Today I'm bringing you the top crypto news for the week of February 3rd, 2025, it’s been a juicy week!

The entire market crashed, triggering billions of dollars in liquidations after President Trump announced the first round of import tariffs for China, Mexico and Canada. Coinglass, a crypto data analysis platform, first reported around $2B in total liquidations for the 24 hour period, however the CEO of Bybit, Ben Zhou, claimed actual total liquidations may have been much higher than reported, estimating $8B to 10B. According to Zhou, some exchanges limit liquidation data being pushed out in real-time.

Also this week, Ripple’s XRP Ledger experienced a 64-minute network outage, halting block production and delaying around 88,000 transactions. XRP Ledger’s Chief Technology Officer, David Schwartz, explained that validator operators had to manually intervene to restore functionality, though the network may have recovered spontaneously.

According to The Block, Ondo Finance launched "Ondo Global Markets," a new platform designed to bring U.S. securities on-chain. The service offers tokenized exposure to over 1,000 NYSE and NASDAQ stocks, bonds, and ETFs, with tokens backed 1:1 by underlying assets. The platform aims to improve accessibility, lower fees, and enhance interoperability while maintaining issuer control over distribution.

MetaMask introduced a new feature allowing users to swap assets without needing ETH for gas fees. Supported assets include USDT, USDC, DAI, and wBTC.

We had news for U.S. crypto regulation too. U.S. lawmakers are ramping up efforts to establish clearer crypto and stablecoin regulations. A joint group between the House and Senate is forming, with Senator Tim Scott aiming to push new legislation aggressively within the first 100 days. During a crypto press conference, David Sacks, the crypto and AI czar suggested the group is exploring the possibility of a strategic Bitcoin reserve.

Also, the new Crypto Task Force, led by pro-crypto SEC Commissioner Hester Peirce, will focus on redefining asset classifications, shifting enforcement away from the SEC where appropriate, and updating outdated regulatory frameworks. The task force also aims to integrate crypto into traditional financial infrastructure while fostering international collaboration. The SEC is also planning to scale back its crypto enforcement efforts, reassigning over 50 lawyers and staff from its crypto unit.

Sources:

https://x.com/benbybit/status/1886393172152156604

https://x.com/JoelKatz/status/1886914174565146852

https://cointelegraph.com/news/xrp-price-analysts-bullish-5-next-long-term-target-18