1. Top CEX Coins
Top 10 CEX Trading Volume and 24-Hour Price Changes:
BNB: -5.78%
BTC: -5.83%
ETH: -8.06%
SOL: -7.37%
Doge: -12.19%
LTC: -7.04%
CREAM: -6.29%
FUN: -8.09%
XRP: -8.02%
TRUMP: -9.98%
24H Gainers (Data from OKX):
CATI: 7.73%
HMSTR: 7.32%
ZENT: 6.82%
CSPR: 6.51%
MERL: 5.11%
NEIRO: 3.16%
SD: 3.16%
IP: 2.65%
MAJOR: 2.58%
PENGU: 2.47%
2. Top 5 On-Chain Meme Coins (Data from GMGN):
PIPE
YODA
SWEEPY
ewon
Cocoro
3. 24H Trending Coins
PWEASE: A Meme Coin inspired by the interaction between the US Vice President Vance and the Ukrainian President Zelenskyy, the name is a humorous misspelling of "please" and also mocks the perceived arrogance of the US Vice President Vance during his interaction with the Ukrainian President Zelenskyy.
Headlines
Utah's Bitcoin Bill Passes State Senate, But Key Provision Removed
Utah's Bitcoin bill has passed the state Senate, but the core provision of the bill has been removed. The provision would have made Utah the first state in the US to have its own Bitcoin reserve. The "HB 230 Blockchain and Digital Innovation Amendments" bill now only provides basic custodial protections for Utah citizens, giving them the right to mine Bit, run nodes, and participate in staking. On March 7, the bill passed with a 19-7-3 vote and will now go to Utah Governor Spencer Cox for signing into law.
The reserve provision would have authorized the Utah State Treasurer to invest in digital assets (with Bit being the only one currently meeting the $500 billion market cap threshold) in five state accounts, with an investment cap of 5% of the asset's market value. The reserve provision was passed in the second reading but was removed in the third and final reading. Subsequently, the Utah House of Representatives passed the amendment with a 52-19-4 vote.
Texas Establishes Bit Reserve Fund, Creating America's First State-Owned Crypto Fund
Texas has officially created a Bit reserve fund, becoming the first government-managed crypto fund in US history. The state Senate recently passed SB 21, driving the establishment of this fund. Lt. Governor Dan Patrick stated that this initiative is an important milestone in the development of crypto, and aligns with former President Trump's vision of making America the global leader in crypto, with Texas leading the charge.
According to the plan, the reserve fund will hold Bit (BTC) and other top cryptocurrencies with a market cap exceeding $500 billion, and will be overseen and guided by a newly established advisory committee. This is not only a local strategic move, but also signifies the shaping of a national-level crypto policy that could have far-reaching implications for the overall digital asset regulatory framework in the US.
David Sacks Opposes Crypto Transaction Tax
David Sacks clearly opposes the proposal to tax crypto transactions to supplement the US strategic Bit reserve, warning that such taxes often start "modestly" but can gradually expand to a wider scope, like how income tax initially targeted only a few. Although the Trump administration proposed replacing federal income tax with import tariffs, Sacks cautioned that a crypto transaction tax could burden users - current proposals suggest a 0.01% tax rate per transaction, even covering transfers between the same user's addresses, drawing strong criticism from investors. Research data shows eliminating income tax could save over $130,000 per person, but the White House's recent crypto summit did not provide clear tax reform details.
IMF: El Salvador's Bit Purchases Do Not Violate Loan Agreement, Pact to Take Effect on April 30
The International Monetary Fund (IMF) stated that El Salvador's purchase of Bit does not currently violate the terms of its previous loan agreement, but consultations on the matter will be held.
It is reported that El Salvador reached a $1.4 billion loan agreement with the IMF in January, which required the country to abandon Bit adoption and revoke Bit's legal tender status. However, El Salvador's President Nayib Bukele said that despite the IMF's demands, the Salvadoran government will not stop purchasing Bit. Bit analyst John Dennehy revealed that El Salvador's agreement with the IMF was approved on January 29 and published in the official bulletin the next day, but the effective date is April 30.
Industry News
Crypto Exchange Kraken Plans to Go Public in Q1 2026
Crypto exchange Kraken plans to go public in Q1 2026, expecting the IPO to become feasible as the regulatory environment in the US improves under the Trump administration.
The company, which has been considering going public for years, has faced challenges from the Securities and Exchange Commission (SEC), causing delays. Earlier this month, Kraken announced that the SEC has withdrawn its case against the company and will not bring any charges.
Based in San Francisco, Kraken achieved strong growth in 2024, generating over $1.5 billion in revenue and $380 million in adjusted profit. Kraken is currently the 10th largest crypto exchange globally, founded in 2011 and has raised around $27 million in initial funding.
Robinhood Fined $26 Million by US Regulator for Multiple Violations
The Financial Industry Regulatory Authority (FINRA) issued a press release stating that it has ordered Robinhood Financial to pay $3.75 million to customers and fined Robinhood Financial and Robinhood Securities a total of $26 million for violating multiple FINRA rules, including failing to respond to red flags of potential misconduct. In the settlement agreement, the two companies accepted FINRA's findings without admitting or denying the allegations, and agreed to address the issues.
