Today's News Highlights:
The U.S. White House Crypto Summit will begin at 2:30 AM Beijing time on March 8
Binance will launch multiple spot trading pairs for RedStone (RED) on March 6
Standard Chartered: Bitcoin's recent price trend may test the support range of $69,000-$76,500
Over 95.25 million XRP transferred from OKX to an unknown wallet, approximately $236 million
Regulation/Macro
Metaplanet invests 6.616 billion yen to increase its holdings of 497 Bitcoins
The Japanese listed company Metaplanet announced that it has invested 6.616 billion yen to increase its holdings of 497 Bitcoins, bringing its total holdings to 2,888 Bitcoins.
The U.S. White House Crypto Summit will begin at 2:30 AM Beijing time on March 8
According to Fox Business News reporter Eleanor Terrett, based on the invitation email for the White House's first cryptocurrency summit, the meeting will run from 1:30 PM to 5:30 PM on March 7 (2:30 AM to 6:30 AM Beijing time on March 8). The email did not disclose any other details apart from the time and location. Earlier today, executives from several companies, including Coinbase and Robinhood, confirmed their attendance at the White House crypto summit this Friday.
El Salvador President: The action of buying Bitcoin will not stop due to IMF agreements
According to CoinDesk, El Salvador, under President Nayib Bukele, apparently has no intention of stopping its accumulation of Bitcoin, regardless of any demands from the International Monetary Fund (IMF). Bukele posted on the X platform that El Salvador will not stop accumulating Bitcoin: "When the whole world rejects us, and most 'Bitcoin believers' abandon us, it did not stop then, it will not stop now, and it will not stop in the future. Proof of Work is greater than proof of complaint." Shortly after Bukele's post on social media, the IMF released more details about its $3.5 billion loan agreement with the Latin American country. The IMF claimed that as part of the loan scheme, it has prohibited "voluntary accumulation of Bitcoin by the public sector." Perhaps in response to the IMF's post, El Salvador disclosed late Monday that it had purchased 19 Bitcoins in the past week, and then on Tuesday afternoon disclosed an additional purchase of one token. The El Salvador government currently holds 6,101.15 Bitcoins, valued at approximately $530 million based on Bitcoin's current price of about $88,000.
According to CoinDesk, on Tuesday, the U.S. Senate successfully passed a resolution aimed at abolishing the Biden administration's cryptocurrency tax rules, with strong support from many Democrats. This could be the biggest obstacle to eliminating the IRS's new broker rules (which were originally intended to cover decentralized finance, DeFi). The Senate passed the resolution authorized by the Congressional Review Act with a vote of 70 to 27, aiming to completely abolish the IRS broker rule expansion. However, the House still needs to pass a similar resolution, after which U.S. President Trump can sign it into law. Once completed, not only will the rule be completely abolished, but the IRS will also be prohibited from implementing similar policies in the future. The House Financial Services Committee has already passed a similar resolution and recommended approval in the full House vote, which is still awaiting a vote. The White House stated earlier today that the president may quickly sign this resolution.
According to The Block, the U.S. government disclosed in an announcement that it has added dozens of Bitcoin (BTC) and Monero (XMR) addresses to its sanctions list. On Tuesday, the U.S. Treasury's Office of Foreign Assets Control (OFAC) confirmed 49 virtual currency addresses used by Iranian national Behrouz Parsarad, who is said to be the administrator of the dark web market Nemesis. A total of 44 Bitcoin addresses and 5 Monero addresses have been listed for sanctions. Parsarad became a target of international law enforcement actions in 2024. It was reported that Nemesis had 30,000 active users before it was shut down and facilitated drug transactions worth nearly $30 million during its three years of operation. OFAC stated in a statement: "Parsarad profited by charging users of Nemesis a fee for each transaction, and it is estimated that he earned millions of dollars during his time in that market. In addition to providing a trading platform for criminals, Parsarad also laundered money for drug traffickers and cybercriminals active on Nemesis." Nemesis offered a range of drugs, personal identification data, forged documents, ransomware, and cybercrime services such as phishing and DDoS tools.
Fox Business News reporter Eleanor Terrett stated that although formal invitations have not yet been sent out, several key industry figures have confirmed their attendance at the cryptocurrency summit to be held at the White House this Friday. Guests confirmed to attend the summit include: Strategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, Exodus CEO JP Richardson, Multicoin managing partner Kyle Samani, co-founder of Trump-related crypto project World Liberty Financial Zach Witkoff, Chainlink co-founder Sergey Nazarov, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi.
