Here’s what happened in crypto today
Today in crypto, Michael Saylor posts the Bitcoin chart hinting at an impending purchase, Musk’s DOGE savs US taxpayers over $36 billion, and a crypto venture capitalist says the crypto market may be “near the bottom.” Strategy's Michael Saylor hints at impending BTC purchase following lapseMichael Saylor — co-founder of the newly rebranded "Strategy" — posted the chart signaling an impending Bitcoin purchase by the company.The company took a one-week break from acquiring more Bitcoin after 12 consecutive weeks of Bitcoin accumulation.According to SaylorTracker, the company currently has 471,107 Bitcoin, valued at approximately $44.8 billion, and is sitting on unrealized gains of over $14 billion following a recent dip in BTC prices.Strategy also conducted its Q4 earnings call on Feb. 5 — the same day as its rebrand — and announced a $670 million net loss for the quarter.Elon Musk’s DOGE saves US taxpayers billionsElon Musk’s Department of Government Efficiency (DOGE) has saved US taxpayers $36.7 billion, prompting calls from crypto industry leaders for greater transparency in government spending through blockchain technology.According to Doge-tracker data, the savings represent just 1.8% of Musk’s goal to reduce US government spending by up to $2 trillion. Musk outlined this vision during a Jan. 9 interview with political strategist Mark Penn.Applauding the Musk-led agency’s progress, Brian Armstrong, Coinbase’s co-founder and CEO, took to social media to call for more transparency around government spending.“Great progress DOGE,” Armstrong wrote in a Feb. 9 X post.The distributed blockchain can offer a more transparent foundation for financial systems since decentralized blockchain ledgers are publicly verifiable in real time by anyone with an internet connection.A potential blockchain-based treasury could also implement mandatory spending proposals, which would only allow a certain transaction if the majority of the population voted on it.Crypto VC mulls whether market is “near the bottom”A crypto venture capitalist said the market may be nearing a local bottom, citing extended negative funding rates and widespread bearish sentiment — which he says is “often the best signal.”“I might be early, but it feels like we’re near the bottom,” Hartmann Capital founder Felix Hartmann said in a Feb. 8 X post.Hartmann said that crypto funding rates — payments that help keep trading fair by aligning futures and spot market prices — have been “negative for a while,” meaning there are more sellers than buyers.Sustained negative funding rates can signal bearish sentiment among traders, hinting at a market bottom and the potential for a near-term rebound.Hartmann also said “quality alts” have retraced to long-term trendlines, “wiping out” most of the gains made in Q4 2024.In December 2024, Ether (ETH) traded above $4,000, with speculation it could be on its way to retesting its November 2021 all-time high of $4,878. However, the asset has since pulled back to $2,639 at the time of publication.Solana (SOL) reached a new all-time high of $295 on Jan. 19 but has since pulled back to $201.15 at the time of publication.