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The Australian government, led by the Labor Party, has announced plans to regulate cryptocurrency exchanges under existing financial services laws, with draft legislation expected in 2025. This move comes as part of a broader strategy to tackle issues like debanking, especially with a federal election looming. The proposed regulations will require crypto platforms to adhere to standards similar to traditional financial services, including safeguarding customer assets and obtaining necessary licenses. However, exemptions are planned for smaller entities and those not directly involved in financial product trading. Additionally, the government will explore the feasibility of a central bank digital currency and introduce an Enhanced Regulatory Sandbox to allow testing of new financial products. This framework aims to keep Australia competitive in the global crypto market while addressing regulatory uncertainties, as highlighted by industry leaders like Caroline Bowler of BTC Markets and Jonathon Miller of Kraken Australia. The initiative reflects a proactive approach to integrating cryptocurrencies into the national financial system while ensuring consumer protection and market stability.
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Bitcoin has experienced a significant rebound of 14% after reaching a four-month low near $76,600, yet it remains approximately 25% below its record high of around $110,000. Despite this recovery, market analysts are predicting further declines, with some suggesting Bitcoin could drop to as low as $65,000. Technical analysis points to bearish signals such as the "dark cloud cover" pattern, which indicates a shift in market sentiment where sellers overpower buyers, often leading to further price drops. Additionally, Bitcoin's failure to break through resistance zones like $86,000-88,000 and $90,000-93,000 has reinforced the bearish outlook. The cryptocurrency's tight correlation with traditional equity markets, which are also showing bearish patterns, adds to the negative sentiment. Analysts like CryptOpus and George have highlighted these patterns, suggesting that a break below key support levels could trigger a deeper sell-off. External factors like global trade wars and potential US recessions are also cited as risks to the crypto market's stability.
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BaFin, Germany's financial regulatory authority, has imposed a ban on the public sale of Ethena GmbH's USDe token, alleging that it violates the European Union's MiCAR regulations and involves the sale of unregistered securities. The regulator has mandated Ethena to freeze the assets backing the token, shut down its website, and halt new customer acquisitions. Despite these restrictions, secondary market transactions of USDe are not affected, and the token remains redeemable through Ethena BVI Limited. Ethena's attempt to gain regulatory approval under MiCA was unsuccessful, with BaFin citing significant compliance issues. Despite regulatory hurdles, Ethena has managed to secure substantial investments, including over $100 million for a new token aimed at institutional investors and a partnership with World Liberty Financial, a DeFi protocol initiated by former US President Donald Trump.
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The article discusses the growing trend of using Bitcoin to purchase food, both in-store and online, as the cryptocurrency gains acceptance as a store of value and a medium of exchange. By 2025, it's projected that Bitcoin will be accepted at 15,000 merchants and restaurants globally. Payment processors like Bitrefill and BitPay facilitate these transactions, handling thousands each month. Even if merchants don't accept Bitcoin directly, consumers can use Bitcoin-funded debit cards or gift cards to make purchases. The article highlights Bitcoin's original purpose, as envisioned by its creator Satoshi Nakamoto, to enable direct payments without intermediaries. It also recounts the historical significance of Bitcoin's first food purchase, known as Bitcoin Pizza Day, where Laszlo Hanyecz paid 10,000 BTC for two pizzas. The piece provides practical advice on how to pay for food with Bitcoin, including using Lightning wallets for fast, low-fee transactions, and lists several food chains and services that accept Bitcoin, like Burger King, Subway, and food delivery platforms like Manufy.
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Despite Bitcoin's price dropping to a four-month low of $76,600 on March 11, long-term holders have shown resilience by continuing to hold their profits, suggesting a unique market dynamic. Research from Glassnode indicates a decline in sell-side pressure among these holders, with their activity remaining subdued. This behavior contrasts with typical bull market tops where intense sell-side pressure and profit-taking are common. Additionally, new Bitcoin whales, defined as addresses with at least 1,000 BTC acquired within the last six months, have been aggressively accumulating, with over 1 million BTC added since November 2024. This accumulation, especially the recent addition of over 200,000 BTC in a month, points to a shift in market dynamics, possibly driven by increased institutional or high-net-worth participation. While some market observers see this as a normal correction with potential for further growth, others like CryptoQuant's CEO predict a bearish or sideways market for the next 6-12 months.
