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GameStop's stock plummeted 25% on Thursday, erasing $3 billion in market value after announcing a $1.3 billion convertible bond sale to buy Bitcoin. The plan, inspired by Michael Saylor’s Bitcoin investment strategy, initially sparked a rally but quickly soured investor sentiment once details of the debt financing were revealed.

The sharp drop in shares is largely due to how convertible bonds impact the market. Hedge funds often use them for arbitrage, which requires them to short the stock, adding significant selling pressure. Additionally, GameStop’s 35%-40% conversion premium is lower than previous bond offerings from MicroStrategy, signaling growing investor skepticism toward the strategy. Adding to the concerns, Bitcoin is down 18% from its all-time high, and economic uncertainty has pushed investors away from riskier assets.

GameStop’s move to Bitcoin comes as the company struggles in a rapidly digitizing gaming industry. The retailer reported a 28% decline in revenue and announced plans to close more stores as sales of hardware and software fell. CEO Ryan Cohen, who played a key role in GameStop’s rise as a meme stock, has long been rumored to follow MicroStrategy’s Bitcoin playbook, especially after posting a photo with Saylor in February.

The company now joins a growing list of businesses using debt to buy Bitcoin, a strategy that has seen MicroStrategy’s stock surge 2,600% since 2020. While this approach helps avoid immediate stock dilution, it increases financial risk. Given GameStop’s volatile history, its latest move makes it an attractive target for arbitrage traders, adding further uncertainty to its future.

Cryptocurrencies surged this week amid improving regulations and investor reactions to tariff news. Trump’s business ventures also expanded their crypto involvement.

Since last Friday, Dogecoin (DOGE) and Shiba Inu (SHIB) rose 15.5% and 14%, while Sui (SUI) jumped over 20%.

Regulatory Tailwinds

Trump continues to support the crypto sector, surrounding himself with crypto advocates and issuing an executive order to create a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.

The SEC dropped another crypto investigation, this time against Australian gaming platform Immutable. The regulator has also halted cases against Coinbase, Robinhood, Kraken, and Ripple, signaling a more relaxed approach.

Congress voted to repeal a crypto tax provision, which would have required decentralized platforms to report user transactions like traditional securities brokers. Trump is expected to sign this repeal into law.

Meanwhile, Trump Media & Technology Group announced a partnership with Crypto.com to launch spot crypto ETFs, with Crypto.com providing custodial services and backend tech.

Company-Specific News

Elon Musk, a Dogecoin supporter, posted a meme featuring himself holding a Shiba Inu dog, fueling interest in Dogecoin.

Shiba Inu confirmed the launch of Shib Finance, a new lending and borrowing platform to enhance its utility. Sui continued to rally after Canary Capital applied to launch a Sui-based spot ETF.

Crypto’s Uncertain Outlook

While crypto remains strong since Trump’s November election victory, tariff concerns add uncertainty. Despite positive momentum, the long-term outlook remains unclear. Some investors prefer Bitcoin and Ethereum over speculative tokens like Dogecoin, Shiba Inu, and Sui.
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The initial "Trump bump" in crypto faded quickly in 2025, with Bitcoin trading near post-election levels and some cryptos down 45% YTD. However, the administration remains committed to making the U.S. the "crypto capital of the world."

Early actions include dropping SEC cases against crypto firms, appointing pro-crypto Paul Atkins as SEC chair, creating a White House AI & Crypto Czar position, and hosting a Crypto Summit. Plans for a U.S. Strategic Bitcoin Reserve and a Digital Assets Stockpile signal crypto's growing importance.

Still, major steps remain. The U.S. lacks clear crypto regulations, and Bitcoin mining policies need clarity. The government has yet to commit to Bitcoin purchases, though options like repurposing budget savings or revaluing gold reserves are being considered.

Bitcoin is the top beneficiary of Trump’s policies, recognized as a strategic asset. "Wall Street cryptos" like Chainlink, Ondo, Aave, and Ethena, which bridge traditional and blockchain finance, could also gain. Additionally, Layer-1 blockchains like Ethereum, Solana, and Cardano may be prioritized for innovation.

With time, executive orders could lead to legislation, keeping the Trump bump alive.

The crypto industry is gaining political momentum in Washington, with bipartisan support pushing key legislation forward.

