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Pakistan’s Strategic Embrace of Cryptocurrency

Pakistan has begun adopting cryptocurrency not only for economic benefits but also for strategic purposes potentially to gain favor with the United States In contrast India continues to grapple with regulatory uncertainty and security concerns while countries like Bhutan are using crypto to diversify their economies Meanwhile in the US questions are being raised over stablecoin regulations and potential conflicts of interest prompting an even stronger need for India to develop a clear comprehensive crypto policy to mitigate financial and security risks

Just weeks before the Pahalgam attack something unusual happened in Islamabad Changpeng Zhao the China born Canadian businessman and founder of Binance the world’s largest cryptocurrency exchange agreed in early April to serve as an advisor to the Pakistan Crypto Council (PCC)

Formed in March the PCC’s goal was to create a framework for cryptocurrency in Pakistan a country that had until then maintained a cautious stance toward digital assets At the time many questioned Pakistan’s motivation for welcoming crypto Officials claimed it was a tool to attract foreign investment However in the following months particularly during Operation Sindoor it became clear there was also a strategic dimension to the move

Pakistan also partnered with World Liberty Financial (WLF) a cryptocurrency company linked to the family of US President Donald Trump as part of its strategy to gain influence in the White House. Combined with gestures like nominating Trump for a Nobel Peace Prize this may have contributed to the US’s relatively restrained response during the conflict

Finally on July 9 President Asif Ali Zardari signed an ordinance establishing the Pakistan Virtual Asset Regulatory Authority (PVARA) an autonomous federal body empowered to license regulate and supervise entities dealing in virtual assets (VA)
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1. Establishing a Clear Regulatory Framework
GENIUS Act (signed July 18, 2025): The first comprehensive federal framework for regulating stablecoins — requiring 100% reserve backing with low-risk assets, along with strict auditing and transparency measures. (en.wikipedia.org, ft.com, economictimes.indiatimes.com)
Other proposed legislation in Congress:
CLARITY Act: To determine whether digital assets are classified as securities (under SEC regulation) or commodities (under CFTC regulation). (britannica.com, marketwatch.com)

Anti-CBDC Surveillance State Act: Prevents the Federal Reserve from issuing a central bank digital currency without Congressional approval. (britannica.com, marketwatch.com)
2. Strategic Executive Actions
Strategic Bitcoin Reserve: In March 2025, the President signed an executive order creating a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” giving the U.S. government control of around 200,000 BTC — the largest national holding in the world. (en.wikipedia.org, nypost.com, whitehouse.gov)
Crypto in Retirement Plans: On August 7, 2025, President Trump signed an order allowing cryptocurrencies to be included in retirement plans (like 401(k)s), potentially unlocking access to a multi-trillion-dollar retirement market. (ft.com, investors.com, nypost.com)
3. Institutional Coordination and Regulatory Alignment
The White House’s Working Group on Digital Asset Markets recommended a “fit-for-purpose” market framework that assigns clear roles to the CFTC (for non-security digital assets) and the SEC (for assets considered securities). (businessinsider.com, whitehouse.gov)

“Project Crypto” by the SEC aims to modernize crypto regulations for custody, trading, and compliance — encouraging companies to operate in the U.S. rather than abroad. (consumerfinancialserviceslawmonitor.com, posttrade360.com)
4. Accelerating Mergers and Acquisitions
Ripple recently acquired Rail, a stablecoin infrastructure platform, for $200 million to strengthen its competitive position in a market dominated by Tether and Circle. (ft.com)
Heavy institutional investment from firms like MicroStrategy — which continues to buy BTC aggressively — boosts market expansion and credibility. (mitrade.com, theblock.co)
5. Political Shift and Industry Support
The Republican Party has grown more pro-crypto, while Democrats are gradually warming to it under electoral and economic pressure. Advocacy groups like Stand With Crypto are influencing lawmakers to push industry-friendly policies. (axios.com, nypost.com)
Analysts and opinion leaders (in outlets like Axios and The Washington Post) suggest that the administration aims to make the U.S. the “global home of crypto” through supportive regulations and innovation-friendly policies. (axios.com, washingtonpost.com)

