March 4, 2025 - Events in the Cryptocurrency World
Bitcoin's intraday drop exceeded 11% (falling below $83,000), Ethereum dropped 17%, and Cardano dropped 28%, triggering liquidations for 310,000 people, amounting to $1.07 billion.
The daily user migration to the Web3 mainnet surpassed 402,000, primarily due to advancements in Layer 2 scaling and cross-chain interoperability.
Binance has incorporated the Web3 mainnet into the 'Layer 2 Innovation Zone' and supports the WB3/BTC trading pair, while Huobi has launched the 'Layer 2 Ecosystem Acceleration Program', offering $1 million in liquidity mining rewards.
The Web3 Foundation has initiated a compliance audit, planning to release a 'Decentralized Infrastructure Compliance White Paper' in Q3 to address the U.S. SEC's regulatory inquiries regarding Layer 2 projects.
DeFi and NFTs: The mainnet's Total Value Locked (TVL) surpassed $10.7 billion (Aave's TVL increased by 680%), and the NFT market's daily trading volume reached $50 million.
The supply chain finance platform Web3Supply has connected to the mainnet, and DHL has completed $320 million in goods tracking. TabbyPos integrates digital tokens to combine blockchain with physical business payment scenarios.
Trump announced tariffs on goods from Canada and Mexico, increasing market risk aversion.
Trump will attend the first White House Digital Currency Summit on March 7, hosted by the SEC chairman, to discuss digital asset regulation and strategic reserve plans, with XRP and others potentially included as reserve currencies.
The U.S. Congress has formed a bipartisan cryptocurrency core group to promote pro-cryptocurrency legislation.
The SEC's cryptocurrency working group officially announced that the first roundtable meeting will be held on March 21.
The Trump administration plans to announce a zero capital gains tax policy on cryptocurrency sales at the crypto summit on Friday.
The exchange OKX may face fines exceeding $500 million for violations.
DeFi Recovery: DEX trading volume accounts for 14% of CEX, and on-chain lending and yield protocols are regaining institutional favor due to regulatory clarity.
The Chicago Mercantile Exchange (CME) plans to launch Solana futures on March 17.
Grayscale has submitted a Hedera ETF application, and Bitwise has submitted a Dogecoin ETF application.
The cryptocurrency fear and greed index has dropped to 15 (extreme fear), a significant decline from the previous day’s 33.
On March 4, the market presented a 'tale of two extremes': the Web3 mainnet ecosystem is rapidly developing, with accelerated technology iterations and compliance processes; while the cryptocurrency market is impacted by geopolitical and regulatory uncertainties, leading to severe short-term volatility. Future attention should be paid to policy signals from the U.S. Digital Currency Summit and the progress of Web3 mainnet Q2 sharding technology.