(Bloomberg) -- Senator Cynthia Lummis, the sponsor of a bill calling for the US to set up a Bitcoin reserve, suggested that progress on the proposal is likely to take longer than many crypto advocates would like. Most Read from BloombergCuts to Section 8 Housing Assistance Loom Amid HUD UncertaintyThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNYC Office Buildings See Resurgence as Investors Pile Into BondsHong Kong

Bitcoin plunges below $85K, triggering a 20% drop from its all-time high.

Saylor’s company, Strategy, owns more than $41 billion worth of Bitcoin.

Bitcoin's price dropped amid tariff impacts, while the SEC cleared Gemini, Patrick McHenry joined a VC firm, and Swan Bitcoin faced a lawsuit from Tether over financial disputes.

DTTM Operations filed a trademark application that hints at software that manages crypto, NFTs and virtual reality services.

Regulatory clarity may provide a boost for DeFi projects.

(Bloomberg) -- Investors have pulled a record $3.3 billion from US spot-Bitcoin exchange-traded funds in February, poised for the biggest monthly exodus since they debuted, as investors sought refuge in safer assets amid rising geopolitical tensions and persistent inflation concerns.Most Read from BloombergCuts to Section 8 Housing Assistance Loom Amid HUD UncertaintyThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNY

Plus: Bybit fallout, stablecoin wrangling, Ethereum Foundation changes.

Investors who piled billions into new bitcoin ETFs over the last year are pulling some of that money back out as the world’s largest cryptocurrency experiences its worst correction since a 2022 meltdown.

Bitcoin has dropped below $80,000, marking a 27% decline from its all-time high of $109K in January.