DoubleZero protocol announces validator funding round
The DoubleZero Protocol, a revolutionary blockchain infrastructure network, has announced a validator funding round to sell token-purchase agreements for its native token to prospective validators. This funding round, which will be available exclusively through the CoinList platform from April 2-10, marks the first public token sale in the United States since 2019 and is only open to accredited investors.
To be eligible for the funding round, validators must currently be serving the high-throughput Solana, Celestia, Sui, Aptos, and Avalanche networks. Interested parties can submit bids declaring a per-unit token price and maximum budgets, which will be aggregated to determine the final sale price offered to participating validators.
According to Austin Federa, co-founder of the DoubleZero protocol and former Strategy lead at the Solana Foundation, this sale presents a unique opportunity for validators who are already securing the most performant and distributed blockchains. He believes that the infrastructure provided by DoubleZero will power the next generation of distributed systems and revolutionize the physical infrastructure layer of high-performance networks.
This funding round comes at a time of increased capital fundraising in the crypto industry, indicating potential for growth in the market. The DoubleZero Protocol is targeting a mainnet launch in the second half of 2025, following a successful $28 million fundraising round in March led by crypto venture capital firms Multicoin Capital and Dragonfly Capital.
The protocol aims to increase the speed and communication of blockchain networks by utilizing a dedicated network of fiber optics for high-speed, low-latency connectivity. This approach is similar to the shift from dial-up internet to broadband systems in the early 2000s, highlighting the potential for significant advancements in blockchain technology.
With a focus on innovation and efficiency, the DoubleZero Protocol is poised to make a significant impact on the blockchain industry. As the market continues to grow and evolve, the potential for groundbreaking developments like this is endless. Stay tuned for the mainnet launch in the second half of 2025 and the exciting advancements that will follow.
Bitcoin miner Bitfarms secures up to $300M loan from Macquarie
Bitfarms, a global computer infrastructure company known for its Bitcoin mining operations, has entered into a $300 million loan agreement with Macquarie Group to finance the development of its high-performance computing (HPC) data centers.According to an April 2 announcement, Macquarie’s private debt facility will provide $50 million in initial funding for Bitfarms’ Panther Creek data center project in Pennsylvania. The remaining $250 million will be released once Bitfarms achieves “specific development milestones at its Panther Creek location,” the announcement said.Once developed, Panther Creek will have a nearly 500-megawatt capacity fueled by several power sources. Panther Creek “will be sought after by HPC tenants once construction of the project is underway,” said Joshua Stevens, an associate director at Macquarie Group. Source: BitfarmsThe project is being delivered at a time when AI applications are fueling growing demand for new sources of computational power and data storage capacity. Bitcoin miners are rushing to fill the void — and to secure reliable revenue streams for themselves in a post-halving environment. However, Bitfarms disclosed in its recent quarterly report that it continues to face “regulatory challenges in expanding its energy capacity,” with the approval timeline ranging from 12 to 36 months. In the meantime, Bitfarms expects its $125 million acquisition of Stronghold Digital Mining to do much of the heavy lifting in providing additional capacity, CEO Ben Gagnon told investors.Related: Bitfarms sells Paraguay site to Hive for $85M, refocuses on USAmid industry pressure, miners are HODLing Bitfarms mined 654 Bitcoin (BTC) in the final quarter of 2024 at an average all-in cash cost of $60,800. Like other miners, Bitfarms has elected to retain a significant portion of its mined Bitcoin. Industry data shows it currently holds 1,152 BTC on its books, placing it among the top 25 publicly traded Bitcoin investors.Miners like Hive Digital have doubled down on their long-term Bitcoin “hodl” strategy as a way to bolster their balance sheet. The company’s Bitcoin holdings have swelled to 2,620 BTC. Meanwhile, MARA Holdings has accumulated 46,374 BTC and has announced plans for a $2 billion stock offering to acquire more Bitcoin. Source: Frank HolmesLike Bitfarms, Hive Digital, Core Scientific, Hut8 and Bit Digital have also made a strategic pivot toward AI and HPC.Hive executives told Cointelegraph that the company has repurposed a portion of its Nvidia GPUs for such tasks. They said AI applications can generate more than $2.00 per hour in revenue, compared to just $0.12 per hour for crypto mining activities. Related: BTC miners adopted ‘treasury strategy,’ diversified business in 2024: Report
Price analysis 4/2: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON, LINK, LEO
