| Reading time: 5 minutes | News | Crypto Converter | Crypto Calculators | Michael Saylor urges U.S. to secure 20% of Bitcoin supply—Will Washington listen? | | Key points: | Saylor proposes U.S. to acquire 5%-20% of Bitcoin to secure digital dominance. UAE, Russia, and China may capitalize if the U.S. hesitates. Despite Bitcoin's decline, Strategy plans to raise $21B for BTC acquisitions.
| News - Michael Saylor, founder of Strategy (formerly MicroStrategy), is intensifying his push for the U.S. to secure a substantial share of Bitcoin's total supply. Speaking at the inaugural White House crypto summit, Saylor proposed a 10-year plan for the U.S. to acquire 5%-20% of Bitcoin's total supply. But, why is Saylor considering Bitcoin crucial for the U.S.? | U.S. vs other nations - Saylor's bold proposal suggests the U.S. could generate up to $81 trillion over 20 years by acquiring 5%-20% of Bitcoin's supply, despite an upfront cost of $90-$362 billion. He warns that failure to act could cause nations like UAE, Russia, and China to seize the opportunity. | While the U.S. government currently holds 198k BTC, potential returns to Bitfinex could reduce its stash to 88k BTC. Meanwhile, Bitcoin has slid from $92K to $80K, with market sentiment turning bearish—Polymarket projects a likely drop to $70K. | Saylor's Bitcoin push - However, despite market turbulence, Strategy is pushing forward with a $21 billion capital raise through its Series A Perpetual Strike Preferred Stock, aiming to fund large-scale Bitcoin acquisitions. | At the Summit, Saylor outlined this vision where the U.S. could unlock $100 trillion in economic value by embracing digital assets and regulatory clarity. He emphasized Bitcoin's role in wealth preservation and the U.S. dollar's global strength, positioning the nation to secure up to 25% of Bitcoin's supply by 2035. | $240B wiped from crypto as JPMorgan raises U.S. recession odds to 40% | | Key points: | JPMorgan and Goldman Sachs raise U.S. recession probabilities. Markets plunged, with tech stocks losing $750B, Tesla dropping 15%, and Bitcoin dips below $77K. Trump calls slowdown a "transition," despite bleak economic forecasts.
| News - Crypto and tech stocks faced sharp declines on March 10 as mounting recession concerns rattled investors. Despite reassurances from the White House, market sentiment remained bleak, with JPMorgan raising its U.S. recession probability to 40%, up from 30% earlier this year. | Remarking on the same, an analyst noted, | "We see a material risk that the US falls into recession this year owing to extreme US policies." | Crypto and tech stocks sell-off - Market uncertainty deepened as Goldman Sachs raised its 12-month recession probability to 20%, citing concerns over the Trump administration's policy stance. | Meanwhile, Morgan Stanley slashed its U.S. growth forecast, projecting GDP to slow to 1.5% in 2025 and 1.2% in 2026, while inflation expectations climbed. | Despite growing fears, President Trump downplayed recession risks, calling the economic slowdown a "period of transition." White House economic adviser Kevin Hassett also dismissed concerns, telling CNBC there were still strong indicators of economic resilience. | Current market trend? - As expected, the post-election market rally has faded, with U.S. stocks and crypto facing sharp declines. The S&P 500 is now below pre-election levels, while the Nasdaq has entered correction territory. Major tech stocks saw steep losses, wiping out over $750 billion in market value, with Tesla plunging 15%. | Crypto markets mirrored the downturn, shedding $240 billion as Bitcoin dipped below key support, briefly touching $76,784. As economic uncertainty looms, investors remain on edge, weighing recession risks and shifting market dynamics. | Operation Chokepoint 2.0 ends as Trump rolls back crypto banking restrictions | | Key points: | Trump's executive order aims to reverse banking restrictions on crypto firms from the Biden era. Regulatory shifts may include easing restrictions on crypto banks and stablecoin classifications. Policy impact could promote greater institutional adoption and reshape U.S. crypto regulations.
| News - President Donald Trump is set to sign an executive order aimed at rolling back banking restrictions on cryptocurrency firms imposed during the Biden administration. The move, expected to reshape regulatory policies, seeks to restore crypto companies' access to banking services, signaling a shift in the White House's stance on digital assets. | Trump's executive order expectations - Trump's executive order is expected to roll back banking restrictions tied to "Operation Chokepoint 2.0," a policy that allegedly pressured banks to cut off services to crypto firms. White House officials confirmed efforts to remove these barriers, with Bo Hines, Executive Director of the Presidential Working Group on Digital Assets, hinting at imminent regulatory changes. | The order may also challenge Federal Reserve policies that restricted crypto banks from obtaining master accounts, a key factor in their financial operations. Meanwhile, Federal Reserve Chair Jerome Powell acknowledged concerns over crypto debanking, and Senator Elizabeth Warren, in a notable shift, has expressed support for addressing unfair banking restrictions on the industry. | Warren said, | "Debanking is a real problem. This shouldn't be happening, and we need to fix it." | What's more? - If signed, Trump's upcoming executive order would mark his third major crypto-related policy move since returning to office. Following the establishment of the Presidential Working Group on Digital Asset Markets and a directive for a U.S. Bitcoin reserve, this latest order could reshape banking regulations for crypto firms. | Reports suggest it may also address stablecoin classifications, potentially easing regulatory pressures on the sector. While legal reviews are underway, sources indicate the order could be finalized within the week, signaling a significant shift in the U.S. government's stance on digital assets. | El Salvador and Paraguay join forces to combat unlicensed crypto activities | | Key points: | El Salvador and Paraguay sign MOU to strengthen crypto oversight and compliance. Paraguay's central bank warns against unregulated crypto amid growing regulatory efforts. South Korean candidate Han Dong-hoon pushes for crypto deregulation and Bitcoin ETF approval.
