Pakistan Crypto Council proposes using excess energy for BTC mining
Bilal Bin Saqib, the CEO of Pakistan’s Crypto Council, has proposed using the country’s runoff energy to fuel Bitcoin (BTC) mining at the Crypto Council’s inaugural meeting on March 21.According to an article from The Nation, the council is exploring comprehensive regulatory frameworks for cryptocurrencies to attract foreign direct investment and establish Pakistan as a crypto hub.The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary. Senator Muhammad Aurangzeb had this to say about the meeting:“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”The Crypto Council represents a radical departure from the government of Pakistan’s previous stance on crypto. In May 2023, former minister of state for finance and revenue, Aisha Ghaus Pasha said crypto would never be legal in the country.Pasha cited anti-money laundering restrictions under the Financial Action Task Force (FATF) as the primary motivation for the government’s anti-crypto stance.The presence of Bitcoin miners can stabilize electrical grids. Source: Science Direct Related: Pakistan eyes crypto legal framework to boost foreign investmentPakistan follows the United States in embracing cryptoThe government of Pakistan moved to regulate cryptocurrencies as legal tender on November 4, 2024 — the same day as the elections in the United States.Following the re-election of Donald Trump in the US and the Jan. 20 inauguration, Trump moved quickly to establish pro-crypto policies at the federal level.On Jan. 23, President Trump signed an executive order establishing the Working Group on Digital Assets — an executive advisory council tasked with exploring comprehensive regulatory reform on digital assets.President Trump signs executive order establishing the President’s Working Group on Digital Assets. Source: The White HouseThe Jan. 23 order also prohibited the government from researching, developing, or issuing a central bank digital currency (CBDC).President Trump also signed an executive order creating a Bitcoin strategic reserve and a separate digital asset stockpile in March 2025 that will likely include cryptocurrencies made by US-based firms.Magazine: How crypto laws are changing across the world in 2025
Bitcoin speculative appetite declines as investors seek safety
Speculative appetite is vanishing from the crypto markets, as investors are looking for safer digital asset investments following the recent wave of memecoin scams and macroeconomic uncertainty.Bitcoin’s hot supply metric, which measures the Bitcoin (BTC) aged one week or less, is down over 50%, from 5.9% at the end of November to just 2.3% on March 20, Glassnode data shows.The metric’s decline signals an investor shift to safer investment positioning amid the recent market volatility, according to Ryan Lee, chief analyst at Bitget Research.Bitcoin hot supply metric. Source: Glassnode Global trade tensions and fluctuating market dynamics are making investors reconsider their strategies, the analyst told Cointelegraph, adding:“During uncertain times, investors are not only seeking security but are also focused on rational decision-making. In many instances, that rational choice is represented by Bitcoin.”“This trend isn’t solely rooted in fear, it also reflects a more pragmatic approach to investing,” explained Lee.Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsThe stablecoin supply ratio (SSR), which measures the ratio between Bitcoin and stablecoin supply, also suggests that investors are still hesitant to take on significant new positions.BTC SSR ratio, 1-year chart. Source: GlassnodeThe SSR ratio stood at an over four-month low of 8, last seen at the beginning of November 2024, when Bitcoin was trading at $67,000, just before the post-election rally took BTC to a new all-time high of $109,000.Historically, SSR values below 10 are considered low, indicating that there is relatively low stablecoin buying power among investors, compared to Bitcoin’s market cap.The cautious crypto investor positioning aligns with the sentiment among traditional market participants, according to Enmanuel Cardozo, market analyst at Brickken real-world asset (RWA) tokenization platform.The market analyst told Cointelegraph:“US stock market trends often set the tone for risk-on assets like crypto, and right now, although the macro picture is still uncertain, these corrections are normal and just highlight where the real value lies as the market continues to mature and educate itself.”Asset performance post-Trump administration takeover. Source: Thomas FahrerDespite the growing investor caution, Bitcoin outperformed all major global assets since US President Donald Trump’s election, including the stock market, equities, US treasuries, real estate and precious metals.Related: Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 daysSpeculative appetite is “fading” among crypto investorsThe cooldown in Bitcoin’s hot supply metric shows faltering speculative appetite, according to technical analyst Kyledoops, who wrote in a March 21 X post:“Speculative appetite is fading, and the market is cooling off.”“This means fewer fresh coins in circulation, reduced liquidity, and lower market participation,” added the analyst.Despite the current lack of risk appetite, analysts remain optimistic on Bitcoin’s price trajectory for the rest of 2025, with price predictions ranging from $160,000 to above $180,000.Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9–15
