Macro Policies Drive Market Volatility, Miners' Profits Under Pressure
1. Bitcoin Market
Bitcoin Price Movements from March 3 to March 9, 2025:
March 3: Bitcoin Soars on Positive Policy News, Followed by a Sharp Pullback
In the early hours of March 3, Bitcoin's price surged from $85,199 to $94,598, marking an increase of over 11%. The primary driver behind this spike was Donald Trump’s endorsement of Bitcoin and Ethereum on social media, where he suggested that crypto assets could become part of the national reserve. This news rapidly fueled market enthusiasm, pushing Bitcoin to a short-term high of $94,727.
However, as the market digested the news, sentiment gradually normalized. The price retraced to $91,271, rebounded briefly to $93,513, and then entered a stair-step decline from 10:00 PM:
- Phase 1: Price dropped from $93,611 to $89,803
- Phase 2: Further decline to $85,509
- Phase 3: Bottomed out at $82,969, erasing most of the earlier gains
March 4: Market Consolidates, Briefly Dips Below $82,000
Following the previous day’s major correction, Bitcoin entered a consolidation phase, fluctuating between $82,500 - $84,300. At one point, it dipped to $81,947, but quickly rebounded above $82,500, indicating strong support in this range.
March 5: Bitcoin Rebounds Strongly, Breaks Above $90,000
As market sentiment recovered, buying pressure increased, pushing Bitcoin from $82,408 to $88,371. Though a minor pullback brought it to $86,669, the overall upward trend remained intact. Bitcoin further surged past $90,768 before consolidating near $87,925.
March 6: Upward Momentum Stalls, Price Pulls Back
Bitcoin faced resistance near $92,678, triggering intense battles between bulls and bears. Lacking sufficient upward momentum, the price entered a corrective phase and eventually settled near $88,629.
March 7: Sharp Drop and Quick Recovery, $85,000 Support Holds Firm
Bitcoin initially surged to $90,562, but selling pressure intensified, causing a rapid drop to $85,496. Despite testing the key $85,000 support level, Bitcoin did not break below it. The price then quickly rebounded to $88,763, followed by further upward movement to $90,921, highlighting significant short-term volatility.
March 8: Intense Battle Between Bulls and Bears, Price Returns to $86,000
Bitcoin saw a major intraday pullback to $86,713, followed by a rebound to $88,549. However, heightened market uncertainty led to another dip to $85,995. As volatility declined, Bitcoin stabilized around $86,000, reflecting a rise in investor caution.
March 9: Volatility Narrows, Market Awaits a New Catalyst
Bitcoin continued its range-bound consolidation, with price fluctuations narrowing further between $85,780 and $86,480. The market remained relatively stable, with investors awaiting new catalysts or policy signals to drive the next trend.
Weekly Summary: Roller-Coaster Price Movements Reflect Market Sensitivity
Throughout the week, Bitcoin exhibited high volatility, demonstrating the market’s strong reaction to macroeconomic news and policy developments. At the same time, the unstable short-term liquidity environment contributed to dramatic price swings.
Bitcoin Price Trend (03/03/2025 - 03/09/2025)
2. Market Trends and Macro Background
Capital Flow
(1) Capital Flow: Whale Holdings and Exchange Liquidity
- March 3 - March 5: As Bitcoin surged to $94,000, on-chain data showed a significant increase in exchange deposits. Whales and early holders took profits at the high, leading to short-term selling pressure.
- March 5 - March 7: As the price corrected, net Bitcoin outflows from exchanges increased again, indicating that long-term investors (HODLers) were likely accumulating at lower levels. The market entered a repricing phase.
Derivatives Market:
- March 3: Open Interest (OI) in BTC perpetual contracts surged, indicating a large influx of funds into long positions. However, as leverage became excessive, the market experienced a sharp correction, triggering mass liquidations.
- March 6 - March 7: The long-to-short ratio became more balanced, and the market entered a consolidation phase.
