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Starknet, an Ethereum layer 2 solution, is setting the stage to settle transactions on both Bitcoin and Ethereum, aiming to unify these two major blockchains. The Starknet Foundation's roadmap outlines plans to enhance Bitcoin's functionality by scaling its transaction capacity, reducing fees, and improving user experience. This initiative would allow developers to leverage Bitcoin for more than just a store of value, enabling smart contract applications like staking, lending, and yield farming. StarkWare, the company behind Starknet, has also started holding Bitcoin in its treasury, signaling a commitment to Bitcoin's utility. The integration with Bitcoin Web3 wallet Xverse is expected to facilitate this transition, with the goal of achieving a significant moment for Bitcoin's DeFi ecosystem. Ethereum co-founder Vitalik Buterin has expressed support for this move, highlighting the potential for trustless asset flow between Bitcoin and Ethereum, which could revitalize crypto payments and expand Bitcoin's original vision as a peer-to-peer electronic cash system.
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In a remarkable feat, a solo Bitcoin miner using a relatively inexpensive, pocket-sized Bitaxe mining rig managed to solve Bitcoin block 887,212, earning a reward of approximately $263,000. This event marks the 297th instance of a solo miner from the solo.ckpool Bitcoin mining pool achieving such a milestone. The miner utilized a Bitaxe machine with a hash rate of 480 gigahashes per second (GH/s), which is significantly lower compared to the industrial-scale machines that operate at over 230,000 GH/s. The odds of a miner with this capacity finding a block are extraordinarily slim, estimated at less than 1 in a million per day. This success not only underscores the unpredictability of Bitcoin mining but also highlights the growing trend of open-source mining hardware, which aims to democratize the mining process by making it more transparent and accessible. The miner's reward included the standard 3.125 BTC block reward plus additional transaction fees, showcasing the potential for even small-scale miners to strike it big in the Bitcoin network.
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The cryptocurrency market has experienced a significant downturn in trading volume since its peak in February, with a decline of over 50% noted by March 12. This drop in activity, coupled with a 25% reduction in total market capitalization since the beginning of February, points to a broader market correction. Analysts from Santiment have observed that this trend reflects diminishing trader enthusiasm, with behaviors indicating exhaustion, hopelessness, and capitulation. The decline in trading volume, even during slight price recoveries, suggests a lack of confidence among traders that current price levels will yield profitable outcomes. This scenario has led to concerns about the sustainability of any market rebound, with fears that without robust buying participation, price gains could be short-lived. The current market conditions, including a Crypto Fear & Greed Index remaining in "fear" territory, underline the cautious sentiment among investors, potentially signaling a period of consolidation similar to what was observed last year.
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On March 12, a crypto trader experienced a significant financial loss due to a sandwich attack while attempting to swap $220,764 worth of USD Coin (USDC) for Tether (USDT) on Uniswap v3. The attack, executed by an MEV (Maximum Extractable Value) bot, resulted in the trader receiving only $5,271 in USDT, with the bot profiting $8,000 and tipping $200,000 to an Ethereum block builder. The attack involved front-running the transaction, manipulating the liquidity pool to extract maximum value. Further analysis suggests that the same trader might have been targeted multiple times that day, with transactions originating from the Aave protocol. There's also speculation that these trades could be part of a money laundering scheme, where illicit funds are laundered through MEV bots. Despite initial criticism, it was clarified that Uniswap's front end has protections against such attacks, indicating the transactions were likely initiated from external sources.
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As Bitcoin struggles to maintain its $80,000 valuation amidst macroeconomic concerns and crypto-specific challenges, Bitwise CIO Matt Hougan offers a perspective that looks beyond the immediate market downturns. He points out that the recent executive order from the White House, which directs an investigation into adding Bitcoin to the U.S. Strategic Reserve, has been misunderstood by investors. Hougan believes this directive signals a long-term bullish trend for Bitcoin, potentially catalyzing a global race to acquire the cryptocurrency. Despite acknowledging the risk of short-term volatility, he remains optimistic about Bitcoin's future, predicting it could reach $200,000 by year's end. Additionally, Hougan discusses the evolving dynamics in the broader crypto market, suggesting that altcoins will soon be evaluated on their own merits rather than following Bitcoin's lead. He also highlights Bitwise's new ETF aimed at companies holding Bitcoin, reflecting a growing corporate interest in the cryptocurrency. Despite the current market jitters, Hougan's outlook for Bitcoin and the crypto market remains one of cautious optimism, emphasizing the long-term investment potential over short-term fluctuations.
