BlockTimes 區塊時報

On March 23, U.S. President Trump posted, directly naming the official meme coin 'OfficialTrump (TRUMP)', and wrote statements like 'I love $TRUMP ', 'So cool!', 'The strongest coin!', instantly igniting market enthusiasm.
According to CoinMarketCap data, after the post, the TRUMP coin price surged from $10.91 to $12.11, a single-day increase of 11%, and has currently fallen back to $11.86. Market capitalization soared by $400 million, with trading volume hitting a new high since early March.

TRUMP coin price surged from $10.91 to $12.11
In contrast to TRUMP's impressive performance, First Lady Melania Trump's MELANIA coin price has dropped 4.8% over the past 24 hours. MELANIA has consistently failed to replicate TRUMP's success, with the market capitalization gap continuing to widen. Analysts point out that Trump's personal influence and social interaction ability are key driving factors behind TRUMP's popularity.

A Ukrainian delegation and the U.S. reached an agreement on March 11 in Saudi Arabia to accept a proposed 30-day ceasefire framework (pending final confirmation from Russia). According to a joint statement, the U.S. will immediately resume military intelligence sharing and military aid to Ukraine. This news alleviates geopolitical risks, with Bitcoin rapidly rising from a night session low of $76,000, up 7% in 24 hours to recover $83,300, and Ethereum simultaneously rebounding 5.6% to $1,940.

Bitcoin rebounds to $83,000 Source: CoinMarketCap
US-Canada tariff war cools off urgently

On April 7, global risk assets were severely hit, with Bitcoin plummeting 9.7% to $75,069, marking the largest single-day drop since March 2025.

Bitcoin plummeted 9.7% to $75,069.
Ethereum also dropped sharply by 18.9%, reaching $1,459, with the average drop for the top 50 cryptocurrencies (excluding stablecoins) reaching 15%.

Ethereum also dropped sharply by 18.9%, reaching $1,459.
Presto Research's research director Peter Chung pointed out that the market has fallen into a 'sell first, think later' mode, where panic sentiment dominates trading decisions.
Asian stocks faced a Black Monday, with 1,700 stocks in Taiwan hitting the limit down, setting a historical record.
Asian stock markets fell sharply: the Nikkei 225 index plummeted 8% at the open, triggering a circuit breaker, the Korean KOSPI index dropped 4.6%, and China's Shanghai Composite Index and Shenzhen Component Index fell 5.8% and 7.2%, respectively. After the Qingming Festival, the Taiwanese stock market experienced a delayed fall effect, with over 1,700 individual stocks hitting the limit down, and TSMC directly locked in at the limit down at the open, evaporating 2.1 trillion New Taiwan dollars in market value in a single day.

Bitwise analyst Jeff Park's latest report points out that the Trump administration's tariff policy will trigger global macroeconomic turmoil, causing wealth shrinkage and a financial crisis in the short term, but will accelerate Bitcoin's emergence as a mainstream value storage tool in the long term. He emphasizes that countries will inevitably adopt inflationary fiscal policies to cope with the impacts of the trade war, leading to a rapid devaluation of fiat currency purchasing power, with funds shifting massively towards non-sovereign assets.
Park's analysis points out that 'tariff costs will be shared by the U.S. and its trade partners through inflation, but foreign economies will bear greater pressure and be forced to seek alternatives to hedge against currency devaluation risks.'

Powell redefines inflation risk: tariff effects are not a short-term phenomenon.
Federal Reserve Chairman Powell clearly stated at the American Business Editors Association annual meeting that the comprehensive tariff policy promoted by the Trump administration will cause the U.S. average effective tariff rate to soar from 2.3% to 22%, surpassing the levels of 1930 (Smoot-Hawley Tariff Act). This move not only raises import costs but could also lead to 'persistent' inflation, undermining the Federal Reserve's previous assessment framework of 'temporary shocks.'
J.P. Morgan analysis indicates that the new tariff policy has raised the probability of a global recession to 60%, with prices of imported goods such as automobiles set to be the hardest hit. Bloomberg economists warn that this is the largest scale tariff action in 200 years, and the economic effects may exceed traditional model predictions.