Bitcoin (BTC) bulls have pushed the price above the $87,000 level even as US trade tariffs are slated to kick in on April 2. Bitcoin may remain volatile in the near term, but analysts remain bullish for the long term.According to Fidelity analyst Zack Wainwright, Bitcoin is currently in an acceleration phase, which “can conclude with a sharp, dramatic rally” if history repeats itself. If that happens, Wainwright expects $110,000 to be the starting base of the next leg of the upmove.Crypto market data daily view. Source: Coin360BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes said in a post that if the Federal Reserve pivots to quantitative easing, then Bitcoin could rally to $250,000 by year-end.Could Bitcoin break above the $89,000 overhead resistance, starting a rally in select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has risen close to the resistance line, where the sellers are expected to pose a solid challenge.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe flattening 20-day exponential moving average ($85,152) and the relative strength index (RSI) just above the midpoint signal the bears are losing their grip. That improves the prospects of a rally above the resistance line. If that happens, the BTC/USDT pair could climb to $95,000 and eventually to $100,000.Alternatively, if the price turns down sharply from the resistance line and breaks below $81,000, it will suggest that the bears are back in the driver’s seat. The pair may then tumble to $76,606.Ether price analysisEther (ETH) rebounded off the $1,754 support on March 31, signaling that the bulls are attempting to form a double-bottom pattern.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to stall the relief rally at the 20-day EMA ($1,965). If the price turns down from the 20-day EMA, the possibility of a break below $1,574 increases. The ETH/USDT pair may then collapse to $1,550.Contrarily, a break and close above the 20-day EMA opens the doors for a rise to the breakdown level of $2,111. If buyers pierce this resistance, the pair will complete a double-bottom pattern, starting a rally to the target objective of $2,468.XRP price analysisXRP’s (XRP) weak bounce off the crucial $2 support suggests a lack of aggressive buying by the bulls at the current levels.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThat heightens the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. This negative setup could start a downward move to $1.27. There is support at $1.77, but it is likely to be broken.On the upside, a break and close above the 50-day SMA ($2.39) suggests solid buying at lower levels. The pair may then rally to the resistance line, where the bears are expected to mount a strong defense. A break and close above the resistance line signals a potential trend change.BNB price analysisBNB’s (BNB) recovery attempt stalled at the moving averages on April 1, indicating that the bears are selling on rallies.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to strengthen their position by pulling the price below $587. If they can pull it off, the BNB/USDT pair could descend to the 50% Fibonacci retracement level of $575 and later to the 61.8% retracement of $559. The deeper the pullback, the greater the time needed for the pair to recover.A break above the moving averages is the first sign that the selling pressure has reduced. The pair may rally to $644 and then to $686, which is likely to attract sellers.Solana price analysisSolana (SOL) is getting squeezed between the 20-day EMA ($132) and the $120 support, signaling a possible range expansion in the short term.SOL/USDT daily chart. Source: Cointelegraph/TradingViewIf the price breaks and closes above the 20-day EMA, it suggests that the buyers have overpowered the sellers. The SOL/USDT pair may rise to the 50-day SMA ($145) and, after that, to $180.This positive view will be invalidated in the near term if the price turns down from the moving averages and breaks below $120. That could pull the price to $110, where the buyers are expected to step in.Dogecoin price analysisDogecoin (DOGE) remains pinned below the 20-day EMA ($0.17), indicating that the bears continue to sell on minor rallies.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe first sign of strength will be a break and close above the 20-day EMA. The DOGE/USDT pair may climb to $0.21, which could act as a strong barrier. If buyers pierce the $0.21 resistance, the pair may rally to $0.24 and later to $0.29.Sellers are likely to have other plans. They will try to defend the moving averages and pull the price below $0.16. If they manage to do that, the pair could descend to the $0.14 support. A break and close below the $0.14 level may sink the pair to $0.10.Cardano price analysisBuyers are trying to push Cardano (ADA) back above the uptrend line, but the bears are likely to sell near the moving averages.