Tether is angling to join Cantor Fitzgerald’s Bitcoin financing business, citing a long-term business relationship. A press release by Cantor Fitzgerald omitted the stablecoin issuer but its CEO says a partnership is still in play. Tether Wants To Join Cantor Fitzgerald’s Bitcoin Offering. After months of planning, financial services firm Cantor Fitzgerald announced plans to begin providing leverage for institutional investors holding Bitcoin (BTC) on their balance sheets. Following the launch, Tether CEO Paolo Ardoino has confirmed an interest in striking a partnership with Cantor Fitzgerald. In an interview with Bloomberg, Ardoino highlighted Tether’s interest in the Bitcoin lending business, stating that the partnership is the “right thing to do.” Ardoino adds that the partnership will be mutually beneficial to both entities given their wealth of experience. The Tether CEO says Cantor Fitzgerald has relationships with all the institutional borrowers, making it an ideal partner. Furthermore, Ardoino says Tether is a “great partner” given its leading position in tokenization and the Bitcoin ecosystem. “Bitcoin lending is very interesting to us and there are huge opportunities,” said Ardoino. “Joining forces between Tether and Cantor Fitzgerald is the right thing to do.” The move follows Thailand’s SEC recognition of USDT as an approved cryptocurrency. The stablecoin issuer is rippling with activity after its exclusion by the EU under the MiCA playbook. Ardoino Wants The Stablecoin Issuer To Play a Bigger Role In US Stablecoin Ambitions The Tether CEO has announced his intention to play a central role in America’s stablecoin plans. Despite being based outside the US, Ardoino says USDT is in a prime position to promote the US dollar as the global reserve currency. US Treasury Secretary Scott Bessent confirmed a policy change, indicating plans by the US to turn its focus to stablecoins. While Tether wants to join the US plans, it faces stiff competition from the XRPL ledger-based RLUSD and USDC. “We will keep the US the dominant reserve currency and use stablecoins to do that,” said Bennett. Ardoino noted that Tether’s base of operations outside the US does not impede its ability to promote US interests. With boots on the ground and its sheer market size, Ardoino says Tether has found its product market fit. However, advanced initiatives by PayPal’s PYUSD plans to reduce USDT’s market share . The post Tether Confirms Interest In Cantor Fitzgerald’s Bitcoin Financing Business appeared first on CoinGape .
In the fast-paced world of cryptocurrency, every transaction tells a story. Recently, a particularly intriguing narrative unfolded as blockchain monitoring service, Whale Alert, flagged a colossal XRP transfer . A staggering 200,000,000 XRP tokens, originating from Ripple, were moved to an unknown wallet. Valued at approximately $458 million, this substantial movement has ignited discussions and speculation within the crypto community. What does this mean for XRP and the broader crypto landscape? Let’s dive into the details of this significant event. Decoding the Massive XRP Transfer: What We Know On {{insert date}}, Whale Alert, a prominent service that tracks large cryptocurrency transactions, reported the movement of 200,000,000 XRP. This wasn’t just any ordinary transaction; it involved a transfer directly from Ripple, the company heavily associated with XRP, to a wallet whose owner remains unidentified. Here’s a breakdown of the key facts: Amount Transferred: 200,000,000 XRP Origin Wallet: Ripple Destination Wallet: Unknown Wallet Reported By: Whale Alert Estimated Value: Approximately $458 million (at the time of transaction) The sheer scale of this XRP transfer is noteworthy. Transactions of this magnitude often trigger curiosity and raise questions about the intentions behind them. In the crypto world, large transfers, especially those involving major players like Ripple, are closely watched for potential market implications. Ripple XRP and Whale Transactions: Why Does It Matter? Ripple holds a significant amount of XRP. These holdings are periodically used for various purposes, including operational expenses, strategic investments, and distributions. However, any substantial movement of Ripple XRP , particularly to an unknown entity, can spark debate and analysis. Why? Market Sentiment: Large transfers can sometimes influence market sentiment. Traders and investors often analyze whale movements to gauge potential shifts in supply and demand. Potential Selling Pressure: If the recipient of these XRP tokens decides to