Binance issued an announcement that in its investigation of a market maker for GoPlus Security (GPS), Binance discovered the same market maker was also responsible for the market making activities of the MyShell (SHELL) project.
To better protect Binance users, Binance has taken the following additional measures regarding the misconduct of this market maker:
· Delisted the market maker and prohibited it from conducting any further market making activities on Binance
· Confiscated the market maker's relevant earnings and will use them to compensate users of the GPS and SHELL projects (the specific compensation plan will be determined and announced by the respective project teams).
Project News
Three directors of the Avalanche Foundation resign collectively
Omer, a former director of the Avalanche Foundation, posted on the X platform, confirming that he, Aytunç Yildizli, and Vikram Nagrani, three directors, have officially resigned from the board of the foundation and its subsidiaries earlier this week. Executive director Aytunç Yildizli has ceased his duties on February 28, 2025, and since then the board has been in a state of observation, trying to find a way forward.
Conic Finance, a protocol in the Curve Omnipools ecosystem, has announced that it will officially cease operations and the project will be fully terminated. Conic Finance stated that due to their inability to resolve key issues in the new version, and the departure of several core members, the remaining team has decided to terminate the project. The official recommendation is for all liquidity providers (LPs) to withdraw their funds from the Omnipools as soon as possible.
NFPrompt announces the launch of a token burning plan to promote sustainable ecosystem development
According to official information, the AI+Web3 creation platform NFPrompt has officially launched the NFP token burning plan today. The core objective of this burning plan is to reduce the circulating supply of tokens, increase token scarcity, optimize the economic model, and enhance the long-term value of the ecosystem. The team stated that this is the first stage of ecosystem optimization, and they will gradually disclose DAO governance upgrades and application scenario expansions to form a sustainable token economic cycle.
Investment and Financing
Galaxis receives a $5 million investment commitment from Bolts Capital
Galaxis announced that it has received a $5 million investment commitment from Bolts Capital. Previously, in May 2024, the Singapore-based Web3 platform Galaxis announced the completion of a $10 million financing round, with investments from Chainlink, the Ethereum Name Service (ENS), Rarestone Capital, Taisu Ventures, and ENS co-founder Nick Johnson.
Regulatory Trends
U.S. federal agencies must report Bitcoin holdings directly to the Treasury Department
According to a News.bitcoin report, the White House has provided an explanation for Trump's executive order, stating that in the future, Bitcoin seized by the U.S. government will no longer be sold, but will be included in a new strategic Bitcoin reserve managed by the Treasury Department. At the same time, other digital assets will be included in an independent U.S. digital asset reserve to strengthen regulation, optimize management, and promote the development of a long-term cryptocurrency strategy. According to the order, all U.S. federal agencies must report their Bitcoin holdings directly to the Treasury Department to enhance oversight and management transparency.
The Office of the Comptroller of the Currency (OCC) has issued a new letter, announcing the revocation of the Interpretive Letter #1179 issued on November 18, 2021, and reaffirming that the crypto asset custody, distributed ledger, and stablecoin activities discussed in the previous letter are permissible. The OCC confirmed in the letter that "federal banks and federal savings associations can engage in crypto asset custody, certain stablecoin activities, and participate in independent node verification networks." OCC Acting Comptroller Rodney E. Hood stated that "the OCC wants banks to have equally strong risk management controls in place to support new banking activities as they do for traditional banking activities." The agency also said it has withdrawn the requirement for institutions to implement restrictive controls before engaging in crypto activities.
Voices
In his weekly investment memo, Bitwise Chief Investment Officer Matt Hougan stated that Trump has changed the game rules in the crypto market, and the establishment of a U.S. crypto strategic reserve will trigger a domino effect and be seen as the "first shot in a Bitcoin arms race." Honduras, Mexico, or Guatemala are now watching the U.S. and El Salvador's Bitcoin strategies, and many countries may push for Bitcoin to become an important global monetary asset. According to reports, Galaxy Digital predicts that at least five countries will establish their own Bitcoin strategic reserves by 2025.
Zhu Su wrote that the establishment of the strategic Bitcoin reserve bill sends an important signal, as Bitcoin's biggest risk over the years has been being seen as a challenger to the dollar or a protocol that facilitates "illegal" fund transfers. The strategic Bitcoin reserve means that Bitcoin is now recognized as a digital bearer asset on par with gold, and this will be acknowledged in the West and globally. The U.S. government does not need to accumulate hundreds of millions of Bits, but only needs to make Bitcoin the single coordinating point for digital value storage.
Trader Eugene: DeFi token value investment needs to meet three key criteria
Top trader Eugene Ng Ah Sio shared in a TG group the three key criteria for evaluating DeFi token value investments. He believes that while the regulatory environment has improved in recent years, there is still a gap to a viable investment strategy. He emphasized that first, the project team must prioritize the interests of token holders at least equally with equity holders; second, the business model cannot rely entirely on cryptocurrency speculation cycles, avoiding trading volume collapse in bear markets that leads to valuation failure; and finally, team execution capability is key, requiring technical barriers or superior execution. He stated that currently only a few protocols meet these standards, and he will invest at the appropriate time.
