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  • Bitcoin drops to $76k after Trump fails to rule out a recession

    Bitcoin drops to $76k after Trump fails to rule out a recession

    Bitcoin dips to $86k

    • Ether dropped 9%, XRP fell 2%, and Dogecoin lost over 8% in 24 hours
    • Investors react to Trump’s comments about a possible recession
    • The US stock market lost more than $1.7 trillion in value

    Crypto prices have fallen across the board, with Bitcoin dropping below $77,000 as investors continued to react to US President Donald Trump’s tariff policies and the Bitcoin reserve plan.

    Bitcoin’s price at $76,000. Source: CoinMarketCap

    In the early hours of Tuesday, March 11, Bitcoin fell to $76,000, a figure not seen since last September. In a post on X, crypto trader Ali said:

    “If #Bitcoin $BTC holds $80,000, the bull case remains strong. Losing this level, however, could put $69,000 in play as the next key support!”

    Bitcoin has risen slightly and is back up around $81,600 at the time of publishing, according to CoinMarketCap. Ether, on the other hand, was down over 9% in 24 hours to $1,920, XRP had fallen more than 2%, at $2.13, and Dogecoin was down over 8.81% to $0.1607.

    The market reacts

    News of the continued market sell-off comes as investors react to Trump’s trade tariffs, the announcement of the US Strategic Bitcoin Reserve, and the possibility of a recession.

    Following Trump’s remarks, the US stock market lost more than $1.7 trillion in value yesterday. Elon Musk’s Tesla saw its shares drop by at least 15% to $222, losing over half its value from its December peak at $479.86. In a post on X, Musk said: “it will be fine long-term.”

    Market conditions haven’t been helped by Trump’s trade tariffs on Canada, China, and Mexico. Last month, it was confirmed that Trump was imposing a 25% trade tariff on Canada and Mexico; however, this has been delayed until April 2. China had a 20% tariff levied against it.

    BitMEX co-founder Arthur Hayes took to X to ask people to be “patient.”

    “$BTC likely bottoms around $70k. 36% correction from $110k ATH, v normal for a bull market,” adding:

    “Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital. You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potential unrealised losses.”

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  • Bitcoin drops below $90k as Trump confirms trade tariffs

    Bitcoin drops below $90k as Trump confirms trade tariffs

    Dogecoin and other major altcoins dip

    • This is the lowest Bitcoin has dropped since November 2024
    • Trump’s trade tariffs are likely impacting crypto market prices as investors look elsewhere to trade
    • Two crypto hacks days apart have worsened investor sentiment

    Bitcoin’s price has dropped below the $90,000 mark, signalling the lowest decline for the number one crypto asset since November 2024.

    Bitcoin’s price at $87,000. Source: CoinMarketCap

    On February 25 at 10:25 UTC, Bitcoin was trading at around $87,190, according to data from CoinMarketCap. At the time of publishing, it has risen slightly but remains under $90,000, a key figure to stay in bullish territory.

    According to Arthur Hayes, BitMEX’s co-founder, Bitcoin could drop to $70,000 if large hedge funds sell their positions in Bitcoin exchange-traded funds (ETFs).

    Impact of Trump’s tariffs

    The drop in value comes amid uncertainty about inflation, US President Donald Trump’s policies, and geopolitical events.

    Yesterday, Trump confirmed 25% trade tariffs on Canada and Mexico, causing the market to react as investors look to other avenues to put their money.

    According to James Toledano, COO at Unity Wallet, many believed that Bitcoin’s price would continue rising once Trump entered the White House, adding to CoinJournal:

    “But the reality is that the price has gone south, likely due to tariff trade wars, fragile peace talks in Eastern Europe, and fears around DeepSeek’s impact on the US tech sector. But this could also just be a momentary lapse of pricing reason.”

    Security breach at Bybit

    Last week, Hong Kong-based crypto exchange Bybit was the target of a major hack, resulting in the loss of nearly $1.5 billion worth of Ethereum from a single wallet.

    Despite Ben Zhou, Bybit’s founder and CEO, saying it had “fully closed the ETH gap,” raising funds to cover the losses and boost investor confidence, the fact remains that investors are shaken.

    Not only that, but neobank Infini suffered a $50 million hack yesterday. According to reports, insider access enabled the hacker to manipulate the platform’s smart contract it had developed after retaining administrative privileges unbeknownst to Infini.