(2) Market Depth and Sentiment
- The Fear & Greed Index spiked above 85 (Extreme Greed) on March 3 but fell to around 60 (Neutral to Optimistic) after the correction, indicating that market sentiment cooled after a rapid surge.
- March 6 - March 7: Market depth stabilized, speculative sentiment weakened, and more capital focused on support levels and macro risks.
Technical Analysis
(1) Key Support and Resistance Levels
- Resistance Levels:
$94,000 (March 3 high)
$92,500 (March 6 high)
- Support Levels:
$85,500 (March 7 low)
$82,500 (March 4 low)
(2) Indicator Analysis
- RSI (Relative Strength Index):
Surged above 75 (Overbought Zone) on March 3, then dropped to around 45 (Neutral), indicating the market went through a FOMO phase followed by a correction.
On March 5, RSI again exceeded 70 (Overbought) but later retreated to around 60, suggesting weakened buying momentum.
- MA (Moving Averages):
The 5-day moving average rose sharply on March 3 but later bearishly crossed the 20-day moving average, indicating short-term correction pressure.
The 200-day moving average remains in an uptrend, suggesting the long-term trend is still bullish.
- MACD (Moving Average Convergence Divergence):
Formed a bullish crossover on March 3, but bullish momentum faded.
A bearish crossover occurred on March 5, indicating a short-term consolidation trend.
Macro Background and Industry News
(1) Macroeconomics
- U.S. Economic Data:
The ISM Services PMI (released on March 4) exceeded expectations, signaling U.S. economic resilience.
This led to reduced expectations of an early Fed rate cut, putting short-term pressure on liquidity and contributing to Bitcoin’s price correction.
- Federal Reserve Policy:
Fed officials did not explicitly support early rate cuts in a speech on March 6.
This dampened market expectations for monetary easing, causing capital to flow back to traditional markets and putting selling pressure on the crypto market.
(2) Industry News
- Trump's Crypto Statements (March 3)
Trump expressed support for Bitcoin and Ethereum, hinting that crypto assets could be part of national strategic reserves.
This triggered a short-term FOMO reaction, pushing BTC prices higher.
- Bitcoin ETF Inflows (March 5)
Spot Bitcoin ETFs saw slower inflows this week, indicating that institutional investors took profits at higher levels, exerting some downward pressure on market sentiment.
- Trump Signs Executive Order on Strategic Bitcoin Reserves (March 6)
Trump signed an executive order to establish a strategic Bitcoin reserve, branding it the “Fort Knox of Digital Gold”.
However, the order only involved storing seized assets rather than direct Bitcoin purchases, disappointing the market.
Outlook and Summary
Short-Term Outlook (1-2 weeks)
- Market Trend: Bitcoin is expected to trade within the $85,000 - $92,000 range, awaiting new macro signals or capital inflows to drive a breakout.
- Key Watchpoints:
Can the $85,000 - $86,000 support level hold?
Will Bitcoin break above $92,500 to confirm a new bullish wave?
March 13 U.S. CPI (Inflation Data) could impact Fed policy expectations, affecting BTC price trends.
Medium to Long-Term Outlook (1-3 months)
- Technical Trends: Bitcoin’s long-term moving averages remain bullish, but short-term consolidation may continue.
- Market Structure: Institutional investors continue accumulating BTC, and ETF holdings are still rising, suggesting further upside potential in the coming months.
- Macro Factors: If the Fed signals a clearer rate cut, BTC could see a stronger rally in Q2.
3. Hashrate Changes
During the period from March 3 to March 9, 2025, the Bitcoin network's hashrate exhibited significant fluctuations, reflecting miners' dynamic adjustments in computing power and the impact of market conditions.
On March 3, the hashrate surged sharply from 650.51 EH/s to 859.31 EH/s. It then experienced a retracement on March 4, dropping to a low of 741.64 EH/s before quickly rebounding to 814.15 EH/s, demonstrating short-term volatility. On March 5, the computing power fluctuated further, initially falling to 748.62 EH/s, recovering to 812.17 EH/s, and then declining again to 717.95 EH/s, indicating ongoing adjustments in miner behavior.