sell them on the open market, it could potentially increase selling pressure, impacting the price of XRP. Strategic Moves: Conversely, such transfers could also be part of a strategic move by Ripple, such as institutional partnerships, OTC (over-the-counter) deals, or other undisclosed plans. Transparency Concerns: Transfers to unknown wallets can sometimes raise questions about transparency within the cryptocurrency ecosystem. It’s crucial to remember that correlation doesn’t equal causation. While large XRP whale transactions are events worth noting, they are just one piece of the puzzle in understanding the complex dynamics of the cryptocurrency market. Unknown Wallets and Crypto Mysteries: Decoding the Transaction The designation of the receiving wallet as ‘unknown’ adds an element of mystery to this cryptocurrency news story. In the decentralized world of crypto, wallet addresses are pseudonymous. While transactions are publicly recorded on the blockchain, identifying the real-world entity behind a wallet address can be challenging, and sometimes, intentionally obscured. What could be the reasons for transferring such a large sum to an unknown wallet? Institutional Investor: It’s possible that the ‘unknown wallet’ belongs to a large institutional investor or a fund that prefers to remain undisclosed, at least initially. OTC Deal: The transfer could be related to an over-the-counter (OTC) trade, where large amounts of cryptocurrency are exchanged privately, away from public exchanges. Custodial Service: The recipient might be a custodial service that manages crypto assets on behalf of numerous clients, making it appear as an ‘unknown’ entity from a transactional perspective. Internal Ripple Reorganization: Although less likely given the ‘unknown’ designation, it’s theoretically possible this is an internal reorganization of Ripple’s assets across different wallets, with the destination wallet not yet publicly associated with them. Security or Privacy Measures: In some cases, using ‘unknown’ wallets could be a measure to enhance security or privacy, although for large public companies like Ripple, transparency is often prioritized. Without further information, the exact reason behind the XRP transfer to an unknown wallet remains speculative. The crypto community will likely continue to monitor related wallet activity for further clues. XRP News and Market Reactions: What’s Next? The immediate market reaction to such XRP news is often a mixed bag. Some traders might interpret large transfers as a sign of potential selling pressure and react negatively, while others might see it as a non-event or even a strategic move that could be beneficial in the long run. Here are some potential future scenarios and points to watch: Wallet Activity Monitoring: Keep an eye on the activity of the ‘unknown wallet’. Significant outflows from this wallet to exchanges could indicate potential selling pressure. Ripple Announcements: Look out for any official announcements from Ripple regarding this transaction or related strategic developments. XRP Price Action: Monitor XRP’s price action in the coming days and weeks to see if the transfer has any discernible impact. However, remember that numerous factors influence crypto prices. Broader Market Context: Consider the broader cryptocurrency market context. Overall market sentiment and Bitcoin’s price movements often have a significant influence on altcoins like XRP. It’s important to approach such events with a balanced perspective. While cryptocurrency news like large XRP transfers can be intriguing and potentially market-moving, they are just one piece of the larger, ever-evolving crypto narrative. In the volatile world of digital assets, staying informed, doing your own research, and understanding the nuances of market dynamics are crucial. Conclusion: Unraveling the Mystery of the XRP Movement The 200,000,000 XRP transfer from Ripple to an unknown wallet is undoubtedly a noteworthy event in the crypto space. Reported by Whale Alert and valued at a substantial $458 million, this massive transaction raises several questions and sparks speculation. While the exact reasons behind this movement remain shrouded in mystery, it serves as a reminder of the dynamic and often opaque nature of cryptocurrency transactions. As we continue to observe the developments surrounding Ripple XRP and the broader market, it’s clear that vigilance and informed analysis are key to navigating the exciting, yet complex, world of digital currencies. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum price action.
