1. CEX popular currencies
CEX top 10 trading volume and 24-hour rise and fall:
BNB: -5.78%
BTC: -5.83%
ETH: -8.06%
SOL: -7.37%
DOGE: -12.19%
LTC: -7.04%
CREAM: -6.29%
FUN: -8.09%
XRP: -8.02%
TRUMP: -9.98%
24 H increase list (data source: OKX):
CATI: 7.73%
HMSTR: 7.32%
ZENT: 6.82%
CSPR: 6.51%
MERL: 5.11%
NEIRO: 3.16%
SD: 3.16%
IP: 2.65%
MAJOR: 2.58%
PENGU: 2.47%
2. Top 5 popular memes on the chain (data source: GMGN ):
PIPE
YODA
SWEEPY
ewon
Cocoro
3. 24-hour hot search currencies
PWEASE: A meme coin inspired by the interaction between US Vice President Vance and Ukrainian President Zelensky. The name comes from a humorous misspelling of please and also pokes fun at the perceived arrogance of US Vice President Vance during his interaction with Ukrainian President Zelensky.
Headlines
Utah Bitcoin Bill Passes State Senate, But Key Provisions Are Deleted
Utah’s Bitcoin bill has passed the state senate, but the core provision of the bill has been removed. This provision would have made Utah the first state in the United States to have its own Bitcoin reserves. The bill, HB 230 “Blockchain and Digital Innovation Amendments”, now only provides basic custody protections to Utah citizens, giving them the right to mine Bitcoin, run nodes, and participate in staking. On March 7, the bill was passed with 19 votes in favor, 7 votes against, and 3 abstentions, and will now be sent to Utah Governor Spencer Cox to be signed into law.
The reserve clause would have authorized the Utah Treasurer to invest digital assets with a market value of more than $500 billion (Bitcoin is the only digital asset that currently meets this standard) in five state accounts, with an investment cap of 5% of the assets market value. The reserve clause was passed in the second reading, but was removed in the third and final reading. Subsequently, the Utah House of Representatives agreed to the amendment with 52 votes in favor, 19 votes against, and 4 abstentions.
Texas Establishes Bitcoin Reserve Fund, Creating the First State-Owned Crypto Fund in the U.S.
Texas has officially created a Bitcoin Reserve Fund, becoming the first government-managed cryptocurrency fund in U.S. history. The state senate recently passed SB 21 to promote the establishment of the fund. Lieutenant Governor Dan Patrick said the move is an important milestone in the development of cryptocurrency and is in line with President Trumps vision of making the United States a global cryptocurrency leader. Texas is leading this change.
According to the plan, the reserve fund will hold Bitcoin (BTC) and other top cryptocurrencies with a market value of more than $500 billion, and a newly established advisory committee will be responsible for supervising and guiding their development. This is not only a local strategic move, but also means that national cryptocurrency policies are gradually taking shape, which may have a profound impact on the overall digital asset regulatory framework in the United States.
David Sacks opposes cryptocurrency transaction tax
David Sacks explicitly opposes the proposal to tax crypto transactions to replenish the United States strategic Bitcoin reserves, arguing that such taxes often start out moderately but tend to gradually expand to a wider range, such as income tax, which initially only targets a minority of groups. Although the Trump administration has proposed replacing federal income tax with import tariffs, Sacks still warned that crypto transaction taxes may increase the burden on users - the existing plan proposes a 0.01% tax rate on each transaction, even covering transfers between the same user addresses, which has sparked strong criticism from investors. According to research data, the abolition of income tax may save more than $130,000 per person, but the details of the tax reform were not clarified at the White Houses recent crypto summit.
The International Monetary Fund (IMF) stated that El Salvador’s purchase of Bitcoin at this stage does not violate the terms of the previously signed loan agreement, but it will negotiate on the matter.
It is reported that El Salvador reached a $1.4 billion loan agreement with the International Monetary Fund in January this year, which required the country to abandon Bitcoin adoption and cancel Bitcoins legal currency status. However, Salvadoran President Nayib Bukele said that despite the request of the International Monetary Fund, the Salvadoran government will not stop buying Bitcoin. Bitcoin analyst John Dennehy revealed that the agreement between El Salvador and the International Monetary Fund was passed on January 29 and published in the official gazette the next day, but the effective date is April 30.
Industry News
Cryptocurrency exchange Kraken plans to go public in Q1 2026
Cryptocurrency exchange Kraken plans to go public in the first quarter of 2026, and it is expected that the IPO will become possible as the US regulatory environment improves under the Trump administration.
The company has been considering going public for years, but the process has been delayed due to regulatory challenges from the Securities and Exchange Commission (SEC). Earlier this month, Kraken announced that the SEC would drop its case and no longer file charges.
San Francisco-based Kraken saw strong growth in 2024, with revenue exceeding $1.5 billion and adjusted earnings of $380 million.
Kraken, currently the worlds tenth largest cryptocurrency exchange, was founded in 2011 and has raised approximately $27 million in initial funding.
Robinhood fined $26 million by US regulators for multiple violations
The U.S. Financial Industry Regulatory Authority (FINRA) issued a press release stating that it has ordered Robinhood Financial to pay $3.75 million to customers and fined Robinhood Financial and Robinhood Securities $26 million for violating multiple FINRA rules, including failing to respond to red flags of potential misconduct. In the settlement agreement, the two companies accepted FINRAs findings but neither admitted nor denied the allegations, and agreed to commit to rectifying the relevant issues.
Binance announced that during its investigation into a market maker of GoPlus Security (GPS) (hereinafter referred to as the “market maker”), Binance discovered that the market maker was also responsible for the market making activities of the MyShell (SHELL) project.