On March 6, the Bitcoin network hashrate entered a phase of rapid growth, with the hashrate rising sequentially to 768.85 EH/s, 918.33 EH/s, and ultimately reaching 964.16 EH/s, marking the highest level of the period. However, on March 7, the network hashrate pulled back, dropping to 728.29 EH/s before briefly rebounding to 802.39 EH/s. On March 8, the hashrate dipped again to 716.83 EH/s, but then entered a new upward trend. As of March 9, the hashrate continued to climb, with the latest data reaching 868.36 EH/s, suggesting that miners' hashrate is gradually recovering to higher levels.
Overall, this week’s significant fluctuations in Bitcoin's hashrate may have been influenced by factors such as miner profitability, changes in energy costs, and expectations of mining difficulty adjustments. The future trend will depend on further changes in market conditions and the distribution of hashrate.
Bitcoin Network Hash Rate Data
4. Mining Revenue
During the period from March 3 to March 9, 2025, Bitcoin miners' earnings were influenced by multiple factors, including Bitcoin price fluctuations, mining difficulty adjustments, and overall market sentiment.
Bitcoin Price Trends
As of March 9, 2025, Bitcoin was priced at $86,066. Over the past 24 hours, the price had increased by 0.06%. Since Bitcoin’s price directly impacts miners' revenue, its fluctuations remain a key factor.
Mining Revenue and Costs
The decline in Bitcoin prices, coupled with rising mining costs, has exerted pressure on miners' earnings. According to a JPMorgan report, in February, Bitcoin miners earned an average of $54,300 per EH/s per day from block rewards, reflecting a 5% decrease compared to the previous month.
Miner Behavior
Despite the drop in revenue, on-chain data shows that Bitcoin miners have not engaged in significant selling since February 28, 2025. This suggests that miners remain confident in the market's long-term prospects, opting to hold onto their Bitcoin in anticipation of price recovery.
Market Sentiment and Future Outlook
Market analysts advise against prematurely selling Bitcoin during a bull market to avoid missing out on potential gains. However, miners’ profitability will continue to be affected by Bitcoin's price movements, mining difficulty adjustments, and energy costs.
Overall, during the period from March 3 to March 9, 2025, Bitcoin miners faced revenue pressures due to price volatility and rising costs, but they maintained a cautiously optimistic outlook on the market.
5. Energy Costs and Mining Efficiency
According to CloverPool data, as of March 9, 2025, the total network hash rate stood at approximately 788.66 EH/s, with a mining difficulty of 110.57T. At the time of writing, the next Bitcoin mining difficulty adjustment was expected to occur in 12 hours, increasing by 1.29% to 111.58T (previously forecasted at 0.92%). As difficulty adjustments take place, miners' operational efficiency is optimized, influencing overall energy consumption.
Based on the latest estimates from MacroMicro, Bitcoin's current total production cost is approximately $87,470.91. The Mining Cost-to-Price Ratio is 1.01, indicating that Bitcoin's market price is nearly equal to its production cost, or slightly above it. Under these conditions, high-cost miners—particularly those relying on high electricity prices and using inefficient mining rigs (such as Antminer S19 and older models)—may face profitability challenges, potentially leading to operational pauses or equipment sales. If Bitcoin's market price remains weak, miners may further reduce hash power, resulting in a decline in the total network hash rate and impacting future mining difficulty adjustments.
At the same time, Bitcoin hash price has suffered a significant decline. According to Bitcoin.com News, hash price dropped from $56.73 per PH/s last month to $49.81 per PH/s, indicating a sharp decrease in revenue per unit of computing power. Additionally, while miners generated $1.24 billion in revenue in February 2025, the outlook for March remains uncertain. Unless Bitcoin's price or transaction fees increase significantly, miners will continue to face mounting financial pressure.
Due to the relatively low current market prices, miners have reduced BTC sell-offs, instead opting to hold their Bitcoin to mitigate losses. Crypto analyst Ali Martinez noted on platform X that since February 28, no significant sell-offs have been observed among miners, further confirming their holding strategy.
