Weekly Update: 7th of March
What happened between the 28th of Februari and the 7th of March?
Last week, the crypto market was dominated by news from the United States:
- The market experienced high volatility following Trump’s initial post on X about the holdings of a strategic crypto reserve. Read more
- A few days later, the "Strategic Bitcoin Reserve" and the "Digital Assets Stockpile" were officially announced, with the note that they currently consist of just seized digital assets. . Read more
- On Friday afternoon, March 7, a Crypto Summit will take place at the White House. Read more
Trump Announces Strategic Crypto Reserve
Volatility in the crypto market surged rapidly last Sunday following a post on X by President Trump. In his message, he emphasized his executive order for a strategic crypto reserve. Interestingly, he also mentioned specific digital assets that, according to him, should be part of the reserve, including Solana, XRP, Cardano, Ethereum and Bitcoin.
The post triggered a sharp price increase, with Bitcoin surging more than 11% in just three hours, while altcoins like Cardano saw an impressive 80% jump. The mention of altcoins was particularly noteworthy due to their lower market capitalization. Additionally, weekend trading typically experiences lower market activity, leading to reduced liquidity and more extreme price movements in response to such news. As a result, the market quickly corrected after the initial surge
The U.S. Establishes a Strategic Bitcoin Reserve and a Digital Assets Stockpile
A day before the scheduled Crypto Summit at the White House, Trump surprised the market by officially signing an executive order to establish a "Strategic Bitcoin Reserve" and a "Digital Assets Stockpile." However, it was immediately clarified that, for now, these reserves would only consist of seized cryptocurrencies.
Since the U.S. will not be actively purchasing new crypto assets, the news was seen as a disappointment by the market. This led to swift corrections for both Bitcoin and altcoins, though prices have since begun to stabilize in anticipation of the upcoming Crypto Summit on Friday afternoon.
Crypto Summit at the White House
On Friday afternoon, March 7, a Crypto Summit is scheduled to take place at the White House. President Trump has organized this meeting to provide more clarity on his statement about making the United States “the crypto capital of the world.” Attendees will include Michael Saylor from MicroStrategy, Coinbase CEO Brian Armstrong, and Chainlink CEO Sergey Nazarov. Companies such as Robinhood, Kraken, and Exodus have also been linked to the event.
Discussions are expected to focus on the implementation of the newly announced strategic reserves and the development of a clearer regulatory framework—something many companies in the crypto industry have been eagerly awaiting. For the crypto industry, these case dismissals provide temporary relief. In the coming months, U.S. regulators will continue working on clearer legislation for the crypto sector, providing more regulatory certainty for market participants.
In other digital assets news
- Ethereum’s Pectra upgrade, which was expected to lower transaction costs and reduce network congestion, has been delayed due to issues on the testnet.
- After previous case dismissals, the SEC is now also dropping charges against Coinbase and Kraken.
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