The Blockchain Bulletin, March 7: Mt. Gox Moves $1.09B BTC as Crypto Shifts
Hey folks! Welcome to the latest edition of our Blockchain Bulletin, featuring happenings in the past 24 hours. Mt. Gox, the defunct crypto exchange, has transferred 12,000 Bitcoin worth $1.09 billion from its long-dormant wallet to a new address. This move comes as Bitcoin volatility continues following U.S. President Donald Trump’s announcement regarding a national crypto reserve and the crypto summit on March 7, 2025. The exchange, once the world’s largest Bitcoin trading platform, still holds over 36,000 BTC valued at approximately $3.3 billion.
Meanwhile, Canary Capital has submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) for an Axelar (AXL) exchange-traded fund (ETF). This cross-chain interoperability project links major blockchains, including Solana, Ethereum, Bitcoin, and XRP Ledger. AXL saw a 15% price surge before stabilizing at $0.44, reflecting increasing market interest in blockchain interoperability. The project has institutional backing from Binance, Coinbase, and J.P. Morgan. At the same time, Bitwise has filed for an Aptos-based ETF, marking a strategic pivot from previous applications for Dogecoin and XRP ETFs.
Related: Bitwise Launches Bitcoin & Gold ETP in European Markets
Adding to the regulatory shakeup, Coinbase is revisiting plans to tokenize its stock, $COIN, after regulatory opposition stalled its previous attempt. With the SEC dropping its lawsuit against Coinbase and the administration signaling openness to innovation, CFO Alesia Haas indicated that regulatory barriers preventing tokenized stocks may now be easing.
As U.S. regulators shift their stance, New Hampshire’s House Commerce Committee has passed a bill allowing the state treasurer to allocate 5% of public funds into Bitcoin, gold, silver, and platinum. The proposal, now heading to the House floor, sets eligibility requirements limiting participation to digital assets with a market capitalization above $500 billion. Currently, Bitcoin is the only cryptocurrency meeting this threshold, with a market cap of approximately $1.8 trillion.
On the other side, Argentina faces a different crypto dilemma. Chief Prosecutor Eduardo Taiano has initiated legal proceedings to freeze $100 million in cryptocurrency assets linked to the LIBRA token. The investigation includes asset freezes, transaction history reviews, and recovery of deleted promotional content. LIBRA was initially promoted as an economic development initiative on Solana, surging to a $4.5 billion market cap before scrutiny arose.
Meanwhile, Bitcoin has rebounded after dropping below $80K, now targeting the $99,400 resistance level, with interim support at $94,300. Market sentiment remains optimistic, with traders capitalizing on the recent volatility. As of press time, BTC is trading at $90,949, reflecting a 0.90% daily increase.
Related: Top 10 Blockchain TVL Growth Trends in February: Report
Not to be left out of the crypto buzz, the U.S. government has released thousands of Chinese mining machines seized in 2024 amid Federal Communications Commission (FCC) sanctions on firms like Bitmain. While some units remain in custody, the release signals potential regulatory shifts in the crypto-mining sector.
At the same time, Hong Kong authorities have issued warnings over a cryptocurrency scam involving a fake social media account impersonating the Chief Executive. The fraudulent campaign promoted a so-called “National Hong Kong Coin” on Solana, amassing over 123,000 views before being flagged by officials.
On the market front, World Liberty Financial has jumped back into the crypto market, purchasing $21.5 million in Bitcoin and Ethereum despite reporting an $89 million loss. Meanwhile, Hex Trust has secured a Major Payment Institution (MPI) license in Singapore, strengthening its role in the country’s regulated crypto sector.
Even as institutions push further into the crypto space, Solana CEO Anatoly Yakovenko has expressed concerns over the U.S. crypto reserve proposal. In a March 6 post on X, he argued that government involvement could pose risks to decentralization. While Bitcoin leads the crypto market, the upcoming summit could shape the future of digital assets. Will this be a turning point for the industry?