A federal jury has convicted Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, of wire fraud and money laundering related to the fraudulent marketing and sale of the cryptocurrency. The verdict was reached after a five-week trial in the Northern District of California, with Chief U.S. District Judge Richard Seeborg presiding. According to prosecutors, Andrade, 47, misled investors by falsely claiming that AML Bitcoin had advanced anti-money laundering technology and was nearing adoption by the Panama Canal Authority. In reality, no such agreement existed. Andrade raised millions through these misrepresentations and diverted over $2 million for personal expenses, including luxury cars and real estate in Texas. You might also like: Senate committee advances GENIUS Act in bipartisan vote Financial fraud charges Federal agents traced investor funds through multiple bank accounts, leading to charges of financial fraud. Acting U.S. Attorney Patrick D. Robbins emphasized that deceiving investors for personal gain is unlawful and will be prosecuted. https://twitter.com/EBMAvenueLLC/status/1900260782048243819 FBI Special Agent in Charge Sanjay Virmani and IRS Criminal Investigation Special Agent in Charge Linda Nguyen underscored the agency’s commitment to protecting financial markets from fraudulent schemes. Andrade is set for sentencing on July 22, 2025, facing up to 30 years in prison. His illegally acquired assets are subject to forfeiture. You might also like: ‘Everything is Computer’ meme spawns new memecoin
As before, USDT from Tether remains the unchanged leader among the stablecoins, at $143.3 billion or 60.6% of the total. USDC figures: $58.4 billion and 24.7% respectively. Most USDT issued on Ethereum, at $75.9 billion; slightly fewer coins on Tron ($63.7 billion); Solana, $2 billion. Despite lagging significantly behind the flagship, USDC is showing impressive momentum. According to the observations of CryptoRank , the total supply of the second most capitalized stablecoin has increased by 32%. The Solana platform's share of the segment is also increasing. ”Since the beginning of the year, the supply of stablecoins in the Solana network has grown from $5 billion to $11.8 billion. The main share is occupied by USDC - $9.2 billion, which resembles the situation in the Base network, where this coin also dominates and accounts for 92% of the total volume,” experts noted. A Universal Buy The Dip Is Coming? Santiment analysts recorded a surge in onchain activity - on March 11, the number of USDT transfers reached a six-month high. ”When activity with USDT and other stablecoins grows amid falling prices, it is a signal: traders are preparing to buy. Additional pressure from buyers contributes to the recovery of quotations,” experts explained. A similar opinion in conversation with Cointelegraph said CEO of Kronos Research Vincent Liu. He noted that traders often accumulate Tether stablecoin during market downturns to prepare for new entry points. Nansen analysts recorded a series of ”whale” transfers of USDC to Coinbase (more than $700 million), admitting the preparation of major players for active purchases and subsequent market recovery. Remind, the largest crypto exchange Binance will remove USDT and other non-MiCA compliant stablecoins on March 31.
The continued bearish performance of the broader crypto market has significantly reduced the likelihood of an Altcoin Season happening in the current cycle , with the majority of alts declining sharply. Despite the magnitude of the decline in the alt market, analysts still point to the potential for further decrease in the market in the next few months. Bitcoin’s Strength Pushes Altcoins Into Bearish Territory In an insightful X post, Mags, a crypto expert and trader, outlined the forthcoming journey for Altcoins as the market struggles to regain upside momentum. Mags has shed light on the potential period that the alts market could rally once again after market volatility diminishes. Delving into the Altcoin Season Index, a key metric in determining alts movements, the expert has highlighted two crucial zones to help gauge the market’s status. The first zone is above 75, which identifies an Altseason , while the second zone is below 25, representing a Bitcoin Season. It is worth noting that the index has fallen 24, implying that the market is in a Bitcoin season. This index has been dropping since it reached its peak on December 7, 2024, and altcoins have been witnessing substantial dump and corrections. With the index displaying a Bitcoin season , Mags predicted that alts are likely to keep declining for the time being. However, he expects the index to push back toward the upward direction, changing the course of the alt markets. This is because each time the index dips below 25, it spends a few weeks or months there before bottoming out and surging up over 75, for an Altcoin Season, considering past trends. A further look at past data shows that the index has moved into a Bitcoin season 7 out of 9 times, particularly between Q2 and Q3. When the index rises, data reveals that it usually reaches a peak in just a few months. In the meantime, the index will remain below 25 before turning around. As it trends downward, buying the dips rather than attempting to time the bottom precisely is usually the best approach because every bounce is V-shaped and swift. Mags stresses the importance of accumulating alts in the next few weeks or months as the assets present a steep discount. His strategy is backed by an impending strong up and the 4-year cycle rally, which may be the final leg-up before the market becomes bearish if history repeats itself. A Massive Alts Rally On The Horizon? Key developments on the alt market are suggesting a turnaround from bearish to bullish. Once the market shifts toward the upside, Captain Faibik, a crypto analyst, believes that a massive altcoins bull rally could be on the horizon. The much-anticipated rally might be closer than it seems due to a lengthy Rising Wedge formation on the BTC.D chart in the weekly time frame. Captain Faibik expects an altseason to begin once a breakdown from the pattern occurs.
