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The European Central Bank avoided a payment system "disaster," but exposed vulnerabilities in emergency response

ChainCatcher news, according to Jinshi reports, the European Central Bank's payment system experienced a major failure last Thursday, and the chaos that ensued during the 10 hours it took to identify and resolve the issue led to disruptions in welfare payments for over 15,000 Greeks, a large number of wages and pensions in Austria, and several financial transactions. The situation could have potentially worsened.If the situation had occurred or continued into the next day, i.e., at the end of February, it would have been a payday for many public sector employees, pensioners, and welfare recipients, and this chaos could have impacted millions of people and businesses, putting a strain on the banking system. According to officials from the Eurozone central bank, the core of the escalating turmoil was a hardware failure, but technicians took hours to identify the problem after initially misdiagnosing a database issue.Markus Ferber, a member of the European Parliament and a member of the committee overseeing the European Central Bank, stated, "A hardware failure is forgivable, but it is inexcusable if there is no backup that can be immediately activated when problems arise." An official from the European Central Bank indicated that the affected hardware did indeed have multiple backups, and the bank is analyzing why they did not activate.

Zeta Markets co-founder: After a significant sell-off, the meme coin market will concentrate on leading projects, while other coins will gradually lose attention

ChainCatcher news, according to CoinTelegraph, the meme coin market has erased all gains following President Trump's election victory, having evaporated more than half of its market value since December last year. CoinMarketCap data shows that the total market capitalization of meme coins dropped from $124 billion on December 5, 2024, to $54 billion on March 5, 2025, a decline of 56%.The meme coin market gradually declined after reaching an all-time high of $137 billion on December 8, 2024. Although there was a brief rebound during the issuance of meme coins by Trump and First Lady Melania in January, the overall trend remains downward. Industry observers attribute this massive decline to factors such as a turbulent global economic environment, lack of meme coin regulation, insider trading scandals, and endorsements by public figures.Anmol Singh, co-founder of Zeta Markets, stated, "The meme coin bubble has burst," citing reasons including economic uncertainty under the Trump administration, the combination of U.S. economic and foreign policy, and excessive involvement from celebrities and social media influencers. Singh predicts that after experiencing significant sell-offs, the meme coin market may concentrate on major meme coins like Dogecoin, Pepe, Bonk, Dogwifhat, and TRUMP, while "other coins will gradually lose attention."

Wintermute: Nearly $3 billion in long positions have recently been liquidated, and market risk aversion is beginning to intensify

ChainCatcher news, the encrypted market maker Wintermute released a market research report indicating that recently, driven by ETF fund outflows, concerns over SOL unlocks, and liquidity issues following the Bybiy hack, the cryptocurrency market accelerated its decline when Trump announced new tariff policies, exacerbating trade war fears. Market risk aversion began to intensify, with nearly $3 billion in long leveraged positions being liquidated.The U.S. Securities and Exchange Commission (SEC) has recently significantly reduced its enforcement actions against cryptocurrency companies, including:Agreeing to withdraw its lawsuit against Coinbase;Ending the investigation into OpenSea;Concluding the investigation related to Robinhood's cryptocurrency listings;Suspending the investigation into Uniswap's facilitation of unregistered securities;Ending the nearly two-year investigation into Gemini's yield program;This regulatory thaw marks a significant reversal from the previous administration's approach, with the SEC seemingly reassessing its stance toward the cryptocurrency industry.Bitcoin ETF net outflows hit a record, with $2.5 billion flowing out last week, including a single-day outflow of $1 billion, bringing the total outflow for February to $3.3 billion (compared to the previous record of $343 million set in April 2024). The CME futures basis dropped from 22% in December to a low of 4% last week, significantly reducing the profitability of basis trading strategies. Futures indicators reflect this shift: open interest fell to $13 billion, and monthly trading volume dropped to $247 billion, with both sides at their lowest levels since October 2024.The significant market reversal following Trump's announcement of a "cryptocurrency strategic reserve" on Sunday reveals that the cryptocurrency market is now highly sensitive to administrative signals. The market's reaction exceeded the actual content of the announcement, which largely reiterated the executive order from January. The unwinding of Bitcoin ETF arbitrage strategies highlights the increasingly tight integration between traditional markets and the cryptocurrency market, with both sides now responding quickly to each other's movements. As institutional cryptocurrency products and platform services expand, these cross-market dynamics and competitive user activities may intensify.
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