Enhancing Mining Efficiency and Energy Optimization
Some leading mining companies are adopting technological optimizations to improve mining efficiency. For example, in February 2025, CleanSpark reported an average mining rig efficiency of 17.07 J/Th and a daily Bitcoin production of 22.30 BTC.
Additionally, an increasing number of miners are transitioning to renewable energy sources to lower electricity costs and reduce their carbon footprint. The proportion of Bitcoin mining operations utilizing hydropower, solar energy, and wind power continues to rise, reflecting a growing industry trend.
However, the continuous increase in Bitcoin’s total network hash rate and mining difficulty has led to rising mining costs, further compressing profit margins. In response, miners are actively adopting strategies such as improving mining rig efficiency, optimizing energy structures, and incorporating renewable energy sources to cope with escalating energy costs and environmental challenges.
Bitcoin Mining Difficulty Data
6. Policy and Regulatory News
Latest Developments in U.S. State Bitcoin Reserve Legislation as of March 8, 2025
Federal Level:
On March 5, U.S. President Donald Trump signed an executive order announcing the establishment of a Strategic Bitcoin Reserve and hosted the first-ever cryptocurrency summit on the same day to officially launch the reserve program. This initiative may encourage more states to pass legislation in support of Bitcoin reserves.
Key Points:
- Reserve Sources: The reserve will be composed of Bitcoin obtained through federal government asset forfeiture, either from criminal or civil cases. The government will not purchase Bitcoin on the open market.
- Asset Audit: The executive order mandates a comprehensive audit of digital assets held by the federal government to determine the exact amount and status of Bitcoin holdings.
- Fiscal Impact: The President emphasized that the establishment of the reserve will not increase the federal deficit or debt and will not use taxpayer funds.
Latest Updates from U.S. States:
1. Texas
On March 7, the Strategic Bitcoin Reserve Act (SB 21) passed the state Senate with 25 votes in favor and 5 against.
On March 9, Texas officially established a Bitcoin Reserve Fund, making it the first state-sponsored crypto fund in U.S. history.
2. New Hampshire
On March 6, the New Hampshire House Commerce Committee passed the Bitcoin Reserve Act (HB 302) with a 16–1 vote. The bill now moves to a full House vote.
Key Provisions:
The state treasurer will be allowed to invest up to 5% of state funds in digital assets (currently, only Bitcoin meets the market capitalization requirement).
Stablecoin and staking investment options were removed from the original bill, and the investment cap was reduced from 10% to 5%.
The State Treasurer has stated that if the bill passes, they will consider implementing the investment plan. This bill's progress coincides with President Trump's announcement of the national crypto reserve, and market experts predict that the Federal Reserve will primarily consist of Bitcoin.
3. Utah
Recently passed Bitcoin-related legislation, though it does not include a strategic reserve provision.
4. Arizona
Considered one of the most likely states to pass Bitcoin strategic reserve legislation.
5. Other States:
Montana, Wyoming, North Dakota, South Dakota, and Pennsylvania have rejected related legislative proposals.
Overall Trend:
Currently, multiple U.S. states are accelerating efforts to pass Bitcoin reserve legislation, with Texas, New Hampshire, and North Carolina showing the fastest progress.
With the federal government launching a Strategic Bitcoin Reserve, more states are expected to reconsider their stance and accelerate legislative efforts.
USA Strategic Bitcoin Reserve
U.S. Treasury Sanctions 49 Bitcoin and Monero Addresses Linked to Darknet Market Nemesis
March 5 – According to an announcement by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), the U.S. government has added 49 cryptocurrency addresses to its sanctions list. These addresses are controlled by Iranian national Behrouz Parsarad, who has been identified as an administrator of the darknet marketplace Nemesis. The sanctioned addresses include 44 Bitcoin addresses and 5 Monero addresses.
Before being shut down, Nemesis had 30,000 active users and facilitated nearly $30 million in drug transactions over three years. According to OFAC, Parsarad profited millions of dollars by charging transaction fees and was allegedly involved in laundering money for drug traffickers and cyber criminals. The marketplace’s transactions covered a wide range of illegal activities, including drug sales, personal identity data, forged documents, ransomware, and cybercrime tools such as phishing kits and DDoS services.