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The Securities and Exchange Commission (SEC) has delayed decisions on several spot crypto exchange-traded fund (ETF) applications, including those for XRP, Solana, Dogecoin, and Litecoin. This delay aligns with expectations that no approvals will be made until the SEC's leadership is confirmed, with Paul Atkins, former SEC commissioner, nominated by President Trump to lead the agency. ETF analyst James Seyffart from Bloomberg Intelligence noted that while there's a possibility for early approval, it's unlikely before Atkins' confirmation. The SEC's past behavior of extending review periods to the maximum allowed time suggests that decisions might be pushed back until the new chair is in place. Despite the lack of a regulated futures market for these altcoins, which was a significant factor in approving Bitcoin and Ether ETFs, there's still a 65% or higher chance of approval for some altcoin ETFs by year-end, according to Seyffart. However, the confirmation of the new SEC chair remains a pivotal factor in the timeline for these decisions.
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Market experts are expressing concerns over the potential impact of U.S. tariffs on cryptocurrencies, with Bitcoin possibly dropping below $75,000 in 2025 if trade tensions escalate. Rachel Lin from SynFutures highlighted the risk-off selloff scenario, noting that short-term holders have been selling off Bitcoin due to macroeconomic uncertainties, a trend previously seen when Bitcoin fell significantly last August. Despite these short-term volatilities, some experts believe that Bitcoin's long-term value remains strong, with dips being seen as buying opportunities by those who understand its potential. Meanwhile, Ethereum faces its own set of challenges, with predictions of its price falling below $1,600 or even $1,000 due to issues with centralization, scalability, and competition from Solana, which is gaining traction in the memecoin market. These factors could lead to a decline in institutional interest in Ethereum, especially with Solana's pending ETF application.
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Despite concerns over President Trump's tariff policies, the prices of everyday household items increased less than anticipated last month. Meanwhile, the cryptocurrency market saw some gains with Bitcoin up 2% to $82,000, XRP up 6%, Dogecoin up 4%, and Cardano up 2% over the past 24 hours. However, these gains are expected to be fleeting due to external economic pressures like trade tensions and new tariffs, which could reintroduce inflation and keep market volatility high. The crypto market has significantly declined since the Federal Reserve indicated fewer interest rate cuts for 2025, leading to reduced economic liquidity and a shift away from risky assets. Trump's tariff policies, including recent impositions and partial rollbacks on imports from China, Canada, and Mexico, have further complicated the economic landscape, potentially increasing the cost of foreign goods for Americans. Additionally, his recent comments on the possibility of a recession and the lukewarm reception to his crypto policy changes, including the establishment of a national crypto reserve, have added to investor uncertainty.
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Binance, the world's leading cryptocurrency exchange, has secured a monumental $2 billion investment from MGX, a state-backed investment firm in the United Arab Emirates. This investment, made in stablecoins, marks one of the largest capital injections into a crypto company, underscoring the UAE's increasing influence in the cryptocurrency sector. MGX, based in Abu Dhabi, received a minority stake in Binance, though specifics like valuation and the size of the stake remain undisclosed. This move comes at a pivotal time for Binance, following a significant legal settlement with the U.S. Department of Justice in November 2023, which saw its former CEO, Changpeng Zhao, resign and plead guilty to charges related to anti-money laundering. The new CEO, Richard Teng, has been steering the company towards a more regulatory-compliant image, emphasizing cooperation with law enforcement and regulators. The investment not only strengthens Binance's financial standing but also its strategic presence in the Gulf region, where it already has a substantial workforce and hosts crypto events.
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The Senate is poised to advance a significant piece of legislation aimed at regulating stablecoins, a type of cryptocurrency pegged to the U.S. dollar. The Senate Banking Committee is scheduled to review and potentially amend the bill, which has garnered attention due to its implications for the crypto industry and broader economic stability. Critics, led by Senator Elizabeth Warren, express concerns that the bill could destabilize the economy and empower Big Tech companies, like Elon Musk's X, to issue their own currencies. Despite these criticisms, the bill enjoys bipartisan support, with key legislators like Senators Bill Hagerty, Tim Scott, and Kirsten Gillibrand pushing for its passage. The legislation seeks to address the regulatory gray area surrounding stablecoins, which have seen exponential growth, exemplified by Tether's market cap exceeding $140 billion. The bill also aims to balance federal and state oversight, allowing larger issuers to remain under state supervision. While the crypto industry sees this as a step towards innovation and strengthening the dollar internationally, the debate continues on how to effectively regulate foreign issuers and ensure consumer protection.