The SEC agrees to withdraw the lawsuit against Cumberland DRW
Cryptocurrency trading company Cumberland DRW posted on the X platform: "Today, we signed a joint document with the U.S. Securities and Exchange Commission (SEC) requesting the withdrawal of the lawsuit against Cumberland DRW. This document was preliminarily agreed upon by Cumberland DRW and SEC staff on February 20 and is currently awaiting the commission's approval. As a company that firmly upholds the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to promote a future where technological advancement and regulatory clarity go hand in hand, ensuring that the U.S. remains at the forefront of global financial innovation."
According to Jinshi, U.S. President Trump has initiated tariffs against Canada and Mexico, and Moody's chief economist Mark Zandi believes that the U.S. economy may fall into stagflation. Recent data reflects that U.S. consumers and businesses are already worried about the economic outlook and are reducing spending, which will lead to a significant slowdown in the economy, while the tariff effects will cause high inflation, thus the U.S. economy may fall into stagflation. If true, this would be the first time the U.S. has experienced stagflation in 50 years. The Atlanta Fed's GDPNow model shows that the U.S. economy may contract by 2.8% in the first quarter. If true, this would be the first contraction since the first quarter of 2022. In the face of stagflation, the Federal Reserve may raise interest rates, similar to former Fed Chairman Volcker's aggressive rate hikes in the early 1980s, sacrificing the economy to curb inflation.
Opinions
According to a recent report from Matrixport, Google Trends data shows that global search interest in Solana and Bitcoin has increased over the past five years, while interest in Ethereum and Memecoins has been sluggish, nearing historical lows. Notably, the issuance and trading activity of Memecoins sharply declined after the launch of $TRUMP, and Google Trends data also reflects extremely low overall interest. The $TRUMP token has dropped 82% from its peak, with no significant signs of recovery currently. The report points out that historically, sharp declines in search interest are often correlated with significant price drops, a trend particularly evident in the Memecoin sector. Analysts suggest that investors should focus on assets with increasing market momentum, such as Solana and Bitcoin, rather than those that are languishing.
Smokey the Bera, the anonymous co-founder of Berachain, stated in an interview with Un Chained: "I don't think the criticism is entirely wrong. If we could do it all over again, and the team could start from scratch, we probably wouldn't have sold so much supply to venture capital firms. In fact, most of the supply was sold during the seed round in early 2022. At that time, we thought it might be an interesting thing, but we didn't expect it to grow to such a large scale now. So I think these criticisms are valid. In fact, over time, we have been working to buy back that portion of the seed round and subsequent A round supplies, so we can minimize the dilution the community suffers from these shares."
Rob Hadick, a general partner at Dragonfly, shared his views on the current macroeconomic and market trends on social media. He believes the Trump administration may intentionally push the economy close to recession as an excuse to cut welfare, foreign aid, government spending, and imports, even though these areas are drivers of economic growth. Additionally, he predicts that the government will later stimulate the economy through massive tax cuts, quantitative easing (QE), golden visas, and manufacturing subsidies. He pointed out that inflation is a key issue, and there is a divergence in market expectations regarding the Federal Reserve's interest rate cuts. If economic growth worsens, Fed Chair Powell may be forced to cut rates; otherwise, unconventional monetary easing policies may emerge, which would push up inflation and risk asset prices. Furthermore, he mentioned that the deterioration of U.S. relations with allies and policies supporting certain regimes could increase the risk of "black swan events." Although AI investments will provide support for the market, if companies like NVIDIA perform poorly, the market may face greater pressure. Regarding the crypto market, he believes that despite strengthening fundamentals, macroeconomic uncertainty will suppress token price performance. However, once the macro environment improves, the crypto market may rebound first. He is also optimistic about the rapid growth of stablecoins and suggests adopting long-term volatility trading strategies amid current uncertainties.
