Market Tanks After Trump Signs Executive Order to Establish Strategic Bitcoin Reserve
Market Tanks After Trump Signs Executive Order to Establish Strategic Bitcoin ReserveBy Kapil Rajyaguru
White House crypto czar David Sacks made the announcement late on Thursday, March 6, stating that President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. He added that the reserve would be capitalized with Bitcoin owned by the federal government, which was forfeited as part of criminal or civil asset forfeiture proceedings. The US government holds around 200,000 BTC, according to estimates, and the executive order “directs a full accounting of the federal government’s digital asset holdings,” said Sacks. The EO also establishes a US digital asset stockpile consisting of crypto other than Bitcoin forfeited in criminal or civil proceedings. However, the government “will not acquire additional assets for the stockpile” beyond those obtained through forfeiture proceedings, he said. This means that it will not be buying Ethereum, XRP, Solana, or Cardano, as Trump mentioned earlier this week, in a post on Truth Social. Bitcoin dumped $5,000 in an hour or so, crashing from around $90,000 to $85,000 before it recovered to around $88,000, while Ethereum fell a similar 5% to $2,150 after the announcement. Unsurprisingly, XRP, SOL, and ADA were hit particularly hard, falling 8%, 7%, and 10% respectively. However, Trump is hosting the first White House Crypto Summit today, where Trump is expected to formally detail the government’s plans for managing and securing these digital assets. The summit is a pivotal moment for the future of U.S. cryptocurrency policy and will likely influence both market sentiment and regulatory strategies.
Metaplanet, Remixpoint and Cango Inc Increase Bitcoin Holdings
Metaplanet Inc. has expanded its bitcoin treasury, purchasing 497 BTC at an average price of $88,448 per coin, totaling $43.9 million. This latest acquisition brings the company’s total bitcoin holdings to 2,888 BTC, purchased at an average price of $84,127 per BTC, reinforcing its aggressive accumulation strategy. Meanwhile, Cango Inc., a Chinese NYSE-listed auto trading platform, announced the purchase of 472 BTC, valued at approximately $40 million. Similarly, Remixpoint has acquired 39.37 BTC, increasing its total Bitcoin holdings to 575.89 BTC. These acquisitions reflect ongoing interest and investment in Bitcoin by major entities.
New Hampshire Bitcoin Bill Passes Through House Committee In A Landslide
A New Hampshire House committee passed the US state’s Bitcoin reserve bill in a 16-1 vote on March 5 — making it the latest US state to send a Bitcoin bill to the House for a full floor vote. The House Commerce and Consumer Affairs Committee’s passing of House Bill 302 makes it one of seven live US state bills to have made it to the House, according to Bitcoin Laws. If passed, the bill would allow New Hampshire’s treasurer — at their discretion — to invest 5% from the general fund, the revenue stabilization fund or any other funds authorized by the legislature.
Bukele Defies IMF, Reaffirms Bitcoin Commitment Despite Loan Restrictions
El Salvador’s President Nayib Bukele has doubled down on his pro-Bitcoin stance while simultaneously pushing back against the International Monetary Fund (IMF) despite a recent loan agreement that included terms to curtail the country’s BTC-related activities. In a move that directly contradicts the IMF’s terms, El Salvador’s Bitcoin Office announced the purchase of an additional BTC on Tuesday, which pushed the country’s total holdings to 6,101 BTC. This stash is worth approximately $510 million.
Upbit Overtakes Binance as the Leading XRP Market in Holdings and Trading Volume
South Korean crypto exchange Upbit has emerged as the leading force in the Ripple market. It holds double the amount of XRP as Binance and accounts for more than 14% of its global trading volume. The shift could be a reflection of the cryptocurrency’s growing prominence among investors in the Asian country. Upbit recently moved 30 million XRP worth $95 million, sparking volatility and fueling speculation about the so-called “Kimchi Premium” driving demand. The metric is a phenomenon where crypto assets trade at higher prices in South Korea compared to other markets around the world. Market watchers have suggested that if South Korean traders continue their aggressive buying spree, the volatility of Ripple’s native token may intensify.
World Liberty Financial Scoops Up $21.5mn of Crypto Ahead of White House Summit
World Liberty Financial (WLF) purchased $21.5M in cryptocurrency: $10M in Ethereum, $10M in Wrapped Bitcoin, and $1.5M in Movement tokens. The transactions were made from a newly created multi-signature wallet with $3.5M USDC remaining. WLF now holds over $78.5M in digital assets including ETH, WBTC, Tether, and other cryptocurrencies. These purchases come as Trump’s administration moves forward with plans for a U.S. strategic crypto reserve. A White House Crypto Summit is upcoming with industry leaders including Michael Saylor and Matt Huang.
Hackers Launder Most Of Bybit’s Stolen Crypto Worth $1.4bn
The hackers who stole around $1.4 billion in cryptocurrency from crypto exchange Bybit have moved nearly all of the robbed proceeds and converted them into Bitcoin, in what experts call the first phase of the money-laundering operation. Last week, the FBI attributed the attack on Bybit to a well-known North Korean group known as TraderTraitor or Lazarus. Experts from multiple blockchain security companies said that the hackers were able to move all of the stolen ETH coins to new addresses — the first step taken before the funds can be laundered further. Experts at another blockchain security firm, Elliptic, said the North Korean group was forced to pause the laundering process on Friday because the service they were using, eXch, couldn’t handle the volume of transactions. eXch does not use a “Know Your Customer” (KYC) protocol, meaning no proof of identity is required.
ED Partners with CoinDCX for Custody Management of Seized Assets
CoinDCX announced its partnership with the Enforcement Directorate (ED) on Wednesday, March 5. With the partnership, CoinDCX will manage the custody of crypto assets seized by the ED. As India’s financial watchdog, the ED has been cracking down on illegal crypto operations nationwide, seizing crypto assets worth crores as part of its investigations and requiring secure storage. The Mumbai-based centralised exchange is registered with the Financial Intelligence Unit (FIU). To support the ED, CoinDCX will deploy a specialised team trained in advanced security protocols. The exchange will store seized assets in multi-signature and multi-party computation (MPC) wallets. Multi-signature wallets require multiple keys for withdrawals, while MPC wallets distribute a private key into multiple shards across devices. Both methods enhance security by eliminating single points of failure, making hacking significantly more difficult.
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