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U.S. President Joe Biden seized his first opportunity to reset relations with America’s allies Friday. In speeches to the Munich Security Conference and G7, Biden pivoted from the isolationist “America First” policy of his predecessor, one which antagonized longtime partners. Instead, he sought to persuade leaders the U.S. is committed to repairing alliances and collectively confronting global challenges like the pandemic and climate crisis. While Biden urged other leaders to defend democracy in the face of an authoritarian tide, not everyone seemed ready to embrace him. Iran dismissed the administration’s attempt to restart talks before re-entering the 2015 nuclear treaty. —Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories  

In a potential game changer for vaccine distribution, Pfizer and BioNTech asked the U.S. Food and Drug Administration to allow their Covid-19 shot to be stored at temperatures found in normal pharmaceutical freezers. Up until now, the doses had to be stored in super-cold specialty freezers, complicating distribution. Nasty winter weather around the U.S. has continued to disrupt the vaccination effort, leading to a backlog of six million doses. Meanwhile, Biden headed to Michigan to visit a Pfizer facility. In Europe, Prime Minister Boris Johnson announced that the U.K. will donate surplus vaccines to developing nations, giving a much needed boost to the global battle. Here’s the latest on the pandemic. 

The energy nightmare in Texas is showing signs of easing, but the impact on vital infrastructure continues. The Electric Reliability Council of Texas, which manages the grid, said it had returned to normal operations Friday. This week’s sustained outages could cost the U.S. as much as $50 billion in damage and economic loss. With Texans in “survival mode” in the cold, a new threat has emerged: 14.4 million people affected by a lack of water. With burst pipes and roof damage, contractors are descending on the state for the long cleanup. 

Jorge Sanhueza-Lyon stands on his kitchen counter to warm his feet over a gas stove in Austin, Texas. 

Photographer: Ashley Landis/AP

For the first time ever, Bitcoin’s market value reached $1 trillion. The largest cryptocurrency has added $450 billion in value in 2021, and the surge is helping crypto returns far outstrip the performance of more traditional assets like stocks and gold. Despite the boom, 1 in 10 Americans haven’t even heard of cryptocurrencies like Bitcoin, Ethereum and Dogecoin. Here’s your markets wrap. 

Apple is in discussions with several suppliers of self-driving car sensors known as lidar. It’s a key milestone in the company’s driverless car project. 

At a time when midtown Manhattan is struggling with empty storefronts and a plunge in luxury shoppers, the Trump Organization is facing the prospect of having to fill 74,000-square-feet of retail space at a prized property just off Fifth Avenue. Meanwhile, the Fed warned of significant risks to the economy from business bankruptcies and steep drops in commercial real estate prices. And a new study suggests New York has a long way to go before finally hitting rock bottom for residential real estate. 

The Tiffany & Co. store on East 57th Street in New York City. The Trump Organization faces the challenge of filling the huge space in a cratered market and with the disadvantage of its namesake's low public approval. 

Photographer: Victor J. Blue/Bloomberg

In the contest over who could make the most accurate coronavirus forecast, it was global institutions vs. a twenty-something living with his parents in Santa Clara, California. Guess who won?

Some Democrats in Washington are seizing on the recent frenetic trading in GameStop to push for a financial transaction tax long favored by progressives, setting up a battle with Wall Street firms that predictably  oppose the idea. 

What you’ll need to know tomorrow 

What you’ll want to read in Bloomberg Citylab

Corporate Influence Roils the ‘Wikipedia of Maps’

What do Lyft, Facebook, the U.N. and Pokémon Go have in common? They all use the OpenStreetMap, a free, open-source online mapping service akin to Google Maps or Apple Maps. But unlike those corporate-owned mapping platforms, OSM is built on a network of mostly volunteer contributors. Now as private companies play larger roles, some volunteers worry that the project is losing its way. 

Ten companies have emerged as big behind-the-scenes players in OpenStreetMap, an open-source mapping service.  Jennings, Sarkar, and Palen, “Corporate Editors in the Evolving Landscape of OpenStreetMap.” International Journal of Geo-Information, April 2019.

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The Bloomberg Crypto Summit: With Bitcoin burgeoning and markets jumping as vaccines signal the coming end to the pandemic, the future of digital assets is bright. Join us Feb. 25 as we analyze what it takes to push cryptocurrencies into the portfolios of the world’s largest investors. Sponsored by BitGo and Grayscale Investments. Register here.

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