Welcome to this week's Phenom Weekly Update, where we are just hodling on for dear life in this turbulent market. Here's a snapshot of the latest developments this week:

• Legal Victory for Hex Founder: In a surprising turn, a U.S. judge has dismissed the SEC's fraud lawsuit against Richard Heart, founder of the cryptocurrency Hex. The court concluded there were insufficient ties between Heart's actions and the United States, noting his online statements targeted a global audience rather than specifically U.S. investors.

• Market Downturn Amid Tariff Concerns: Bitcoin's value has plunged below $80,000, erasing significant gains made earlier this year. This downturn is largely attributed to President Trump's proposed tariffs on key trading partners, sparking economic uncertainty and impacting investor confidence.

• 1. CME Group to Launch Solana Futures Contracts

  CME Group, a leading derivatives marketplace, has announced plans to introduce futures contracts for Solana (SOL) on March 17, pending regulatory approval. This move aims to provide investors with more tools to manage exposure to the popular altcoin. Solana has gained significant traction due to its high-performance blockchain capabilities, and the introduction of futures contracts could further legitimize its standing in the financial markets. ​

  2. BlackRock Adds Bitcoin ETF to $150 Billion Model Portfolio

  In a significant endorsement of cryptocurrency, asset management giant BlackRock has incorporated its Bitcoin ETF into its $150 billion model portfolio product. This strategic inclusion reflects growing institutional acceptance of digital assets and offers investors broader exposure to Bitcoin through traditional investment vehicles. BlackRock's move is poised to influence other asset managers to consider integrating cryptocurrencies into their offerings.

READING CORNER

A collection of longer form content we are consuming this week 

Market Correction update from Eric

NEWS

Quick Hitters from the week

1. MetaMask Rolls Out Major UX Overhaul
   MetaMask has revamped its user experience with a new design focused on accessibility and ease of use, aiming to improve onboarding for new users while streamlining transactions for existing ones. 🔗 Read more

2. SEC Drops Several High-Profile Crypto Cases in Regulatory Shift
   The SEC has dismissed multiple high-profile crypto lawsuits, signaling a potential change in enforcement strategy amid evolving market conditions. 🔗 Read more

3. Tether Will Outlast Competitors, Altcoins Won’t Survive 2025, Analyst Predicts
   A new report suggests Tether’s dominance will continue while most altcoins struggle to stay relevant as market conditions tighten. 🔗 Read more

4. Elon Musk Calls Meme Coins ‘Gambling’ After Streamer’s Death
   Following the tragic death of a gambling streamer linked to crypto, Elon Musk has spoken out against memecoins, calling them a form of digital gambling. 🔗 Read more

5. Ethereum Foundation Forms New Advisory Council
   The Ethereum Foundation has created an advisory council to guide the project’s development and ensure the ecosystem remains adaptable to regulatory and technological challenges. 🔗 Read more

6. Hester Peirce: FTX Collapse Was Fueled by Regulatory Uncertainty
   SEC Commissioner Hester Peirce says the lack of clear crypto regulations allowed bad actors to thrive, contributing to the downfall of FTX. 🔗 Read more

7. Hyperliquid Overtakes Pump.fun as Top DeFi Revenue Generator
   Hyperliquid has surpassed Pump.fun to rank among the top three revenue-generating DeFi platforms, fueled by increased user adoption and trading volume. 🔗 Read more

8. FTX’s Two-Year Repayment Delay Considered a ‘Win’ for Creditors
   While a two-year repayment delay may seem concerning, analysts argue it could improve creditor recovery rates and allow for a more structured payout process. 🔗 Read more

9. Uniswap Integrates Robinhood, MoonPay, and Transak for Seamless Crypto Off-Ramps
   Uniswap has partnered with Robinhood, MoonPay, and Transak to provide native off-ramp solutions, enabling users to convert cryptocurrencies into fiat directly within the platform. 🔗 Read more

10. Institutional Trading Dominates Coinbase's Q4 Performance
    Coinbase's fourth-quarter report reveals a significant shift towards institutional trading, reflecting the evolving dynamics of the cryptocurrency market. 🔗 Read more

11. Bank of America Announces Plans for USD-Pegged Crypto Stablecoin
    Bank of America CEO Brian Moynihan has confirmed the bank's intention to launch a USD-pegged cryptocurrency stablecoin, contingent upon favorable legislation from the current administration. 🔗 Read more

12. Bitcoin Falls Below $85,000 Amid Market Downturn
    Bitcoin's price has declined further, dropping below the $85,000 mark as the cryptocurrency market experiences continued volatility. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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