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping 20-day EMA ($0.71) and the RSI just below the midpoint signal that bears have the edge. If the price turns down and breaks below $0.63, the ADA/USDT pair could plunge to $0.58 and thereafter to $0.50.Buyers will have to drive and maintain the price above the 50-day SMA ($0.75) to signal a potential trend change in the near term. The pair could rally to $0.84, which may act as a hurdle. Related: Is Bitcoin price going to crash again?Toncoin price analysisToncoin (TON) broke above the $4.14 resistance on March 1, but the bulls could not sustain the breakout.TON/USD daily chart. Source: Cointelegraph/TradingViewA minor positive in favor of the bulls is that they have not allowed the price to slip much below $4.14. That increases the possibility of a break above the overhead resistance. The TON/USDT pair could rally to $5 and later to $5.50.The 20-day EMA ($3.71) is the critical support to watch out for on the downside. If the support cracks, it will signal that the bulls are losing their grip. The pair may slide to the 50-day SMA ($3.48) and then to $2.81.Chainlink price analysisChainlink (LINK) tried to rise above the 20-day EMA ($14.32) on April 1, but the bears held their ground.LINK/USDT daily chart. Source: Cointelegraph/TradingViewSellers will try to pull the price to the support line of the descending channel pattern, which remains the key short-term level to keep an eye on. If the price breaks below the support line, the LINK/USDT pair could descend to $10.If buyers want to prevent the downside, they will have to push and maintain the price above the 50-day SMA ($15.47). If they manage to do that, the pair could rally to $17.50 and subsequently to the resistance line.UNUS SED LEO price analysisUNUS SED LEO (LEO) turned down from the overhead resistance of $9.90 and plunged below the uptrend line on March 30.LEO/USD daily chart. Source: Cointelegraph/TradingViewHowever, the bears could not sustain the lower levels, and the bulls pushed the price back into the triangle on April 1. The recovery is expected to face selling at the 20-day EMA ($9.60). If the price turns down from the 20-day EMA and breaks below the uptrend line, it increases the risk of a fall to $8.Instead, if the LEO/USD pair breaks above the 20-day EMA, it suggests that the markets have rejected the breakdown. A breakout and close above $9.90 will complete an ascending triangle pattern, which has a target objective of $12.04.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Crypto PAC-backed Republicans win US House seats in Florida special elections
Two Republicans who received a combined $1.5 million from the crypto-backed political action committee (PAC) Fairshake will enter the US House after winning special elections in Florida.Republican Jimmy Patronis won the vacant seat in Florida’s 1st Congressional District to replace Matt Gaetz, taking 57% of the vote to defeat Democrat Gay Valimont, according to AP News data.Randy Fine also took Florida’s 6th Congressional District with 56.7% of the vote to beat his Democratic rival, public school teacher Josh Weil, and fill a seat left vacant by Mike Waltz, who took a job as White House national security adviser.Florida’s 1st and 6th Congressional Districts — located in Florida’s western panhandle and along the state’s northeast coast — have been controlled by Republicans for roughly 30 years, but their lead has narrowed in recent years.Fairshake, a PAC backed by crypto industry giants including Coinbase, Ripple and Andreessen Horowitz, gave Fine around $1.16 million in advertising spending and funneled $347,000 to Patronis to support his campaign.Both Republicans have expressed support for the crypto industry, with Fine stating in a Jan. 14 X post that “Floridians want crypto innovation!”Source: Randy FineFairshake and its affiliates poured around $170 million into the 2024 US presidential and congressional elections to back candidates who committed to supporting the crypto industry.The wins by Patronis and Fine increased Republican representation in the House to 220 seats, with the Democrats holding 213 seats.There are two vacant seats to be filled after Texas and Arizona Democrats Sylvester Turner and Raúl Grijalva died on March 5 and March 13, respectively.Florida can expect to see a crypto-friendly regulatory environment The victories for Patronis and Fine likely mean that crypto legislation will continue to see support in the US capital.The Republican Party would have maintained its House majority even if it lost both seats in Florida, but it would have made it more difficult for some of the recently introduced Republican-backed crypto bills to pass through the House and Senate.Related: Florida bill proposes strict rules against online gamblingAt the Digital Assets Summit on March 18, Democratic Congressman Ro Khanna said he believes Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.Bills that could eventually make their way to the House include the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed the Senate Banking Committee in an 18-6 vote on March 13. Senator Cynthia Lummis also reintroduced a Bitcoin reserve bill about a week after the Trump administration announced the establishment of a Strategic Bitcoin Reserve on March 6, with the legislation referred to the Senate Banking Committee on March 11. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Coinbase sees worst quarter since FTX collapse amid industry bloodbath
