Folks, it’s time for the daily summary of major events in the crypto world! Today, the crypto space is still bustling, with every event closely tied to our “wallets.” Hurry up and grab a seat to watch together!
1. The White House holds its first cryptocurrency summit, is the crypto industry facing a critical turning point?
On March 7, 2025, a historic moment arrived at the White House, hosting the first cryptocurrency industry summit. This summit was led by the Trump administration and was held behind closed doors, indicating its significance. The meeting was chaired by 'crypto czar' David Sacks, who is responsible for AI and cryptocurrency affairs at the White House. The attendee lineup was extraordinarily impressive, with leaders from top industry firms like Coinbase and MicroStrategy present, along with members of the Presidential Digital Asset Working Group.
What was discussed at this summit? Regulation and innovation are absolutely the top priorities. First, regarding token classification, the SEC is resolutely adhering to the 'Howey Test' principle, determining that most tokens are securities; however, companies like Coinbase disagree and believe that tokens should be flexibly classified based on their actual use, such as governance and payment functionalities. Cross-border law enforcement is also a significant challenge, as the U.S. Department of Justice closely monitors mixers like Tornado Cash, aiming to punish illegal activities, but the technology is too decentralized, making investigation quite difficult. Additionally, the integration of AI and cryptocurrency has become a hot topic, with Worldcoin's iris scanning identity protocol under investigation in multiple countries, and the summit is discussing how to regulate the storage of biometric data on-chain.
The market has high expectations for this summit. Standard Chartered analyst Geoff Kendrick boldly predicts that Bitcoin could reach $500,000 during Trump's term due to a surge in institutional demand and increasingly clear regulation. However, some are concerned that if the Federal Reserve delays rate cuts or the regulatory framework remains vague, the market may fall into 'policy panic selling,' leading to a significant price drop, which is no laughing matter!
2. Trump signs executive order, strategic Bitcoin reserves are coming
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 will consist of Bitcoin obtained by the U.S. government through criminal and civil asset forfeiture programs, with no additional funds being used for purchases.
This order requires a comprehensive review of the U.S. government's digital asset holdings, with the Bitcoin deposited in reserves not being sold, serving as a long-term value storage method. The Secretary of the Treasury and the Secretary of Commerce have also been tasked with formulating strategies to acquire more Bitcoin at the right time without increasing the tax burden on taxpayers. Following this news, the Bitcoin price instantly dropped below $86,000, with a decline of over 5% in one day, indicating that the market reacted strongly to this matter!
3. Global cryptocurrency policy reshuffle, countries are taking action
- South Korea: The chairman of South Korea's FSC stated that they will expedite the drafting of the second phase of the cryptocurrency legislation. South Korea has always been cautious about cryptocurrency regulation, and this acceleration in drafting indicates that the local cryptocurrency market is bound to undergo significant changes, with stricter regulation of market participants' behaviors.
- Japan: Plans to categorize cryptocurrency as a new asset class, no longer regulated as securities, and the ruling party has proposed lowering the maximum cryptocurrency tax rate to 20%, aligning it with stock investments. This series of actions indicates that Japan is actively exploring more relaxed and favorable policies for cryptocurrency development, 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 fraud traps. Cryptocurrency is too popular now, and criminals are taking advantage of it to scam people. Legislator Wu's reminder is timely and can help our Hong Kong compatriots protect their wallets and maintain financial order.
4. New trends in the cryptocurrency market and investment, seize the opportunity to make 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 optimism of traditional enterprises towards Bitcoin indicates that its value is being recognized. The proportion of Bitcoin in corporate asset allocation is increasing, and the supply and demand relationship of Bitcoin in the financial market will certainly change in the future.
- Bitwise: The Bitcoin and gold mixed ETP product launched by Bitwise has already been listed in Europe. This provides investors with a new option, combining Bitcoin's high growth potential with the safe-haven property of gold, allowing both aggressive and conservative investors to find suitable investment methods.
- Options market: After analyzing options market data, Deribit executives predict that there is a 33.3% chance that the BTC price will return to $100,000 by the end of March. Although it 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.
