Bitcoin, Ethereum to end Q1 in the red, ‘vertical swing up’ unlikely
Bitcoin and Ethereum are poised to suffer their worst first quarter in years unless they can pull off a huge rally in the next few days.Ether (ETH) has dropped 37.98% so far over the first quarter of 2025, its worst Q1 decline since 2018, when it plunged 46.61%, according to CoinGlass data. Meanwhile, Bitcoin (BTC) is down 6.49% so far over the quarter, which is slated to end on March 31 — marking its worst Q1 performance since 2020, when it saw a 10.83% decline. Crypto market unlikely to flash green before end quarterSwyftx lead analyst Pav Hundal told Cointelegraph that a “vertical swing up into the end of the quarter looks unlikely.” Ether has posted an average return of 78.23% in the first quarter of every year since 2017. Source: CoinGlassHundal said that the crypto market will be “flying a little blind” until the middle of April, when the broader market should have better clarity on US President Donald Trump’s tariff plans.“The economic data shows a global economy in decent shape,” he said. Some analysts say it may only be a matter of weeks after that before Bitcoin sees its next significant rally.Crypto commentator Colin Talks Crypto said in a March 19 X post that Bitcoin may begin its “next major blast-off” around April 30. Meanwhile, Swan Bitcoin CEO Cory Klippsten said earlier this month that there’s more than a 50% chance Bitcoin will hit all-time highs before the end of June.The first quarter has historically been Ether’s strongest and Bitcoin’s second-best. Since 2017, Ether has averaged a 78.23% gain in Q1, while Bitcoin has seen an average return of 51.62% since 2013.At the time of publication, Bitcoin is trading at $87,558, while Ether is trading at $2,059, up 5.08% and 5.88% over the past 24 hours, respectively.Meanwhile, the ETH/BTC ratio — showing Ether’s relative strength to Bitcoin — is at its lowest point since May 2020, sitting at 0.2348, according to TradingView data.The ETH/BTC ratio is sitting at 0.02348 at the time of publication. Source: TradingViewThe rest of the crypto market has followed the downtrend of the two largest cryptocurrencies by market cap, with the entire crypto market capitalization declining 11.65% since Jan. 1, sitting at $2.88 trillion at the time of publication, according to CoinMarketCap data.Related: Bitcoin price has 75% chance of hitting new highs in 2025 — AnalystWhile many in the crypto industry were highly optimistic going into Q1 2025 following a strong end to 2024 after Bitcoin tapped $100,000 for the first time after Trump’s November election win, unexpected macroeconomic conditions were largely to blame for the crypto market’s downturn at the beginning of February.After Bitcoin retraced below $100,000 in February, amid Trump’s imposed tariffs and uncertainty around the future of the US federal interest rate, the broader market sentiment turned fearful. The sentiment-tracking Crypto Fear & Greed Index was reading a “Neutral” score of 47 as of March 26.Magazine: What are native rollups? Full guide to Ethereum’s latest innovationThis 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.
