By Shikha Singh
By Shikha Singh Crypto Market Stabilizes Amidst Uncertainty, Bitcoin Holds Steady at $86K
The cryptocurrency market has remained relatively stable over the last 24 hours, with Bitcoin (BTC) hovering around $86,000, showing only a minor 0.4% decline. This follows a turbulent period where BTC fluctuated between $78,000 and $95,000, influenced by a trade war and a potential BTC reserve announcement by US President Donald Trump.
Trump’s crypto summit on March 7, where he reinforced plans for a BTC reserve in the US, did not trigger expected volatility. BTC briefly dipped below $85,500 but quickly rebounded to its current value. The summit’s impact was minimal, as the executive order offered little practical change for investors. BTC has since fluctuated between $85,700 and $86,500, consolidating at $86,000.
Market observers are awaiting further volatility, especially with the US CPI data release on March 12, which could influence the Federal Reserve’s decisions on interest rates.
Altcoins showed minor fluctuations, with Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Uniswap (UNI) experiencing slight gains. Meanwhile, Ripple (XRP), Binance Coin (BNB), Cardano (ADA), and others saw slight declines. Pi Network (PI) was the biggest loser, dropping 12% from its February high. The total cryptocurrency market cap is currently around $2.92 trillion, down 1.8% for the day.
BTC, ETH, XRP Lead $334 mn Crypto Liquidation
In the last 24 hours, the crypto market experienced significant liquidations, totaling around $334.99 million.
Over 109,700 traders were liquidated, with long traders suffering the most. Bitcoin (BTC), Ethereum (ETH), and XRP saw the highest losses, with BTC accounting for $186.35 million in liquidations, of which $123.21 million were from long traders.
ETH had $40.84 million in total liquidations, with long traders losing $23.8 million. XRP saw a much smaller liquidation of $7.3 million.
The liquidations followed a market selloff, with BTC down 3% in the last 24 hours and trading at $86,409.24.
Ethereum is struggling to maintain a support level, currently priced at $2,185, while XRP is down 7.31% at $2.36.
Crypto Miners See Relief as Thousands of Seized Units Are Released
US authorities have begun releasing previously seized Chinese-manufactured cryptocurrency mining equipment after months of detainment at ports. Thousands of units, including models from Bitmain, MicroBT, and Canaan, are now being cleared, though up to 10,000 units remain held. The seizures, which began late last year, were due to concerns over radio frequency emissions and potential violations of trade restrictions, especially related to Chinese semiconductor company Sophgo, which was blacklisted for allegedly aiding Huawei.
While some shipments have been cleared, industry experts, including Taras Kulyk and Ethan Vera, suggest that the concerns over radio frequency emissions are unfounded. The situation is part of broader trade tensions between the US and China, with ongoing uncertainty about the release of remaining detained shipments.
Winklevoss-Led Gemini Works With Goldman Sachs, Citigroup on IPO Plan
Gemini, the crypto firm led by Tyler and Cameron Winklevoss, has confidentially filed for an IPO with the SEC, working with Goldman Sachs and Citigroup on the plan.
The IPO could happen as early as this year, but no final decisions have been made yet. This move follows positive news for Gemini after the SEC concluded its investigation into the company’s “Earn” program without enforcement action.
The Winklevoss twins are active crypto advocates and were recently part of the White House’s crypto summit.
This filing is part of a broader trend of crypto firms planning IPOs, with Kraken and eToro also preparing to go public in the coming years.
The rise in crypto IPOs is attributed to a more favorable regulatory environment under the Trump administration.
US Bitcoin Reserve Prompts $370 mn in ETF Outflows
On March 7, Bitcoin exchange-traded funds (ETFs) saw net outflows of nearly $370 million following President Donald Trump’s executive order to create a U.S. strategic Bitcoin reserve.
The announcement disappointed investors as it did not include direct purchases of Bitcoin by the government, as many had hoped.
While the order acknowledged Bitcoin’s role in global finance, the lack of fresh Bitcoin acquisitions led to market disappointment, with Bitcoin’s spot price dropping over 2%.