Hold onto your hats, crypto enthusiasts! Senator Elizabeth Warren, a known critic of the digital currency world, is raising serious alarms about a new stablecoin bill making its way through the U.S. legislative process. Dubbed the GENIUS Act, this proposed legislation is intended to regulate stablecoins, but Warren and her team believe it could inadvertently open the floodgates to illicit activities. Let’s dive into the details and see what the fuss is all about. Decoding the GENIUS Act: A Stablecoin Bill Under Fire The GENIUS Act, or as it’s formally known, the “Clarity for Payment Stablecoins Act,” aims to establish a regulatory framework for stablecoins – cryptocurrencies pegged to a stable asset like the U.S. dollar. The intention behind such legislation is often to bring clarity and legitimacy to the burgeoning stablecoin market, potentially fostering innovation and wider adoption. However, Senator Warren’s recent memo, as reported by Fortune, paints a drastically different picture. According to Warren’s staff memo, the core issue lies in the potential for this stablecoin bill to become a breeding ground for illegal financial behavior. The memo specifically points to concerns about: Sanctions Evasion: Critics argue the bill’s provisions could be exploited to bypass international sanctions, allowing bad actors to move funds undetected. Lack of Consumer Protection: Despite aiming for regulation, the memo suggests the bill may fall short in safeguarding consumer funds held in stablecoins, leaving users vulnerable. Economic Destabilization: Concerns are raised that this stablecoin bill , in its current form, could introduce instability into the broader U.S. economy. Big Tech Influence: The legislation might inadvertently empower large tech corporations, even those like Elon Musk’s X (formerly Twitter), granting them significant influence in the financial space through stablecoin adoption. Money Laundering and Terrorist Financing: A key criticism is the perceived inadequacy of safeguards against money laundering and the financing of terrorism within the proposed framework. Senator Warren’s stance is clear: she believes this stablecoin bill , instead of curbing risks, might actually amplify them. But is there any merit to these claims? Let’s explore the potential challenges and implications in more detail. Why is Senator Warren so concerned about illicit activity and the GENIUS Act? Senator Warren has consistently voiced skepticism and outright opposition to cryptocurrency in general, citing concerns ranging from consumer protection to financial stability. Her apprehension regarding the GENIUS Act seems to stem from a fundamental belief that the bill prioritizes industry interests over robust regulation and public safety. One of the central arguments in her memo revolves around the potential for increased illicit activity . Cryptocurrencies, particularly stablecoins due to their intended stability and ease of transfer, have been flagged by law enforcement agencies as tools for money laundering, sanctions evasion, and other illegal financial operations. Warren’s team argues that the GENIUS Act , in its current form, might not have sufficient teeth to prevent these illicit uses. Critics suggest loopholes or vaguely defined provisions within the bill could be exploited by criminals seeking to operate within the crypto space while evading traditional financial controls. Furthermore, the Senator’s concerns about consumer protection are paramount. The memo questions whether the bill truly ensures the safety and security of consumer funds invested in stablecoins. In the volatile world of crypto, where collapses and scams are not uncommon, robust consumer protection is crucial for mainstream adoption and maintaining public trust. Could the GENIUS Act really empower Big Tech and destabilize the economy? The notion that the GENIUS Act could inadvertently empower Big Tech giants like Elon Musk’s X raises some intriguing questions. The crypto space is already witnessing increasing involvement from major tech players, and stablecoins could be a key avenue for further integration. Imagine a scenario where platforms like X, with their massive user base, seamlessly integrate stablecoin payments. This could grant them unprecedented influence in the financial landscape, potentially