DTCC to promote ERC3643 token standard
The Depository Trust & Clearing Corporation (DTCC) — the US’s primary clearinghouse for securities transactions — has committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens, according to a March 20 announcement. DTCC is joining the ERC3643 Association, a nonprofit dedicated to catalyzing the standard’s adoption with the goal of “promoting and advancing the ERC3643 token standard,” it said. The endorsement highlights how US regulators are embracing tokenization after President Donald Trump vowed to make America the “world’s crypto capital.” It also suggests that the Ethereum blockchain network may play an important role in the US’s permissioned security token ecosystem. “DTCC will help lead the future of tokenization and support institutional adoption at scale,” Dennis O’Connell, president of the ERC3643 Association, said in a statement.ERC-3643 is a standard for permissioned Ethereum tokens. Source: ERC3643.orgRelated: Tokenization can transform US markets if Trump clears the wayEarly mover The DTCC is a private organization closely overseen by the US Securities and Exchange Commission (SEC). It settles most US securities transactions. In 2023, the DTCC processed transactions worth an aggregate of $3 quadrillion, according to its annual report. Also known as the T-REX Protocol, ERC-3643 is “an open-source suite of smart contracts that enables the issuance, management, and transfer of permissioned tokens […] even on permissionless blockchains,” according to the ERC3643 Association’s website. It relies on a custom-built decentralized identity protocol to ensure that only users meeting pre-specified conditions can become tokenholders. The DTCC has been an early mover among US financial overseers in embracing blockchain technology, piloting several initiatives related to onchain securities transactions. They include testing settling tokenized US Treasury Bills on the Canton Network and piloting private asset tokenization on an Avalanche (AVAX) subnet. In February, the clearinghouse launched ComposerX, a platform designed to streamline token creation and settlement for regulated US financial institutions.In November, the Commodity Future Trading Commission (CFTC) — a top US financial regulator — tipped plans to explore similar technologies for onchain settlement in the derivatives markets. Magazine: Terrorism and Israel-Gaza war weaponized to destroy crypto
Bitcoin Coinbase premium returns — Is $90K BTC price in the cards?
The Bitcoin (BTC) Coinbase premium index reached its highest level since Feb. 20 after BTC prices rallied 5% on March 19. Bitcoin’s Coinbase premium index. Source: CryptoQuantReturn of Coinbase premium highlights Bitcoin accumulationThe Coinbase premium index measures the price difference between Coinbase and Binance prices for BTC pairs, where a higher value signals US investors dictating stronger buying pressure. The index gauges US retail interest, but Woonminkyu, a verified analyst on CryptoQuant, said that it may also signal strong accumulation from US institutions and whales. Coinbase premium analysis by Woominkyu. Source: CryptoQuantThe analyst explained that the 30-day EMA of the index crossed the 100-day EMA level, which implies the presence of large players. The analyst added, “Past trends show that when this indicator rises, BTC bull markets tend to continue. High likelihood of an accumulation phase, making it a key moment to monitor BTC’s momentum.”Coinbase Pro was integrated into Coinbase Advanced (a platform used by companies like Strategy and Tesla for BTC purchases) in early 2024. Therefore, it is plausible that the Coinbase premium also represents US institutional interest to a certain extent.Related: $77K likely the Bitcoin bottom as QT is ‘effectively dead’ — AnalystsCan Bitcoin reclaim $90K in March?One of the major positives observed on BTC’s 1-day chart is the bullish reclaim on the 200-day exponential moving average (orange line). When prices remain above the 200-day EMA level, the probability of an uptrend increases for BTC to form higher highs in the chart. Bitcoin 1-day chart. Source: Cointelegraph/TradingViewAfter a successful breakout above $85,000 resistance, turning the level into support further improves the possibility of a $90,000 retest. On the daily chart, Bitcoin price also bounced from the lower range of the Bollinger Bands (BB), with the metric’s moving average remaining above the $90,000 level. The bullish narrative is invalidated if a daily candle closes below $85,000 before the end of the week. Michael Van de Poppe, the founder of MN Consultancy, shared a bullish stance and said that he expects a continued run to retest $90,000 over the next few days. However, Max, the founder of BecauseBitcoin, said BTC might have a “little more work to do.” The analyst said the EMA cloud indicators continue suppressing BTC below the $88,000 and $90,000 range. Max added, “Bitcoin is uptrending on every time frame except the Daily & Weekly (RSI Similarly, crypto trader Koroush AK suggested traders remain cautious until a shift in market structure occurs. The trader noted that Bitcoin (BTC) prices are currently at a critical level below $90,000; the chance of a correction below $73,000 remains a threat. Related: Why is Bitcoin price up today?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.
