FameEX Morning Crypto News Recap | February 7, 2025

The U.S. House of Representatives holds a hearing to discuss the Biden administration's crackdown on cryptocurrencies

The U.S. House Financial Services Committee’s Oversight and Investigations Subcommittee will hold a hearing on February 6 at 2:00 PM ET. The hearing, titled “Choke Point 2.0: How the Biden Administration Will Crack Down on Cryptocurrencies,” will focus on banking service restrictions faced by the crypto industry.

SEC Acknowledges Receipt of Grayscale's Solana 19b-4 Submission

The U.S. Securities and Exchange Commission (SEC) has acknowledged receipt of Grayscale's Solana 19b-4 document submission. This marks a shift, as the SEC had previously declined to process submissions related to Solana.

U.S. Lawmakers Advocate for NFT Legal Protections in Digital Asset Regulatory Framework

U.S. Congressmen William Thiemens and Richard Torres are advocating for NFT legal protections to be incorporated into the Digital Asset Regulatory Framework Act.

Ethereum Set to Launch Pectra Upgrade in April 2024 to Enhance Wallet and Validator Features

Ethereum developers have confirmed the testing date for the Pectra upgrade, scheduled for release in April 2024. This upgrade, the first in 11 months, will bring several improvements, primarily aimed at enhancing wallet and validator functionality within the network.

Bitcoin Supply in Asia Pacific Grows 6.4% Year-on-Year Amid Rising Retail Investor Demand

Glassnode's analysis reveals that retail-driven on-chain activity in the Asia-Pacific region is growing faster than in the U.S. and EU. Since December 2022, Bitcoin supply in Asia-Pacific increased by 6.4%, while supply in the U.S. and EU dropped by 5.7% and 0.7%, respectively, indicating rising demand from retail investors in the region.

Ethereum's Market Capitalization Hits Four-Year Low

JPMorgan analysts noted that Ethereum's market capitalization has fallen to a four-year low, facing increasing competition. Despite the crypto market’s rise, Ethereum has underperformed compared to Bitcoin and other tokens. Analysts attribute this to lower fees and higher scalability offered by public chains like Solana and second-layer networks.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.