    Following the theft, the hacker converted the stolen USDC into Dai and then purchased 17,696 Ethereum, valued at around $49 million at the time.

    “Additionally, global macroeconomic uncertainty and a downturn in traditional markets have weighed on Bitcoin, as risk assets remain highly sensitive to external pressures,” said Toledano.

    “Note, the S&P 500 which is the bellwether for the equities market is down over 4% over the last month and over 2% this past week alone. While 2 and 4 percentage points mean little in the cryptosphere, these figures are notable in TradFi from a loss perspective.”

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  • Sam Bankman-Fried’s parents are seeking a presidential pardon from Trump

    Sam Bankman-Fried’s parents are seeking a presidential pardon from Trump

    US federal judge dismisses $100M class action suit against Atomic Wallet
    • Joseph Bankman and Barbara Fried have met with lawyers and members of president Donald Trump’s administration
    • Trump has already pardoned Silk Road creator Ross Ulbricht who served 12 years in prison
    • Early Bitcoin investor Roger Ver, who faces a 109-year prison sentence, has also asked Trump to help him

    The parents of former FTX CEO Sam Bankman-Fried are seeking to get their son a presidential pardon from Donald Trump.

    Stanford law professors Joseph Bankman and Barbara Fried have reportedly met with lawyers and members of Trump’s administration. According to Bloomberg, the pair hopes to receive clemency for their son, who is serving a 25-year prison sentence.

    Bankman-Fried was sentenced last March after being found guilt of fraud. The platform filed for bankruptcy in 2022.

    Pardoning Ulbricht

    The move comes as Trump gave a presidential pardon to Silk Road creator Ross Ulbricht in the first week of entering the White House.

    During his presidential campaign, Trump promised that he would release Ulbricht – who served 12 years in prison – if he was re-elected as president.

    According to the report, Bankman-Fried previously called his sentence “draconian” despite FTX customers having recovered most of their money. In December, it was reported that the crypto exchange would begin repaying customers in early January.

    Gary Wang, FTX co-founder, avoided a prison sentence in November with judge Lewis Kaplan sentencing him to time served. Nishad Singh, an ex-FTX executive, also avoided a prison sentence.

    However, Caroline Ellison, the former CEO of Alameda Research – the sister company to FTX – received a 24-month prison sentence in September.

    Last Sunday, early Bitcoin investor Roger Ver posted a video message on X calling on Trump to help him avoid a prison sentence of up to 109 years. In his message, Ver wrote: “Mr. President, I am an American, and I need your help. Only you, with your commitment to justice, can save me @realDonaldTrump.”

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  • Crypto industry hopes rise as Donald Trump enters the White House

    Crypto industry hopes rise as Donald Trump enters the White House

    Donald Trump's transition team considering XRP, Solana, and USDC strategic reserves
    • A new era is set for the industry with the appointment of crypto-friendly candidates such as Paul Atkins
    • It remains to be seen whether the US will match similar regulatory frameworks like Europe’s MiCA
    • The rise of Bitcoin will be shaped by institutional adoption, increased regulatory clarity, and broader macroeconomic and geopolitical trends

    US President-elect Donald Trump is taking office today with his incoming administration making significant promises for the crypto industry.

    After years of battling with the US Securities and Exchange Commission (SEC) under outgoing US President Joe Biden’s administration, the crypto market is beginning to feel hopeful.

    Even before entering the White House, a shift has already taken place with the appointment of crypto-friendly candidates including Paul Atkins as the next SEC Chair and crypto czar David Sacks. Trump is also, reportedly, going to sign an executive order making crypto a priority under his leadership.

    “So far, the country has done little to advance a clear crypto regulatory framework,” said Tom Kiddle, co-founder of Palisade, a French-regulated digital asset custodian backed by Ripple, to CoinJournal. “However, Trump’s nomination of pro-crypto Paul Atkins could mark the dawn of a new era for the sector.”

    A similar MiCA framework?

    While a potentially favorable crypto environment is possible with the likes of Paul Atkins, it remains to be seen whether the new administration will match international frameworks such as Europe’s Markets in Crypto Assets (MiCA) regulations.

    According to Kiddle the “US is at a crossroads,” adding that “if the SEC adopts a constructive stance, the country could finally reclaim is position as a global leader in blockchain innovation rather than watching talent and capital drain to emerging economies.”

