On March 20, the crypto market surged and then retreated, as of the time of writing, $Bitcoin (BTC.CC)$ down 0.43%, reported at $85,788.53; $Ethereum (ETH.CC)$ down 1.71%, reported at $2,014.12.

• Trump will address the Digital Assets Summit tonight and may announce subsequent Cryptos policies.

According to Blockworks, President Trump will deliver a recorded speech at the Digital Assets Summit (DAS) in New York City on Thursday, Eastern Time, where the market expects Trump to announce his subsequent Cryptos policy. This speech will be the first time a sitting president of the USA has spoken at a conference in the Cryptos Industry. The conference has also attracted several political and industry leaders. Earlier this week, Bo Hines, the Executive Director of the White House Presidential Digital Assets Advisory Committee, spoke at the DAS, suggesting that the government aims to reserve Bitcoin for its recently announced Global Strategy for Bitcoin reserves.

• The SEC's cryptocurrency working group will hold its first roundtable discussion on March 21.

According to Solid Intel, the first roundtable meeting of the SEC's cryptocurrency working group will begin on March 21, 2025, to discuss important issues related to the regulation of cryptocurrency assets.

• Analysts: The easing financial environment drives Bitcoin to soar, expecting historical highs in the second quarter.

According to Decrypt, Cryptos such as Bitcoin, Ethereum, and Solana rose after the Federal Reserve kept interest rates unchanged on Wednesday and the chair delivered soothing remarks, while the US stock market also climbed. The more lenient financial conditions seem to be boosting risk appetite. The dollar recorded its third-largest three-day decline since 2015, while Treasury yields and bond market volatility fell significantly. Jamie Coutts, Chief Cryptocurrency Analyst at Real Vision, stated that these changes may lay the groundwork for Bitcoin's significant rise within the next 90 days. Coutts noted: 'Historically, these signals often precede substantial volatility in Bitcoin. The market may currently underestimate the speed at which Bitcoin could rise rapidly — despite ongoing concerns over Trump tariffs and a potential economic recession, Bitcoin might reach an all-time high before the end of the second quarter.'

• In February, crypto venture capital trades decreased by 60% since last October, as investors became more cautious and selective.

According to The Block, the monthly number of venture transactions in the crypto space has significantly shrunk, with only 116 private transactions tracked in February, one of the lowest points in recent years. This represents a substantial decline compared to more than 300 transactions recorded in October 2024 — a 60% drop over five months. This slowdown aligns with broader market conditions as overall risk appetite in financial markets has diminished. Despite the decrease in transaction volume, the total investment value remained relatively stable in February, approximately 1 billion dollars, consistent with monthly totals since October 2022. However, March saw an exception, with investments exceeding 2.3 billion dollars. Binance reached an agreement with Abu Dhabi's MGX, which invested 2 billion dollars into the cryptocurrency exchange. While traditional venture trading seems to be cooling, new investment models are emerging. Coinbase Ventures has launched an investment group on the Echo platform, specifically focused on projects built on Base. Echo represents an interesting evolution in the crypto financing space, allowing individual traders to pool resources and collectively invest in web3 projects. The contraction in the venture capital space appears to have had a relatively uniform impact across all crypto categories, with declines in transaction numbers across infrastructure, DeFi, crypto financial services, web3, and the NFT/gaming space compared to the highs of 2024. This cooling in the venture capital environment may signal the cryptocurrency industry entering a mature phase, with investors becoming more selective and focusing on sustainable business models rather than speculative concepts.

• Coinbase releases the first report on Ethereum validator performance: the number of validators reaches 0.12 million.

According to the official blog, Coinbase released its first Ethereum validator performance report to provide transparency regarding its staking performance and validator operations. The data in the report shows that the number of Coinbase validators reached 0.12 million; ETH staked to Coinbase validators reached 3.84 million, accounting for 11.42% of the total staked ETH; ETH staked via partners was 0.5815 million; there have been no penalties or double-signing incidents since inception; online rate is 99.75%; participation rate is 99.75%; consensus client diversity: 2 types (Lighthouse, Prysm); execution client diversity: 2 types (Geth, Nethermind); relay diversity: 6 types; validator distribution: 5 countries and 2 Cloud Computing Service providers.

• Czech central bank officials express skepticism about Bitcoin as a reserve asset.

According to Reuters, Jan Kubicek, a board member of the Czech National Bank (CNB), expressed skepticism about including Bitcoin in the bank's large reserve assets, mainly due to concerns over its legal uncertainty and the volatility of digital currencies. Earlier this year, CNB Governor Ales Michl suggested considering Bitcoin, and the bank has begun analyzing the possibility of expanding the asset categories in its reserve investment portfolio. CNB Vice President Eva Zamrazilova previously stated that Bitcoin is not a suitable reserve asset. In an interview on Tuesday, Kubicek said: "We will assess different asset categories, and Bitcoin is just one of them. I hold a rather skeptical attitude towards Bitcoin." He pointed out that the legal status of Bitcoin is an issue, as directly holding Bitcoin would require the development of many new processes in areas such as accounting and auditing. He also mentioned that volatility is another concern, making it difficult to assess market price trends. He stated: "We cannot be sure if Bitcoin's volatility in the coming years will resemble the patterns observed in the past decade, as I suspect that if more institutional investors accept Bitcoin as an investment asset, its performance will differ from what we have seen so far." Kubicek indicated that the bank's research on new asset categories may be completed before October and could explore the possibility of holding international CSI Enterprise bond Index, as well as investing in more targeted Stock Index (such as Technology) and Real Estate Investment Funds.