Mixed signals from non-farm data raise inflation concerns in the labor market
The U.S. Department of Labor reported on the evening of the 4th that non-farm employment rose by 228,000 in March, exceeding market expectations of 130,000 by 75% and setting a nearly three-month record high. However, the unemployment rate unexpectedly rose from 4.1% to 4.2%, reaching the highest point since November 2023, creating a contradictory phenomenon of 'high employment growth accompanied by rising unemployment rates.'

Federal Reserve Chairman Powell emphasized that the labor market remains in a 'good balance' state and is not the main source of current inflation. He acknowledged that uncertainty in trade policy is weakening business confidence but did not explicitly state whether it affects the rate cut path in June.

The Layer 1 blockchain GUNZ, designed specifically for AAA-level Web3 games, launched its mainnet on March 31, simultaneously issuing the native token $GUN and listing on Binance exchange. During the testnet phase, the project accumulated over 14 million unique wallets, 440 million transactions, with daily active addresses peaking at 900,000, demonstrating strong ecological potential.

Binance Launchpool allocated 400 million GUN, making GUN the 66th project to go live on Binance Launchpool, which will provide multi-trading pair liquidity support after listing.
$GUN total supply is 10 billion, initial circulation is 6.05%.
$GUN token has a fixed total supply of 10 billion, with an initial circulating supply of 604.5 million (accounting for 6.05%). Its core functions include:

On April 3, after the U.S. stock market opened, Bitcoin fell below $82,000, reaching its lowest point of the month. Earlier, spurred by the U.S. government's announcement of tariff policies, Bitcoin surged to $88,580, but the upward momentum quickly faded as policy details exceeded expectations.

Bitcoin fell below $82,000
Meanwhile, the S&P 500 index plummeted 3.7% in a single day, evaporating nearly $3 trillion in market value, marking the largest decline since the pandemic lockdown in 2020.
Trading firm Kobeissi Letter pointed out that since the previous day's after-hours peak, the S&P 500 has lost about $125 billion in market value every minute.

Trump imposes global tariffs
U.S. President Trump announced on April 2 that a 10% tariff would be imposed on all countries, with tax rates for China, the EU, and Japan soaring to 34%, 20%, and 24%, respectively. In a speech in the White House Rose Garden, Trump emphasized that this action aims to balance the "unfair taxation that other countries have imposed on the U.S. for a long time." Trump declared a "national emergency" in the United States.

Cryptocurrency market value evaporated by 5.3%, while U.S. stocks simultaneously lost $2 trillion in value
After the news was released, the crypto market briefly rose due to the 10% benchmark tariff, but then fell sharply as details emerged. $BTC Bitcoin dropped 2.6% from an intraday high of $88,500 to $82,876, reporting at $83,642 before the deadline.

Fidelity Digital Assets' latest research report indicates that Bitcoin's current price trend aligns with the characteristics of historical acceleration cycles. Analysts emphasize: 'Referencing the cycles of 2010-2011, 2015, and 2017, the explosive peaks typically occur between days 244 to 280. This current cycle, starting from March 3, is only at day 232, indicating that the price's potential for an explosive breakout has not yet been fully released.'
Report data shows that Bitcoin tends to experience two major upward waves during the acceleration phase. Wainwright specifically highlighted a key observation indicator: if BTC surpasses its previous high during a 60-day rolling period, it will initiate a second wave of momentum starting from $110,000.

MicroStrategy purchases an additional 22,000 BTC, bringing total holdings to over 528,000 BTC
MicroStrategy, the champion of Bitcoin holdings among publicly listed companies in the United States, announced on March 31 that it purchased 22,048 Bitcoins at an average price of $86,969 between March 24 and 30, with a total expenditure of $1.92 billion. After this accumulation, MicroStrategy now holds a total of 528,185 BTC, with a total purchase cost of $35.63 billion and an average holding cost of $67,458.