Bridgewater founder Ray Dalio recently stated that the current global monetary system is based on debt, and governments may lead to currency depreciation through inflation or low-interest rate policies. Investors should consider whether there is a relatively stable alternative currency that does not rely on debt. He believes Bitcoin could be one of the candidates and may play an important role in the future, but emphasizes that "currency is essentially also debt," and true alternative currencies still need further exploration. Dalio pointed out that Bitcoin's advantage as a safe-haven asset lies in its strong liquidity; unlike real estate, it is not fixed in one place, making it harder to tax or confiscate. However, he also stressed that the diversity and robustness of investments are more important. When asked about his views on gold, Dalio stated that he is more optimistic about gold than ever but advises investors to remain restrained. He believes the future is full of uncertainties, and investors need to build diversified portfolios to cope. He suggests a "cautious" gold allocation of 10% to 15%, which can provide protection while avoiding over-reliance on a single asset. He emphasized that reasonable asset allocation is an important strategy for dealing with future uncertainties.
Standard Chartered: Bitcoin's recent price trend may test the support range of $69,000-$76,500
Geoff Kendrick from Standard Chartered expressed concerns about the recent outlook for Bitcoin and MicroStrategy (MSTR), believing that Bitcoin's price may face volatility near a key support level. He noted that the price range on November 6, 2024 (the day after the U.S. election) of $69,000 to $76,500 is a critical potential support area for Bitcoin, and the movement within this range may determine its short-term trajectory. Kendrick stated that if Bitcoin's price falls to the $69,000 to $76,500 range, it will be closer to MicroStrategy's average purchase price of $65,000, making it a key level to watch closely. He mentioned that MicroStrategy is currently within this price range and has been hovering near this level for several days without breaking below it. He emphasized that while it is unlikely to reach $65,000 in the short term, this price level is still worth noting. Additionally, Kendrick pointed out that Bitcoin has a strong correlation with major stock indices, and broader market trends will affect cryptocurrency prices. Despite speculation triggered by former President Donald Trump's recent post on Truth Social regarding U.S. cryptocurrency reserves, Kendrick believes that the 5% drop in Nasdaq futures since the last U.S. market opening has had a greater impact on Bitcoin's decline.
Project Updates
Binance will launch multiple spot trading pairs for RedStone (RED) on March 6
Binance announced that it will end the presale of RedStone (RED) at 5:00 PM Beijing time on March 6, 2025, and will launch the following spot trading pairs at 9:00 PM on the same day: RED/BTC, RED/USDT, RED/USDC, RED/FDUSD, and RED/TRY. Users can start depositing RED to prepare for trading from 6:00 PM Beijing time on March 6, while the withdrawal function will be opened at 9:00 PM on March 7. Additionally, the transfer function will be restored before 6:00 PM on March 6. Previously, Binance Launchpool launched RedStone (RED).
zkLend: Asset recovery portal is now live
The lending protocol zkLend on the Starknet chain announced on the X platform: "The asset recovery portal is now live. Please stay vigilant—always interact with official channels and verify communications through verified social media." According to its previous introduction, users can directly access their claims through this portal by connecting their affected wallets. Previously, zkLend suffered an attack starting on February 11, resulting in a loss of approximately $9.6 million.
Bithumb will list PLUME and COW tokens in the Korean won market
According to an official announcement, the South Korean cryptocurrency exchange Bithumb will list PLUME and COW tokens in the Korean won market.
Upbit will list KAITO tokens in the Korean won, BTC, and USDT markets
According to an official announcement, the South Korean cryptocurrency exchange Upbit will list KAITO tokens in the Korean won, BTC, and USDT markets.
Asset management firm VanEck stated that the planned protocol upgrades for Solana are crucial for the long-term health of the network but may impact validator earnings significantly. In March, Solana validators will vote on two blockchain protocol upgrade proposals (SIMD) aimed at ensuring rewards for stakers and adjusting the inflation rate of the network's native token, SOL. Matthew Sigel, head of digital asset research at VanEck, stated in a post on X on March 4 that these two proposals have sparked "significant controversy" as they could cut validator earnings by up to 95%, potentially jeopardizing small operators. Sigel said: "While these changes may reduce staking rewards, we believe that lowering inflation is a worthy goal that can enhance Solana's long-term sustainability." Sigel explained that the first proposal, SIMD 0123, will introduce an in-protocol mechanism to allocate Solana's priority fees to validator stakers. Traders can pay additional fees to expedite transaction processing, with priority fees accounting for 40% of network revenue, but currently, validators do not need to share this with stakers. This proposal will be voted on March 6, aiming to increase staking rewards and prevent off-chain trading protocols, reinforcing on-chain execution. Sigel noted that the second proposal, SIMD 0228, is the "most impactful" proposal, which will adjust the SOL inflation rate to be inversely proportional to the percentage of staked token supply, potentially reducing dilution and lowering selling pressure on stakers. According to Coin Metrics, as of February, Solana's inflation rate was 4%, down from the initial 8%, but still far above the terminal target of 1.5%, and is currently declining at an annual rate of 15%.