Despite the lack of immediate government action, the executive order opens the possibility of future Bitcoin acquisitions without imposing costs on taxpayers, potentially bringing new buyers into the market.
The market reaction was seen as a “buy the rumor, sell the news” event, with some analysts believing it could be bullish in the long term.
U.S Banks Can Now Legally Handle Crypto & Stablecoins
The U.S. Office of the Comptroller of the Currency (OCC) has clarified that banks can now engage in certain crypto activities, such as custody of digital assets, stablecoin payments, and running blockchain nodes.
This change reduces the regulatory burden on banks and rescinds previous guidelines that labeled crypto as a liquidity risk.
The update follows a pro-crypto shift under the Trump administration and is in line with similar stances from the SEC and FDIC.
The move effectively ends “Operation ChokePoint 2.0,” which had previously restricted banks from participating in crypto.
The news has been welcomed by figures like Jeremy Allaire of Circle and market watchers, who see it as a boost for blockchain and stablecoin adoption in traditional finance, with major banks like JPMorgan and Goldman Sachs eyeing crypto offerings.
Coinbase’s Base Acquires Iron Fish Team to Enhance Privacy on Layer 2 Network
Coinbase-incubated Layer 2 network, Base, has acquired the development team behind Iron Fish, a privacy-focused blockchain project, to enhance its privacy features.
The acquisition will integrate the expertise of Iron Fish’s team, including CEO Elena Nadolinski, to address blockchain transaction transparency issues, but the Iron Fish blockchain and its native token will continue operating independently.
Iron Fish is known for using zk-SNARKs for privacy and has secured significant growth, with connectivity to 27 chains and sanction screening on transactions.
Coinbase aims to leverage this expertise to develop secure, privacy-preserving tools for decentralized applications on Base.
Despite this, Base has struggled with market volatility, with its total value locked (TVL) dropping from $4 billion in December 2024 to $2.8 billion.
David Sacks slams 0.01% crypto tax proposal
David Sacks, the White House’s crypto and AI czar, rejected a 0.01% tax proposal on cryptocurrency transactions by tech investor Jason Calacanis. Calacanis suggested the tax could generate government reserves in digital assets, but Sacks warned that even small taxes tend to expand over time, citing the growth of U.S. income tax since its inception.
Sacks expressed concerns about bureaucratic challenges and expanding regulations, including potential taxes on personal wallet transfers. While the White House dismissed the idea of a crypto transaction tax, the debate is part of a broader discussion on federal tax reform. Additionally, Commerce Secretary Howard Lutnick proposed replacing income taxes with tariffs on foreign goods, which could impact future crypto tax policies.
Solana DEX Volumes Surpass Ethereum’s Despite Drop in Meme Coin Trading
VanEck’s February crypto report highlights Solana’s resilience despite a decline in meme coin trading. Solana’s trading volumes briefly surpassed Ethereum’s ecosystem, with its price increasing 191% and on-chain revenues growing 700% in 2024.
Solana’s low transaction fees and meme coin trading, which contributed 80% of its revenue, played a key role in its success.
However, concerns over insider trading and bot manipulation, particularly with the LIBRA coin, led to a drop in trading metrics in February 2025, including an 80% fall in stablecoin transfers and a 55% drop in DEX volumes.
50K New Bitcoin Wallets Signal Growing Network Participation Despite Price Swings
In March, Bitcoin’s price saw significant volatility but remains strong, with the network experiencing notable growth in smaller wallets.
Bitcoin has rebounded above $85,000, and there has been an increase of 50,000 wallets, including 37,390 new wallets holding less than 0.1 BTC and 12,754 holding between 0.1 and 100 BTC.
Large holders with at least 100 BTC have decreased, suggesting some may be taking profits. Despite this, the growing number of smaller wallets indicates continued adoption and confidence in Bitcoin’s long-term prospects.
However, market conditions have been tough, with intense selling pressure leading to significant realized losses, reaching $818 million daily since mid-January.
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