Crypto

Key Points

• The SEC dropping its appeal against Ripple signifies that XRP tokens are considered digital commodities, not securities.
• Ripple has leverage to renegotiate its $125 million settlement with the SEC.
• An injunction prevents Ripple from selling XRP to institutional investors, which remains a significant issue.

Summary

The recent decision by the U.S. Securities and Exchange Commission (SEC) to drop its appeal against Ripple Labs has been interpreted by crypto lawyer John Deaton as a definitive sign that XRP tokens are digital commodities rather than securities. This development potentially gives Ripple leverage to renegotiate its $125 million settlement with the SEC, which was initially imposed due to improper sales of XRP. Despite this progress, Ripple faces challenges with an injunction from Judge Analisa Torres that restricts sales of XRP to institutional investors, a hurdle that needs to be overcome for Ripple to expand its market in the U.S. Deaton, who has been a vocal advocate for XRP holders, sees this case as part of a broader regulatory assault on the crypto industry by traditional finance and regulatory bodies. He highlights Ripple's resilience in staying in the U.S. despite the legal battle, suggesting that this could positively influence public and regulatory perceptions of the company.

Key Points

• Memecoins have turned the crypto market into a speculative playground, with significant risks for average traders and substantial rewards for insiders.
• The lack of intrinsic value in memecoins contrasts with traditional investments like stocks or Bitcoin, which have fundamental growth drivers.
• The crypto industry's regulatory chaos has enabled the proliferation of memecoins, likened to an unregulated global casino.

Summary

In his opinion piece, Georgii Verbitskii discusses how the crypto industry has evolved into a speculative arena dominated by memecoins, which he compares to a global casino. He highlights the stark contrast between investing, which focuses on long-term value preservation, and speculation, where memecoins thrive due to their lack of intrinsic value and the promise of quick profits. Verbitskii points out that while traditional investments like stocks or Bitcoin grow based on fundamental economic factors, memecoins rely on hype and psychological triggers, often leading to significant losses for the average trader while insiders profit. He critiques the regulatory environment, noting that the absence of clear rules has allowed for the unchecked growth of memecoins, likening the situation to an unregulated gambling scene. However, he sees a potential shift with the current US administration's crypto-friendly stance, suggesting that forthcoming regulations could introduce stricter controls on token launches and exchange listings, potentially curbing the memecoin frenzy. Verbitskii concludes by advising caution in memecoin investments, treating them like casino visits, and advocating for more stable, long-term investments like Bitcoin for those serious about wealth preservation.

Key Points

• Bitcoin is expected to thrive in a recessionary environment due to increased fiscal spending, lower interest rates, and monetary stimulus.
• BlackRock's head of digital assets, Robbie Mitchnick, sees a recession as a significant catalyst for Bitcoin, contrary to common perceptions of it as a risk-on asset.
• BlackRock has been educating clients about Bitcoin, with some sophisticated investors viewing market corrections as buying opportunities.

Summary

In a recent interview with Yahoo Finance, Robbie Mitchnick, BlackRock's head of digital assets, discussed the potential impact of a US recession on Bitcoin. He highlighted that Bitcoin is designed to perform well in environments characterized by high fiscal spending, low interest rates, and monetary stimulus, conditions typically seen during recessions. Mitchnick emphasized that while many view Bitcoin as a risk-on asset, its fundamentals suggest otherwise, presenting an educational opportunity in the market. Despite some outflows from Bitcoin ETFs, BlackRock's clients, particularly those with a long-term investment strategy, see current market conditions as a chance to accumulate Bitcoin. This perspective contrasts with Coinbase's more cautious outlook, which noted a shift in sentiment due to recession fears and recent economic policies. BlackRock's involvement in Bitcoin through its iShares Bitcoin Trust ETF underscores its commitment to integrating Bitcoin into institutional and wealth advisory portfolios.

Key Points

• Cybersecurity firm Malwarebytes has identified a new crypto-stealing malware within a "cracked" version of TradingView Premium, targeting crypto traders on Reddit.
• The malware, disguised as free software, contains two harmful programs: Lumma Stealer and Atomic Stealer, which aim to steal personal data and drain cryptocurrency wallets.
• Scammers actively engage with victims, helping them download and troubleshoot issues with the malware-laden software.
• The fraudulent software is hosted on a website linked to a Dubai cleaning company, with command and control servers registered in Russia.