In order to better protect Binance users, Binance has taken the following additional measures in response to the market maker’s misconduct:
· The market maker has been delisted and banned from any further market making activities on Binance. · The relevant profits of the market maker have been confiscated and will be used to compensate users of the GPS and SHELL projects (the detailed compensation plan will be decided and announced by the relevant project teams).
Project News
Avalanche Foundations three directors resigned
Omer, a former director of the Avalanche Foundation, posted on the X platform that he confirmed that three directors, including himself, Aytunç Yildizli and Vikram Nagrani, had officially resigned from the board of directors of the foundation and its subsidiaries at the beginning of this week. Among them, executive director Aytunç Yildizli stopped performing his duties on February 28, 2025. Since then, the board has been on the sidelines, trying to find a way forward.
Omer said, During the past 18 months, Aytunç Yildizli, Vikram Nagrani, I and others have promoted a number of important tasks, including establishing the Avalanche Foundations brand image, publishing the first annual report, launching incentive programs such as infraBUIDL () and infraBUIDL (AI), and developing the AiFRED project. We are also committed to strengthening internal coordination within the ecosystem and shifting the growth strategy focus to new market development and strategic cooperation. This collective voluntary resignation decision is well-considered. In the future, we will continue to pay attention to the development of the Avalanche ecosystem and wish the Avalanche ecosystem and community all the best.
Conic Finance, the Omnipools protocol of Curve ecosystem, announced the official cessation of operations and the project will be terminated completely.
Conic Finance stated that due to the failure to resolve key issues in the new version, several core members left during the period, and the remaining team decided to terminate the project after evaluation. The official recommended that all liquidity providers (LPs) withdraw funds from Omnipools as soon as possible.
Additionally, the Conic Treasury will return the remainder of Michael Egorov’s investment in July 2023 and cease all Votium bribes and incentives for the CNC/ETH Curve pool.
According to official news, AI+Web3 creation platform NFPrompt officially launched the NFP token destruction plan today. The core goal of this destruction plan is to reduce the circulation of tokens, increase token scarcity, optimize the economic model, and enhance long-term ecological value.
The team said that this move is the first stage of ecological optimization, and will gradually disclose DAO governance upgrades and application scenario expansions to form a sustainable token economic cycle.
Investment and Financing
Galaxis Receives $5 Million Investment Commitment from Bolts Capital
Galaxis announced that it has received a $5 million investment commitment from Bolts Capital.
According to previous news, in May 2024, Singapores Web3 platform Galaxis announced the completion of a US$10 million financing round, with Chainlink, Ethereum domain name service ENS, Rarestone Capital, Taisu Ventures, and ENS co-founder Nick Johnson participating in the investment.
Regulatory trends
US federal agencies must report bitcoin holdings directly to the Treasury Department
According to News.bitcoin, the White House explained Trumps executive order that in the future, Bitcoins confiscated by the US government will no longer be sold, but will be included in the new strategic Bitcoin reserve managed by the Treasury Department. At the same time, other digital assets will be included in the independent US digital asset reserve to strengthen supervision, optimize management, and promote the formulation of long-term cryptocurrency strategies. According to the order, US federal agencies must report their Bitcoin holdings directly to the Treasury Department to enhance supervision and management transparency.
The U.S. Office of the Comptroller of the Currency (OCC) issued a new letter announcing the withdrawal of Interpretive Letter No. 1179 issued on November 18, 2021, and reiterated that the crypto asset custody, distributed ledger and stablecoin activities discussed in the previous letter are permitted.
The OCC confirmed in the letter that “federal banks and federal savings associations can engage in crypto asset custody, certain stablecoin activities, and participate in independent node verification networks.” Rodney E. Hood, acting director of the U.S. Office of the Comptroller of the Currency, said: “The U.S. Office of the Comptroller of the Currency expects banks to adopt the same strong risk management controls as traditional banking to support new banking businesses.”
The agency also said it was also withdrawing a requirement for institutions to implement restrictive controls before engaging in encryption activities.
Character Voice
Bitwise: US strategic crypto reserves may trigger a domino effect and promote a global BTC arms race
Matt Hougan, chief investment officer of Bitwise, said in an investment memo this week that Trump has changed the rules of the game in the crypto market. The establishment of a strategic crypto reserve in the United States will trigger a domino effect and be seen as the first shot in a Bitcoin arms race. Honduras, Mexico or Guatemala are paying attention to the Bitcoin strategy of the United States and El Salvador. All countries may promote Bitcoin to become an important global currency asset. It is reported that Galaxy Digital predicts that at least five countries will establish their own strategic Bitcoin reserves in 2025.
Zhu Su wrote that the establishment of the Strategic Bitcoin Reserve Act sends an important signal, because the biggest risk facing Bitcoin over the years is being seen as a challenger to the US dollar or a protocol that facilitates illegal transfers of funds. The Strategic Bitcoin Reserve allows Bitcoin to be regarded as a digital bearer asset on the same level as gold, which will be recognized in the West and around the world. The US government does not need to accumulate millions of bitcoins, it only needs to make Bitcoin a single coordination point for digital value storage.
Trader Eugene: DeFi token value investment must meet three major criteria
Top trader Eugene Ng Ah Sio shared three key criteria for evaluating the value of DeFi token investment in the TG group. He believes that although the regulatory environment has improved in recent years, there is still a gap from a feasible investment strategy.
He emphasized that, first, the project team must put the interests of token holders first, which is at least as important as those of equity holders; second, the business model cannot rely entirely on the cryptocurrency speculation cycle to avoid the valuation invalidation caused by a sharp drop in trading volume in a bear market; finally, the teams execution ability is the key, and it is necessary to have technical barriers or excellent execution.
He said that currently only a few agreements meet these criteria and investments will be made when the time is right.