bypassing traditional financial institutions. While proponents might argue this fosters innovation and efficiency, critics like Warren fear it concentrates power in the hands of a few tech conglomerates, with potentially destabilizing consequences for the broader economy. Economic destabilization is another significant concern raised in the memo. If stablecoins, facilitated by legislation like the GENIUS Act , grow rapidly without adequate regulatory oversight, they could pose systemic risks to the financial system. A sudden collapse or loss of confidence in a major stablecoin could trigger ripple effects across the market, potentially impacting traditional financial sectors as well. Is there any hope for a balanced approach to crypto regulation? Despite Senator Warren’s strong criticism, the debate surrounding the stablecoin bill and crypto regulation is far from over. There’s a clear need for a balanced approach – one that fosters innovation and responsible growth in the crypto space while simultaneously mitigating risks and protecting consumers. Here are some key aspects to consider when moving forward with crypto regulation: Stronger Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures: Any crypto regulation , especially concerning stablecoins, must incorporate robust AML and CFT frameworks that are effectively enforced. This includes clear KYC (Know Your Customer) and transaction monitoring requirements. Consumer Protection is Paramount: Regulations should prioritize the safety and security of consumer funds. This may involve stricter reserve requirements for stablecoin issuers, clear disclosure obligations, and mechanisms for consumer redress in case of issues. Inter-Agency Collaboration: Effective crypto regulation requires collaboration between various government agencies, including financial regulators, law enforcement, and consumer protection agencies. A coordinated approach is crucial to address the multifaceted challenges posed by crypto. International Cooperation: Given the global nature of cryptocurrencies, international cooperation is essential to prevent regulatory arbitrage and ensure consistent standards across jurisdictions. Innovation-Friendly Framework: While regulation is necessary, it shouldn’t stifle innovation. A balanced approach should aim to create a clear and predictable regulatory environment that encourages responsible innovation within the crypto space. Finding this balance is a complex challenge, but it’s crucial for harnessing the potential benefits of cryptocurrencies while mitigating their inherent risks. The ongoing debate around the GENIUS Act and Senator Warren’s critique highlight the urgency and importance of getting crypto regulation right. Actionable Insights: What does this mean for you? For crypto users and investors, Senator Warren’s concerns serve as a warning to remain vigilant. While the GENIUS Act is still under discussion, it underscores the evolving regulatory landscape of the crypto world. Here are some actionable insights: Stay Informed: Keep abreast of developments in crypto regulation, including the progress of bills like the GENIUS Act. Understanding the regulatory environment is crucial for navigating the crypto space safely. Exercise Caution with Stablecoins: While stablecoins aim for stability, they are not without risks. Do your research and understand the reserves and regulatory compliance of any stablecoin you use. Advocate for Responsible Regulation: Engage in discussions about crypto regulation and advocate for balanced approaches that protect consumers and foster innovation. Your voice matters in shaping the future of crypto. Diversify Your Holdings: As always in the crypto world, diversification is key. Don’t put all your eggs in one basket, especially given the regulatory uncertainties. Conclusion: Navigating the Uncertain Waters of Stablecoin Regulation Senator Warren’s critique of the GENIUS Act throws a spotlight on the inherent tensions in regulating the rapidly evolving world of cryptocurrencies, particularly stablecoins. While the intention behind the bill may be to bring clarity and structure, concerns about illicit activity , consumer protection, and economic stability are valid and warrant serious consideration. The path forward requires a nuanced and balanced approach – one that embraces innovation while prioritizing responsible growth and safeguarding against potential risks. The debate around the GENIUS Act is a crucial step in this ongoing journey to define the future of crypto regulation. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