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Bitcoin's price is currently facing a ceiling at $87,500 due to manipulative tactics by large traders, or "whales," on the Binance exchange. According to analysis by Material Indicators, these whales are using a technique known as "spoofing" to control the price by shifting liquidity blocks above the current price, effectively capping Bitcoin's upward movement. Despite Bitcoin maintaining a support level at $80,000 and reaching highs of $87,500, the market has not been able to push past this threshold. The analysis points to "Spoofy the Whale" as the entity responsible for this price suppression. Meanwhile, market observers like Daan Crypto Trades emphasize the importance of the $84,000 to $85,000 range for maintaining bullish momentum, highlighting the significance of key trend lines like the 200-day SMA and EMA. This situation underscores the ongoing battle between market manipulators and bullish investors, with the latter trying to establish a new support level to prevent a price retrace.
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Jed McCaleb, known for his ventures in cryptocurrency with Mt. Gox and Ripple, is now setting his sights on space with his company Vast. His latest project, Haven-1, is a commercial space station planned for launch in May 2026, aiming to secure a NASA contract to replace the aging International Space Station. The success of this venture is critical for McCaleb, as failure could lead to a significant financial setback. Vast is closely tied to SpaceX, utilizing their technology and former employees, including CEO Max Haot, to develop Haven-1. The station will initially support short-term visits but future models like Haven-2 are planned to include advanced features like artificial gravity and comprehensive life support systems. McCaleb's ambition reflects a broader vision of expanding human presence beyond Earth, drawing parallels with other space entrepreneurs like Elon Musk. However, the path to success is fraught with competition from other space companies and the inherent risks of space exploration.
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United States President Donald Trump is set to speak at Blockworks’ Digital Asset Summit in New York, marking a historic moment as the first time a sitting US president has addressed a cryptocurrency conference. This event highlights a significant shift in policy towards the crypto industry, which faced over 100 enforcement actions under the previous administration. Trump's engagement with the sector includes signing executive orders to foster digital asset integration, forming a crypto advisory team, and establishing a US Strategic Bitcoin Reserve. His administration has also seen the appointment of pro-industry leaders to key regulatory roles, and the SEC has notably dropped charges against several crypto firms. The speech, to be delivered via video, is anticipated to provide further regulatory clarity on issues like stablecoin regulation and taxation, reflecting the industry's hope for a more supportive regulatory framework.
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In a recent market update, Bitcoin (BTC) showed signs of volatility despite repeated promises from US President Donald Trump about making the US the "crypto capital of the world." Trump reiterated his commitment to not selling confiscated US Bitcoin and ending regulatory mechanisms like Operation Chokepoint 2.0 during his virtual remarks at the Blockworks Digital Asset Summit 2025. His statements helped propel Bitcoin's price above $86,000, breaking a four-month downtrend. The cryptocurrency also reclaimed significant moving averages, including the 200-day simple moving average (SMA) and exponential moving average (EMA), which are crucial indicators of investor sentiment. Analyst Rekt Capital highlighted Bitcoin's breakout from a downtrend on its relative strength index (RSI), a trend in place since November 2024. However, trading firm QCP Capital expressed caution, noting the Federal Reserve's hawkish outlook and potential risks of stagflation, suggesting that the market's initial excitement might not sustain.
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The SEC's decision to drop its appeal against Ripple has been celebrated by the firm, but it leaves the broader cryptocurrency industry without the regulatory clarity it desires. Ripple's CEO, Brad Garlinghouse, views the decision as providing certainty for Ripple, although some legal loose ends remain. Legal experts, however, caution that this case does not set a precedent for other crypto firms, as the regulatory environment remains uncertain. The crypto community had hoped for clearer guidelines from this case, but the SEC's policy direction under potential new leadership remains unclear. Meanwhile, legislative efforts in Congress continue, with bills like the stablecoin bill and FIT 21 aimed at providing a legal framework for cryptocurrencies. Despite these efforts, the crypto industry still faces challenges in achieving the regulatory clarity it seeks, with ongoing debates about how to proceed with rulemaking and market structure legislation.
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Former Congressman Wiley Nickel emphasized the necessity of enacting crypto regulations through Congress to ensure lasting change, rather than relying on executive orders which can be easily reversed by future administrations. In an interview with Cointelegraph, Nickel highlighted the importance of bipartisan efforts to pass comprehensive crypto legislation, referencing the instability seen with SEC actions under Gary Gensler. Recent legislative activities include Rep. Tom Emmer's reintroduction of a bill banning CBDC, Senator Cynthia Lummis' Bitcoin Act of 2025, and efforts by Rep. Byron Donalds to codify President Trump's Bitcoin strategic reserve into law. Additionally, the House of Representatives voted to repeal an IRS rule affecting decentralized finance platforms. Democrat Rep. Ro Khanna expressed optimism about passing comprehensive crypto regulation, including stablecoin and market structure bills, by 2025. These actions underscore a growing recognition in Congress of the need for clear, permanent crypto regulations.