Conclusion
The U.S. strategy to dominate the crypto market includes:
Enacting clear regulations (especially via the GENIUS Act and other bills).
Building a strong national reserve of digital assets.
Integrating crypto into mainstream finance (e.g., retirement plans).
Coordinating regulatory roles between agencies.
Encouraging strategic acquisitions and political support.
These efforts reflect a major shift from skepticism to an active embrace of blockchain technology as a national advantage.
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Ethereum's price has reached a key support level between $1,700-$1,900 amid bearish market sentiment, with analysts divided on whether it will decline further or rebound toward $4,000
ETH price dropped 9.3% between March 26-28, testing the $1,860 level
Futures premium hit a 1-year low, while options skew at 7% suggests professional traders lack confidence
ETH is currently trading at a key support zone between $1,700-$1,900
Some analysts predict a potential recovery to $4,000 based on historical patterns
Short positions ($391 million) significantly outweigh long positions ($120 million), indicating bearish sentiment
Ethereum’s price has experienced a sharp decline in recent weeks, testing key support levels and triggering debate among analysts about whether this represents a buying opportunity or signals further downside. Market data provides a complex picture of both bearish pressure and potential recovery signals.

The second-largest cryptocurrency by market cap fell 9.3% between March 26 and March 28, testing the $1,860 level for the first time in two weeks. This correction led to over $114 million in liquidations of leveraged ETH futures.
The futures premium relative to the spot market dropped to its lowest level in over a year. Currently at 2% annualized premium, this suggests a lack of demand for leveraged long positions.

Some traders view this rock-bottom futures premium as a potential bottom signal. However, historical data shows this indicator is heavily influenced by recent price movements and rarely signals changes in the spot price trend.

Options markets tell a similar story. The 25% delta skew, which measures how the market prices put (sell) options compared to call (buy) options, currently sits at 7%.

When this metric rises above 6%, it typically indicates higher demand for hedging strategies, suggesting professional traders expect continued downward pressure. The current reading suggests a lack of conviction among these market participants.

From a technical perspective, ETH is positioned at a clear support zone between $1,700 and $1,900. This range has historically acted as a launch pad for recoveries.
Previous declines to this area have triggered strong price surges. One analyst points out that Ethereum is trading within a long-term macro price range between $1,700 and $4,500.

Despite underperforming compared to Solana during this bull market, ETH has still doubled from its 2022 low. This performance exceeds that of most other altcoins.

Sentiment, is not great.
The sentiment around Ethereum has reached extreme lows. According to one analyst, the current market sentiment score shows Ethereum has hit rock bottom at 14, signaling extreme fear and uncertainty.

Historical data suggests that when ETH reaches similar sentiment lows, as it did in late 2017 and 2021, the cryptocurrency often experiences a subsequent rally to new all-time highs.

Short-term traders appear heavily positioned for further downside. Data from on-chain analytics firm Coinglass reveals that traders betting on the short side are currently over-leveraged at $1,925, having built $391 million worth of short positions at this level.

Meanwhile, traders betting on price increases have built only $120 million worth of long positions at $1,855. This imbalance clearly indicates that bears currently dominate the market.

Ethereum faces several fundamental challenges. Some analysts argue that the sharp decline in network activity is the primary reason for ETH’s reduced appeal.

Others suggest that the shift toward layer-2 scalability solutions has significantly diminished the potential of base chain fees. With validators requiring compensation, the lack of capital inflow may require more ETH issuance, potentially affecting net returns from native staking.

Competition from other blockchains also places pressure on Ethereum. Networks like BNB Chain and Solana continue to gain traction, while specialized networks like Hyperliquid and Berachain target specific use cases.

The migration of successful decentralized applications (DApps) away from Ethereum presents another challenge. For example, Ethena, a synthetic dollar protocol currently holding $5.3 billion in total value locked (TVL), is transitioning to its own layer-1 blockchain after raising $100 million in December 2024.

Despite these challenges, Ethereum has an important protocol update approaching. The Pectra upgrade, scheduled for the coming weeks, could provide practical benefits in terms of base layer fees and overall usability.

Analysts suggest that if ETH can reclaim the $2,100 level, the cryptocurrency could move rapidly toward $4,000 in just a few months. The upcoming Federal Reserve monetary policy decision in mid-April may also provide renewed bullish momentum that could benefit Ethereum’s price trajectory. $BTC
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At press time, Ethereum is trading near $1,870, with trading volume jumping by 50% over the past 24 hours. This increased participation from traders and investors compared to the previous day suggests heightened market interest at current price levels.
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