Donald Trump Signs Executive Order For Strategic Bitcoin Reserve
Donald Trump Signs Executive Order For Strategic Bitcoin ReserveBy Kapil Rajyaguru
US President Donald Trump has signed an executive order that creates a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” both of which will initially use cryptocurrency forfeited in government criminal cases. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. The government wouldn’t buy additional cryptocurrencies for the stockpile “beyond those obtained through forfeiture proceedings,” and the Treasury Secretary “may determine strategies for responsible stewardship, including potential sales” from the stockpile.
Texas Senate Passes Bitcoin Strategic Reserve Bill
The Texas Senate passed the Bitcoin strategic reserve bill SB-21 in a 25-5 vote on March 6, following a fierce debate on the state Senate floor. The bill must still be signed by the governor to be passed into law, and if SB-21 is enacted, Texas will become the first state in the United States to have a digital asset strategic reserve. It will hold Bitcoin and other cryptos with a market capitalization of at least $500 billion.
Core Scientific Shares Drop 18% as Microsoft Cuts CoreWeave Deals
Shares of Bitcoin miner Core Scientific (CORZ) fell 18% on March 6 after reports that Microsoft reduced its commitment to CoreWeave, Core Scientific’s partner. According to the report, CoreWeave missed deadlines and had issues delivering materials needed to scale artificial intelligence models. CoreWeave’s initial public offering filing, dated March 3, says Microsoft is its largest customer, accounting for 35% of revenue in 2023 and 62% in 2024. According to the report, Microsoft still retains some of its contracts with CoreWeave, while CoreWeave denied that any contracts had been canceled.
NFT Trading Volume Has Tumbled 63% Since December
The trading volumes of non-fungible tokens (NFTs) last month were down by more than 60% from December despite building momentum in the final months of 2024, with the fall coinciding with a crypto market downturn. In December, the total trading volumes for NFTs hit $1.36 billion but fell 26% in month-on-month January, then another 50% in February, DappRadar analyst Sara Gherghelas said in a March 6 industry report.
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