Crypto Market Recap: FTX Starts Debt Repayment, Coinbase Launches SOL and HBAR Futures

Bitcoin and Ethereum price update

Bitcoin is trading at US$96,170, recording a 2.1 percent increase over 24 hours.

The day's trading range has brought a high of US$96,604 at the open and a low of US$95,612.

Meanwhile, Ether is priced at US$2,718, marking a rise of 3.4 percent over 24 hours. The cryptocurrency reached an intraday high of US$2,726 and a low of US$2,686.

Altcoin price update

• Solana (SOL) is currently valued at US$167, 0.8 percent higher over 24 hours. SOL has recouped some losses following last week’s LIBRA token rug pull, but is still down over 13 percent compared to a week ago. Text messages sent from Kelsier Ventures CEO Hayden Davis and reviewed by Cointelegraph confirm that Davis, a public figure connected to the LIBRA token, paid for influence over Argentine president Javier Milei, who US President Donald Trump has called his “favorite president.” SOL reached a high of US$172 and a low of US$168 on Wednesday.

• XRP was on the rise, ending Wednesday at US$2.66, a 5.4 percent increase over 24 hours. The cryptocurrency reached an intraday high of US$2.68 and a low of US$2.58.

• Sui (SUI) is trading at US$3.15 percent, near its highest valuation of the day and a 4.3 percent increase. It achieved a daily high of US$3.25 and a low of US$3.15.

• Cardano (ADA) is down, priced at US$0.7566, reflecting a 0.8 percent increase over 24 hours. Its highest price on Wednesday was US$0.769 and its lowest was US$0.7535.

Crypto news to know

FTX starts creditor repayments

FTX Digital Markets has begun repaying US$1.2 billion to creditors, marking a new step in its ongoing bankruptcy proceedings. The first round of payments prioritizes creditors with claims under US$50,000.

FTX creditor Sunil, a member of the exchange’s largest creditor group, said over 1,500 claimants will receive payments in this initial round. However, larger creditors are still awaiting further updates.

The FTX collapse in 2022 contributed to one of the harshest downturns in crypto history.

While the repayments signal progress, many large claims remain unresolved. Future repayments and creditor actions will determine the long-term effects on market liquidity and investor confidence.

Senate confirms Lutnick to lead Commerce department

The US Senate confirmed Howard Lutnick as secretary of commerce on Tuesday (February 18) with a final vote of 52 to 45. Lutnick is the CEO of Cantor Fitzgerald and a known crypto advocate with a vested interest in Tether; in November 2024, the Wall Street Journal broke the news of an investment deal that would give Cantor Fitzgerald a 5 percent stake in Tether’s business, worth about US$600 million. Lutnick resigned as CEO following his confirmation.

Hong Kong strives to safeguard virtual assets

The Hong Kong Securities and Futures Commission (SFC) published a roadmap to further develop and safeguard the virtual asset market. The ASPIRe roadmap lays out a five pillar framework (access, safeguards, products, infrastructure and relationships) involving 12 initiatives “designed to future-proof Hong Kong’s virtual asset ecosystem.” The SFC also suggested that regulators be flexible in modernizing outdated regulations.

Binance resumes US dollar services

Binance will resume US dollar deposit and withdrawal services for US customers after 18 months; the suspension followed a lawsuit brought against the firm in June 2023 by the US Securities and Exchange Commission (SEC).

“The feature will gradually roll out to all eligible customers in the coming days,” the company said. “This means you can deposit and withdraw USD by linking a bank account, buy crypto via bank transfer, and enjoy trading on USD pairs.”

Coinbase launches SOL and HBAR futures contracts

Coinbase has launched SOL and HBAR (the native currency for Hedera) futures contracts on its derivatives exchange. “This milestone represents another step forward in the regulatory evolution of crypto derivatives in the United States, reinforcing the legitimacy and growing demand for digital assets,” the company said in a press release.

Futures markets, regulated by the Commodity Futures Trading Commission (CFTC), provide a stable benchmark for spot cryptocurrency exchange-traded funds (ETFs), and several issuers have filed for spot SOL ETFs with the SEC, which has until October 2025 to decide. Building on this momentum, Coinbase’s chief policy officer, Faryar Shirzad, submitted a proposal to Congress outlining six legislative priorities, including granting full spot market authority to the CFTC.

SEC may not pause litigation against Kraken and Ripple

According to Fox Business reporter Eleanor Terrett, multiple sources have confirmed that the SEC is pausing crypto litigation with imminent deadlines, providing one explanation for why regulators haven’t paused lawsuits against Kraken and Ripple, which have court deadlines of March 31 and April 16, respectively.

The SEC halted its lawsuits against Binance and Coinbase last week.

"It’s possible SEC leadership is expecting @realDonaldTrump’s pick for chair Paul Atkins to be on his way to getting confirmed by that time,” Terrett posted to X, formerly Twitter.