Publicly traded US-based crypto exchange Coinbase saw its worst quarter since the collapse of crypto exchange FTX in 2022.Coinbase shares started 2025 trading at just over $257 on Jan. 2 and ended the quarter at a little over $172 on March 31, a dip of 33%, according to market data.This makes the first quarter of 2025 the worst for Coinbase’s stock performance since the collapse of FTX in November 2022. In Q4 of that year, its share price went from nearly $66 on Oct. 3 to $35.4 on Dec. 30, a loss of 46.4%.Coinbase shares year-to-date price chart. Source: Google FinanceCoinbase has gained a significant foothold in the crypto market. Its prevalence is substantial enough that some industry experts recently told Cointelegraph its emergence as the Ethereum network’s largest node operator raises concerns about network centralization.Related: South Carolina dismisses its staking lawsuit against Coinbase, joining VermontCoinbase is expected to release its 2025 financials in early May. The firm’s recent shareholder letter shows that the company has generated about $750 million in transaction revenue through Feb. 11 and expects subscription revenue of $685 million to $765 million. While Coinbase has not yet released its Q1 profit figures, MarketBeat analysis estimates them to be around $1.87 billion.A large-scale crypto downturnMost publicly traded crypto companies reported similar results in the first quarter of 2025. Major crypto mining firm Marathon Digital Holdings started Q1 at nearly $17.50 and closed it at $11.00, a loss of over 37%.Competing crypto mining firm Riot Platforms opened Q1 2025 at just under $10.50 and closed it at $7.12, a loss of over 32%. Bitfarms, an energy infrastructure and crypto mining firm, opened the year at $1.56 and closed the first quarter at $0.7882, losing nearly half its value.Related: Riot appoints adviser with experience pivoting BTC mining assets to AIDatacenter and crypto mining firm Hut 8 started the year at $21.10 and ended the quarter at $11.62, resulting in a loss of nearly 45%. The firm continues painting red candles at the time of writing despite its recent partnership with US President Donald Trump’s sons to launch American Bitcoin, aiming to build the world’s biggest Bitcoin mining operation with strategic reserves.The list continues. Datacenter and mining firm Hive Digital Technologies saw its stock go from $2.97 to $1.45 in Q1, losing more than half its price. Lastly, mining hardware producer Canaan Creative started the quarter at $2.11 and ended at $0.8778 for a loss of nearly 58.4%.Geopolitics plays a roleThe broader stock market, not just the crypto industry, has also taken a significant hit widely attributed to recent geopolitical shifts. United States stock market index S&P 500 opened the quarter at $5,890 and closed at $5,610 — losing over 4.75%.Market participants feel uncertain as US President Donald Trump continues waging a trade war on multiple fronts. This week, reports suggest that concerns over a global trade war continue to pressure traditional and cryptocurrency markets as investors brace for a potential US tariff announcement on April 2.Founder of Obchakevich Research, Alex Obchakevich, told Cointelegraph: “Trump’s tariffs are weighing heavily on the market, making it as unpredictable as possible.” He pointed out that Strategy (formerly MicroStrategy) is holding up surprisingly well, with its price losing just under 3.95% as it went from $300.11 down to $288.27 during Q1 2025. He said:“Its stock has held up thanks to a bet on Bitcoin and 400% growth in 2024.”Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Trump-linked crypto ventures may complicate US stablecoin policy
A US dollar-pegged stablecoin launched by a cryptocurrency platform tied to US President Donald Trump’s family could complicate ongoing bipartisan efforts to pass stablecoin legislation in Congress, raising concerns about potential conflicts of interest.The Trump-linked World Liberty Financial (WLFI) crypto platform launched the World Liberty Financial USD (USD1) US dollar-pegged stablecoin in early March, prompting concerns over potential conflicts of interest.Despite political pushback from Democratic Party lawmakers, WLFI’s stablecoin plans are in line with the current US stablecoin legislation, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.“The planned backing, audits, qualified custody, public blockchains and no native yield-bearing — all these elements are well in line with the GENIUS and STABLE acts,” she said in an interview with Cointelegraph.“I would argue that this is a direct expression of support to the US-based stablecoins, and in any case, the stablecoin issuer is subject to the authorization of OCC, state regulators and the Board of Governors of the Federal Reserve,” she added.Related: Stablecoins, tokenized assets gain as Trump tariffs loomThe launch comes as two major stablecoin bills move through Congress. The STABLE Act, introduced on Feb. 6, aims to create a clear regulatory framework for dollar-denominated payment stablecoins. It focuses on transparency and consumer protection and enables issuers to choose between federal and state oversight.Source: STABLE ActThe GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, would establish collateralization guidelines for stablecoin issuers while requiring full compliance with Anti-Money Laundering laws. The act recently passed the Senate Banking Committee by a vote of 18–6.Related: Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategyTrump’s USD1 stablecoin is “throwing a wrench into bipartisan efforts”While some see WLFI’s stablecoin as a positive signal for crypto adoption, others fear it may complicate the passage of current legislation, politicizing it in the process.