Bitdeer Technologies Group announced its SEAL03 wafer achieved a record 9.7 joules per terahash (J/TH) efficiency during testing, while confirming plans to begin mass-producing its Sealminer A3 mining rigs in late 2025. With 9.7 J/TH Milestone, Bitdeer Advances Sealminer A3 Toward 2025 Rollout The SEAL03 chip, designed for Bitdeer’s next-generation Sealminer A3 machines, demonstrated its
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . The law of unintended consequences is a premise in social sciences that shines a light on the outcomes of a purposeful — but not intended or foreseen — action. As I think through the second and third order effects of Trump’s policies thus far, this notion feels increasingly crucial to consider. In a recent op-ed in the Wall Street Journal, Bridgewater Associates CIO Greg Jensen claimed that “it’s a dangerous time to be overexposed to US assets, and almost everyone is.” Jensen is right. Heading into 2025, nearly all of Wall Street was on board for the US exceptionalism trade and the idea of hiding out in Mag 7 stocks: As we begin to unpack the effects of Trump’s trade policies , I’m starting to see a major recalibration of global capital flows unfold that I don’t think was fully anticipated by the president and his team. If you compare the MSCI USA index to MSCI World, we can see how, over the past couple of years, the US surged higher — driven by outsized fiscal deficits — while the rest of the world was experiencing a despondent economy. However, since Trump began his trade policy dealmaking and pursuit of lower deficits, this ratio has been falling apart: Let’s unpack what’s driving this by looking at some of the major economies and how they’re evolving. Comparing cross-border economic surprise indexes is a great way to examine which direction economies are trending, as they measure in real-time whether economic data is surprising to the upside/downside. For the past couple of years, most economies have been in sync. But a major divergence is unfolding, with the US surprising lower and other countries surprising higher: Adding to that, Trump’s threats of tariffs have awoken the fiscal beast in many countries, namely across Europe. As seen in this chart from my recent interview with Vincent Deluard, in the face of Trump’s threats to stop supporting the NATO security apparatus, Germany now plans to invest $500 billion into its defence and infrastructure — a development that sent Bund yields soaring: This led to a surge in the euro/USD to 1.088 and a mirrored decline in the USD. This was a fiscal unshackling moment by the country that has been at the forefront of pursuing austerity. This reversal has sent Europe stocks soaring as capital flows out of US stocks and into European equities. In Japan, the theme of surging yields is similar. The Japanese 30-year bond yield just surged to a 20 year high: As yields in countries that have predominantly moved capital into US bonds and equities continue to rise, it puts pressure on the calculus that makes owning US assets worth it — turning them into net-sellers as global capital flows back home. This is why Jensen, as CIO of the world’s largest hedge fund, says it’s a dangerous time to be overexposed to US assets. The marginal buyers of the last 30 years are becoming marginal sellers as capital becomes more attractive back home, largely catalyzed by Trump’s policies. I believe this trend in global capital flows is only just beginning. Yes, a lot of big moves have already occurred across the board, but the big money cannot shift in just a few weeks. Those megaships take years to turn. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam. Empire : Start your morning with the top news and analysis to inform your day in crypto. Forward Guidance : Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance. 0xResearch : Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more. Lightspeed : Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks. The Drop : For crypto collectors and traders, covering apps, games, memes and more.