    Several companies, including Bitwise, Coinbase, and Ferrari are already expanding their services into Europe. With a lack of clear crypto regulations, the crypto industry isn’t reaching its full potential in the US.

    Under a Trump administration that could soon change.

    “It’s unclear how closely the administration intends to match international frameworks such as the EU’s MiCA with its regulatory plans,” said Temujin Louie, CEO of Wanchain to CoinJournal. “By closely monitoring the administration’s policies and adapting accordingly, the blockchain industry can remain focused on developing innovative solutions that promote the mainstream adoption of blockchain technology.”

    Market sentiment

    Since winning the US election in November, Trump has helped pushed market prices to new highs. In December, Bitcoin reached an all-time high of over $108,000. However, while some think Trump isn’t the only reason Bitcoin’s is rising, it’s certainly helping.

    Speaking about this to CoinJournal, James Toledano, COO of Unity Wallet, said that “Bitcoin’s price ahead of inauguration day hinges on a mix of market sentiment and speculative optimism,” adding that “the real drivers of Bitcoin’s price include adoption, regulation, and macroeconomic factors.”

    Earlier last week, it was reported that bleak economic expectations were driving the bearish sentiment within the crypto market. At the time, Bitcoin had dropped below $90,000 as Trump’s tariff plans, the US Federal Reserve’s cautious approach to interest rate cuts, and a strong dollar dampened crypto enthusiasm.

    According to Toledano, following Trump’s inauguration, the rise of Bitcoin will be shaped by institutional adoption, increased regulatory clarity, and broader macroeconomic and geopolitical trends.

    At the same time, “as pro-Bitcoin as Trump is, some other major geopolitical or macroeconomic event could knock 40%-50% off the value overnight and we’ve seen this before,” said Toledano.

    Despite this, many are hopeful that positive changes are ahead.

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  • Trump to make crypto a priority with executive order

    Trump to make crypto a priority with executive order

    Ein Foto von US-Präsident Donald Trump
    • President-elect Donald Trump could sign the executive order on January 20 when he’s sworn in
    • The order may also create a crypto advisory council
    • People familiar with the matter said the order isn’t final and could change before it’s made public

    US President-elect Donald Trump is reportedly planning to sign an executive order designed to prioritize crypto as his inauguration day approaches.

    Citing people familiar with the matter, the order enables industry insiders to work with agency regulators. It could also create a crypto advisory council, reports Bloomberg.

    An earlier report from The Washington Post suggests Trump is expected to sign executive orders – on the first day of his presidency – focusing on crypto de-banking and the repeal of crypto accounting policies requiring banks holding digital assets to count them as liabilities.

    Trump, who will be inaugurated on January 20, has enjoyed strong support from the crypto industry. During his campaign trail, he promised to make the US the “crypto capital” of the world, and was the recipient of a $2 million Bitcoin donation from Cameron and Tyler Winklevoss and a $1 million Ethereum donation from Jesse Powell, co-founder of Kraken.

    Since winning the US election in November, the crypto market has rallied with Bitcoin hitting a new all-time high of over $108,000.

    Trump has also selected several pro-crypto candidates within his incoming administration, including crypto czar David Sacks, Bo Hines as executive director of the Presidential Council of Advisers for Digital Assets, and Paul Atkins as the next US Securities and Exchange Commission (SEC) chair.

    Earlier this week, Republican commissioners at the SEC indicated they were set to revise the agency’s crypto policies as Trump prepares to enter the White House next week.

    Pushing American tech

    Despite facing regulatory hurdles, the crypto market has also seen positive growth under President Joe Biden’s administration.

    At the beginning of 2024, for instance, the SEC approved the first US spot exchange-traded funds (ETFs), which have since expanded the market. BlackRock’s IBIT Bitcoin ETF currently accounts for more than 559,000 Bitcoin, valued at $56.2 billion, according to iShares data.

    However, with the new incoming administration, Trump is keen to push American technology companies to the front.

    Speaking on this, Kara Calvert, vice-president for US policy at Coinbase Global, said: “What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signalling to other countries is to be careful, or you won’t keep up.”

    At the time of publishing, Bitcoin is back within the $100,000 territory, trading at around $102,000.

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  • Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024

    Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024

    Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024
    • Eric Trump has predicted Bitcoin will hit $1M, citing its scarcity and potential.
    • Eric compared Bitcoin’s adoption to email, emphasizing early adopter advantages.
    • Eric lauded Bitcoin as a hedge against inflation, instability, and global risks.