Summary

Cybersecurity experts from Malwarebytes have uncovered a sophisticated scam involving a "cracked" version of TradingView Premium, a popular tool for financial market analysis. This version, promoted as free on Reddit, is actually embedded with malware designed to steal cryptocurrency and personal information. The malware includes Lumma Stealer, known for targeting crypto wallets and 2FA extensions, and Atomic Stealer, which captures sensitive passwords. Scammers not only distribute this software but also engage with users, providing assistance to ensure the malware is installed, thereby increasing the scam's effectiveness. The distribution site is linked to a Dubai cleaning company, with the malware's control servers located in Russia. This incident highlights the ongoing risks associated with downloading cracked software, as noted by Malwarebytes, where the promise of free premium features often leads to significant security breaches. The scam underscores the professionalization of cybercrime, as reported by Chainalysis, with an estimated $51 billion in illicit crypto transactions in the past year.

Key Points

• Bitcoin may recover to $90K amid easing inflation concerns after FOMC meeting
• Investor sentiment hinges on the FOMC meeting and Fed Chair Powell’s signals
• Bitcoin's over-two-month downtrend has raised concerns about the end of the bull cycle
• Federal Reserve's potential dovish stance could boost Bitcoin's price

Summary

Bitcoin's price trajectory is closely tied to the outcomes of the Federal Open Market Committee (FOMC) meeting and the signals from Federal Reserve Chair Jerome Powell. Amidst concerns over a potential end to the current Bitcoin bull cycle, there's optimism that Bitcoin could recover to above $90,000 due to easing inflation concerns in the U.S. Markus Thielen from 10x Research suggests that while this isn't a major bullish development, it could lead to a counter-trend rally as prices are currently oversold. Investors are particularly focused on whether the Fed will maintain its current stance or signal a shift towards more dovish policies, which could enhance liquidity and support risk assets like Bitcoin. However, persistent inflation or tight financial conditions could limit Bitcoin's upward potential. The market currently anticipates that the Fed will keep interest rates steady, but broader economic concerns, including fears of a recession, might still impact Bitcoin's price action.

Key Points

• Elon Musk claims to have discovered 14 "magic money computers" within the U.S. federal government capable of creating money from nothing.
• These computers are found in departments like Treasury, Defense, and Health and Human Services, issuing payments without proper oversight.
• Musk highlights discrepancies in government financial reporting, suggesting errors up to 5-10%.
• Jameson Lopp from Casa suggests Bitcoin as a solution to the issue of uncontrolled money creation.
• Musk's investigation also revealed excessive government spending on media, software, and credit card subscriptions, often without proper justification or recovery of mistakenly sent funds.

Summary

Elon Musk, in a recent podcast episode with Senator Ted Cruz, revealed his discovery of what he calls "magic money computers" within the U.S. federal government. These computers, found in various departments including Treasury, Defense, and Health and Human Services, have the capability to issue payments and essentially create money out of thin air. Musk pointed out that these systems are not synchronized, leading to potential discrepancies in financial reporting, which could be off by as much as 5-10%. In response, Jameson Lopp from Bitcoin custody company Casa suggested that Bitcoin could address this issue due to its fixed supply, contrasting with the unlimited potential of fiat currency printing. Musk's investigation also uncovered significant government overspending on unnecessary subscriptions and payments without proper oversight, often due to administrative errors rather than malicious intent. This revelation comes amidst Musk's broader efforts with DOGE, which have faced backlash, including vandalism at Tesla facilities as part of a "Take down Tesla" movement.

Key Points

• Solana deleted an ad after backlash for its insensitive portrayal of gender identity issues.
• The ad featured a man in therapy discussing innovation, with the therapist suggesting he focus on gender pronouns instead.
• The ad was viewed over 1.2 million times before its removal, with many comments criticizing its tone-deaf approach.
• Solana has not provided a reason for the ad's deletion, but critics argue it was due to business impact rather than recognition of the issue's seriousness.
• The ad's removal came amidst a broader political context where gender identity issues are highly contentious.

