Crypto News Today : Feb 19th

According to PANews, Elon Musk’s social media startup, X, is apparently in talks with investors about raising capital at a $44 billion valuation. This valuation corresponds to the sum Musk paid for the company in 2022. Following Musk’s takeover and subsequent reforms, which resulted in a large loss of users and advertisers, this fundraising round could be a watershed moment for the social media behemoth.

The U.S. District Court for the Southern District of New York has issued a Preliminary Order of Forfeiture against Sam Bankman-Fried, also known as SBF. The order authorizes the government to seize specific assets tied to alleged wrongdoing, outlining how these assets should be held or disposed of. It also addresses SBF’s rights and legal options. This development marks a significant step in the ongoing legal proceedings surrounding the former crypto executive.

In the past 24 hours, around $350 million in liquidations, including $277 million from long positions, hit the crypto market. The turmoil followed Bitcoin’s sharp volatility, briefly soaring to $96,000, then plunging to $93,000, and rebounding to $95,000. These sudden price shifts triggered forced closures of leveraged positions, with many traders incurring significant losses. Despite the chaos, some market watchers remain hopeful, pointing to historical recoveries after steep drops.

Nigerian authorities are increasing up attempts to regulate and tax cryptocurrency transactions in order to boost income and mitigate digital asset dangers. Despite an original ban in 2021 due to illegal financing concerns, peer-to-peer trading sparked a regulatory reversal. The restriction was abolished in December 2023 and replaced with SEC rules, a licensing system for virtual asset service providers, and the Finance Bill 2022, which includes crypto taxes. However, hefty compliance costs may stifle innovation as compared to South Africa’s organized regulatory framework.