Purchased 22,048 Bitcoins at an average price of $86,969
Michael Saylor: BTC will become the strongest value storage tool of the century
Michael Saylor, founder of MicroStrategy, publicly stated at the Blockworks 2025 Digital Assets Summit that Bitcoin will rise to $13 million within the next 20 years. He emphasized, 'Bitcoin is the only non-junk investment commodity in human history, and its supply cannot be expanded due to technological advancements or price increases, which allows it to completely surpass traditional assets on political, legal, and financial levels.'

On the evening of April 2, Tron founder Sun Yuchen issued a statement accusing the stablecoin issuer First Digital Trust (FDT) of facing insolvency and being unable to fulfill customer redemption obligations. Sun Yuchen also pointed out the regulatory oversight of Hong Kong and announced a press conference at 2 PM on April 3 to reveal details.

FDUSD price volatility
Market panic led to a sharp decline in the price of the stablecoin FDUSD issued by FDT. According to data from Binance exchange, the FDUSD/USDT trading pair fell from $1 to $0.87 within 30 minutes after the incident broke out, a decoupling of 13%. This affected the price of Bitcoin against FDUSD, which briefly reached $98,950, while Ethereum broke through $2,160.

Market analyst Timothy Peterson (author of the Metcalfe's Law as a Bitcoin Valuation Model) points out that the current $BTC Bitcoin bear market (defined as a decline of more than 20% from the historical high) is 'moderate' in both magnitude and duration. His research shows that historically, only 4 bear markets have been more severe than the current situation (2018, 2021, 2022, 2024), and this round of decline is supported by underlying trends, with BTC prices unlikely to drop below $50,000, while $80,000 serves as a critical support level.
Tariff War Impact Risk Assets Bitcoin Hedge Aura Fades
U.S. President Trump has raised tariffs on multiple countries, raising concerns about a trade war, leading to a decline in risk assets across the board. Peterson points out that Bitcoin has weakened in tandem with U.S. stocks, reflecting challenges to the narrative of Bitcoin as a 'digital safe-haven asset.' Glassnode data corroborates market panic: the proportion of short-term holders (holding for less than a week) has plummeted from 5.9% during the bull market in November 2024 to 2.3%, indicating a rapid withdrawal of speculative funds.

According to a Bloomberg report, the U.S. Treasury announced on March 21 that it has officially lifted sanctions against the decentralized mixing protocol Tornado Cash, which were imposed in August 2022. Ending a two-and-a-half-year regulatory dispute, the price of Tornado Cash governance token $TORN skyrocketed from $7.57 to $15.2, an increase of nearly 100%.

The controversy surrounding mixers: from sanctions to developer imprisonment
Tornado Cash is a privacy protocol on the Ethereum blockchain that allows users to transfer cryptocurrency anonymously. In August 2022, the U.S. Treasury's Office of Foreign Assets Control (OFAC) accused it of helping the North Korean hacker group Lazarus launder $455 million in illicit funds and placed the protocol on the sanctions list. In August 2023, Dutch authorities arrested core developer Alexey Pertsev and sentenced him in May 2024 to 64 months in prison for 'aiding in the laundering of $1.2 billion.' Pertsev was released in February 2025 and placed under house arrest awaiting appeal.

The Federal Financial Supervisory Authority of Germany (BaFin) announced on March 21 that it is suspending the issuance of the US dollar stablecoin USDe by Ethena GmbH, a subsidiary of Ethena Labs in Frankfurt. The regulatory statement pointed out that there are 'serious deficiencies in the token authorization process' for USDe, and it has requested the freezing of Ethena GmbH's reserve assets. This is the first significant regulatory action following the implementation of MiCA (the regulatory framework for crypto asset markets).



According to data from CoinMarketCap, Ethena's governance token ENA has fallen by 4.66% in the past 24 hours.
ENA has dropped 4.66% in the last 24 hours.
Disputes over MiCA transitional provisions spark controversy.