• Executives from Trump's media company established a new SPAC and are seeking $0.179 billion in financing, aiming to acquire crypto-related businesses.

According to Forbes, based on a registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Friday, three senior leaders of Trump Media & Technology Group have formed a new special purpose acquisition company (SPAC) aimed at acquiring businesses in the cryptocurrency or related industries—meanwhile, the Trump administration is attempting to shape the landscape of this industry. The Cayman Islands-registered SPAC, Renatus Tactical Acquisition Corp I, plans to raise at least $0.179 billion through an initial public offering (IPO) and private placements, with the funds intended for acquiring another company. The company’s leadership is closely related to Trump’s media company: Renatus Tactical's CEO Eric Swider is a board member of Trump Media; Devin Nunes, CEO, President, and Chairman of Trump Media, also serves as the Chairman of Renatus Tactical’s board; and Renatus Tactical’s COO Alexander Cano was previously the President and Secretary of the company that merged with Trump Media. According to documents filed with the SEC by Renatus Tactical, the company aims to acquire in the fields of cryptocurrency and blockchain, data security, and dual-use technology, all of which have substantial involvement from the government as a regulator or major customer.

• "Hyperliquid 50x Whale" makes a profit of 164% by trading BTC both long and short around the Federal Reserve's interest rate announcement.

According to on-chain analyst Yu Jin, the "Hyperliquid 50x giant whales" executed reckless operations during the three hours from midnight to 3 a.m. surrounding the Fed rate announcement event, turning 0.69 million USDC into 1.826 million USDC, yielding a profit of 164%. The specific operations are as follows: ① At 2 a.m., the Fed was about to announce its rate decision; at midnight, they opened a short position of 326 BTC ($27.6 million) at a price of $84,566 and then closed the short position just before the rate decision announcement at $83,927, making a profit of $0.215 million; ② When the rate was announced at 2 p.m., they immediately opened a short position of 256 BTC ($21.6 million) at a price of $84,404 and rapidly closed it 6 minutes later at a price of $83,906, making a profit of $0.25 million; ③ After closing the short, they immediately went long, opening a long position of 518 BTC ($43.8 million) at a price of $84,500, and then closed it at $85,700 at 2:59, making a profit of $0.62 million; ④ After going long, they immediately shorted again: at 3:00, they opened a short position of 384 BTC ($32.9 million) at a price of $85,666 and closed it 2 minutes later at a price of $85,146, making a profit of $0.106 million.

• 10x Research: Bitcoin is currently in a minor bear market, with $0.09 million being a critical pivot level.

10x Research stated on platform X: 'According to multiple indicators, Bitcoin is currently in a small bear market. As we have emphasized before, $90,000 is a key pivot level. The recent trends represent a short-term counter-trend rebound, providing opportunities to profit during this broader consolidation phase. As expected, the FOMC meeting appeared slightly dovish.'

• Standard Chartered: Coinbase is proactively selling $37 million worth of Ethereum in Q4 2024.

According to Decrypt, Standard Chartered analysts believe that the cryptocurrency exchange Coinbase 'actively sold' 12,652 Ethereum (about $37 million) in Q4 2024. Analysts explain that Coinbase's Layer-2 network Base has driven the demand for Ethereum, but its profit-taking actions are affecting the price trend of the underlying blockchain (ETH). Standard Chartered has recently lowered its price target for Ethereum in 2025 from $0.01 million to $4,000 due to significant Ethereum sales from the Base network's profits. Analysts pointed out that Coinbase is not holding the ETH profits generated by Base but is choosing to sell these assets as part of normal risk-adjusted decisions.

• Dubai has launched a pilot program for Real Estate tokenization, and the market size is expected to reach 16 billion USD by 2033.

The Dubai Land Department (DLD) announced the launch of a pilot project for real estate tokenization, becoming the first real estate registration authority in the Middle East to manage property rights proof using blockchain technology. This project is jointly developed by the Dubai Land Department in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF). The Dubai Land Department expects that by 2033, the volume of tokenized real estate transactions will reach 60 billion dirhams (approximately $16 billion), accounting for 7% of the city's total real estate transactions. Marwan Ahmed Bin Ghalita, the Director-General of the Dubai Land Department, stated that the project will 'simplify and enhance the process of buying, selling, and investing in local real estate.' The land department is currently collaborating with technology companies to improve the pilot project and will gradually scale it up.

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