Summary

Solana, a blockchain network, faced significant backlash and subsequently deleted an advertisement from its X account that was criticized for its handling of gender identity issues. The ad, which was part of a promotional campaign for the Solana Accelerate conference, depicted a man in a therapy session discussing his thoughts on innovation, only to be redirected by the therapist to focus on gender pronouns. This portrayal was seen as making light of a serious and divisive political topic, especially at a time when transgender rights are under scrutiny. The ad, which had garnered over 1.2 million views, was met with widespread criticism for being tone-deaf and insensitive. Critics like Adam Cochran suggested that the ad's removal was motivated by business concerns rather than a genuine acknowledgment of the issue's gravity. The controversy was further fueled by recent political actions, such as President Trump's revocation of executive orders aimed at protecting gender and sexual orientation rights, highlighting the ad's poor timing and insensitivity.

Key Points

• 83% of institutions plan to increase crypto allocations in 2025, according to a Coinbase and EY-Parthenon report.
• Up to 75% of institutions could be actively using DeFi platforms in two years.
• Institutions are motivated by the potential for attractive risk-adjusted returns from cryptocurrencies.
• XRP and Solana are among the most popular altcoins held by institutions.
• Stablecoins are increasingly used for various purposes beyond just transactions, including yield generation and internal cash management.

Summary

A recent report by Coinbase and EY-Parthenon, released on March 18, 2025, highlights a significant shift in institutional investment towards cryptocurrencies. The survey, which included over 350 institutional investors, revealed that 83% plan to increase their crypto allocations in 2025, driven by the belief that cryptocurrencies offer the best opportunity for attractive risk-adjusted returns over the next three years. Notably, nearly three-quarters of these firms already hold cryptocurrencies other than Bitcoin and Ether, with XRP and Solana being particularly popular. The report also points to a growing interest in decentralized finance (DeFi), with expectations that up to 75% of institutions might engage with DeFi platforms within two years, attracted by opportunities in derivatives, staking, lending, and yield farming. Additionally, stablecoins are gaining traction for uses beyond mere transactions, such as yield generation and internal cash management, signaling a broader acceptance and integration of digital assets into traditional financial systems.

Key Points

• Volatility Shares LLC is launching the first ETFs tracking Solana futures, marking a significant step in cryptocurrency investment products.
• The ETFs, SOLZ and SOLT, offer direct and leveraged exposure to Solana, with expense ratios of 0.95% and 1.85% respectively.
• The launch reflects renewed optimism for crypto innovation in the U.S., with expectations of spot Solana ETFs approval by the end of the year.

Summary

Volatility Shares LLC, a Florida-based ETF firm, is set to introduce the first-ever ETFs tracking Solana futures, named SOLZ and SOLT, which will offer investors direct and leveraged exposure to the cryptocurrency. This move comes after the successful launch of Bitcoin ETFs and amidst a backdrop of market volatility affecting Ether ETFs. The ETFs are seen as a precursor to potential spot Solana ETFs, with industry experts estimating a high likelihood of approval by the end of 2025. The launch is part of a broader trend where ETF firms are targeting speculative investors, despite recent market downturns, and reflects a strategic push by the Trump administration to maintain U.S. leadership in financial technology. Solana, which has regained investor interest after the FTX collapse, is viewed as a promising candidate for spot ETFs due to its institutional appeal and lower transaction fees compared to competitors.

Key Points

• Senate Bill 327 (SB327) in North Carolina mandates the State Treasurer to allocate up to 10% of public funds to Bitcoin.
• The bill requires Bitcoin to be stored in multi-signature cold storage and audited monthly for security and transparency.
• It allows for the liquidation of Bitcoin only in a "severe financial crisis" with approval from two-thirds of the General Assembly.
• SB327 proposes the creation of a Bitcoin Economic Advisory Board and authorizes Bitcoin-related financial activities like staking and lending.
• The bill also encourages setting up Bitcoin mining operations in North Carolina to increase state holdings at a lower cost.