U.S. President Trump delivered a pre-recorded speech on March 20 at the 2025 Digital Assets Summit hosted by Blockworks, emphasizing the end of the Biden administration's regulatory crackdown on cryptocurrencies and promoting stablecoin legislation and strategic Bitcoin reserves. However, the speech did not present specific policy details and lasted only a little over two minutes, being assessed by the market as 'completely lacking new highlights.'
Repeated policy commitments: Ending the regulatory war and strategic reserves.
Trump reiterated three core claims in his speech:
Termination of 'Strangulation Action 2.0': Accusations that the Biden administration has 'weaponized' regulation, with a commitment to halt related policies starting January 20, 2025.

The Walrus protocol has completed $140 million in financing, valuing it at $2 billion.
On March 20, the decentralized storage protocol Walrus launched by Sui developer Mysten Labs announced the completion of $140 million in financing, led by Standard Crypto, with participation from ten institutions including a16z crypto, Electric Capital, and Franklin Templeton Digital Assets. The funds were raised through the sale of the protocol's token $WAL, with a total token supply valuation reaching $2 billion.

Sui developer Mysten Labs provides technical endorsement; mainnet launches on 3/27.
The Walrus protocol is built by the high-speed blockchain development team Mysten Labs, which includes several former technical backbones from Meta. The Walrus protocol aims to address the scalability and security bottlenecks of existing decentralized storage solutions, providing more efficient storage services. Although still in the testing phase, Mysten Labs has implemented website hosting features based on the Walrus protocol and announced that the mainnet will officially launch on March 27.

Ripple CEO Brad Garlinghouse announced on March 20 that the U.S. Securities and Exchange Commission (SEC) officially withdrew its appeal against its lawsuit, ending a four-year legal battle.

After the news was announced, the price of XRP soared 10% in an instant, reaching a high of US$2.57, a new high since 2025, and has now fallen back to US$2.45. Garlinghouse emphasized that this was a "major victory for the crypto industry," and the market focus shifted to whether the XRP spot ETF could be approved.

XRP price surges 10%
Judge Torres' ruling secures victory, legality of retail trading confirmed
The case began in 2020 when the SEC accused Ripple of illegally raising $1.3 billion through XRP. In 2023, New York District Judge Analisa Torres ruled that "the sale of XRP to institutions violated securities laws," but "retail trading on exchanges did not constitute a violation of the law." The ruling required Ripple to pay a $125 million fine in exchange for a settlement, but the SEC continues to appeal to overturn the verdict. With the resignation of former SEC Chairman Gary Gensler, regulatory policy shifted and the appeal was eventually withdrawn.

The U.S. Federal Reserve announced after the FOMC meeting on March 20 that it would maintain the benchmark interest rate in the range of 4.25%-4.5%, in line with market expectations. The latest interest rate dot plot shows that most officials predict that there will be two interest rate cuts in 2025 (a total of 50 basis points), but there is a divergence of opinion among the 19 voting members, with nine supporting two interest rate cuts, four advocating no interest rate cuts, and four predicting one interest rate cut, reflecting a decrease in internal consensus.

Risk assets rose together, Bitcoin and gold rose simultaneously
After the policy was announced, the three major U.S. stock indexes closed up 0.92%-1.4%, with Nvidia and Tesla leading the gains in technology stocks. The 2-year Treasury yield fell below 4%, and the 10-year yield fell to 4.24%. $BTC Bitcoin broke through $87,000 and is currently falling back to $85,849.

The latest report from cryptocurrency research firm K33 points out that the performance of Solana (SOL) futures launched by the CME on March 18 was sluggish, with a transaction volume of only $12.3 million and an open contract value of $7.8 million. In comparison to historical records, the CME's Bitcoin futures launched at the peak of the 2017 bull market had a first-day transaction volume of $102 million and open contracts worth $20.9 million; Ethereum futures, when launched in 2021, had a first-day transaction volume of $31 million and open contracts worth $20 million.

Solana futures went live on CME, with a trading volume of only $12.1 million on the first day.