Trump becomes first US sitting president to speak at a crypto conference
US President Donald Trump has been making headlines in the crypto industry recently, as he becomes the first sitting president to speak at a crypto conference. On March 20, Trump addressed the Blockworks Digital Asset Summit in a pre-recorded statement, where he reiterated his commitment to making the US the “crypto capital of the world.”
In his speech, Trump praised the recent regulatory changes in the crypto industry and acknowledged the potential for pioneers in the field to improve the banking and payment system, promote privacy and security, and drive economic growth. He also highlighted the role of stablecoins in expanding the dominance of the US dollar for years to come.
This is not the first time Trump has shown support for the crypto industry. He has signed several pro-crypto executive orders, including one that established a Bitcoin strategic reserve and another that commissioned a working group on digital assets.
However, not everyone in the crypto community is thrilled about Trump’s involvement. The White House Crypto Summit, which took place on March 7, received mixed reactions from investors and executives. While some saw it as a positive step towards regulatory clarity, others criticized it as a gathering of lobbyists pushing for state-approved surveillance tokens.
The summit also sparked a decline in the price of Bitcoin, which dropped by 7.3% in the days following the event. This was partly due to the Bitcoin strategic reserve order, which stated that the government could only acquire more BTC through budget-neutral strategies.
Despite the mixed reactions, it is clear that the crypto industry is gaining more attention and support from the US government. And with Trump’s commitment to making the US the “crypto capital of the world,” it will be interesting to see how the industry continues to evolve and grow in the coming years.
TON-based XDAO protocol grants legal status to 367k DAOs
XDAO, a protocol based on The Open Network (TON), has enabled over 367,000 decentralized autonomous organizations (DAOs) to achieve legal status through its initiative that automates legal recognition for such organizations. In an announcement, XDAO said it had streamlined the DAO creation process to allow DAOs to achieve legal status. An XDAO spokesperson told Cointelegraph that the protocol offers a standard for other “sub-entities” within its legal framework. “Basically, those sub-entities exist both in relation to each other and outside entities that had acknowledged their existence and assented to some articles of the XDAO Labs’ Constitution,” the spokesperson told Cointelegraph. XDAO added that the parties recognize Singapore, where XDAO Labs is incorporated, as the primary jurisdiction where disputes may be resolved if necessary. Signing legally-binding documents through Telegram botsThe protocol also said it could enable the signing of legally binding documents using Web3 wallets. XDAO said DAOs could archive their transactions using a Telegram bot. When asked about the security and practicality of its Telegram bot-based legal framework, the XDAO spokesperson said agreements formed through the messenger work in “most jurisdictions.” However, the XDAO representative outlined its limitations, including “real estate, securities, and other matters that call for a prescribed procedure for the contract’s formation.” The spokesperson told Cointelegraph: “However, when making agreements through a Telegram bot, it is important to approach the recording of all details and specifics responsibly, as this can later facilitate dispute resolution.”The spokesperson added that the bot can store information that DAO participants consider significant. It can even be used to conduct basic Know Your Customer procedures. Related: Texas court issues judgment against Bancor DAO after it ignored summonsHow smart contract-based compliance would work in practiceWhen asked how their smart contract compliance models would work in arbitration scenarios, XDAO said the parties could form valid arbitration agreements through messenger or e-signature methods such as Docusign and Ethsign. This requires personalities to be firmly established and the “intention to adjudicate the dispute is clearly expressed.” “Arbitration is a commonly recognized dispute resolution procedure, which exists under influential international conventions. Those conventions do not specify the exact way of making an arbitration agreement, apart from it being in writing,” the spokesperson told Cointelegraph. The spokesperson added that if payment is required, an arbitrator can be added to the DAO with the right to a key vote. This would allow them to sign a transaction with their digital signature if the parties fail to reach a consensus. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
Russian Gotbit founder strikes $23M plea deal with US prosecutors