Democratic Senator Kirsten Gillibrand, a long-time crypto advocate, has risen in influence and is backing efforts to repeal a tax reporting rule on digital assets and pass stablecoin legislation. Her support is pivotal, as Senate Republicans’ crypto leader, Cynthia Lummis, noted.

Stablecoin regulation is now advancing in the Senate, with several Democratic senators defying progressive critics like Elizabeth Warren. Previously, crypto-skeptic Sherrod Brown blocked industry-friendly bills, but with financial backing from crypto PACs, the industry has shifted the political landscape.

Crypto groups, through Fairshake PAC, spent $40 million targeting Brown in the upcoming election and have amassed a massive $116 million war chest. Newly backed senators, including Ruben Gallego and Bernie Moreno, are now on the Banking Committee and pushing the stablecoin bill forward.

Consumer advocates warn that crypto’s political spending is drowning out regulatory concerns. However, Gillibrand argues that strong stablecoin oversight, including one-to-one reserves and Federal Reserve oversight, will ensure stability without unnecessary burdens.

As mainstream companies like Visa, PayPal, and Stripe invest in stablecoins, Gillibrand pitches them as a modern equivalent of traveler’s checks—secure but not bank accounts. With growing bipartisan support, crypto’s influence in Washington is set to expand further.

Ripple CEO Brad Garlinghouse announced the SEC case against Ripple has ended, marking another abandoned enforcement action under President Trump’s administration. He stated this brings "certainty" to Ripple, which spent over $150 million on legal defense.

However, part of the litigation remains unresolved. Ripple had appealed a ruling that some XRP sales to institutional investors required SEC registration. The company now faces a choice: pursue the appeal or pay a $125 million fine.

Following the news, XRP surged 15% to $2.59 and has risen nearly 400% since Trump’s election victory. Ripple is now focused on acquisitions rather than an IPO.

The SEC has also dropped or paused cases against Coinbase, Binance, Uniswap, and OpenSea. Trump’s pro-crypto stance has reshaped the regulatory environment, with Ripple emerging as a key political donor.

XRP was central to the SEC’s case, which began in 2020. A 2023 ruling found XRP was only a security when sold to institutional investors, reducing Ripple’s penalty from $2 billion to $125 million. The decision set a precedent for other crypto firms fighting the SEC.

A March 18 Reuters report suggests crypto firms see applying for national bank status as a way to gain regulatory legitimacy and expand their markets. While historically slow, legal experts note rising interest, with Alexandra Steinberg Barrage of Troutman Pepper Locke confirming multiple applications in progress.

National bank status could lower borrowing costs, enhance credibility, and create new business opportunities for crypto firms. Carleton Goss of Hunton Andrews Kurth said firms aim to gain credibility and cheaper capital by securing a charter. However, obtaining approval is challenging—only four charters were granted in 2023, compared to an average of five per year from 2010-2023.

Reactions are mixed. Some crypto supporters oppose the move, arguing it contradicts decentralization, while others see it as a potential game-changer that could drive regulatory clarity and adoption.

Dogecoin (DOGE) has dropped 38.43% in the past 30 days, struggling to keep pace with the broader market. However, on-chain data from Santiment shows a 1.24% increase in wallets holding at least 1 million DOGE since February, signaling accumulation by major investors who may anticipate a price recovery.

Active DOGE addresses have surged past 150,000 daily, the highest since November. If this rise in transactions stems from adoption rather than panic selling, it could support long-term price stability and a bullish move.

Currently, DOGE trades around $0.1661, about 70% below its December 2024 peak of $0.48. The 9-period EMA shows lower highs and lows, indicating bearish momentum, with a key support level at $0.165. Still, increasing network activity suggests a potential relief rally ahead.

CryptoQuant CEO Ki Young Ju predicts the Bitcoin bull cycle is over, expecting bearish or sideways movement for 6-12 months. He cites on-chain metrics like the PnL Index Cyclical Signals and Principal Component Analysis, which indicate a sell signal. A bull-bear market indicator also suggests a potential downturn, with declining liquidity and whales selling at lower prices. Bitcoin ETF netflows have been negative for three weeks.

Despite this, Ju plans to hold his Bitcoin rather than short it. His stance contradicts his February statement that the bull cycle would continue.

