The Blockchain Bulletin, March 3: Trump’s Crypto Reserve Pushes Bitcoin Up By 10%
Hey folks! Welcome to the latest edition of The Blockchain Bulletin. Here is a glimpse of some of the significant events that took place in the crypto space over the week. Bitcoin which fell below $80K over the week surged 10% after President Trump’s announcement on strategic reserve. Notably, the reserve would include XRP, SOL, ADA, ETH, and many major cryptocurrencies. Following the announcement, ADA’s price increased by 30%. With the development, the market sentiment which was at 10 is now at 39, expressing ‘Fear’.
On the regulation front, the U.S. Securities and Exchange Commission (SEC) has surprised the crypto sector by closing several cases without trial or even investigation. Notable firms that were closed last week include Gemini, Uniswap, Robinhood, Coinbase, and ConsenSys. Speculations have risen that the next case to be closed would be XRP. Alongside the closure of legal tangles, the SEC is also acknowledging ETFs of ADA, DOT, and ETH. Meanwhile, the SEC’s Crypto Task Force met with Zero Hash, Paradigm, and Crypto Council for innovation to discuss crypto regulations. All these rapid developments have raised concern in the community, pondering over SEC’s change than it was during Gensler’s period.
Following up on Elon Musk’s DOGE initiatives, the SEC has proposed to eliminate 10 regional office leaders. As part of the cost-cutting, Musk had demanded that federal leaders provide a list of their recent accomplishments or risk being removed. In another development, Musk proposed to check on the stash sent to Ukraine by the US. After moving Zelensky out of the White House, President Donald Trump has proposed to end all US aid to Ukraine. Further, he stated that he would use profits from Ukraine’s rare earths for AI and weapons. Meanwhile, Ukraine is planning to legalize cryptocurrencies, and a bill is in the pipeline.
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While the Bitcoin reserve bill has gained traction recently, Montana has rejected the bill in a 42-58 house vote citing financial risks, whereas Georgie plans to implement the bill to reshape its state’s investment strategy. Also, Arizona is close to approving its Bitcoin reserve bill, ranking second in the race after Utah. Amid these factors, Bybit and Infini have lost large funds to hackers, operated by North Korean Lazarus Group. However, Bybit had recovered stolen ETH via loans, deposits, and direct buys. Further, the CEO of Bybit had proposed to provide an audit to boost transparency in the community.
On the other hand, stablecoin payments are made possible in Singapore after a department store announced receiving payments via USDC, USDT, and WBTC. In the case of meme coins, the market revenue slightly faded after Pump.Fun faced a revenue decline. Studies showed that while over 27K tokens are created regularly, only a fraction of them reach exchanges successfully. Further, several investors had faced losses after a dip in $TRUMP and $LIBRA tokens. Apart from this, a whale lost $24.4 million after a failed reinvestment on $TRUMP.
Despite the market’s rapid shifts based on policies, regulations, and security issues, digital asset adoption has gained traction. Nevertheless, market observers wait as governments and institutional interest develops in shaping the future of the industry.
