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In a recent research report, Wall Street bank JPMorgan highlighted significant changes in the Bitcoin mining landscape. The network's hashrate, which measures the total computational power used for mining, saw an increase of 2 exashashes per second (EH/s) in the first half of March, averaging at 811 EH/s. Despite this growth, the mining sector faced economic pressures due to a roughly 10% decline in Bitcoin's price, impacting profitability. U.S.-listed miners continued to hold a 30% share of the network hashrate. The report also noted a decrease in daily block reward revenue for miners, dropping by 11% from February and significantly by 52% since the halving event in April of the previous year. Additionally, the market capitalization of tracked U.S.-listed miners decreased by 13%, or approximately $3 billion, with Argo Blockchain slightly outperforming and Cipher Mining experiencing a notable decline. Only one miner managed to outperform Bitcoin during this period.
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The digital asset market has been experiencing significant outflows, with a record streak of 17 consecutive days of outflows amounting to $6.4 billion over five weeks, as reported by CoinShares on March 17. The U.S. has been the epicenter of these outflows, contributing over 93% of the total with $1.16 billion, while Switzerland also saw substantial outflows. Bitcoin investment products have been particularly hard hit, with $978 million in outflows this week, adding to a five-week total of $5.4 billion. Despite these trends, XRP has seen inflows, suggesting some resilience or differing investor sentiment towards specific assets. Meanwhile, the market's total assets under management have decreased by $48 billion due to ongoing selling pressure. Even with Bitcoin reaching a high of $83,127, the persistent outflows might be hindering a breakthrough at the $85,000 resistance level, with significant liquidation zones forming around this price point, indicating high volatility and risk for leveraged positions.
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The article discusses the growing concerns over stagflation, a combination of economic stagnation and high inflation, which was notably absent from discussions at the World Economic Forum in Davos earlier this year. Despite this, investors are increasingly acknowledging the risk, leading to the outperformance of investment strategies designed to hedge against stagflation. Goldman Sachs' "stagflation basket," which includes investments in commodities and defensive sectors like healthcare, has significantly outperformed traditional benchmarks like the S&P 500 and Bitcoin. The S&P 500 has seen a 4% drop, while Bitcoin has fallen by 10% this year. Market signals, including rising inflation swaps and an inverted yield curve, point towards stagflation, although some market analysts suggest that these signals might be misinterpreted or temporary. The discussion also touches on Bitcoin's role as a potential safe haven asset, with mixed views on its current market behavior and future potential amidst economic uncertainty.
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On March 16, Marla Maples, the second ex-wife of former US President Donald Trump, publicly called for the dismissal of the prosecution against Roger Ver, an early Bitcoin investor known as 'Bitcoin Jesus.' Ver faces charges of tax evasion, accused of defrauding the US government of $48 million by not reporting capital gains from his cryptocurrency transactions. Following the pardon of Silk Road creator Ross Ulbricht by Trump, several notable figures including Ulbricht, Ethereum co-founder Vitalik Buterin, and political commentator Tucker Carlson have voiced support for Ver. Despite Ver's appeal for a pardon to Trump in January 2024, there has been no acknowledgment. Ver was arrested in Spain in April 2024, and while he was granted bail, the US seeks his extradition. Elon Musk, however, argued against a pardon for Ver, citing his renouncement of US citizenship.
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Mark Uyeda, the acting chair of the U.S. Securities and Exchange Commission (SEC), has indicated a potential shift in regulatory approach from the previous administration's policies. Speaking at an investment industry conference in San Diego, Uyeda outlined plans to possibly revise or eliminate regulations that would impose stricter standards on investment advisors managing cryptocurrencies and other assets. These regulations, initially proposed under former SEC Chair Gary Gensler, aimed to prevent misuse of clients' assets but have faced criticism for their broad scope. Additionally, Uyeda mentioned the SEC's consideration of modifying a rule implemented in August, which requires mutual and exchange-traded funds to report their holdings monthly rather than quarterly. This change was intended to increase transparency but has been met with concerns, particularly regarding the implications of artificial intelligence on the frequency of reporting. Uyeda's remarks suggest a move towards regulations that are more cost-efficient and within the statutory limits of the SEC's authority.