The crypto industry is again losing its edge as Bitcoin (BTC) price has again shed off its earlier accrued gains. Leaning on its Volatility Index (VI) trend recently, there is growing concern about whether the BTC price will drop below the $70,000 psychological support zone. Since the start of the month, the market has been unstable, triggering more sell-offs in risk-on assets. With direct correlation with the stock market, Bitcoin price has lost 14.35% of its value Year-to-Date (YTD). Bitcoin Price and Source of Fluctuation At the time of writing, the BTC price changed hands for $80,846.20, down by 2.05% in 24 hours. The coin dropped from a high of $84,301.69 to as low as $79,931.85. The Bitcoin price trend has recovered after it touched its 24-hour low. Bitcoin volatility was showcased as it suddenly dropped from $82,840.94 to $79,931. Notably, the market rout followed false news regarding the Trump family and Binance. The Wall Street Journal (WSJ) reported that the Trump family wanted a minority stake in Binance US . While the news was almost fueling a boost in the market, the exchange’s founder, Changpeng ‘CZ’ Zhao, denounced the Trump-Binance alliance, further triggering market volatility. Is BTC Price at Risk of Further Drop? Throughout this month, Bitcoin has recorded a number of sharp selloffs. Most of these declines were triggered by macroeconomic trends bordering on President Donald Trump’s induced trade war. Data from Bitbo show the Bitcoin Volatility Index at 2.75, the highest level over the past six months. This high VI implies that the price of BTC may record a very sharp, unannounced drop. However, the mix of positive updates in the ecosystem is likely to boost BTC’s resilience moving forward. Bitcoin Volatility Index. Source: Bitbo Despite the $15.59% increase in the past 30 days, the coin’s price has never dropped below the $70,000 support line. If this trend is sustained, BTC may resist further selloffs. Bitcoin Reserve Sentiment Stays It is worth noting that the strategic Bitcoin reserve update from earlier in the month has failed to ignite a massive rally in the coin’s price. The initial investor disappointment came when no new funds were allocated to buy the coin for the reserve. However, Senator Cynthia Lummis’s reintroduction of the Bitcoin Act Bill is poised to change investors’ perceptions soon. If passed by the legislature, it might create a primary basis for betting on the coin in the long term. With the long-term prospect of Bitcoin, market leaders have reiterated their price target for the coin. ARK Invest CEO Cathie Wood predicted a deflationary boom and maintained her $1.5 million BTC price target by 2030. The post Bitcoin Price Crash Today: Will BTC Drop Below $70,000? appeared first on CoinGape .
The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote. None of the amendments proposed by Senator Elizabeth Warren made it into the bill , including her proposal to limit stablecoin issuance to banking institutions . “Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued. Senator Warren argues for amendments to be included in the bill. Source: US Senate Banking Committee GOP Senator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said: "The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US dollar's strength in the global economy." The bill must still pass a vote in both chambers of Congress before it is turned over to President Trump and ultimately signed into law. However, the Senate Banking Committee advancing the bill represents the first step in clear, comprehensive legislation requested by the crypto industry. Senator Tim Scott, chairman of the Senate Banking Committee, leads the hearing. Source: US Senate Banking Committee GOP Related: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec GENIUS Act gets overhaul to feature stricter provisions Senator Bill Hagerty, who introduced the bill in February 2025, defended the legislation against the proposed amendments from Senator Warren, arguing that the bill already includes provisions for consumer protection, Anti-Money Laundering, and crime prevention. On March 10, Hagerty announced that the bill was updated to include stricter reserve requirements for stablecoin issuers, AML provisions, safeguards against terrorist financing, transparent risk management procedures, and stipulations for sanctions compliance. According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly added provisions will make it harder for foreign stablecoin issuers to comply, giving US-based firms a competitive edge. Senator Bill Hagerty defends his bill from proposed amendments. Source: Senate Banking Committee GOP Attorney Jeremy Hogan said the GENIUS Act signals an impending merger of the traditional financial system with stablecoins. “The legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The ‘merge’ is being planned,” the attorney wrote in a March 10 X post . During the March 7 White House Crypto Summit, US Treasury Secretary Scott Bessent explicitly said that the Trump administration would leverage stablecoins to protect the US dollar's global reserve status . Magazine: Bitcoin payments are being undermined by centralized stablecoins