    Eric Trump, executive vice president of the Trump Organization and son of US President-elect Donald Trump, delivered a stirring keynote address at the Bitcoin MENA event in Abu Dhabi on December 10, 2024.

    In his speech, he confidently predicted that Bitcoin’s price would one day surpass $1 million per coin, describing it as a transformative force in the global economy.

    Eric Trump highlighted Bitcoin’s unique qualities, emphasizing its limited supply of 21 million coins, decentralized structure, and potential to serve as a hedge against inflation and political instability. “Bitcoin is not just another investment,” he stated. “It’s a global asset, a store of value, and a safeguard against the uncertainties of the world—be it economic turmoil, natural disasters, or geopolitical conflicts.”

    The son of the US President-elect compared Bitcoin’s adoption journey to the widespread acceptance of email, which took decades to achieve mass use. He acknowledged that technological breakthroughs often face resistance initially, but once their utility becomes apparent, they are embraced universally.

    “People are slow to adapt to new technology, just as they were with email in the 1970s. But as Bitcoin gains traction, the sceptics will realize its transformative potential,” Eric said.

    Eric also addressed the role of financial institutions and governments, noting that many are beginning to pivot toward cryptocurrency. He shared an anecdote about a major bank executive, once sceptical of Bitcoin, now overseeing a crypto desk handling billions in investments.

    According to Eric Trump, those who embrace Bitcoin early will reap significant rewards, while late adopters risk falling behind in the digital currency revolution.

    Acknowledging Bitcoin’s recent milestone of surpassing $100,000 per coin on December 5, Eric expressed optimism about the cryptocurrency’s future. He concluded by encouraging the Bitcoin community to continue driving innovation and adoption, stating, “Bitcoiners, I love you. The Trump family stands with you. Together, we are witnessing the dawn of a new financial paradigm.”

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  • Donald Trump names David Sacks as “AI and crypto czar”

    Donald Trump names David Sacks as “AI and crypto czar”

    • David Sacks is the former PayPal COO and founder of Yammer, a SaaS company
    • He will work on a legal framework providing the crypto industry with the clarity it wants

    US President-elect Donald Trump has announced that David Sacks will be the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”

    In a post on his social media platform Truth, Trump wrote that Sacks will take up the role which are “two areas critical to the future of American competitiveness,” adding, among other things, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”

    As part of his role, Trump added that David will focus on making America a “global leader” in these areas, something Trump promised during his election campaign in August.

    During the US election, Trump has focused more on being pro-crypto, and became the first US president to use the Bitcoin network. He achieved this after sending a Bitcoin transaction at PubKey, a crypto-themed bar in New York ahead of his campaign rally in Long Island in September.

    Since winning the election in November against current vice president Kamala Harris, Trump has been appointing pro-crypto candidates for his administration before he enters the White House next month.

    Earlier this week, Trump named pro-crypto Paul Atkins as the next chair of the US Securities and Exchange Commission (SEC), helping push Bitcoin to over $100,000 for the first time. Trump also has Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy leading the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”

    Musk, who was a familiar face during Trump’s election campaign, is reported to have donated over $250 million to Trump’s campaign, reports the Financial Times.

    Elsewhere, in November, Trump named Howard Lutnick, CEO of Cantor Fitzgerald, a financial services firm, as the US Commerce Secretary.

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  • Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

    Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

    • The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin
    • Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen
    • When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 Bitcoin halving events

    Donald Trump’s re-election into the White House isn’t “the main story” for Bitcoin’s recent price rally, says Onramp Bitcoin’s co-founder.

    In a post on X, Jesse Myers said the main reason is that the market is at the “6+ months post-halving” mark.

    Taking place every four years, the last Bitcoin halving occurred in April when the block reward dropped from 6.25 Bitcoin to 3.125. As a result, each new block becomes harder to solve with a lower reward.

    A reduction in Bitcoin supply typically means an increase in the price of Bitcoin. The next Bitcoin halving is expected to occur sometime in 2028.

    According to Myers, a “supply shock has accumulated,” meaning “there’s not enough supply available at current prices to satisfy demand,” adding that a “supply-demand price equilibrium must be restored.”

    However, the only way Myers believes this will happen “is for the price to go higher, which will flywheel into mania and a bubble, but that’s how this thing works.”

