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[Crypto/TradFi Merge Update] 2026-02-07 08:00 (Beijing Time)
━━ Important News ━━
1. China further tightens crypto regulations: explicitly prohibits unapproved "RMB-pegged stablecoins" and restricts RWA tokenization and other activities. Multiple media outlets reported that the regulatory approach has included "offshore issuance of RMB stablecoins/unapproved RMB-pegged stablecoins" in the scope of explicit prohibition/restriction, and has strengthened constraints on real-world asset (RWA) tokenization and related activities, indicating an expansion of the crackdown on stablecoins and asset tokenization.
(CoinDesk | Decrypt)
2. South Korean exchange Bithumb experiences a flash crash due to a bookkeeping/distribution error: A large amount of BTC was mistakenly recorded, causing the price of BTC on the platform to drop to approximately $55,000. Reports indicate that Bithumb made a bookkeeping error in its internal reward/distribution process, resulting in fake BTC balances in user accounts and triggering a sell-off. The price on the platform plummeted rapidly (some reports claim this was equivalent to an "airdrop" of approximately 2,000 BTC; others report that the mistaken distribution was of a much larger scale). The incident was subsequently corrected, but the short-term impact was significant.
(CoinDesk | Decrypt)
3. Coinbase's collateralized lending product experiences its "largest liquidation wave since launch": approximately $170 million has been liquidated in 7 days, with potential liquidations reaching $600 million in extreme scenarios.
Dune data shows that approximately $170 million was liquidated in the past 7 days; if the value of the collateral drops by another 50%, the potential liquidation size could reach approximately $600 million. This loan was executed by the DeFi protocol Morpho and used a default over-collateralization mechanism.
(Decrypt | WuBlockchainEnglish)
4. Coinbase International/Advanced will suspend trading of several perpetual contracts around February 20th.
Coinbase stated that in order to maintain a "high-quality derivatives market" and focus on products that meet liquidity and market quality standards, it will suspend several perpetual contracts (including a series of contract pairs such as 1000SATS, BLAST, MANTLE, RSR, HNT, and FLOW) around 13:00 UTC on February 20.
(BlockBeats | PANews | Odaily)
5. Statements from Federal Reserve officials: Jefferson said policy is "in a favorable position"; Daly said the situation is "unstable" and there are two risks to inflation and employment. Jefferson expects economic growth of about 2.2% this year and PCE year-on-year growth of 2.9% in December, and said the job market may move toward a balance of "low hiring and low layoffs"; Daly emphasized that the situation is unstable and that it is necessary to balance inflation targets and full employment.
(BlockBeats | BlockBeats | Odaily)
6. US stocks rebounded strongly: the S&P 500's market capitalization increased by approximately $1.1 trillion in a single day, with the S&P 500 up 2.1% and the Nasdaq up 2.3%.
Data shows that the S&P 500's market capitalization increased by approximately $1.1 trillion in a single day; the S&P 500 closed up about 2.1% and the Nasdaq about 2.3% that day, indicating a recovery in risk asset sentiment.
(Kobeissi Letter | Kobeissi Letter | Kobeissi Letter)
7. Sberbank, Russia's largest bank, is pushing forward with "crypto asset-backed loans," with related legislation expected to be introduced by mid-2026.
CoinDesk reports that Sberbank is moving forward with its crypto-secured loan product after reaching a pilot agreement with mining companies, with supporting legislation expected to be implemented by mid-2026.
(CoinDesk)
8. Galaxy Digital's stock price jumped approximately 18% after announcing a $200 million stock buyback program.
The company's stock price surged after it announced its share buyback plan, boosting market expectations for its capital management and valuation.
(CoinDesk)
9. Bitfarms announced a shift from Bitcoin mining to AI infrastructure (and plans to rename and relocate to the United States), causing its stock price to fluctuate significantly and rise. Multiple reports indicate that its strategic focus has shifted from mining to AI computing power/infrastructure construction, triggering a repricing of its valuation logic in the market (with varying degrees of increase).
(The Block | Decrypt)
10. Ark Invest Reduces Coinbase (COIN) Stocks During BTC Downturn: Reports indicate that Ark Invest, owned by Cathie Wood, sold Coinbase stock when BTC was fluctuating near $60,000.
(Decrypt)
Market Analysis
1. BTC experienced significant intraday volatility: After surging to 70,000-71,000, it fell back and broke below 70,000 again (USDT/USD).
Multiple market data updates indicate that BTC initially surged quickly, breaking through the 70k-71k range, before experiencing a significant pullback and falling back below 70k, with a marked increase in volatility.