“Trump’s new US dollar-pegged stablecoin, USD1, is throwing a wrench into bipartisan efforts to pass stablecoin legislation, possibly something like the GENIUS Act,” according to Dmitrij Radin, the founder of Zekret and chief technology officer of Fideum.“With the Trump family holding a major stake and revenue share, critics like Senator [Elizabeth] Warren and Representative [Jim] Himes are calling out potential conflicts of interest,” Radin told Cointelegraph, adding:“The concern would be that any law could be seen as financially benefiting Trump, making some lawmakers hesitant. While the bill could still pass, this twist might delay it or force stricter rules to keep it neutral.”While stablecoins appear ready for mainstream adoption, “political drama” may push innovation offshore if regulators become overly restrictive, Radin said, adding that banks and the Federal Reserve are still “pushing back” against stablecoin adoption.Meanwhile, crypto industry professionals have urged US lawmakers to create more regulatory clarity around stablecoins and crypto banking relationships before legislators switch their focus to crypto tax laws.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Bitcoin sellers 'dry up' as weekly exchange inflows near 2-year low
Bitcoin is currently facing a new phase of consolidation as exchange inflows reach multi-year lows, according to recent analysis. This means that the pressure from sellers has significantly decreased, indicating a potential shift in market sentiment.
Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, noted in a recent post on X that Bitcoin sellers have “dried up.” This is evident in the sharp drop in the average daily BTC inflows to major crypto exchanges, which has decreased from 81,000 to 29,000 BTC per day. This is the lowest level since May 2023, when BTC was trading at less than $30,000.
Adler believes that this decrease in sell-side pressure is a positive sign for the market, as it shows that buyers are comfortable with the current price levels. He predicts that April and May could be a consolidation period before the next major price movement.
The recent data also suggests a more neutral stance from traders, with the Coinbase Premium, a proxy for US exchange demand, hovering around neutral levels. This is despite the lack of a significant price rebound. However, short-term analysis shows a potential uptick in inflows this week, with the exception of global exchange Binance.
According to CryptoQuant contributor Joao Wedson, founder and CEO of data analysis platform Alphractal, short-term holders are sending significantly less BTC to Binance compared to other exchanges. This could indicate a lower selling pressure on Binance and a more neutral stance from traders.
Overall, the decrease in exchange inflows and the neutral stance from traders suggest a potential shift in market sentiment. This could be a positive sign for Bitcoin’s future price movements, as it indicates a potential supply shortage in the market. However, as with any investment, it is important to conduct your own research and make informed decisions.
OpenAI to release its first ‘open’ language model since GPT-2 in 2019
OpenAI, one of the leading artificial intelligence firms, has announced that it will be releasing an “open” version of its language model this year. This means that developers will be able to run the model on their own hardware, giving them more control and flexibility.
In a recent update, OpenAI CEO Sam Altman shared that the company will be launching a powerful “new open-weight language model with reasoning” in the coming months. However, before its release, the company is seeking feedback on how to make it as useful as possible.
Altman also mentioned that this will be the first “open-weight” model since GPT-2 in 2019. This is a significant change from their previous models, which were fully closed. The company will be hosting developer events in San Francisco, Europe, and the Asia-Pacific region to gather feedback and allow developers to play with early prototypes.
An open-weight language model is publicly available for anyone to use, download, modify, or deploy for their own purposes. While it’s not as open as an open-source model, it still provides more accessibility and transparency compared to their previous models.
Altman also shared that the company is working on GPT-4.5 and GPT-5, which are expected to be released in the coming weeks or months. This comes at a time when the AI arms race is heating up, with the launch of rival DeepSeek and Alibaba Group’s new open-source AI model.