Aleksei Andriunin, a Russian national charged with manipulating cryptocurrency through the Gotbit market maker platform, has reportedly struck a plea deal with prosecutors in the United States.Gotbit founder and CEO Andriunin has agreed to forfeit about $23 million in Tether USDt (USDT) and Circle’s USDC (USDC) in a plea deal with Massachusetts federal prosecutors, the legal news service Law360 reported on March 19.As part of the plea, Andriunin will plead guilty to three counts charging conspiracy to commit wire fraud and market manipulation, according to the letter signed by the defendant on March 19.An excerpt from letters in the Gotbix founder case related to the $23 million forfeiture as part of the plea with Massachusetts prosecutors: Law360 “Defendant understands and agrees that forfeiture shall not satisfy or affect any fine, lien, penalty, restitution, cost of imprisonment, tax liability or any other debt owed to the United States,” the letter reads.The agreement doesn’t bind the US Attorney GeneralIn the letter to the defendant, the US Attorney for the District of Massachusetts, Leah Foley, stressed that the agreement to forfeit $23 million is only between Andriunin and the attorney.“It does not bind the Attorney General of the United States or any other federal, state, or local prosecuting authorities,” the letter reads.The letter also states that the defendant understands that the court is not required to follow proposed sentencing calculations within the guidelines from the Massachusetts attorney.An excerpt from legal letters in the Gotbix founder case related to sentencing guidelines with Massachusetts prosecutors: Law360 “Defendant may not withdraw defendant’s guilty plea if defendant disagrees with how the court calculates the guidelines or with the sentence the court imposes,” attorney Foley wrote.Andriunin was extradited to the US in October 2025Gotbit founder’s deal with Massachusetts prosecutors came months after Andriunin was extradited to the US in October 2024 after being arrested by Portuguese authorities.Since extradition, Andriunin has appeared in a federal court in Boston, Massachusetts, where he was ordered to remain detained until further notice.Andriunin, 26, was charged with wire fraud and conspiracy to commit market manipulation and wire fraud in a superseding indictment in October 2024.Source: Alex Andriunin According to Massachusetts court documents, Gotbit was a crypto “market maker” that orchestrated a “widespread cryptocurrency market manipulation scheme.” The platform was registered in Belize and was said to provide artificial trading volume for global firms, including those in the US, between 2017 and 2024.Related: Telegram founder Pavel Durov given permission to leave FranceApart from Andriunin, the criminal complaint from Massachusetts authorities in September 2024 also involved other Gotbit employees, such as marketing director Fedor Kedrov and sales director Qawi Jalili, both living in Russia.In the plea letter, Massachusetts attorney Foley mentioned that the assets listed in the forfeiture section of the Gotbit plea agreement are solely controlled by the defendant on Gotbit’s behalf despite these assets belonging to Gotbit.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Sanctioned crypto exchange Garantex shifts millions as it reboots platform
Shuttered crypto exchange Garantex is reportedly back under a new name after laundering millions in ruble-backed stablecoins and sending them to a freshly created exchange, according to a Swiss blockchain analytics company. Global Ledger claims the operators of the Russian exchange have shifted liquidity and customer deposits to Grinex, which they say is “Garantex’s full-fledged successor,” in a report released to X on March 19.“We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.”“The movement of funds, including the systematic transfer of A7A5 liquidity, the use of one-time-use wallets, and the involvement of addresses previously associated with Garantex, provides clear onchain proof of their link,” the Global Ledger team said in the report.After completing its investigation on March 13, Global Ledger says it had found onchain data showing Garantex laundered over $60 million worth of ruble-backed stablecoins called A7A5 and sent them to addresses associated with Grinex.Global Ledger claims Garantex has moved all its funds over to a newly launched exchange and is back in business. Source: Global Ledger“In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said.A Garantex manager also reportedly told Global Ledger that customers have been visiting the exchange office in person and moving funds from Garantex to Grinex.“Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” it said.The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, claiming that the owners of Garantex created it. The reports said this shows “Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite the exchange’s official shutdown.”Source: Global LedgerBy March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million.The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations.Related: US, UK, Australia sanction Zservers for hosting crypto ransomware LockBitOn March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019.Stablecoin operator Tether also froze $27 million in Tether (USDT), on March 6 which forced Garantex to halt all operations, including withdrawals.Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex, on US charges that included conspiracy to commit money laundering. Magazine: How crypto laws are changing across the world in 2025
Bitcoin may recover to $90k amid easing inflation concerns after FOMC meeting