Summary

On March 19, Republican senators in North Carolina introduced Senate Bill 327, aiming to make the state a pioneer in cryptocurrency adoption by mandating the State Treasurer to invest up to 10% of public funds in Bitcoin. The bill stipulates stringent security measures, including multi-signature cold storage and monthly audits, to ensure transparency and security of the Bitcoin reserves. It also outlines conditions under which the state's Bitcoin could be liquidated, requiring a significant majority approval from the General Assembly in times of financial crisis. Additionally, the legislation proposes the formation of a Bitcoin Economic Advisory Board to guide the management of these reserves and allows for Bitcoin-related financial activities like staking and lending. To further bolster its Bitcoin strategy, the bill encourages the establishment of Bitcoin mining operations within the state. This move comes in the wake of President Trump's executive order to create a federal strategic Bitcoin reserve, with North Carolina joining 18 other states in legislative efforts to establish similar reserves at the state level. However, not all states have been receptive, with some bills facing rejection or stalling.

Key Points

• Bitcoin's self-custody principle is debated, with many preferring convenience over financial sovereignty.
• Self-custody is crucial in countries with unstable financial systems or potential government asset seizures.
• Layer 2 technologies like Liquid and Lightning offer solutions for fast, secure transactions while maintaining the security of Bitcoin's base chain.

Summary

In a discussion on the Roundtable with host Rob Nelson, JAN3 CEO Samson Mow emphasized the importance of Bitcoin's self-custody principle, despite acknowledging that many users prioritize convenience over complete financial control. Nelson highlighted that while Bitcoin's ideal scenario involves individuals managing their own assets, most people seek ease, speed, and a safety net due to a lack of trust in their own financial management capabilities. Mow agreed, noting that while self-custody might not be for everyone, it's essential in regions with unstable financial systems or where government asset seizures are a risk. He referenced historical events like the U.S. government's gold seizure in 1933 to underline the importance of holding one's own keys. Additionally, Mow discussed the integration of Layer 2 technologies like Liquid and Lightning, which provide faster transaction capabilities while maintaining the security of Bitcoin's main chain, addressing issues like fee spikes during high network congestion. However, Nelson pointed out that for the average user, understanding these technical layers isn't necessary, as the infrastructure should work seamlessly in the background, much like the internet.

Key Points

• Bitcoin's price is facing resistance at $84,000 as markets await the US Federal Reserve's interest-rate decision.
• Traders are particularly concerned about the commentary from Fed Chair Jerome Powell, which could influence market sentiment.
• The Federal Open Market Committee (FOMC) is expected to hold rates steady, but any dovish signals could impact Bitcoin's price.
• A potential 'death cross' between the 200-day and 21-day moving averages looms, which could signal further price drops if negative news emerges.

Summary

Bitcoin's price is currently testing resistance at around $84,000 as the market anticipates the US Federal Reserve's interest-rate decision. The focus is not just on whether rates will be held steady, but more on the commentary from Fed Chair Jerome Powell, which could sway market sentiment significantly. The Federal Open Market Committee (FOMC) meeting is expected to maintain current rates, but traders are watching for any dovish shifts that might signal changes in growth and inflation expectations. Amidst this, Bitcoin has managed to hold above $80,000, but the broader market weakness and lack of positive catalysts pose risks. Analysts suggest that a dovish tone from Powell could push Bitcoin's price above key moving averages, potentially averting a 'death cross' scenario. Conversely, negative news could lead to a price drop towards $76,000, highlighting the precarious balance Bitcoin's price currently holds.

Key Points

• Hive Digital is doubling down on its long-term Bitcoin treasury strategy, using market sell-offs to expand mining capacity and acquisitions.
• The company aims to retain a significant portion of its mined Bitcoin to benefit from potential price appreciation, avoiding reliance on debt or equity dilution.
• Hive has diversified its business model to include AI data centers and renewable energy sources to combat volatile prices and rising costs.

Summary

Hive Digital, a data center infrastructure provider, is intensifying its long-term Bitcoin treasury strategy amidst market fluctuations. According to Darcy Daubaras, Hive's CFO, the company is leveraging the recent market sell-off to expand its mining operations and acquisitions, focusing on retaining mined Bitcoin for potential future gains. This approach contrasts with the common industry practice of funding operations through debt or equity dilution, which Hive aims to minimize. Instead, Hive selectively sells Bitcoin to fund strategic investments, balancing growth with long-term success. Additionally, Hive has diversified its business by repurposing Nvidia GPUs for AI tasks, which are significantly more profitable than traditional crypto mining. This pivot towards AI and high-performance computing is part of a broader trend among miners to diversify income streams, as highlighted by reports from CoinShares and Digital Mining Solutions. Despite the challenges posed by the Bitcoin halving in April 2024, which doubled the cost per mined Bitcoin, Hive's strategy aims to navigate the volatile market conditions effectively.