Meanwhile, Google has introduced its latest experimental AI model, Gemini 2.5, and Meta CEO Mark Zuckerberg announced that their AI model family, Llama, has hit 1 billion downloads.
The release of an “open” language model by OpenAI is a significant step towards making AI more accessible and transparent. It will be interesting to see what developers will build with this new model and how large companies and governments will use it for their own purposes.
March 2025 in charts: Trump trade war hits Bitcoin, $22M in DeFi hacks
March was a rough month for markets — US President Donald Trump’s uncertain tariff policies created volatility in Bitcoin and crypto markets; meanwhile, decentralized finance (DeFi) struggled with security concerns.Retaliatory tariffs on US goods in China and the European Union hit markets on March 10 and 12, respectively. Amid the tête-à-tête between the United States and its largest trade partners, Bitcoin managed to recover on March 24 to $88,0000 before slumping down again to around $82,000 at the time of writing.A number of state legislatures are considering Bitcoin- and crypto-related legislation, from bills that would establish a Bitcoin reserve to crypto tax forces and exploring pension fund investment. Such bills moved forward, either in voting or in committee, in 13 US states this month. The cool-down in memecoin markets has major revenue implications for Solana. After reaching eye-watering highs of $34 billion in January, Solana volumes on decentralized exchanges fell drastically. In March, volumes rarely exceeded $1 billion. Here’s March in numbers.Trump’s trade war sees Bitcoin down 5% on the monthThe first month of Trump’s administration saw a number of reversals on controversial trade policies that seemed to confuse and exasperate even the president’s political allies.After a month of delay, tariffs went live on March 4 — 25% on Mexican and Canadian goods, 10$ on Canadian energy and 20% on Chinese goods. Just one day later, Trump’s administration delayed tariffs for auto-makers; on March 6, it announced delays on most Canadian and Mexican goods. Retaliatory tariffs from China raised the temperature, and on March 12, Trump announced a 24% tariff on aluminum and steel. By March 18, the US Treasury, part of the presidential administration, announced the possibility of negotiable tariff rates per country.Bitcoin price, along with major stock indexes in the US, were hit as the estimated effects of tariffs changed by the week. On March 24, Bitcoin managed to recover to $85,000, putting it briefly above where it started the month. The trade war has affected the Trump family’s own crypto investments via World Liberty Financial (WLFI). The fund saw a mixed bag in March, with many of the altcoins in its portfolio, like Mint (MNT) and Tron (TRX), trading at or below where they started the month. Crypto and traditional financial have been on a downward trend at the end of March as traders brace for “Liberation Day” on April 2, when Trump has promised to levy dollar-for-dollar tariffs on all countries that have tariffs on US goods.Crypto legislation enacted in two statesTwo US states, Utah and Kentucky, enacted legislation in March regarding crypto. Both laws provide definitions for different aspects of digital assets and blockchain technology. They also provide zoning definitions and protections for cryptocurrency miners and create guidelines for businesses to accept cryptocurrencies. In March, various crypto bills have moved ahead in 13 other states. Three states, Texas, Georgia and Illinois, have introduced new bills in their respective legislatures. The Illinois act would establish regulations for the industry as well as consumer protections, while Georgia senators seek to create a senate study committee on digital assets and AI. Texas has been busy. In March alone, it introduced three separate bills that would create an oil-backed stablecoin, allow state officials to invest state funds in crypto and set up a blockchain pilot program for the state’s Department of Information Resources. Solana ecosystem faces 99% decrease in revenueA number of high-profile scandals, including one involving the President of Argentia Javier Milei, have begun to scare investors out of the memecoin space. With most issuances happening on the Solana network, this exodus of traders has seen a 99% decrease in revenues from their high of $15 million on Jan. 19, to just $119,000 at publishing time. March also saw a continued downtrend in decentralized exchange volume generated onchain and daily active addresses. DEX volumes in March have steadily declined from $3.9 billion on March 2 to $782 million at publishing time. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plungeAt the end of February, Messari analyst Sunny Shi highlighted the “memecoin economy” composing much of the Solana ecosystem’s value. He added that “a deep contraction in memecoin volumes could cause a cascade of revenue declines.”The future of memecoins remains uncertain, but Sythnetix founder Kain Warwick told Cointelegraph Magazine that the network is better off for them. “One of the cool things about the memecoin speculation is it drove a huge investment in infrastructure on Solana,” said Warwick. “Solana as a chain is 100 times better than it was pre-memecoin.”