Bitcoin may stage a recovery above the key $90,000 psychological mark amid easing monetary inflation concerns in the world’s largest economy.Bitcoin’s (BTC) over two-month downtrend has raised numerous alarms that the current Bitcoin bull cycle may be over, defying the theory of the four-year market cycle.Despite widespread investor concerns, Bitcoin may be on track to a recovery above $90,000 due to easing inflation concerns in the United States, according to Markus Thielen, the CEO of 10x Research.“We can see some counter-trend rally as prices are oversold, and there is a good chance that the Fed is mildly dovish,” Thielen told Cointelegraph, adding:“This is not a major bullish development, rather some fine-tuning from the policymakers. We think BTC will be in a broader consolidation range but we could trade back towards $90,000.”Bitcoin daily RSI indicator. Source: 10x ResearchInvestor confidence may also be improved by Federal Reserve Chair Jerome Powell’s comments indicating that the Fed will “remain on hold amid rising uncertainty among households and businesses,” wrote 10x Research in a March 17 X post, adding:“Powell also expressed doubts about the sustained inflationary impact of Trump’s tariffs, referencing the 2019 scenario where tariff-related inflation was temporary, and the Fed eventually cut rates three times.”Meanwhile, investors are eagerly awaiting today’s Federal Open Market Committee (FOMC) meeting, for cues on the Fed’s monetary policy for the rest of 2025, a development that may impact investor appetite for risk assets such as Bitcoin.Related: Crypto market’s biggest risks in 2025: US recession, circular crypto economyFOMC meeting will be crucial for Bitcoin’s trajectory: analystTraders and investors will be watching for any hints about the ending of the Fed’s quantitative easing (QT) program, “a move that could boost liquidity and risk assets,” according to Iliya Kalchev, dispatch analyst at Nexo digital asset investment platform.“The upcoming Fed decision could be a major catalyst for further movements,” the analyst told Cointelegraph, adding:“If Chair Powell spreads his dovish wings, Bitcoin could take flight on renewed bullish momentum.”“However, persistent inflation concerns or a reaffirmation of tight financial conditions, such as elevated interest rates or continued liquidity tightening, could limit upside potential,” added the analyst.Related: Rising $219B stablecoin supply signals mid-bull cycle, not market topFed target interest rate probabilities. Source: CME Group’s FedWatch toolMarkets are currently pricing in a 99% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.Still, investors have slashed their exposure to US equities by the most on record by 40-percentage-points between February and March, according to Bank of America’s latest survey — raising concerns that recession fears may hurt Bitcoin’s price action.Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9 – 15
Solana stablecoin positioning threatens ‘extreme’ SOL volatility
Investors’ stablecoin positioning on the Solana network and a key technical chart pattern threaten more volatility for the Solana token, which may see a decisive moment for its price action.Solana’s transport layer saw “extreme” volatility in trading the Tether’s USDt (USDT) stablecoin, which may indicate that traders are repositioning in search of new investment opportunities.USDT trading on Solana’s transport layer saw an over 137% surge during the last week of February, after seeing a 61% plunge during the previous week, according to a report by global payments infrastructure platform Mercuryo, shared with Cointelegraph.The stablecoin trading spikes show an unparalleled level of trading activity that may signal more volatility for the Solana (SOL) token, according to Petr Kozyakov, co-founder and CEO of Mercuryo.The “frenetic activity” may “indicate that the chain is prone to be more volatile,” the CEO told Cointelegraph, adding:“However, Solana’s inherent strengths – fast transaction processing, high scalability, and an active trading ecosystem – may also be factors. This is against a backdrop of an ecosystem attracting at times high trading volumes.”“Notably, DEX’s on Solana, such as Jupiter and Raydium, have ignited significant interest,” he added.Related: Crypto market’s biggest risks in 2025: US recession, circular crypto economyMeanwhile, a key emerging technical chart pattern may be decisive for Solana’s price action in the near term.Source: Trader Tardigrade“Solana Heikin Ashi hourly chart shows a Converging Triangle. Both bullish or bearish moves are possible,” wrote pseudonymous crypto analyst Trader Tardigrade in a March 19 X post.Related: Bitcoin beats global assets post-Trump election, despite BTC correctionMemecoins, FTX repayments may be limiting SOL priceWhile some analysts suggest that the current memecoin frenzy has been siphoning liquidity from the Solana token, multiple other factors are influencing SOL’s price action.Notably, the incoming repayments from bankrupt FTX exchange may limit Solana’s price action, explained Kozyakov, adding:“The defunct FTX exchange has set up a repayment plan that involves distributing a large amount of SOL tokens to creditors, which can potentially result in selling pressure.”FTX and Alameda Research-linked wallets unstaked $431 million of SOL tokens on March 4, marking the biggest SOL token unlock since November 2023, Cointelegraph reported.Although FTX and Alameda unlocked more than $400 million in SOL, the firms may not be able to sell all the tokens in a single transaction. In September 2023, the Delaware Bankruptcy Court approved FTX’s plan to sell digital assets, imposing strict limits on liquidation amounts.Under the court ruling, the bankrupt exchange can sell digital assets weekly through an investment adviser, with an initial limit of $50 million in the first week and $100 million in subsequent weeks. If FTX seeks to sell more, it must request court approval to raise the limit to $200 million per week.FTX’s next round of repayments will take place on May 30. Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. In May 2024, the exchange estimated the distribution’s total value to range between $14.5 billion and $16.3 billion.Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9 – 15