Key Points

• Michael Saylor’s Strategy (MSTR) is planning to sell a new stock-like product with a 10% dividend, which cannot be converted into shares and is intended to trade indefinitely.
• The company has shifted its fundraising approach from convertible bonds to targeting investors interested in debt instruments, with the new deal being marketed by major banks like Morgan Stanley and Barclays.
• Strategy has raised over $10 billion in the past year through various financial instruments to fund its Bitcoin acquisition strategy, with plans to raise $42 billion over the next few years.

Summary

Michael Saylor’s company, Strategy (MSTR), is employing innovative financial strategies to expand its Bitcoin holdings, which are currently valued at about $42 billion. The latest move involves issuing a perpetual strife preferred stock with a 10% dividend, designed to attract investors by offering a high yield without the option to convert into common shares. This approach marks a departure from their previous offerings, which included convertible bonds and preferred units. The new product, expected to price later this week, is being marketed by major financial institutions like Morgan Stanley and Barclays, targeting a different investor base more accustomed to trading debt instruments. This shift aims to cater to retail investors and follows a period where Strategy has aggressively raised capital through various securities to fund its Bitcoin purchases. Despite a recent dip in its stock value, Strategy's shares have seen a significant increase since Saylor began investing in Bitcoin in 2020, reflecting the company's commitment to leveraging Bitcoin as an inflation hedge.

Key Points

• The FOMC is set to release its rate review, growth, inflation projections, and interest rate forecasts, which could influence crypto market volatility.
• Volmex's one-day implied volatility indices suggest potential price swings of 3% to 5% for major cryptocurrencies like Bitcoin, Ether, and Solana.
• The expected volatility, while significant, is not considered extraordinary for the crypto market, indicating that the market might absorb the Fed's announcements without extreme reactions.

Summary

The Federal Open Market Committee (FOMC) is due to announce its latest monetary policy decisions, which include interest rate reviews and economic projections. This event is anticipated to cause fluctuations in the cryptocurrency market, with Volmex's volatility indices predicting price movements of 3% to 5% for Bitcoin, Ether, and Solana. Despite these figures being high compared to traditional markets, they are within the normal range for crypto markets, suggesting that the market might not experience an extreme reaction to the Fed's announcements. The FOMC is expected to maintain current interest rates but might signal the end of its quantitative tightening, potentially affecting risk assets. However, any positive market reactions could be moderated by concerns over stagflation as indicated in the economic projections.

Key Points

• Jan Kubicek, a board member of the Czech National Bank, expresses skepticism about including bitcoin in the bank's reserves due to legal uncertainties and volatility concerns.
• The bank is currently analyzing the potential inclusion of various new asset classes, with bitcoin being one of them, with a study expected by October.
• Kubicek highlights the challenges of direct bitcoin ownership, including the need for new accounting and auditing processes.
• The bank is also considering investments in international corporate bonds, targeted equity indices like technology, and property investment funds.

Summary

The Czech National Bank (CNB) is exploring the diversification of its reserve assets, with bitcoin under consideration despite skepticism from board member Jan Kubicek. Kubicek cited legal uncertainties and the cryptocurrency's volatility as major concerns, suggesting that direct ownership would necessitate significant changes in accounting and auditing practices. He also noted the unpredictability of bitcoin's future market behavior, especially with potential increased institutional investment. The CNB's analysis, expected to conclude by October, will look into various asset classes beyond just bitcoin, including international corporate bonds and targeted equity indices. This exploration comes as the bank has already diversified its reserves, which stand at 142.8 billion euros, by increasing its gold holdings and shifting more into equities. Despite the interest in new asset classes, CNB Vice Governor Eva Zamrazilova and ECB President Christine Lagarde have both voiced opposition to bitcoin as a reserve asset.