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Changpeng Zhao (CZ), the former CEO of Binance, has shared his insights on the future of the cryptocurrency market, predicting that only a small fraction of participants will achieve long-term success. This forecast was in response to a post by crypto influencer EmperorBTC, who analyzed the psychological dynamics of the crypto market. EmperorBTC categorized 80% of crypto investors as "tourists" who react to market news and sentiment, while over 10% follow misguided advice from influencers. He further stated that only 5% of investors genuinely understand cryptocurrencies. CZ added that even within this knowledgeable group, only a small percentage actively engage with blockchain projects, yet they generally fail to outperform Bitcoin. He emphasized that long-term Bitcoin holders outperform not only most crypto market participants but also traditional asset classes with minimal effort. This discussion comes at a time when Bitcoin is trading near $82,930, facing resistance at $85,000, amidst significant outflows from the digital asset sector.
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Robinhood, known for its crypto-based trading platform, is expanding into prediction markets with the launch of a new feature on its platform, facilitated by the CFTC-regulated exchange Kalshi. This move introduces a hub where users can bet on various event outcomes, directly competing with platforms like Polymarket, which gained significant attention during the U.S. presidential election. The introduction of prediction markets by Robinhood comes at a time when such platforms are under scrutiny for their influence on public events and elections. Despite controversies, including an FBI raid on Polymarket's CEO, Robinhood sees prediction markets as a valuable intersection of news, economics, politics, sports, and culture. The initial offerings for betting include the potential upper bound of the target fed funds rate in May and outcomes of the College Basketball Tournaments. This strategic expansion has positively impacted Robinhood's stock, which saw a 2.3% increase on the announcement day.
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Michael Saylor's enterprise software company, Strategy, has continued its aggressive Bitcoin acquisition strategy by purchasing an additional $10.7 million worth of the cryptocurrency. This move comes shortly after the company announced plans to issue up to $21 billion in preferred stock to further its Bitcoin holdings. Since late October, Strategy has been actively buying Bitcoin, with the latest acquisition of 130 Bitcoins at an average price of $82,981, bringing its total Bitcoin holdings to approximately $41.6 billion. The company's approach involves leveraging both equity and fixed-income securities to fund these purchases, aiming to raise $42 billion by 2027. Saylor has expressed confidence in Bitcoin's future, citing its acceptance by Wall Street, the U.S. government, and banks as a sign of its growing legitimacy. Despite a recent dip in Bitcoin's value and Strategy's stock price, Saylor remains optimistic about Bitcoin's potential for significant growth once market conditions improve.
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The open interest in Toncoin (TON) surged by 67% over the past 24 hours following reports that Telegram founder Pavel Durov left France, where he had been required to stay since his arrest seven months prior. This spike in open interest, which measures the total number of unsettled derivative contracts, reached $169 million, marking the highest level since February 1. TON, the native cryptocurrency of The Open Network, also saw its price jump by 17% to $3.45. The market's reaction suggests the potential significance of Durov's case for the crypto industry, with concerns that his arrest could set a precedent for crackdowns on privacy-focused services. Durov was allowed to travel to Dubai, a city with no extradition agreements with many countries. This event echoes a similar surge in open interest when Durov was arrested in August 2024, highlighting the market's sensitivity to news related to key figures in the crypto space.
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Strategy, previously known as MicroStrategy, has continued its aggressive Bitcoin acquisition strategy by purchasing an additional 130 BTC for $10.7 million at an average price of $82,981 per BTC. This latest acquisition was funded through the sale of preferred stock (STRK), which offers an 8% yield to investors, rather than issuing more Class A common stock, thereby avoiding dilution of voting rights for existing shareholders. The company's total Bitcoin holdings now stand at 499,226 BTC, valued at around $41.6 billion, representing over 2% of the total Bitcoin supply. This move underscores Strategy's commitment to Bitcoin as a treasury reserve asset, with co-founder Michael Saylor highlighting the firm's Bitcoin yield of 6.9% year-to-date for 2025. Despite this strategic investment, Strategy's shares experienced a slight dip in pre-market trading.
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The Lazarus Group, a notorious North Korean hacking organization, has amassed a significant amount of cryptocurrency, holding over 13,500 BTC and 13,700 ETH, with a total value of $1.16 billion. This makes them a leading Bitcoin holder, surpassing the holdings of countries like Bhutan, El Salvador, and Finland. Their wealth was significantly boosted by a massive heist in February 2025, where they stole $1.46 billion in crypto assets, primarily Ethereum, from the UAE-based Bybit exchange. Despite converting much of their loot into Bitcoin, the group's holdings are still dwarfed by those of major countries like the United States and China, as well as companies like MicroStrategy and Block.one. The Lazarus Group's activities have not ceased, as evidenced by a recent hacking attempt on the Seychelles-based OKX exchange, leading to temporary service disruptions. This ongoing criminal activity highlights the persistent threat posed by such groups to the cryptocurrency ecosystem.