Crusoe to sell Bitcoin mining business to NYDIG to focus on AI
Crusoe Energy, a company that captures waste gas from oil to power high-performance compute, is selling its Bitcoin mining business to New York Digital Investment Group (NYDIG) to focus on artificial intelligence. In a March 25 announcement, Crusoe said it plans to sell its Bitcoin (BTC) mining operation, including its digital flare mitigation business, to NYDIG, subject to regulatory approvals and other consents. The deal includes Crusoe’s 270 megawatts of power generation technology from more than 425 modular data centers across the United States and Argentina, along with 135 Crusoe employees who will join NYDIG, as no roles will be eliminated as a result of the transaction. Crusoe was founded in 2018 and pioneered technology that captures waste gas created during oil extraction and refinement that would be normally burned off in a process called gas flaring in order to power Bitcoin miners.Photo of gas flaring in action. Source: Crusoe EnergyIt converts the gas or “stranded energy” into electricity used to power the high-performance compute required for Bitcoin mining and AI data centers. Some reports suggest that Crusoe’s Bitcoin mining operation accounts for 1% of the world’s Bitcoin mining. Crusoe’s AI expansion plansHowever, Crusoe says it now wants to focus its tech on building out AI infrastructure. “The AI business — it’s become the majority of our revenue,” Cully Cavness, the co-founder, president and chief operating officer of Crusoe, told CNBC. The company recently expanded its AI data center in Abilene, Texas, to 1.2 gigawatts around the same time it announced a joint venture with investment firm Engine No. 1 to develop large-scale data center campuses across the US to build out AI capabilities.Source: Matthew SigelLast year in December, it closed $600 million in a Series D round at a $2.8 billion valuation to power AI. “We see a huge opportunity in front of us, and we have a big advantage and a big head start with what we’ve already announced — and more coming soon,” added Cavness. Related: Tokenized US gold could ultimately benefit Bitcoin: NYDIGNYDIG said that the acquisition of Crusoe’s Bitcoin mining business will help expand its role in supporting Bitcoin’s proof-of-work security. NYDIG founder and executive chairman Ross Stevens said that “it is critically important to keep the Bitcoin network secure, and at the lowest possible cost,” claiming that fiat currencies are “collapsing against Bitcoin around the world.” Magazine: Ex-Alameda hire on ‘pressure’ to not blow up Backpack exchange: Armani Ferrante, X Hall of Flame
GameStop hints at future Bitcoin purchases following board approval
GameStop Corporation (GME), the video game retailer turned memecoin stock, is reportedly moving to invest in Bitcoin after its board unanimously approved a plan to acquire digital assets. According to a March 25 CNBC report, the company announced that it would use a portion of its corporate cash or future debt issuances to invest in Bitcoin (BTC) and US-dollar-pegged stablecoins. The plan was further corroborated by the company’s fourth-quarter earnings report, which was released on March 25 and showed intent to acquire Bitcoin and stablecoins. “[T]he Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stable coins,” the financial statement read. GameStop’s cash reserves stood at more than $4.77 billion as of Feb. 1, compared to just $921.7 million one year earlier. The video game retailer posted $1.283 billion in net sales during the fourth quarter and $3.823 billion for fiscal 2024.GameStop’s quarterly financial statements. Source: GameStopRelated: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan execThis is a developing story, and further information will be added as it becomes available.
Brazil’s data watchdog upholds ban on World crypto payments
Brazil’s data protection agency has upheld its decision to restrict cryptocurrency compensation tied to the World ID project, citing user privacy concerns. The National Data Protection Authority (ANDP) rejected a petition by World ID developer Tools For Humanity to review its ban on offering financial compensation to users who provide biometric data through iris scans, the agency said in a March 25 announcement. ANDP will “maintain the suspension of the granting of financial compensation, in the form of cryptocurrency (Worldcoin – WLD) or in any other format, for any World ID created by collecting iris scans of personal data subjects in Brazil,” a translated version of the announcement reads. The company faces a daily fine of 50,000 Brazilian reais ($8,800) if it resumes data collection activities. Cointelegraph reached out to Tools for Humanity but had not received a response at the time of publication.World ID verification in Brazil was short-lived, with the ANDP banning data collection more than two months after it was launched in the country. Source: WorldcoinANDP’s investigation into World, formerly known as Worldcoin, began in November of last year amid concerns that financial rewards could compromise users’ ability to consent to offering sensitive biometric data. The controversial “World ID” is created when users agree to iris scans, which generates a unique digital passport that can authenticate humans online. As Cointelegraph reported, Tools For Humanity was ordered to stop offering services to Brazilians as of Jan. 25. Related: Blockchain identity platform Humanity Protocol valued at $1.1B after fundraiseRace for digital identity solution heats upAlthough World ID has run afoul