Other experts remain optimistic. A well-known trader predicts Bitcoin will hit $100,000 by the end of March, while another analyst expects a rally due to global M2 money supply expansion.

At press time, Bitcoin traded at $82,355.47 with a $1.6 trillion market cap.

Gold has hit a record $3,000 per ounce, attracting investors amid market corrections and economic uncertainty. Bitcoin, often called "digital gold," is seen by many as a superior hedge against inflation and a store of value due to its fixed 21 million supply, decentralization, and resistance to government seizure. However, recent market performance challenges that view.

While Bitcoin's scarcity and borderless nature make it unique, its correlation with equity markets has weakened its role as a recession hedge. Bitcoin ETFs, like iShares Bitcoin Trust (IBIT), have outperformed gold ETFs in bullish markets but underperformed in downturns, leading investors to flock to gold for safety.

In 2022, Bitcoin lost 65% of its value during a market decline, reinforcing gold’s reliability over its 4,000-year history. Unless Bitcoin decouples from stock markets, gold remains the superior recession hedge in 2025.

Donald Trump’s crypto ties may deepen if reported talks with Binance lead to a relationship with the exchange. The WSJ and Bloomberg reported discussions, including a possible Trump family stake in Binance US and a stablecoin linked to Trump-backed World Liberty Financial. Trump has already signed pro-crypto executive orders and supports legislation favoring the industry.

Former Binance CEO Changpeng Zhao, who pleaded guilty to violating US anti-money-laundering laws, denied seeking a pardon or business deals with Trump allies. Trump’s crypto involvement extends to launching meme coins (TRUMP, MELANIA) and backing World Liberty, where he is listed as "chief crypto advocate."

Trump Media aims to launch a Bitcoin ETF and invest $250M in crypto. He has also ordered a Bitcoin reserve and banned a US central bank digital currency. Meanwhile, the Senate Banking Committee advanced stablecoin regulations.

Binance, which previously clashed with the US government, saw the SEC pause its lawsuit against the company. It also secured a $2B investment from Abu Dhabi’s MGX, paid in stablecoin.

Wall Street continues adapting to crypto's rise.

Binance Founder Denies Trump Pardon Talks: The WSJ reported that Binance's ex-CEO Changpeng Zhao sought a pardon from Trump. Zhao denied it, calling the article an attack on crypto.

Coinbase Expands to India: Coinbase registered with India’s Financial Intelligence Unit, planning retail services and investments in compliance with local regulations. Meanwhile, Mizuho cut Coinbase’s price target to $217, citing Bitcoin’s price drop and increased competition.

Bit Digital's Shift: Bit Digital earned $108.1M in FY24, with Bitcoin mining revenue rising 32% YoY. However, its focus is shifting toward AI computing and colocation services.

Bitcoin Miner Updates: JPMorgan downgraded Cipher Mining (CIFR) and cut targets for MARA, CLSK, and RIOT but upgraded IREN, calling it undervalued with 70% upside potential.

Hive Digital Target Lowered: Cantor Fitzgerald cut Hive’s price target to $8, citing lower Bitcoin mining output but sees long-term potential in AI Cloud growth.

Peter Schiff, a vocal Bitcoin skeptic, claims Bitcoin has been in a stealth bear market when measured against gold. He pointed out that while one Bitcoin could buy 36.3 ounces of gold in 2021, it now buys only 27.7 ounces—a 24% drop.

Schiff argues that Bitcoin is not an inflation hedge, as it is negatively correlated with gold and closely tied to the NASDAQ. He dismisses the idea of a U.S. Strategic Bitcoin Reserve, calling it unrealistic and driven by crypto industry lobbying.

His comments come as gold reaches a record $3,000 per ounce, while Bitcoin struggles to stay above $80,000. With fears of a recession rising, many investors are shifting toward gold, which is up 14% year-to-date.

Bitcoin hit an all-time high of $106,182 in January before dropping 25.8% over seven weeks. Despite this correction, it has still quadrupled in value over two years, far outpacing the S&P 500’s 49% gain.

