The cryptocurrency market has experienced heightened volatility following President Donald Trump’s announcement regarding creating strategic reserves for digital assets. This volatility has led to accelerated liquidations across exchanges. For instance, on Monday, March 3, the market saw $120 million in liquidations within an hour, coinciding with a brief drop in Bitcoin ( BTC ) below the $90,000 mark. On a broader scale, over the past 24 hours, total liquidations surged to nearly $1 billion, according to Coinglass data The brutal wave of liquidations affected 203,956 traders, with the total value reaching $893.10 million. The largest single liquidation order, amounting to $15.49 million, occurred on Binance in the BTC/USDT pair. Crypto liquidation heatmap. Source: Coinglass This suggests that Bitcoin’s recent price swings have caught overleveraged traders off guard, triggering mass liquidations across exchanges. Crypto loses $3 trillion market cap Meanwhile, the total cryptocurrency market capitalization has dropped below $3 trillion. As of press time, the value stood at $2.96 trillion, reflecting a $130 billion decline in the past 24 hours. Total crypto market cap chart. Source: CoinMarketCap Bitcoin has been at the center of this turmoil, struggling to maintain its price above $90,000 support level. At the time of reporting, the flagship digital asset was trading at $90,459, up 1.6% on the daily chart. Bitcoin seven-day price chart. Source: Finbold Market sentiment initially turned bullish, with most assets witnessing a significant uptick in capital inflows after President Trump named five cryptocurrencies —Bitcoin, Ethereum ( ETH ), XRP , Solana ( SOL ), and Cardano ( ADA )—as part of the United States’ strategic reserves. However, the momentum was short-lived, as many investors remained skeptical about the plan’s implications, especially since Trump’s initial promise focused solely on Bitcoin. Bitcoin rally signalling market crash On the other hand, with Bitcoin hitting a record high of $108,000, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has warned that this six-figure milestone could signal trouble ahead. McGlone suggested that Bitcoin’s rally, combined with the emergence of new digital assets and fresh capital inflows, might resemble the unchecked exuberance of the 2000 Dot-com bubble , raising concerns about a potential crash. According to the expert, Bitcoin’s surge past $100,000 “could have rung the bell for risk assets,” hinting at a possible market top. Big Short in Cryptos Akin to 2000? Gold, T-Bonds Gaining Favor – Born of the financial crisis, #Bitcoin is one of the best-performing assets in history and has fostered about 12 million #cryptocurrency companions vs. #gold 's limited supply. #ETF investors in the metal have… pic.twitter.com/bgMPdx8X7h — Mike McGlone (@mikemcglone11) March 3, 2025 With the strategic reserve failing to spark a sustained rally, the market remains on edge, with bulls and bears tussling for control. Notably, a drop below $90,000 remains a key level to watch. Featured image via Shutterstock The post Crypto market wipes out $120 million in an hour appeared first on Finbold .
Ronaldinho’s STAR10 coin witnessed a remarkable 150% surge after the football legend took decisive actions to enhance security and build trust among investors. The launch faced significant challenges due to
A Groundbreaking Ruling in Crypto Regulation The US Securities and Exchange Commission (SEC) has dismissed its lawsuit versus Kraken, the cryptocurrency exchange said on March 3. Kraken had described the case as a “wasteful, politically motivated campaign” and welcomed the decision as a step toward regulatory certainty. The case was dismissed with prejudice, and it cannot be reinstated. No fines were imposed, and Kraken did not plead guilty to any wrongdoing. The SEC originally sued Kraken in November 2023 for operating a broker, dealer, exchange, and clearing agency without registering. A Shift in SEC’s Approach Under the direction of then-chairman Gary Gensler, the SEC had been aggressively enforcing against crypto firms, bringing lawsuits and investigations against Coinbase, Uniswap, OpenSea, and others. Critics painted the action as choking off innovation and targeting compliant businesses rather than bad actors. Kraken noted that the suit “was never about protecting investors” but instead created confusion and uncertainty in the crypto market. The SEC’s dismissal of the case suggests a potential shift in regulatory policy. Regulatory Changes and Political Influence Since the SEC leadership transition, a number of lawsuits and investigations initiated under Gensler’s tenure have been dropped or reported to be under review. The SEC withdrew its lawsuit against Coinbase on February 27, and previous cases against Consensys, Gemini, Uniswap, and Robinhood were dismissed. The crypto regulatory landscape is evolving. Legislators recently introduced a stablecoin bill that aims to further cement the dominance of the US dollar, and a more comprehensive crypto regulation bill will soon follow. Joining the fray, former President Donald Trump promised to make America the “world capital of crypto.” He plans to establish a crypto strategic reserve in the form of Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). The first White House Crypto Summit will take place on March 7. The Future of US Crypto Regulation The recent actions by the SEC are a nod towards a change towards a more disciplined and assured regulatory climate. With growing political steam and anticipated legislative changes, the US may potentially be in a position to provide clear guidance to the crypto market. For exchanges such as Kraken and others, the SEC decision is a resounding victory and a hopeful sign of an amiable future regulatory order.
China's potential Bitcoin reserve could challenge US financial dominance, accelerate de-dollarization, and impact global crypto dynamics. The post China rumored to actively work on strategic Bitcoin reserve appeared first on Crypto Briefing .