Florida Republican Representative Pledges to Include Bitcoin in State Reserves
March 5 – Matthew Sigel, Director of Digital Asset Research at VanEck, revealed in a post that Florida Republican Representative and gubernatorial candidate Byron Donalds pledged on Fox News to support adding Bitcoin to the state's reserves. Donalds, without being prompted, stated:
"Digital assets have found a home in Miami-Dade County. We want to continue building within this framework. For the state’s investment portfolio, I hope to include Bitcoin as part of the state’s financial assets."
Donalds emphasized that Bitcoin has proven to be an excellent store of value and wealth. Including it in the state’s balance sheet would help prepare for potential economic downturns. He also declared:
"Florida will become the world’s financial center—not just America’s, but the world’s financial hub."
7. Mining News
Belarusian President Orders Development of Crypto Mining to Monetize Excess Electricity
March 5 – Belarusian President Alexander Lukashenko has instructed the newly appointed Minister of Energy to develop the country’s cryptocurrency mining industry to utilize surplus electricity resources effectively. The decision comes as Lukashenko forms a new government. He also emphasized that the country's top priority is upgrading 5,700 kilometers of power grids to meet the growing energy demands of households and economic activities.
U.S. Authorities Release Some Seized Mining Rigs, Industry Reports Large Stockpile Still Held
March 6 – U.S. authorities have recently begun releasing some of the Chinese-manufactured cryptocurrency mining rigs that were previously seized. Industry insiders report that up to 10,000 mining rigs had been detained at various U.S. entry ports.
According to Taras Kulyk, CEO of Synteq Digital, several thousand mining rigs have now been released. However, he noted that certain U.S. Customs and Border Protection (CBP) officials have been making it difficult for the crypto industry, creating severe challenges for miners.
Despite the partial release of mining rigs, Ethan Vera, COO of Luxor Technology, stated that the majority of devices remain under seizure. He also disclosed that U.S. authorities had raised concerns over the radio frequency emissions of the mining equipment, though the industry widely considers these claims to be unfounded.
8. Bitcoin-Related News
Global Bitcoin Holdings by Corporations and Nations (This Week’s Statistics)
- Metaplanet (Japan)
Metaplanet significantly increased its Bitcoin holdings this week, purchasing 653 BTC in two transactions. Its total holdings now stand at 2,888 BTC. Additionally, the company completed a $87 million financing round to further increase its Bitcoin reserves.
- Boyaa Interactive (Hong Kong, China)
Acquired 100 BTC at an average price of $79,500, increasing total holdings to 3,350 BTC. The company’s historical average purchase price stands at $58,627 per BTC.
- Canaan Technology (China)
As of December 31, 2024, the company held 1,355 BTC. Its mining power in February reached 0.93 EH/s, and Q4 revenue is expected to be $89 million.
- MicroCloud Hologram (United States)
Plans to invest $200 million in Bitcoin and related derivatives. The company currently holds $303 million in cash reserves and is actively developing BTC-related technology.
- Cango (China)
Produced 472.7 BTC through mining in February, increasing its total holdings to 1,944.7 BTC. The company continues expanding its mining operations.
- Meliuz (Brazil)
The Brazilian fintech unicorn made its first Bitcoin purchase, acquiring 45.72 BTC at an average price of $90,296. It plans to allocate 10% of its cash reserves into Bitcoin.
- Fold (United States)
Announced the addition of 475 BTC to its treasury, valued at approximately $41 million. Its total Bitcoin holdings now exceed 1,485 BTC, worth around $130 million at current prices.
- El Salvador (National Holdings)
Continued accumulating Bitcoin this week, bringing its total holdings to 6,101.18 BTC. The country has acquired 45 BTC in the past 30 days, with a total value now exceeding $520 million.
