcoin have not been affected. He stated that the company has raised billions of capital to accumulate more Bitcoin. He rejected the idea that falling crypto market prices will force the company to sell its assets.

This comes despite Standard Chartered slashing its Bitcoin price target to $50,000, saying the dip could worsen over time.