David Sacks, the White House’s AI and Crypto Czar, has confirmed that he sold off his entire crypto portfolio before entering the Trump administration. In a recent X post , Sacks confirmed that he no longer holds Bitcoin (BTC), Ethereum (ETH), or Solana (SOL). His statement directly responded to a recent report claiming he was still undergoing a government ethics review. Sacks assured the public that he would provide a full update on his holdings once the review was complete. Crypto Czar Still Has Crypto Ties While Sacks may no longer personally own crypto, his venture capital firm, Craft Ventures, still has stakes in the industry. The firm sold its crypto holdings soon after President Trump took office but is still investing in crypto startups. Some people believe David Sacks is still involved in crypto through investment funds, shares in blockchain companies, or other financial ties. There were also claims that Sacks had indirect crypto holdings due to Craft Ventures’ investment in Bitwise, a crypto asset management firm. Sacks called these claims a lie . He stated he had a $74,000 position in a Bitwise ETF, which he sold on January 22. Nevertheless, he promised further transparency once the ethics review is complete. David Sacks: A Key Player in Crypto Regulation Despite the questions surrounding his investments, many in the crypto space see Sacks’ appointment as a win. He has years of experience in venture capital and early investments in blockchain startups. His deep experience in the industry makes him an important voice in setting crypto rules. As the leader of the President’s Digital Asset Working Group, he is expected to help shape the future of U.S. crypto regulations. Since taking office, Sacks has focused on creating transparent and fair rules for the crypto industry since he resumed office. He is working on stablecoin rules and helping Senate and House committees create a clear crypto policy. In a recent interview, he said NFTs and memecoins are “collectibles” instead of risky investments This perspective focuses less on their cultural value over price volatility. All Eyes on the White House Crypto Summit Sacks’ disclosure comes just days before the first-ever White House Crypto Summit , scheduled for March 7. The event will bring together top crypto leaders, including founders, CEOs, and investors. President Trump is also expected to attend, showing the government’s growing interest in digital assets. Since Sacks no longer owns crypto, he can now focus on leading the government’s crypto policies without conflict of interest. The industry will be watching to see how his leadership shapes the future of U.S. crypto regulations. The post David Sacks Dumps Crypto Holdings Before Taking White House Role appeared first on TheCoinrise.com .
Tether appoints Simon McWilliams as new CFO to enhance transparency. The company commits to a comprehensive financial audit of its reserves. Continue Reading: Tether Appoints New CFO to Boost Financial Transparency The post Tether Appoints New CFO to Boost Financial Transparency appeared first on COINTURK NEWS .
U.S. lawmakers have launched the Congressional Crypto Caucus, a coalition aiming to shape digital asset policy and defend blockchain innovation as demand for crypto-friendly legislation rises. US Lawmakers Establish Congressional Crypto Caucus Congressman Ritchie Torres and House Majority Whip Tom Emmer have announced the launch of the Congressional Crypto Caucus, a bipartisan group aimed at
The U.S. Senate is set to vote this week on a resolution to repeal an Internal Revenue Service (IRS) rule that has drawn strong opposition from the crypto industry due to its potential impact on decentralized finance (DeFi). Lawmakers are using the Congressional Review Act (CRA) to challenge that regulation and another last-minute rule from the Consumer Financial Protection Bureau (CFPB) affecting digital payment apps, according to a source familiar with Senate planning. The IRS rule, introduced in December, sought to expand the definition of intermediaries that must report tax information. The change was met with resistance from the crypto industry, which argued that DeFi platforms would be unfairly targeted. Senator Ted Cruz is leading a Senate resolution to eliminate the IRS regulation, while Senator Pete Ricketts is leading a similar effort against the CFPB rule. “The Biden administration has done everything it can to stifle financial innovation in the United States by threatening to send digital asset companies overseas,” Majority Leader John Thune said. “The Senate is working to roll back these burdensome regulations one by one to restore financial freedom for the American people.” Related News: Why Has the Bitcoin (BTC) Price Fallen Yet Again? Trading Below $90,000 The House Financial Services Committee recently introduced a resolution targeting the IRS rule, paving the way for a vote in the House. If the Senate approves, the resolution will require the President’s signature to become law. “In a stroke of midnight, the Biden administration issued a decentralized finance rule that will directly and immediately harm American crypto innovation and drive development offshore,” Senator Cruz said. “This week, Congress will vote on my resolution to repeal this regulation. I am confident we will do so.” The CRA sets strict deadlines for repealing federal agency regulations, as each measure must be repealed within a limited legislative session after it is passed. The Senate effort reflects broader Republican priorities and echoes moves by former President Donald Trump’s administration to dismantle regulations enacted by his Democratic predecessors. The CFPB rule, which has also been targeted by lawmakers, aims to regulate big tech companies that operate digital wallets and process high-volume consumer payments, such as Apple, Amazon and Google, under a framework similar to major U.S. banks. Senator Ricketts criticized the rule as a rushed effort following the Biden administration’s election loss. *This is not investment advice. Continue Reading: There Will Be Intense Cryptocurrency Spotlight In The US Senate This Week – Here Are The Details Of The Development Expected To Be Positive
The launch of the first congressional crypto caucus signifies a pivotal moment for the cryptocurrency industry, as lawmakers unite to shape legislative outcomes. This initiative not only reflects growing bipartisan
The first of its kind group will allow pro-industry lawmakers to vote as a bloc on key legislation.