What Happened in Crypto Today: Is Pi network Driving the Market

Crypto Market Update Today: OnyxCoin, Pi Network, Bitcoin & SEC News

OnyxCoin Price Crash : Can OnyxDAO’s Proposal Spark a Recovery?

OnyxDAO has introduced an Onyx Improvement Proposal to reimburse users who mistakenly sent their $XCN tokens to an inaccessible contract address. By compensating these losses, the move aims to restore investor confidence and potentially fuel a price rally. Increased trading volume and market cap suggest growing activity, which could help $XCN break resistance levels. If bullish momentum strengthens, OnyxCoin may experience significant price growth in the coming weeks.

Pi Network Open Mainnet & OKX Listing: What to Expect

Pi Network will launch its Open Mainnet on February 20, 2025 , at 8 AM UTC, unlocking real-world applications and external integrations. OKX has confirmed the listing of Pi Coin (PI/USDT), enhancing liquidity and accessibility. While Binance has not officially announced a listing, speculation remains high. A Binance listing could drive demand, while exclusivity on OKX may lead to selling pressure. With over 20 million users, OKX is expected to see significant trading volumes.

Fed Chair Powell Shuts Down U.S. CBDC Plans

Federal Reserve Chair Jerome Powell firmly stated there will be no U.S. central bank digital currency (CBDC) while he leads the Fed. During a Senate Banking Committee hearing on February 11, Powell responded “Yes” when asked if he would block a digital dollar. This aligns with recent political actions, including President Trump’s January 2025 executive order banning federal agencies from pursuing a CBDC and the No CBDC Act, which restricts the Fed without congressional approval.

Bitcoin Price Reaction to US CPI: Will BTC Hit $100K?

Bitcoin dropped 3.72% on Tuesday, falling from $98.4K to $94.8K, partly due to Fed Chair Powell’s comments. Despite the Fed’s firm stance on rate cuts, the upcoming US CPI report could influence its decision. BTC’s reaction depends on CPI results—higher-than-expected inflation may pressure the Fed, impacting risk assets. Investors should watch for three scenarios: CPI exceeding, matching, or falling below expectations, each affecting Bitcoin, crypto, and stocks differently. Will BTC reach $100K?

SEC Faces Key Decision in Coinbase Lawsuit

The U.S. SEC must respond by February 14 to Coinbase’s appeal, determining whether digital assets on its platform qualify as securities. Following the Binance case, the lawsuit may be paused. Judge Failla previously allowed an interlocutory appeal, questioning the applicability of securities laws to crypto. Under new leadership, SEC Chair Mark Uyeda’s decision will shape future crypto regulations. The response will signal the agency’s evolving stance on digital asset oversight in the U.S.