Headlines
▌Trump: Tariffs will be implemented on a reciprocal basis from April 2
US President Trump: Tariffs are suspended to help Mexico and Canada. Tariffs will be implemented on a reciprocal basis from April 2, and may increase over time.
▌US Treasury Secretary: We will end the regulatory crackdown on crypto assets
US Treasury Secretary Scott Bessent said at the White House crypto summit: "We will end the regulatory crackdown on digital assets, the Biden administration has done nothing but punish innovators."
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $86,509.54, with a daily change of +0.3%;
ETH's latest trading price is $2,147.57, with a daily change of +0.1%;
BNB's latest trading price is $594.19, with a daily change of +1.3%;
SOL's latest trading price is $140.17, with a daily change of +3.8%;
DOGE's latest trading price is $0.2008, with a daily change of +2.5%;
XPR's latest trading price is $2.40, with a daily change of -0.7%.
Policy
▌The White House releases a fact sheet on Trump's establishment of a strategic Bitcoin reserve and a digital asset reserve
The White House has released a fact sheet on the strategic Bitcoin reserve and the US digital asset reserve established by President Trump today, with details including: The strategic Bitcoin reserve will be created using Bitcoin confiscated in criminal or civil proceedings. Bitcoin will be held as a reserve asset and not sold. The Treasury and Commerce Departments can develop budget-neutral strategies to acquire additional Bitcoin. Establish a US digital asset reserve for other confiscated digital assets. The government will not purchase additional assets beyond the confiscated assets for the digital asset reserve. Require all agencies to provide a full accounting of digital assets to the Treasury. Position the US as a leader in the government's digital asset strategy.
▌Trump: The government's crypto assets will be stored in a new US Digital Asset Depository
US President Trump said at the White House's inaugural crypto currency summit, "The federal government has become one of the largest holders of Bitcoin, having acquired up to 200,000 Bitcoin through civil and various other legal actions and law enforcement actions. These existing assets will form the basis of the new reserve. Unfortunately, most of the BTC was sold off during the Biden administration in recent years. Starting today, the US will follow a very clear principle, never sell your Bitcoin, and the government is currently compiling an inventory of crypto assets, which will be stored and properly managed in a new US Digital Asset Depository. I also want to express my strong support for the efforts of lawmakers and Congress, as they are working on legislation to provide regulatory certainty for the dollar stablecoin and digital asset markets. They are working very hard on this. This is a huge opportunity for economic growth and innovation in our financial sector."
▌White House official: The crypto summit will focus on reversing Biden's destructive policies, not tax issues
A senior White House official confirmed that the White House crypto summit hosted by Trump will not discuss tax issues, but will focus on reversing the destructive policies implemented by the previous Biden administration. The official said in a virtual rehearsal: "There will be no tax-related initiatives. You know, the crypto world is full of rumors on the internet [...] I don't know how some of these things started. President Trump promised to set up a crypto currency commission during the campaign, and he wants to hear from the industry on their advice and feedback, and that's the purpose of the summit."
Blockchain Applications
▌152nd Ethereum ACDC Meeting: Developers will work to restore Holesky to a stable state
Galaxy Research Vice President Christine Kim summarized the 152nd Ethereum Core Developer Consensus (ACDC) conference call. This week, developers agreed on a new strategy to test Pectra based on the progress of the Holesky and Sepolia upgrades; developers will continue to work to restore Holesky to a stable state, which is expected to take about three weeks; in addition, developers will launch a Holesky shadow fork, inheriting the same state and on-chain environment as the original public testnet.
Cryptocurrencies
▌Dubai's largest bank Emirates NBD launches crypto trading services
One of Dubai's largest banks, Emirates NBD, has launched crypto trading services through its digital banking platform Liv. Users can now buy, sell and trade cryptocurrencies on the LivX app. The service is technically supported by Aquanow, a local digital asset company authorized by the Dubai Virtual Assets Regulatory Authority, with custody services provided by Zodia Custody, a subsidiary of Standard Chartered Bank. This move highlights the growing interest of financial institutions in digital assets, following the recent announcements of Ethereum staking services by Switzerland's PostFinance AG and the first Bitcoin spot purchase by Italy's Intesa Sanpaolo.
▌US SEC Crypto Task Force announces panel members and agenda for first industry roundtable
On March 7, according to Fox Business reporter Eleanor Terrett, the US SEC Crypto Task Force has announced the panel members and agenda for the first industry roundtable, with the theme "How We Got Here and How to Get Out - Defining a Safe Harbor", a panel of 12 lawyers and scholars will participate in the discussion on Friday, March 21 from 1pm to 5pm local time at the SEC headquarters in Washington, DC, moderated by Paredes Strategies LLC founder Troy Paredes, with Brookwood Managing Partner Collins Belton, Delphi Ventures executive Sarah Brennan among the attendees.
▌A major BSC ecosystem player built positions worth $2.05 million in SHELL and $1.77 million in BNB
On March 7, according to monitoring by ai_9684xtpa, a major BSC ecosystem player 0x10B...145d1 built positions worth $2.05 million in SHELL and $1.77 million in BNB two hours ago. SHELL briefly rebounded today afternoon, but has since fallen back to $0.3028, while the new address's cost is around $0.314, resulting in an unrealized loss of $60,000.
▌White House official: The first step in establishing a strategic digital asset reserve is to audit the government's existing crypto holdings
A senior White House official said in a speech ahead of the industry summit today that the first step after establishing the US strategic Bitcoin reserve and other digital asset reserves will be to audit how much cryptocurrency the government holds. The person said that after the Silk Road marketplace was shut down, the US once had around 400,000 Bitcoin tokens, about half of which were sold. According to Arkham's data, the US currently holds about $17.5 billion in Bitcoin and about $400 million in a few other tokens in its known digital wallets.
Important Economic Dynamics
▌US stocks open lower, with MicroStrategy down 4.3%
US stocks opened lower, with the three major indices down, the Dow Jones down 0.42%, the S&P 500 down 0.28%, and the Nasdaq down 0.2%. Crypto-related stocks in the US fell further after the open, with Coinbase (COIN) down 0.17%, Tesla (TSLA) down 0.2%, MicroStrategy (MSTR) down 4.3%, MARA Holdings (MARA) down 3.4%, and Riot Platforms (RIOT) down 1.8%.
▌Fed Chair Powell: The Fed doesn't need to act hastily on rate adjustments
Federal Reserve Chair Powell said the Fed doesn't need to act hastily on rate adjustments. The Fed doesn't need to rush, and can wait for the situation to become clearer. The uncertainty around the impact of the Trump administration's policies remains high, and some recent inflation expectation surveys and market indicators have risen due to tariffs. The path to 2% inflation is expected to remain bumpy, and the Fed won't overreact to one or two unexpected economic data points.
▌Fed Chair Powell: The impact of this round of tariffs may be different, and long-term inflation expectations are important
Federal Reserve Chairman Powell said on Friday that the current cost of a cautious approach to monetary policy is "very, very low", but he also said that these costs may rise if inflationary expectations come under pressure, although the standard response to the one-time price hike caused by tariffs is to ignore it, this time may be different. Powell said: "If it (i.e. tariffs) becomes a series of events, and if the magnitude is greater, then it will be important, and what really matters is what happens to long-term inflation expectations." Powell also pointed out that in 2019, the Federal Reserve has actually cut interest rates three times to address the economic slowdown caused by the Trump administration's initial imposition of tariffs, "this is the result of these broad economic policy changes and everything else, not just tariffs."
Jinse Finance
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Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and are not actual investment advice. Please everyone to establish the correct investment concept and must improve risk awareness.