    Post-halving bubbles

    Supplying a chart, Myers indicated that the market is currently at the start of the post-halving bubble. Based on his data, Bitcoin’s price will continue its upward trajectory before peaking to new highs and dropping to current levels.

    Jesse Myers’ Bitcoin post-halving chart. Source: Jesse Myers

    “It sounds crazy to say there will be a reliable, predictable bubble every 4 years,” said Myers. “But then, there’s never been an asset in the world where new supply creation is halved every 4 years.”

    Post-halving bubbles happened in the 2012, 2016, and 2020 Bitcoin halvings, said Myers.

    The recent Bitcoin price rally comes amid Trump’s re-election into the White House. Based on his campaign trail in the lead-up to election day, Trump came across as pro-crypto compared to current Vice President Kamala Harris.

    Last week, Senator Cynthia Lummis also reaffirmed plans that the US is going to build a strategic Bitcoin reserve. If passed, the senator’s Bitcoin Act would propose directing the US Treasury to buy one million over the next five years.

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  • Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    • Bitcoin spiked to above $75,400, a new all-time high.
    • This came as Donald Trump clinched the US presidency, beating Kamala Harris.

    Bitcoin rose to new all-time high above $75,000 as world leaders began to congratulate Donald Trump as the winner and president-elect in the 2024 US election.

    As Trump took a decisive lead with key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, Bitcoin price rocketed past $75k to hit a new all-time high above$75,400.

    BTC chart. Source: TradingView

    The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated. Per Coinglass, 124,734 traders saw their positions liquidated in the past 24 hours, with total liquidations at more than $557 million.

    BTC liquidations stood at over $273 million, with more than 70% of that – $211 million – in shorts. Crypto is overall extremely bullish on a Trump presidency and analysts say dips in coming months will offer buy opportunities.

    Trump’s pro-crypto stance

    As the election cycle slowly comes to an end, key to the crypto industry is that the most “pro-crypto” candidate has won. World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have all congratulated Trump on his victory.

    The US president-elect has also given a victory speech.

    But while the market celebrates, what remains to be seen is whether he keeps the pledges he made during the campaign. These include two pledges for “day one” in office: fire US Securities and Exchange Commission Chair Gary Gensler and commute the sentence of Ross Ulbright.

    He also said he’d make the US the world’s BTC mining hub, support a strategic Bitcoin reserve effort and never allow the creation of a central bank digital currency (CBDC).

    Despite these pledges, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representaives has also increased significantly to suggest the road to regulatory clarity has likely opened up.

     

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  • Ex-President Donald Trump wishes Bitcoin whitepaper a happy 16th anniversary

    Ex-President Donald Trump wishes Bitcoin whitepaper a happy 16th anniversary

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token
    • Trump wished a happy birthday to the anniversary of Bitcoin’s whitepaper and called on ending “Kamala’s war on crypto”
    • Since Bitcoin’s initial days, its price has risen to over $72,000 and is accepted as legal tender in El Salvador
    • Trump’s post comes less than a week before the US election results are in

    Former US President Donald Trump has sent well wishes celebrating the 16th anniversary of Bitcoin’s whitepaper.

    Posting on X, Trump said: “I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper,” adding:

    “We will end Kamala’s war on crypto & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne.”

    On October 31, the mysterious creator of Bitcoin, Satoshi Nakamoto, released the whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System, which would change how we view money.

    Detailing how the current financial system works, the author proposed introducing a new “electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”

    Initially looked at with scepticism, Bitcoin’s price has since soared to more than $72,000 as it makes its way toward its March all-time high of $73,700, is accepted as legal tender in El Salvador, and retail and institutional investors can invest in spot Bitcoin exchange-traded funds (ETFs).

    Trump’s post comes less than a week when the results will be in announcing the next POTUS. Trump and his rival, Vice President Kamala Harris have both been vocal in supporting the crypto industry should they lead the government.

    In September, Harris said during a US presidential campaign that, if elected, she would help grow investment in artificial intelligence and crypto. She has also promised to support a “regulatory framework for cryptocurrency and other digital assets.”

    Meanwhile, Trump has said he’ll make America the “crypto capital of the world.” Trump has also backed a crypto project called World Liberty Financial, which plans to launch a stablecoin linked to the US dollar. Raising $14 million in initial funding, the project plans to capitalize on the growing demand for stablecoins.

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