of Brazilian law, the use of digital identification methods is growing in other markets due to the rise of AI deepfakes and Sybil attacks.The rise of bots and AI is also watering down online discourse on social media platforms such as X and Facebook. As Cointelegraph reported, up to 15% of X accounts are believed to be bots. Research from blockchain analytics firm Chainalysis also showed that generative AI is making crypto scams more profitable by enabling the creation of fake identities. Some companies are attempting to create digital identity solutions without triggering privacy concerns and regulatory crackdowns. Earlier this year, Billions Network launched its own digital identity platform that doesn’t require biometric data. The platform is based on a zero-knowledge verification technology known as Circom and has already been tested by major financial institutions such as HSBC and Deutsche Bank.Magazine: 9 curious things about DeepSeek R1: AI Eye
Trump Media looks to partner with crypto.com to launch ETFs
Trump Media has signed a non-binding agreement with Crypto.com to launch a series of exchange-traded funds in the US.Trump Technology Group Corp (TMTG) — the operator of the social media platform Truth Social and fintech brand Truth.Fi — is also part of the agreement, which is subject to regulatory approval, according to a March 24 statement from Trump Media. The parties plan to launch the ETFs later this year through Crypto.com’s broker-dealer, Foris Capital US LLC. The ETFs will consist of digital assets and securities with a “Made in America” focus.Crypto.com will provide the infrastructure and custody services to supply the cryptocurrencies for the ETFs, which may include a basket of tokens, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cronos (CRO).The parties involved expect the ETFs to be widely available internationally, including in the US, Europe and Asia across existing brokerage platforms.”Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world,” Crypto.com co-founder and CEO Kris Marszalek said.The ETFs are anticipated to launch alongside a slate of Truth.Fi Separately Managed Accounts (SMA), which TMTG also plans to invest in with its cash reserves.Source: Kris MarszalekRelated: Who’s running in Trump’s race to make US a ‘Bitcoin superpower?’The potential ETF launch would mark yet another crypto-related endeavor involving US President Donald Trump.However, Democratic lawmakers say that conflicts of interest have already arisen between Trump’s presidential duties and the Trump Organization’s ownership of the crypto platform, World Liberty Financial, in addition to the Official Trump (TRUMP) memecoin that launched three days before he was inaugurated.House Representative Gerald Connolly recently referred to the TRUMP token as a “money grab” that has allowed Trump-linked entities to cash in on over $100 million worth of trading fees. Democrat Maxine Waters also criticized Trump’s memecoin on Jan. 20, referring to it as a rug pull that represented the “worst of crypto.”Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
DYDX shoots up 10% as buybacks get a quarter of protocol revenue
Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.According to the announcement, 25% of the protocol’s net fees will be dedicated to monthly buybacks of its native dYdY (DYDX) token on the open market.Following the announcement, DYDX surged over 10% and was trading at approximately $0.731 at the time of writing, according to CoinGecko. The token has gained more than 21% over the past two weeks.DYDX spikes on buyback news. Source: CoinGeckoRelated: dYdX explores sale of derivatives trading armNew dYdX distribution model Previously, dYdX distributed 100% of its platform revenue to ecosystem participants. Under the new allocation model, 25% will be used for token buybacks, another 25% will fund its USDC liquidity provision program, MegaVault, 10% will be directed to its treasury, and the remaining 40% will continue as staking rewards.dYdX noted that the current allocation of 25% to token buybacks could increase, with ongoing community discussions potentially pushing this percentage to as high as 100% over time.Related: DeFi market stages a comeback as derivatives surgeThe platform currently holds a total value locked (TVL) of $279 million, according to DefiLlama. It generated $1.29 million in revenue from fees in February and $1.09 million so far in March.Token buybacks get 25% of revenue, which has been dropping. Source: DefiLlama“DeFi festival” waits for summer to endThe DeFi industry commonly references the DeFi summer of 2020 as a benchmark, characterized by rapid user growth driven by yield farming and decentralized applications.In a recent interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy predicted that the next significant DeFi boom would occur shortly after summer, potentially beginning as early as September and lasting “months and months.”dYdX existed in mid-2020 primarily as a DeFi platform for spot trading, lending, borrowing, and margin trading. Its popularity popped in 2021 following the launch of its layer-2 perpetual futures exchange and the introduction of its native DYDX token.In its 2024 ecosystem report, dYdX projected that the decentralized derivatives market would expand to $3.48 trillion by 2025, up from $1.5 trillion in derivatives volume processed by decentralized exchanges (DEXs) in 2024.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plungeThis 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.
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.