On March 5, reports indicated that after a significant rise in cryptocurrency prices, the market underwent oscillatory adjustments. Bitcoin (BTC) briefly surged above USD 74,000. As of this writing, it has retreated to above USD 72,000. $Bitcoin (BTC.CC)$ A decline of 0.36%, trading at USD 72,405.27. $Ethereum (ETH.CC)$ A decline of 0.32%, trading at USD 2,120.49.
Key Focus
Crypto political action committee Fairshake secures first victory in the 2026 U.S. Congressional primary elections.
According to CoinDesk, the crypto industry's political action committee Fairshake achieved an initial victory in the first round of primaries for the 2026 U.S. Congressional midterm elections. Several pro-crypto candidates supported by Fairshake won their respective primaries held on Tuesday. Notably, Trump-backed Republican Jessica Steinmann secured nearly 70% of the vote in the Texas 8th District Republican primary, while House Financial Services Committee Chairman French Hill, who received over USD 400,000 in advertising support, won with 77% of the vote. A key focus of Fairshake’s efforts in this primary was attempting to oust crypto critic and Texas Democratic Representative Al Green.
Bloomberg: AI boom prompts Bitcoin mining firms holding over USD 8 billion in assets to pivot, raising concerns about potential market sell-offs.
According to Bloomberg, as Bitcoin prices have fallen more than 40% from their October peak last year, major mining companies holding over USD 8 billion in Bitcoin are quietly accelerating their sell-offs. Unlike previous sales aimed at covering costs, proceeds from this round of sell-offs are being redirected into artificial intelligence. Mining firms are repositioning their facilities, which benefit from low-cost electricity and capital-intensive infrastructure similar to Bitcoin mining operations, as AI data center operators to secure more predictable revenue streams than Bitcoin mining. The second-largest Bitcoin holder$Strategy (MSTR.US)$is adjusting its strategy and may sell part of its nearly USD 4 billion reserves.$MARA Holdings (MARA.US)$has restructured its executive team to accelerate the transition to AI. Bitdeer has liquidated its entire Bitcoin holdings.$CleanSpark (CLSK.US)$and$Riot Platforms (RIOT.US)$has restructured its executive team to accelerate its AI transformation. Bitdeer has liquidated all of its Bitcoin holdings.
Michael Saylor: Strategy's Bitcoin purchasing potential exceeds the available supply in the market.
Michael Saylor, founder and executive chairman of Strategy, posted on the X platform that$Strategy (MSTR.US)$with strong purchasing power, its potential to buy Bitcoin exceeds the amount available for sale in the market.
Morgan Stanley updated its Bitcoin ETF application, designating Coinbase and Bank of New York Mellon as custodians.
According to a report by The Block,$Morgan Stanley (MS.US)$It has submitted an S-1 amendment for the Bitcoin ETF to the SEC, naming Coinbase Custody and Bank of New York Mellon as custodians. The filing also designated Bank of New York Mellon as the fund’s administrator, transfer agent, and cash custodian.$Coinbase (COIN.US)$to act as the prime broker. The fund will track the spot price of Bitcoin. Morgan Stanley, ranked sixth in total assets among U.S. banks, previously filed a listing application for a Solana trust fund. Coinbase serves as the primary custodian for most spot Bitcoin ETFs in the U.S.
SEC and CFTC advance regulatory plans targeting the cryptocurrency industry and prediction markets.
According to Bloomberg, two major Wall Street regulators are advancing regulatory plans targeting the cryptocurrency industry and the rapidly growing prediction markets. The U.S. Securities and Exchange Commission (SEC) has submitted a commission-level guidance document to the White House Office of Information and Regulatory Affairs (OIRA), addressing “the applicability of federal securities laws to specific types of crypto assets and transactions involving such assets.” This guidance could establish token classification standards for crypto assets, clarifying which tokens fall under the SEC’s jurisdiction. The CommodityFutures TradingFutures Trading Commission (CFTC) has also submitted a measure on prediction markets to OIRA, with the agency considering drafting new rules for the industry, including issuing an advance notice of proposed rulemaking. The SEC Chair stated that the agency would consider issuing explanatory guidance around crypto asset token classification to ensure investors and innovators clearly understand their regulatory obligations.
Federal Reserve Beige Book: U.S. economy expands moderately; inflation and policy uncertainty remain risks.
According to Zhitong Finance, the Federal Reserve's latest Beige Book shows that the U.S. economy remained stable overall at the beginning of 2026, but persistent inflation, a slowing labor market, and policy uncertainty are posing new risks. The report indicates that the U.S. economy showed relatively robust fundamentals at the start of the year, but businesses remain cautious about future prospects. Firms surveyed by the New York Fed reported a rebound in consumer spending, though many households have cut back on large purchases due to uncertainty. On employment, the Beige Book noted that workforce levels were generally stable across most regions at the beginning of the year, but the labor market lacked noticeable dynamism. Inflation remains a widespread concern for businesses. The Beige Book indicated that all 12 Federal Reserve districts reported rising prices, with eight districts experiencing moderate increases and four reporting slight rises.
Coinbase launches stock trading with extended 24/5 hours for select symbols.
Coinbase announced the official launch of stock trading on its platform and expressed gratitude to Nasdaq. It further clarified that stock securities are provided by Coinbase Capital Markets (a FINRA member and SIPC participant), while digital asset services are offered by Coinbase Inc. and its affiliates. Eligible stocks are supported with extended trading hours of 24/5.
Editor/Joe Liang