$22 million in DeFi hacks as analysts raise red flags over securityFebruary saw the largest DeFi hack of all time, with the North Korean state-affiliated Lazarus Group nabbing $1.4 billion from Bybit. March pales in comparison — $22 million was stolen across four hacks (note these are not the same as exploits or short squeezes). Continuing the Bybit saga, hackers were reportedly able to funnel “100%” of the funds successfully — primarily through THORChain — according to blockchain security firm Lookonchain.The continued proliferation of expensive DeFi hacks led blockchain sleuth ZachXBT to post on his Telegram channel on March 18 that DeFi “is unbelievably cooked when it comes to exploits/hacks and sadly idk if the industry is going to fix this itself unless the government forcibly passes regulations that hurt our entire industry.”He said that many protocols have had “nearly 100%” of the monthly fees or volumes derived from Lazarus and “refuse to take any accountability.”Related: Top 15 crypto conferences to mark your calendar in 2025Concerns over security and macroeconomic factors aside, the crypto industry has continued to build and congregate at international conferences. March saw six major international crypto conferences in Europe and North America.On the whole, March was a rocky month. Major coins traded sideways or saw significant losses — Ether (ETH) is down 18% on the month — and economic uncertainty defined the space with the introduction of new tariffs from China and the European Union. Markets will be put to the test in April as Trump introduces mass tariffs on April 2, dubbed “Liberation Day.” However, past reversals or flip-flops on tariffs mean the effect may not be as pronounced as predicted. The next month will also see a debate on the US stablecoin law in the House Financial Services Committee. Many in the industry regard the bill as the green light crypto needs to grow in the US. On April 18, Avraham Eisenberg, who was convicted of fraud and market manipulation in connection with the exploit of the Mango Markets DEX, will face sentencing. Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Michael Saylor’s Strategy buys Bitcoin dip with $1.9B purchase
Michael Saylor’s Strategy bought nearly $2 billion of Bitcoin, taking advantage of a recent price dip despite growing market concerns tied to US President Donald Trump’s upcoming tariff announcement.Strategy, formerly MicroStrategy, acquired 22,048 Bitcoin (BTC) for $1.92 billion at an average price of $86,969 per Bitcoin.The company now holds over 528,000 Bitcoin acquired for $35.63 billion at an average price of $67,458 per BTC, announced Saylor, the co-founder of Strategy, in a March 31 X post.Source: Michael SaylorStrategy is the world’s largest corporate Bitcoin holder and surpassed the 500,000 Bitcoin holdings milestone on March 24, days after Saylor hinted at an upcoming Bitcoin buy as the company announced the pricing of its latest tranche of preferred stock on March 21.The firm is currently up over 21% on its Bitcoin holdings with an unrealized profit of over $7.7 billion, according to Saylortracker data.Strategy total Bitcoin holdings, all-time chart. Source: SaylortrackerStrategy’s near $2 billion dip buy comes despite investor concerns related to Trump’s upcoming tariff announcement on April 2, which may set the tone for Bitcoin’s price trajectory throughout the month.Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur HayesThe April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners, a development that may increase inflation-related concerns and limit demand for risk assets like Bitcoin.“This sell-off isn’t the end of the bull run — it’s a healthy reset,” Andrei Grachev, managing partner of DWF Labs, told Cointelegraph. “Markets overreact to tariffs and macro headlines, but long-term fundamentals haven’t changed.”Related: Crypto debanking is not over until Jan 2026: Caitlin LongMicroStrategy may owe taxes on unrealized Bitcoin gainsDespite never selling any Bitcoin, Strategy may have to pay taxes on its unrealized gains of over $7.7 billion, which had previously soared to $19 billion at the end of January, Cointelegraph reported.The firm may have to pay federal income taxes on its unrealized gains, according to the Inflation Reduction Act of 2022.The act established a “corporate alternative minimum tax” under which Strategy would qualify for a 15% tax rate based on the adjusted version of the company’s earnings, according to a Jan. 24 report in The Wall Street Journal.Still, the US Internal Revenue Service (IRS) may create an exemption for BTC under Trump’s more crypto-friendly administration.Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29