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Hemi Labs, a modular blockchain project founded by early Bitcoin developer Jeff Garzik, has launched its mainnet with an impressive $440 million in total value locked (TVL). The project's goal is to merge the strengths of Bitcoin and Ethereum into what they describe as "a single supernetwork." By leveraging Bitcoin's robust security and Ethereum's advanced programmability, Hemi aims to address the limitations of Bitcoin's coding, which does not natively support smart contracts or zero-knowledge proofs, essential for decentralized finance (DeFi) applications. The initiative has attracted significant attention, raising $15 million in a funding round led by Binance Labs. Hemi's approach is part of a broader movement to enhance the blockchain ecosystem, particularly in DeFi, by integrating Bitcoin's vast value storage with Ethereum's versatile functionality. The company has already secured commitments from numerous protocols for deployment on its network, including notable names like Sushi, pumpBTC, RedStone, and Pyth, signaling strong industry support for Hemi's vision.
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The memecoin market has seen a resurgence with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) showing significant gains over the past 24 hours. PEPE has been the standout performer, increasing by 8.89% to a market cap of $2.79 billion. Dogecoin and Shiba Inu also recorded gains, with DOGE up 2.74% and SHIB up 3.02%. However, the Official Trump (TRUMP) token has not followed suit, experiencing a decline of 1.52% and losing 85% of its value since its all-time high. This divergence comes as Bitcoin recovers, surpassing $80,000, which has injected new life into the memecoin sector. The market's recovery is attributed to improved investor confidence, although trading volumes have decreased. If Bitcoin continues its upward trend, there's potential for further growth in the memecoin market in the near future.
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During the White House cryptocurrency summit on March 7, President Donald Trump announced the creation of a Strategic Bitcoin Reserve and a Digital Asset Stockpile, signaling a significant policy shift towards digital currencies. In his speech, Trump shared a piece of advice for Bitcoin investors: "Never sell your Bitcoin," which aligns with the long-term investment strategy favored by many in the crypto community. This statement, although met with a lukewarm market response, underscores the government's intention to hold onto its Bitcoin, potentially increasing the coin's scarcity and value over time. The policy does not commit the U.S. to purchasing more Bitcoin but rather to not selling what it already possesses, which could tighten the supply available on the market. Despite the bullish sentiment, the article advises investors to approach Bitcoin with caution, suggesting a small allocation within a diversified portfolio and a strategy of dollar-cost averaging. The long-term outlook for Bitcoin remains positive, but the article cautions against over-investment and emphasizes the importance of personal investment strategy over presidential advice.
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In a recent episode of Yahoo Finance's Opening Bid podcast, Edward Jones CEO Penny Pennington discussed the volatile nature of cryptocurrencies, stating that while she does not consider crypto as a traditional asset class due to its lack of fundamental value, she recognizes its significance in driving blockchain innovations. Despite this, Edward Jones is cautiously exploring involvement in the crypto space, focusing on how it might benefit their wealth-building clients without rushing to offer crypto products. The discussion comes at a time when Bitcoin has seen a sharp decline of about 24% from its all-time high, influenced by fears of a recession and other economic pressures. This volatility has also affected other cryptocurrencies and crypto-related stocks like Coinbase and Robinhood, with significant losses recorded. Pennington emphasized the importance of understanding crypto's role in future financial systems and innovations, even if direct investment isn't immediately advisable.
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Bitdeer Technologies, a Singapore-based bitcoin mining company, significantly increased its bitcoin holdings by nearly 75% over two months, reaching 1,039 BTC by February 2025. This growth was facilitated by redirecting some of its mining rigs to self-production after customers delayed payments for SEALMINER A2 units during a downturn in bitcoin's price. Despite this increase, Bitdeer still lags behind major holders like MARA Holdings and Riot Platforms in terms of bitcoin treasury size. The company's focus remains on developing its mining technology, with its new A3 miner demonstrating notable energy efficiency. However, the fourth quarter saw a substantial net loss of $531.9 million, largely due to investments in mining rig development. Bitdeer's mining output slightly decreased from January to February, but its proprietary hash rate improved. The company's shares experienced a minor uptick in Nasdaq trading.
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The crypto market has experienced a significant downturn, with Bitcoin prices dropping from a support level of $92,000 to $80,000, marking a three-month low. This decline has been influenced by a combination of factors including a drop in market sentiment, as reflected by the Crypto Fear and Greed Index falling to an extreme fear level of 10. The market's high correlation with traditional markets has also played a role, with uncertainties around U.S. tariffs affecting investor confidence. Additionally, crypto-specific issues like the Bybit exchange hack and outflows from Bitcoin ETFs have further pressured prices. Despite a brief rally following Trump's announcement of a strategic crypto reserve, the lack of clarity on its execution has led to a price pullback. The market now faces a critical juncture where economic policies and crypto developments could either propel prices higher or lead to further declines. However, historical patterns suggest that such retracements are normal, and the current dip might present a buying opportunity for long-term investors.