Coinbase Co-Founder: Bitcoin is the Best Choice for Strategic Reserves, Proposes Crypto Market Cap Index for Fairness
March 3 – Coinbase co-founder and CEO Brian Armstrong commented on social media regarding reports that Donald Trump is advancing a cryptocurrency reserve strategy. He stated that Bitcoin is likely the best option for strategic reserves, as it serves as the successor to gold and offers the simplest and clearest narrative.
Armstrong added that if diversification is desired, a market cap-weighted crypto index could be introduced to ensure fairness. However, he emphasized that choosing only Bitcoin remains the simplest approach.
Source: Brian Armstrong
Gemini Co-Founder: Bitcoin Is the Only Asset That Meets the Store of Value Standard
On March 4, Cameron Winklevoss, co-founder of Gemini, posted on social media expressing excitement about the cryptocurrency strategic reserve plan but surprise at the digital assets being considered. He stated that Bitcoin is the only asset that meets the store of value standard, though Ethereum might also qualify. He referred to Bitcoin as "digital gold" and Ethereum as "digital oil," comparing them to the U.S. physical reserves, such as gold stored in Kentucky vaults and at the Federal Reserve Bank of New York, as well as oil in the Strategic Petroleum Reserve. Winklevoss noted that while other assets might meet this standard in the future, the bar is set extremely high.
President of El Salvador: IMF Restricts Bitcoin Purchases, but the Government Will Continue Accumulating
On March 5, El Salvador’s President Nayib Bukele stated on the X platform that El Salvador will not stop buying Bitcoin, regardless of any demands from the International Monetary Fund (IMF). He emphasized that the government never abandoned Bitcoin even during its early stages of skepticism and will continue accumulating it now and in the future.
Previously, the IMF disclosed more details about a $1.4 billion loan agreement, which included conditions preventing El Salvador’s public sector from voluntarily accumulating Bitcoin. The agreement also restricted the government from issuing any Bitcoin-backed debt or tokenized instruments. The IMF argued that these measures would enhance governance transparency and attract additional financial support from international institutions.
Michael Saylor: Bitcoin Strategic Reserves Will Help the U.S. Become a Cyberspace Leader
On March 6, Michael Saylor, founder and former CEO of MicroStrategy, stated in an interview with Fox News that a Bitcoin strategic reserve will help the U.S. become a leader in cyberspace. He noted that the Trump administration has repeatedly emphasized the strategic importance of cryptocurrency and is planning to strengthen control over digital assets through national reserves.
Analysis: Bitcoin May Reach $125,000 by Year-End, Altcoins Could Perform Even Better
On March 6, CK Zheng, founder of crypto hedge fund ZX Squared Capital, stated that Bitcoin (BTC) could reach $125,000 by the end of the year, but other cryptocurrencies might outperform it. While the U.S. has implemented tariffs on Mexico and Canada, Zheng believes Bitcoin is unlikely to fall below $75,000. He said, "The market is highly volatile in the short term, but for long-term investors, this is a great opportunity to allocate Bitcoin."
In an interview with CoinDesk, Zheng noted that Bitcoin and altcoins are correlated but expects Bitcoin’s market dominance to decline. "If you want the crypto ecosystem to truly grow, you can’t have 60% of market value concentrated in Bitcoin," he explained.
Zheng further argued that new policies and regulations will drive significant innovation, reshaping the crypto industry over the next few years—potentially throughout 2025 and 2026. ZX Squared Capital is particularly optimistic about Ethereum (ETH) and Solana (SOL), predicting that they will benefit from a new wave of innovation, especially projects that integrate artificial intelligence with cryptocurrency. Zheng stressed that smart contract blockchains need to continually improve throughput to remain attractive—for Solana, to maintain its lead, and for Ethereum, to regain its competitive edge.
Reactions to Trump's Establishment of a Strategic Bitcoin Reserve
- Bitwise CIO: Long-term bullish for Bitcoin, but short-term market reaction is uncertain.
- Coinbase Executive: Expects this move to reduce Bitcoin selling pressure by approximately $18 billion.