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Bitcoin experienced a notable surge, reaching two-week highs on March 20, driven by rumors of an impending major update to US cryptocurrency policy. This news came alongside a Federal Reserve meeting where officials decided to keep interest rates unchanged, with hints of potential cuts by the end of 2025. Fed Chair Jerome Powell's comments on inflation easing and a cautious policy stance provided relief to both Bitcoin and US stocks, with the S&P 500 gaining around 1% and adding $500 billion in market cap. The market's reaction was further fueled by expectations of a policy shift from quantitative tightening to easing, as suggested by former BitMEX CEO Arthur Hayes. Additionally, traders were particularly focused on potential changes in US crypto policy, with whispers of an announcement expected on March 21. This anticipation was set against the backdrop of President Trump's recent executive order establishing a Strategic Bitcoin Reserve, although markets remained relatively cool to this news initially.
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Aleksei Andriunin, the Russian founder of the Gotbit market maker platform, has entered into a plea agreement with Massachusetts federal prosecutors, agreeing to forfeit approximately $23 million in Tether USDt and USDC. This deal comes after Andriunin was charged with manipulating cryptocurrency markets through Gotbit, which was accused of orchestrating a widespread market manipulation scheme from 2017 to 2024. The plea includes guilty pleas to three counts of conspiracy to commit wire fraud and market manipulation. Despite the agreement, it does not bind the US Attorney General or other prosecuting entities, and the court is not obligated to follow the sentencing guidelines proposed by the prosecutors. Andriunin was extradited to the US in October 2024 following his arrest in Portugal and has since appeared in a Boston federal court where he remains detained. The case also involves other Gotbit employees, highlighting the broader implications of the company's activities in the cryptocurrency market.
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The recent decision by the U.S. Securities and Exchange Commission (SEC) to drop its appeal against Ripple Labs has been interpreted by crypto lawyer John Deaton as a definitive sign that XRP tokens are digital commodities rather than securities. This development potentially gives Ripple leverage to renegotiate its $125 million settlement with the SEC, which was initially imposed due to improper sales of XRP. Despite this progress, Ripple faces challenges with an injunction from Judge Analisa Torres that restricts sales of XRP to institutional investors, a hurdle that needs to be overcome for Ripple to expand its market in the U.S. Deaton, who has been a vocal advocate for XRP holders, sees this case as part of a broader regulatory assault on the crypto industry by traditional finance and regulatory bodies. He highlights Ripple's resilience in staying in the U.S. despite the legal battle, suggesting that this could positively influence public and regulatory perceptions of the company.
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In his opinion piece, Georgii Verbitskii discusses how the crypto industry has evolved into a speculative arena dominated by memecoins, which he compares to a global casino. He highlights the stark contrast between investing, which focuses on long-term value preservation, and speculation, where memecoins thrive due to their lack of intrinsic value and the promise of quick profits. Verbitskii points out that while traditional investments like stocks or Bitcoin grow based on fundamental economic factors, memecoins rely on hype and psychological triggers, often leading to significant losses for the average trader while insiders profit. He critiques the regulatory environment, noting that the absence of clear rules has allowed for the unchecked growth of memecoins, likening the situation to an unregulated gambling scene. However, he sees a potential shift with the current US administration's crypto-friendly stance, suggesting that forthcoming regulations could introduce stricter controls on token launches and exchange listings, potentially curbing the memecoin frenzy. Verbitskii concludes by advising caution in memecoin investments, treating them like casino visits, and advocating for more stable, long-term investments like Bitcoin for those serious about wealth preservation.
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In a recent interview with Yahoo Finance, Robbie Mitchnick, BlackRock's head of digital assets, discussed the potential impact of a US recession on Bitcoin. He highlighted that Bitcoin is designed to perform well in environments characterized by high fiscal spending, low interest rates, and monetary stimulus, conditions typically seen during recessions. Mitchnick emphasized that while many view Bitcoin as a risk-on asset, its fundamentals suggest otherwise, presenting an educational opportunity in the market. Despite some outflows from Bitcoin ETFs, BlackRock's clients, particularly those with a long-term investment strategy, see current market conditions as a chance to accumulate Bitcoin. This perspective contrasts with Coinbase's more cautious outlook, which noted a shift in sentiment due to recession fears and recent economic policies. BlackRock's involvement in Bitcoin through its iShares Bitcoin Trust ETF underscores its commitment to integrating Bitcoin into institutional and wealth advisory portfolios.