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The article discusses the ongoing debate between gold and Bitcoin as safe-haven investments amidst economic uncertainty. Gold has recently reached an unprecedented price of $3,000 per ounce, reflecting its status as a traditional safe-haven asset during times of market turmoil. Conversely, Bitcoin, dubbed "digital gold," is gaining traction among investors for its unique attributes like a capped supply, decentralization, and resistance to inflation through its halving mechanism. Despite these features, Bitcoin's performance as a hedge against economic downturns has been inconsistent, particularly when compared to gold's historical stability. Over the past year, while Bitcoin ETFs have shown superior performance in flat or rising markets, they have underperformed gold ETFs during negative market conditions. This has led to skepticism about Bitcoin's effectiveness as a recession hedge, especially if it continues to correlate with equity markets. The article concludes that until Bitcoin can demonstrate a lower correlation with stocks, gold remains the more reliable hedge against economic downturns.
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US Bitcoin exchange-traded funds (ETFs) have seen their longest streak of weekly net outflows since their inception in January last year, driven by President Donald Trump's tariffs and a broader retreat from riskier assets. Over the past five weeks, investors have withdrawn more than $5.5 billion from a group of 12 ETFs, according to Bloomberg data. This trend began shortly after Trump returned to the White House, indicating that even crypto investors are more focused on the trade war he initiated than on his crypto-friendly policies. Greg Magadini from Amberdata noted that Bitcoin and other cryptocurrencies are currently driven by macroeconomic factors, with no immediate expectation of divergence from risk-assets. Despite reaching record highs post-Trump's November election victory, Bitcoin has struggled in 2025, declining by about 12% year-to-date, and was trading around $83,500 as of the latest report.
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The cryptocurrency market is experiencing turbulence influenced by President Trump's trade policies and potential business dealings with the Trump family. Binance's BNB saw an 8% increase following rumors of a Trump family investment in Binance U.S., despite denials from Binance's founder. Conversely, the TRUMP token has plummeted by nearly 48% over the past month, indicating a shift away from meme coins. XRP is in the spotlight due to ongoing legal battles with the SEC, potentially nearing a resolution. Bitcoin, after dipping below $80,000, has shown a minor recovery but remains down 10.9% from the year's start, reflecting broader market instability. Meanwhile, Cronos gained attention with a small price increase after a vote on reissuing burned tokens. These movements illustrate the volatile nature of cryptocurrencies amidst political and economic uncertainties.
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The Bank of Korea (BOK) has firmly rejected the idea of incorporating bitcoin into its foreign exchange reserves, as reported by the Korea Economic Daily. This decision was communicated in response to an inquiry from a member of the National Assembly's Strategy and Finance Committee. The BOK's primary concern revolves around bitcoin's extreme price volatility, which could lead to significant transaction costs and pose a risk to the stability of its reserves. Furthermore, the central bank noted that bitcoin does not align with the International Monetary Fund's (IMF) criteria for reserve management, which stress the importance of managing liquidity, market, and credit risks effectively. Despite South Korea's vibrant cryptocurrency market, where billions are traded daily, the BOK remains cautious, emphasizing the need for stability and reliability in its reserve assets.
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OKX, a digital-asset exchange, has temporarily suspended its DEX aggregator service after it was implicated in laundering proceeds from a $1.5 billion heist on Bybit, a rival trading platform. The decision came after European regulators, particularly those from the EU's 27 member states, raised concerns about the misuse of OKX's Web3 service by hackers, who are believed to be linked to North Korea. The February hack was noted for its sophistication and scale, making it one of the largest in the cryptocurrency sector. Following a Bloomberg News report highlighting the issue, OKX announced the suspension to upgrade its systems and prevent further misuse. The dispute between OKX and Bybit centers on the specifics of how the stolen funds were laundered, with Bybit's CEO claiming that OKX's platform was used to funnel $100 million of the hacked funds, a claim OKX disputes. This situation underscores the regulatory challenges and security issues within the burgeoning crypto industry.