- Bitwise Head of Research: The U.S. establishing a Bitcoin reserve will drive global purchases, ease market concerns, and eliminate the possibility of a government ban on Bitcoin.
- Trader Analysis: Market reaction fell short of expectations, disappointing traders since the reserve funds came from seized assets rather than direct government purchases, reducing anticipated buying pressure.
- Solana Co-Founder: This executive order is not a government bailout but a step toward eliminating regulatory uncertainty. A stablecoin bill and banking deposit/withdrawal guidelines are still needed.
- Grayscale Head of Research: Bitcoin's appreciation does not rely on U.S. reserves; adoption growth alone is sufficient to drive price increases.
- Michael Saylor: Shared a photo of Trump signing the Bitcoin reserve executive order, calling it a historic moment and a turning point in the financial and geopolitical landscape.
- Standard Chartered Analyst: The U.S. could acquire Bitcoin in a budget-neutral manner by selling gold or using the Exchange Stabilization Fund.
- David Sacks: Bitcoin is scarce and valuable, making it strategically significant as a reserve asset. There has been no discussion about selling gold to buy Bitcoin yet, but budget-neutral purchases are being considered.
- Offchain Labs CEO: The U.S. crypto reserve should focus on Bitcoin to avoid regulatory complexity, but Arbitrum is also worth attention.
- 3AC Co-Founder Zhu Su: The establishment of a U.S. strategic Bitcoin reserve sends a crucial signal, positioning Bitcoin as a digital bearer asset similar to gold rather than a "challenger to the U.S. dollar."
U.S. Treasury Secretary Bessent: Will Monitor Future Bitcoin Acquisitions
March 7 – U.S. Treasury Secretary Bessent stated: "We strongly support leading the development of cryptocurrency globally. Bitcoin needs to be brought into the country. We will monitor the progress of any future Bitcoin acquisitions, and the first step is to prevent the government from selling Bitcoin."
IMF: El Salvador’s Bitcoin Purchases Do Not Violate Loan Agreement; Agreement Set to Take Effect on April 30
March 9 – The International Monetary Fund (IMF) stated that El Salvador’s current Bitcoin purchases have not breached the terms of its loan agreement but will be subject to discussions. The agreement was approved on January 29 and published in the official gazette the next day, with an expected effective date of April 30.
Previously, the IMF detailed the $1.4 billion loan agreement, stipulating that El Salvador’s public sector must not voluntarily accumulate Bitcoin and restricting the government from issuing any Bitcoin-backed debt or tokenized instruments. However, President Nayib Bukele reaffirmed that the government would continue purchasing Bitcoin regardless of IMF requirements, emphasizing that despite early skepticism, they had never abandoned Bitcoin and would continue accumulating both now and in the future.
Analysis: Trump Administration Strengthens Bitcoin’s Status, While Altcoins Face Regulatory Uncertainty
March 9 – Trader Eugene Ng Ah Sio recommended an analysis article on the White House crypto summit on social media, calling it an “outstanding analysis.” The article examines the Trump administration’s latest crypto policies, which reinforce Bitcoin’s dominance and introduce the concept of a "Digital Fort Knox." The administration plans to convert confiscated crypto assets into BTC, further solidifying its status as "digital gold."
According to the analysis, the policies aim primarily to ensure that the crypto industry is no longer suppressed, including halting banking restrictions and providing a degree of regulatory clarity. However, they do not prioritize overall crypto industry development and do not address areas such as payments or DeFi.
At the same time, Altcoins (such as XRP, ADA, SOL) have not received explicit support, and future regulations remain uncertain.
Additionally, members of the Trump family have previously voiced support for Altcoins, even hinting at the possibility of a "crypto tax exemption" policy. However, Trump advisor David Sacks denied these claims, emphasizing that crypto policies would not favor specific tokens. The market anticipates potential policy adjustments if internal disagreements within the Trump team escalate.
White House: The U.S. Will Become the World's Bitcoin Superpower
March 9 – The White House posted on X, stating that "The United States will become the world's Bitcoin superpower. America's golden era has begun!"