Bearish View: Critics argue Bitcoin lacks intrinsic value, with Warren Buffett dismissing it entirely. Some believe the major catalysts—ETF approvals, the mining halving, and a crypto-friendly U.S. government—have already played out, limiting further gains in 2025. Additionally, concerns about quantum computing advances threatening Bitcoin’s security have rattled some investors.

Bullish View: Bitcoin is often compared to digital gold, offering a secure and decentralized ledger. The rise of Bitcoin ETFs, holding billions in BTC, is drawing institutional investors. While Trump’s crypto policies remain uncertain, a more hands-off regulatory approach could fuel further adoption.

Long-Term Outlook: Historical data suggests Bitcoin peaks roughly 18 months after each halving, meaning a price surge could come by late 2025. Despite volatility, Bitcoin is cementing its role as a store of value, potentially rivaling traditional savings accounts in the long run. The current dip may just be a temporary setback in an ongoing bull cycle.
#BotOrNot $BTC
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Ripple has secured a Dubai Financial Services Authority (DFSA) license, becoming the first blockchain payments firm to do so. This allows Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Having established its Middle East headquarters in DIFC in 2020, Ripple now serves over 20% of its global customer base in the region. CEO Brad Garlinghouse praised the UAE’s regulatory clarity and institutional adoption of crypto, while DIFC Authority CEO Arif Amiri called Ripple’s license a milestone for innovation and growth.

Ripple's RLUSD stablecoin, launched in December 2024, has surpassed a $130 million market cap. The DFSA approval adds to Ripple’s 60+ global regulatory licenses.

Last month, Ripple partnered with Unicâmbio to enable instant cross-border payments between Portugal and Brazil.

Ark Invest, led by Cathie Wood, bought 997 BTC worth $80 million via Coinbase on March 13, while also selling $9 million in Bitcoin ETFs. This comes amid a broader trend of $1.1 billion exiting spot Bitcoin ETFs.

Bitcoin is struggling to surpass $83,700, with fears of a drop to $75,000. However, Wood remains bullish, maintaining her $1 million price target for 2030.

Ark’s report notes Bitcoin’s 200-day moving average is at $82,000, while short-term bears are paying an average of $92,020 per BTC. The Fear & Greed Index has hit a two-year low, signaling "extreme panic."

A bullish indicator is Bitcoin’s Spent Output Profit Ratio (SOPR) resetting to 1, meaning sellers are breaking even. Historically, this has preceded price recoveries.

Ark’s “Bitcoin Reacts to Trump” report links the downturn to slowing Bitcoin circulation and declining consumer sentiment, particularly amid U.S. political uncertainty.

World Liberty Financial Inc., a Trump family crypto venture, has reportedly discussed business with Binance, whose founder, Changpeng Zhao, pleaded guilty to anti-money laundering failures. Talks included potentially developing a stablecoin with World Liberty, which Trump and his sons began promoting in September. The Trumps receive 75% of its net revenue.

Binance’s U.S. arm was also discussed, though Zhao denied any deals with World Liberty. He was released from a halfway house in September after serving four months and paid a $4.3 billion fine. The Wall Street Journal reports Zhao is seeking a pardon from the Trump administration.

Trump’s administration has paused SEC crypto enforcement and proposed regulatory support for stablecoins. Binance CEO Richard Teng sees a “fresh reset” under Trump. The company remains under scrutiny for past money-laundering violations benefiting terrorist groups and sanctioned nations.

Trump, who once called Bitcoin a scam, now embraces crypto, pledging to make the U.S. a global leader. World Liberty has sold $300 million in tokens, despite restrictions on resales and profit claims. The Trump Organization's ethics plan allows foreign business deals, with Trump's assets placed in a trust managed by his children.

Markets are in turmoil, with crypto, stocks, and even social media platforms like X facing declines. But for crypto influencer Wendy O, this is just part of the cycle.

“I’m not concerned in any way, shape, or form,” Wendy O said on Deribit’s Crypto Options Unplugged podcast. She pointed to past Bitcoin corrections, such as the 50% drop from $65,000 to $30,000 in 2021, followed by a strong rally.

Despite short-term uncertainty, she remains optimistic, noting the U.S. now has a pro-crypto president and a more open SEC. “The fact that they’re saying, ‘Hey, we want you to talk to us, and we’re not going to sue you’—that’s pretty freaking cool,” she said.

