Flare and XRP rise as Pudgy Penguins, Bittensor struggle; CFTC announces Crypto CEO Forum

Cryptocurrencies on Feb.7, 2025, traded largely mixed. 

While several altcoins, including Flare (FLR) and Ripple (XRP), gained, recent outperformers such as Pudgy Penguins (PENGU), Bittensor (TAO) and Hyperliquid (HYPE) struggled with downside pressure. 

Bitcoin’s retest of the $100k level was brief as the price retreated to below $98k.

The total market cap meanwhile hovered near $3.18 trillion and global trading volume at $134 billion, up 8% in the past 24 hours.

After hitting $2 billion in total liquidations earlier in the week, the value of rekt positions stood at $240 million on Feb. 7 around 1:20 pm ET.

Crypto news today

Today’s crypto news, the Commodity Futures Trading Commission (CFTC) announced a Crypto CEO Forum to discuss a stablecoin pilot.

Participants will include USDC (USDC) issuer Circle and crypto exchanges Coinbase, Crypto.com, and Ripple.

Acting CFTC chair Caroline Pham said in a press release:

I’m excited to announce this groundbreaking initiative for U.S. digital asset markets. The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump Administration’s promise of ensuring that America leads the way on economic opportunity.

The US continues to flip positive about crypto since President Donald Trump’s election, with both the SEC and the CFTC taking steps to provide regulatory clarity. 

Other top crypto headlines include news around Tornado Cash developer Alexey Pertsev, the Japanese Financial Services Agency, and XRP depository receipts. 

Read more: Apple drops Bybit, KuCoin, and Bitget in Japan under regulatory heat

Crypto price update: Flare, XRP

Flare (FLR) was the biggest gainer among the top 100 cryptocurrencies by market cap during the US trading session on Friday.

FLR price spiked more than 17% to jump to highs of $0.024, its highest level since dipping to lows of $0.017 on Feb. 3.  

The altcoin’s market cap hit $1.36 billion, while trading volume spiked 199% to over $34 million.

Gains could be due to Flare Fair, a gamified DeFi campaign by the Flare team.

Users can earn rFLR rewards for tasks on Flare dApps, including Kinetic and SparkDEX.

XRP also rose, although marginally compared to Flare.

The XRP token was up nearly 4% as news emerged that XRP depository receipts are coming to accredited investors.

The XRP DR will allow investors to invest in XRP without having to purchase the asset directly through a crypto exchange.

Anchorage will be the custodian.

The XRP price hovered at $2.49, up 7.5% in the past 24 hours.

Meanwhile, Bitcoin retested the $100k level before recoiling amid reports Trump was considering fresh counter-tariffs. BTC traded at around $98,196 at the time of writing. 

Ethereum (ETH) was flat at $2,696 while Solana (SOL) traded in the green, up 4% at $198. BNB (BNB) and Dogecoin (DOGE) changed hands near $585 and $0.25, up 1.6% and 3%  in the past 24 hours respectively.

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