| News: El Salvador and Paraguay have taken a significant step toward enhancing regulatory oversight of digital asset service providers. On March 7, the two nations signed a Memorandum of Understanding (MOU) to improve cooperation in supervising cryptocurrency-related activities. | El Salvador & Paraguay partner to regulate digital assets - The agreement which was established between Paraguay's Secretariat for the Prevention of Money Laundering (SEPRELAD) and El Salvador's National Commission of Digital Assets (CNAD) aims to enhance oversight of digital asset service providers and curb unauthorized crypto activities. | CNAD President Juan Carlos Reyes García highlighted the importance of cross-border cooperation, emphasizing that the initiative promotes both innovation and financial integrity. | Meanwhile, Paraguay's central bank reaffirmed its cautious stance on cryptocurrencies, warning against unregulated digital assets. While details on a potential licensing framework remain unclear, the partnership signals a broader effort to improve regulatory transparency in the crypto sector. | South Korea's crypto boost - With South Korea's presidential candidate Han Dong-hoon advocating for deregulation and the approval of Bitcoin ETFs, the country could see a shift away from past crypto restrictions. | Remarking on the same, Han said, | "Cryptocurrency regulations should be relaxed. South Korea should be at the center [of crypto innovation]." | If implemented, these reforms may position South Korea as a more competitive player in the digital asset space. | | More stories from the crypto ecosystem | | Interesting facts | A BitcoinTalk user, SmokeTooMuch, proposed sending Bitcoin transactions via shortwave radio using spread spectrum modulation to bypass internet reliance. This method would spread signals across frequencies, making interception difficult. Though never implemented, the idea showcased Bitcoin's decentralization potential, enabling transactions in remote areas. In 1994, Nick Szabo conceptualized self-executing digital contracts, which he called smart contracts, envisioning a system where contractual terms could be embedded in computer code and automatically enforced. However, it wasn't until the advent of blockchain, particularly Ethereum in 2015 – that Szabo's vision became a reality. In 2013, a drunk BitcoinTalk user, GameKyuubi, misspelled "hold" as "hodl" during a BTC crash. His rant, titled "I AM HODLING," became a viral meme and later a key crypto investment strategy, urging traders to hold despite volatility. Today, "HODL" is an integral part of crypto culture, even inspiring phrases like "HODLers" and "HODL the line" in financial markets.
| | Top 3 coins of the day | Ethereum (ETH) | | Key points: | ETH saw a drop of 7.44% in the past week. The price continues its downtrend, as confirmed by the RSI.
| What you should know: | ETH has recorded its steepest decline in years, slipping below the critical $2,000 threshold. At the time of writing, the largest altcoin was trading at $1,913, reflecting a 7.44% drop in the past 24 hours. Technical indicators suggest that bearish momentum remains dominant, with the RSI at 32, signaling that ETH is approaching oversold conditions. However, a definitive trend reversal is yet to be confirmed. For Ethereum to regain bullish momentum, it must break above the key resistance level of $2,221. Failing to do so could lead to further downward pressure, potentially pushing ETH toward the next major support level at $1,801. | Chainlink (LINK) | | Key points: | | What you should know: | At press time, LINK was trading at $12.50, marking a sharp decline of 8.49% in the past 24 hours. This daily drop was more significant than its weekly decline of 5.05%, indicating intensified selling pressure in the short term. The CMF indicator stood at -0.02, signaling weak capital inflows and potential further downside. However, the widening Bollinger Bands indicate increased volatility, which could pave the way for a major trend reversal if market sentiment shifts. Thus, for LINK to regain bullish momentum, it must break through the immediate resistance level at $13.97. A successful breakout above this level could trigger further upward movement. Conversely, failure to hold its current position might lead to a deeper correction, pushing LINK toward its critical support level at $11.99. | UNISWAP (UNI) | | Key points: | | What you should know: | As the broader cryptocurrency market faced a downturn, with the global market cap declining by 1.83% to $2.65 trillion, UNI was no exception. The altcoin mirrored the overall market trend, trading at $5.99 after a sharp 10.3% drop in the past 24 hours. The MACD indicator remained below the signal line, suggesting that bearish momentum is currently dominating the market. Additionally, the presence of a red histogram below the neutral line further confirmed sustained selling pressure, limiting any immediate recovery prospects. Hence, for UNI to regain bullish momentum, it must break above the key resistance level at $7.35. A successful breach of this level could trigger a trend reversal and drive further gains. However, failure to hold its current price level might lead to an extended decline, pushing UNI toward or below its crucial support at $5.59. | How was today's newsletter? | |
|
No comments:
Post a Comment