Folks, it's time for the daily roundup of major events in the cryptocurrency world! Today, the crypto space is still bustling with activity, and every event is closely related to our 'wallets'. Hurry and pull up your small stools to watch together!
1. The White House holds its first crypto summit, is the crypto industry facing a critical turning point?
On March 7, 2025, the White House welcomed a historic moment by holding the first cryptocurrency industry summit. This summit was led by the Trump administration and was held behind closed doors, emphasizing its significance. The meeting was chaired by 'Crypto King' David Sacks, who is responsible for AI and cryptocurrency affairs at the White House. The lineup of attendees was extremely luxurious, with leaders from top industry companies like Coinbase and MicroStrategy gathering, along with all members of the presidential digital asset task force.
What was discussed at this summit? Regulation and innovation were absolutely top priorities. First, regarding token classification, the SEC firmly insists on the 'Howey test' principle, determining that most tokens are securities; however, companies like Coinbase disagree, believing that tokens should be flexibly classified based on their actual uses, such as governance and payment functions. Cross-border enforcement is also a major challenge, with the US Department of Justice closely monitoring mixers like Tornado Cash, eager to punish illegal activities, but the decentralized nature of technology makes investigations difficult. Additionally, the integration of AI and cryptocurrency has become a hot topic, with Worldcoin's iris scanning identity protocol being investigated in multiple countries, and the summit is exploring how to regulate the storage of biometric data on the blockchain.
The market has high expectations for this summit. Standard Chartered analyst Geoff Kendrick boldly predicts that Bitcoin could hit $500,000 during Trump's term due to surging institutional demand and increasingly clear regulations. However, some are worried that if the Federal Reserve delays interest rate cuts or the regulatory framework remains vague, the market could fall into a 'policy panic sell-off', causing a significant drop in prices, which is no laughing matter!
2. Trump signs an executive order, the strategic Bitcoin reserve is here.
On March 7 local time, Trump signed an executive order to establish a strategic Bitcoin reserve! White House cryptocurrency director David Sacks revealed on platform X that this reserve fund comes from Bitcoin obtained by the US government through criminal and civil asset forfeiture procedures, and the government will not spend extra money to buy it.
This order requires a comprehensive review of the digital asset holdings of the US government, stating that the Bitcoin stored in reserves will not be sold off and will be treated as a long-term value storage method. The Treasury Secretary and Commerce Secretary have also been tasked with developing strategies to acquire more Bitcoin at the right time without increasing the taxpayer burden. As soon as the news broke, Bitcoin's price instantly fell below $86,000, dropping over 5% in a single day, indicating that the market reacted very strongly to this news!
3. A major reshuffle of global crypto policies, countries are taking action.
- South Korea: The chairman of the Korea FSC has stated that the drafting of the second phase of the cryptocurrency bill will be accelerated. South Korea has been very cautious about cryptocurrency regulation, and this acceleration in drafting the bill will surely lead to a 'big change' in the domestic cryptocurrency market, with stricter regulations for market participants.
- Japan: Plans to classify cryptocurrencies as a new asset class, no longer regulated as securities, and the ruling party has proposed to reduce the upper limit on cryptocurrency tax rates to 20%, aligning it with stock investments. This series of actions indicates that Japan is actively exploring more lenient policies conducive to the development of cryptocurrencies, which may significantly enhance market activity in the future.
- Hong Kong: Legislator Wu Jiezhuang reminds everyone that there is no official cryptocurrency in Hong Kong, so be careful not to fall into scam traps. Cryptocurrencies are currently very hot, and criminals are taking the opportunity to commit fraud. Wu's reminder is very timely and can help our Hong Kong compatriots protect their wallets and maintain financial order.
4. New trends in the crypto market and investment, seizing opportunities means making money.
- Brazilian Tech Company: Brazilian tech firm Méliuz has converted 10% of its cash reserves into Bitcoin and plans to continue increasing its holdings. The fact that traditional companies view Bitcoin so positively indicates that its value is being recognized. As Bitcoin's proportion in corporate asset allocation increases, the supply and demand dynamics of Bitcoin in the financial market will surely change in the future.
- Bitwise: The Bitcoin and gold hybrid ETP product launched by Bitwise has been listed in Europe. This provides a new option for investors, combining the high growth potential of Bitcoin with the safe-haven properties of gold. Whether you are an aggressive or conservative investor, you can find an investment method that suits you.
- Options Market: After analyzing options market data, Deribit executives predict that the probability of BTC prices returning to $100,000 by the end of March is 33.3%. Although this is just a prediction, it reflects some market participants' views on BTC price trends, and short-term market trading sentiment is expected to be affected.