As the Memecoin craze cools, Pump.fun's daily trading volume has plummeted 94% from January's peak
According to The Block, the trading volume of the "graduated" Pump.fun token has significantly declined since the beginning of the year, reflecting both a cooling of the broader market and an evolution in trader sentiment. Daily trading volume has plummeted from a peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%. This decline coincides with a slowdown in the platform's token graduation rate, which has decreased from 1.85% per week to 0.83%, indicating a reduced number of new tokens reaching the $100,000 market cap threshold to qualify for an upgrade to Raydium. The shrinking trading volume points to potential fatigue among traders in the Solana meme coin ecosystem. After months of frenzied activity, many participants seem to be weary of the darker aspects of the space. Factors such as scams, dubious influencer promotions, and insider trading groups have led to a general decline in trust in Memecoins. Despite the current market slump, Pump.fun's overall impact remains significant since its launch on January 19, 2024, having generated $570 million in revenue in just over seven months.
Coinbase International will launch perpetual contracts for CAKE, BRETT, and AI16Z
Coinbase International announced that it will launch perpetual contracts (PERP) trading for PancakeSwap (CAKE), Brett (BRETT), and ai16z (AI16Z) on March 6, 2025, at 9:30 UTC or later, supporting the Coinbase International Exchange and Coinbase Advanced platforms.
Important Data
Kaito team suspected of selling 2 million tokens, worth about $4.1 million
According to monitoring by @ai_9684xtpa, the Kaito team is suspected of selling 2 million tokens worth about $4.1 million two hours ago. Data shows that address 0x8D0…4afA9 received 25 million tokens from a multi-signature address two weeks ago and transferred 5 million tokens to a new address 22 hours ago, of which 2 million tokens have already been deposited into Binance.
Over 95.25 million XRP transferred from OKX to an unknown wallet, worth about $236 million
According to Whale Alert monitoring, 95,254,697 XRP (approximately $236 million) were transferred from the cryptocurrency exchange OKX to an unknown wallet at 16:37.
BNB breaks $600, up 5.71% in 24 hours
According to Binance market data, BNB has broken $600, up 5.71% in 24 hours, currently priced at $600.09.
AAVE breaks $220, up 26.25% in 24 hours
According to OKX market data, AAVE has broken $220, up 26.25% in 24 hours, currently priced at $220.04. Previously, Aave updated its token economic model, initially planning to buy back $1 million worth of AAVE weekly.
Data: Approximately $102 million USDT transferred from Binance to an unknown wallet
According to Whale Alert monitoring, 101,913,695 USDT (approximately $102 million) were transferred from Binance to an unknown wallet at 15:37.
Another 58,964 SOL unstaked from FTX/Alameda just deposited into Binance, worth about $8.52 million
According to Lookonchain monitoring, another 58,964 SOL (worth $8.52 million) from the 3.03 million SOL ($431.3 million) unstaked by FTX/Alameda has just been deposited into Binance.
According to Lookonchain monitoring, a whale is shorting the ETH/BTC trading pair. The whale withdrew 2,770 cbBTC (approximately $243 million) from Coinbase, deposited 2,219 cbBTC (approximately $194.6 million) into Aave, and borrowed 45,441 ETH (approximately $99 million).
According to Spot On Chain monitoring, two wallets associated with Ethena Labs deposited 29.87 million ENA (worth $11.52 million) into Binance at a price of approximately $0.386 within the past hour. Notably, both wallets received ENA from Ethena Labs' multi-signature wallet on July 20, 2024, when the price was $0.487. Currently, one of the wallets still holds 53.6 million ENA (worth $20.2 million). Update: Lookonchain monitored three wallet addresses, stating that three wallets related to the Ethena team deposited 38.36 million ENA (approximately $14.4 million) into Binance in the past hour.