Bitcoin recently hit a record $109,000 before pulling back. Wendy expects further corrections but sees them as normal, predicting a possible drop to $70,000-$75,000. “The monthly chart looks like trash,” she admitted, but she’s focused on long-term trades.

David Brickell, Head of International Distribution at FRNT, echoed this sentiment, emphasizing Bitcoin’s four-year cycle. “This doesn’t feel unusual at this time,” he said, noting that historical patterns remain intact despite the Trump administration’s unique approach.

Wendy O also highlighted economic struggles, saying many expected immediate policy changes under Trump but underestimated broader issues. “Americans are in a recession,” she said, arguing that rising costs for food, shelter, and energy are left out of official inflation reports.

She believes Trump will focus on fixing the economy before tackling crypto policy, with stability possibly returning after Q2 2025.

Despite the turmoil, Wendy O remains bullish on the long-term outlook: “We’re in a good position to see markets do incredibly well. People just have to be patient.”

Rumble announced on March 12 that it purchased Bitcoin at an average price of $91,000 per coin as part of its broader crypto strategy. CEO Chris Pavlovski had previously stated Rumble planned to buy up to $20 million in Bitcoin, with its first purchases occurring on January 20, the day of Trump’s inauguration. The company has not disclosed the total amount bought but stated future purchases would be at management’s discretion.

Rumble sees Bitcoin as a hedge against inflation, with Pavlovski emphasizing its value compared to government-issued currencies. The company’s Bitcoin allocation strategy could be adjusted or discontinued based on market conditions and cash needs.

Rumble’s crypto expansion is backed by a $775 million investment from Tether, with $250 million allocated to growth initiatives, including cloud services. In January, Rumble signed a cloud services deal with the Government of El Salvador and also hosts Trump’s social media platform, Truth Social.

Despite recent Bitcoin price declines due to recession fears and Trump’s proposed tariffs, institutional adoption remains strong. By adding Bitcoin to its treasury, Rumble joins other major companies like Metaplanet in recognizing Bitcoin as a financial asset.

Investing in crypto requires caution due to its volatility. Edward Jones CEO Penny Pennington told Yahoo Finance’s Opening Bid podcast that she does not see crypto as an asset class because it lacks fundamental value. However, she acknowledges blockchain technology as a real innovation that will impact the industry.

Edward Jones is exploring crypto but currently does not offer related products, prioritizing what makes sense for its wealth-building clients. The recent crypto market downturn raises questions about Bitcoin’s role as a diversification tool. Since its December high of $109,000, Bitcoin has dropped 24%, including a 13% decline in the past month.

Bitcoin ETFs have seen $750 million in outflows in just two days, with BlackRock reportedly selling 2,000 BTC. The selloff extends to other cryptocurrencies like Ethereum and Dogecoin, as well as crypto-sensitive stocks. Coinbase has fallen 21% this year, while Robinhood holds modest gains.

Despite market swings, Pennington notes that many clients want to understand crypto. She believes it will remain part of the financial system and drive future mainstream innovations.

Bitcoin dropped to $80,000 on Sunday before slightly recovering to $82,860 on Monday, marking a 10% decline over the past week. Ethereum, Tether, and XRP also fell by 1%, while Solana dropped 4% and Cardano lost 2%, extending its weekly losses to 24%.

The broader crypto market is reacting to recession fears fueled by Trump’s tariffs on Canada, Mexico, and China. Major business groups warn these import taxes could hurt industries and consumers. Goldman Sachs increased the likelihood of a U.S. recession within the next year from 15% to 20%, stating that planned 25% tariffs on steel and aluminum, set for March 12, could push that risk even higher. Trump, when asked about a recession, acknowledged the transition period but remained optimistic.

Crypto stocks also declined despite Trump’s plan to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The U.S. currently holds over 198,000 Bitcoin, worth $16.6 billion, along with other cryptocurrencies. Some in the industry expected more from the administration following SEC decisions favorable to crypto, while others praised the long-term benefits of the reserve.

At the White House Crypto Summit, Trump expressed enthusiasm for Bitcoin, telling industry leaders, “America will follow the rule every Bitcoin holder knows: Never sell your Bitcoin.” While uncertain if that strategy is correct, he acknowledged its success so far.