According to on-chain analyst Yu Jin's monitoring, the whale/institution that received the most ETH in Genesis Trading liquidation compensation last August has sold 40,000 ETH (worth $89.2 million) through OTC brokers in the past two days. In the last two days, they transferred 30,000 ETH to Galaxy Digital and 10,000 ETH to FalconX. They then received $20 million USDC from Galaxy Digital and $19.49 million USDC from FalconX. The ETH from this address came from the liquidation compensation of the bankrupt firm Genesis Trading last August. They received 114,500 ETH (worth $358 million) in compensation, making it the address that received the most ETH at that time. When they received the compensation, the price of ETH was $3,128. Now, the price of ETH has dropped by 30% since then. The value of the compensated 114,500 ETH has shrunk by $110 million.
Financing
Reddit co-founder joins the bidding team to acquire TikTok, plans to "put the social app on-chain"
According to The Block, Reddit co-founder Alexis Ohanian is seeking to acquire TikTok to "put the social media app on-chain." The app plans to integrate the Frequency blockchain, a "decentralized social media protocol" aimed at giving users control over their network content. Ohanian announced on X: "This is exciting news for the digital world. I am now officially one of those trying to acquire TikTok's U.S. business and put it on-chain. TikTok is a game changer for creators, and its future should be shaped by them. Users should own their data. Creators should own their audience." Ohanian has joined the bidding team Project Liberty, previously announced by Frank McCourt, the former owner of the Los Angeles Dodgers, to acquire TikTok's U.S. business, where he will serve as a strategic advisor focused on social media.
Blockstream secures billions in investment to launch three crypto funds
According to Bloomberg, sources revealed that Bitcoin development company Blockstream Corp. has secured a multi-billion dollar investment to launch three funds, two of which will support cryptocurrency lending. This investment indicates a resurgence of interest in cryptocurrency lending, which had fallen out of favor after the collapse of Sam Bankman-Fried's FTX exchange at the end of 2022, and the rising Bitcoin price and pro-crypto policies from the White House will also benefit this business. Blockstream had previously stated in January that it plans to launch a fund to provide collateral for Bitcoin-backed loans, another fund to support cryptocurrency lending with USD as collateral, and a third fund that will adopt hedge fund strategies. According to an anonymous source, all three funds will launch on April 1, with two lending funds available for borrowing. The company plans to accept additional external funding starting July 1. Blockstream declined to comment further, except to confirm the planned launch dates.
Berachain's liquid staking protocol Infrared has completed a $14 million Series A financing round, led by Framework Ventures, with participation from Citizen X, Halo Capital, No Limit Holdings, NGC Ventures, and Selini Capital. This round of financing was conducted using the SAFT (Simple Agreement for Future Tokens) model. Following a $2.25 million strategic round led by Binance Labs and a $2.5 million seed round financing, Infrared's total financing has reached $18.75 million. Infrared is incubated by the Berachain Foundation and has launched two liquid staking tokens, iBGT and iBERA, corresponding to Berachain's governance token BGT and gas token BERA, respectively. Currently, the protocol's TVL exceeds $1.7 billion, making it the largest protocol in the Berachain ecosystem. The Berachain mainnet officially launched in February, but controversy arose due to issues with investor and internal holding ratios, leading to a 57% drop in the BERA token since its issuance on February 6.
Cross-chain protocol Across completes $41 million financing, led by Paradigm
Focusing on cross-chain interoperability, Across Protocol has completed a $41 million token financing round, led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and angel investor Sina Habinian. This round of financing is conducted in two phases, scheduled to complete in Q2 and Q4 of 2024, with a total financing amount reaching $51 million. Across specializes in intent-driven cross-chain transactions, allowing users to transfer cross-chain assets with a single request, with an average transaction time of less than 5 seconds. Its technology is based on the ERC-7683 standard, which has been adopted by over 50 protocols, including Base, Arbitrum, Polygon, and Optimism, and is used for Uniswap's cross-chain bridging functionality. To date, Across has processed a cumulative transaction volume of $19 billion, with over $1 billion in transactions in January 2025 alone.
Acki Nacki completes over $6 million in financing, with participation from Hack VC and others
According to an official announcement from Acki Nacki, its network node presale has successfully completed, raising over $6 million, with investors including Kingsway Capital, K5 Global, Blockchain.com, Original Capital, and Hack VC. Acki Nacki employs a "Bitcoin-style Proof of Stake" design, with no pre-mining, airdrops, or token distribution; the $NACKL token will be released through mining over 60 years. Its Gossip Ignite decentralized launch protocol was launched on January 29, 2025, and the mainnet will officially go live after 75% of validators join. Currently, the network's testnet has over 5 million users, aiming to promote the vision of a truly decentralized "world computer."
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