What are proof-of-reserves audits, and how do they work?
Key takeawaysPoR audits are cryptographic verifications used by cryptocurrency exchanges to prove they hold sufficient assets to cover customer deposits. Using methods like Merkle trees and zero-knowledge proofs, PoR ensures transparency, similar to how capital reserves are mandated in traditional finance for stability.Coinbase’s cbBTC uses PoR to verify that for every wrapped Bitcoin, an equivalent amount is securely held in Coinbase’s custody. PoR audits can verify asset holdings but do not account for liabilities, which can mislead users about an exchange’s solvency. Proof-of-reserves (PoR) audits have become a vital tool in the cryptocurrency industry to promote transparency and security, especially in the wake of high-profile exchange collapses like FTX. While similar in concept to traditional banking capital adequacy requirements, PoR audits come with certain limitations, especially in their inability to verify liabilities and their reliance on periodic reports. This article explores PoR audits, their role in crypto and their evolution into more robust models for ensuring exchange solvency.What are proof-of-reserves audits?Cryptocurrency exchanges are increasingly adopting proof-of-reserves (PoR) audits to verify they hold sufficient assets to cover user deposits. These cryptographic audits, using Merkle trees and onchain verifications, serve as a transparency mechanism in crypto, much like capital adequacy requirements do for traditional finance.But does the PoR concept draw inspiration from TradFi?In traditional banking, regulators have long mandated that financial institutions maintain a certain level of capital reserves to safeguard against potential risks. This framework ensures that banks can absorb unexpected losses and continue to operate during economic downturns. A pivotal moment highlighting the importance of such regulations was the 2008 financial crisis. During this crisis, many banks faced significant losses due to high-risk exposures, leading to a global economic downturn. In response, international regulatory bodies introduced more stringent measures to bolster the resilience of financial institutions.One such measure is the Basel III framework, established by the Basel Committee on Banking Supervision. Basel III set forth comprehensive reforms to improve the regulation, supervision and risk management within the banking sector. Common equity tier 1 (CET1) capital requirements mandate financial services firms to hold a minimum amount of common equity relative to their risk-weighted assets, ensuring they have a solid capital base to cover potential losses.Leverage ratio serves as a backstop to the risk-based capital requirements, limiting the extent to which a bank can leverage its capital base.Liquidity coverage ratio (LCR) ensures that banks have sufficient high-quality liquid assets to withstand a 30-day stressed funding scenario.Net stable funding ratio (NSFR) promotes resilience over a longer time horizon by requiring banks to fund their activities with stable sources of funding.These measures aim to enhance the banking sector’s ability to absorb shocks arising from financial and economic stress, thereby reducing the risk of systemic crises.A parallel concept known as proof-of-reserves (PoR) audits has emerged in the world of cryptocurrencies to promote transparency and trust within digital asset platforms. PoR audits are cryptographic verifications that confirm whether a cryptocurrency exchange or custodian holds the assets it claims on behalf of its users. These cryptographic audits, using Merkle trees and onchain verifications, serve as a transparency mechanism in crypto. The primary goal is to provide assurance that these platforms are solvent and can meet customer withdrawal demands. Some audits provide the dollar equivalent of the reserves, whereas others report in major cryptocurrencies like Bitcoin (BTC) and Ether (ETH).How do proof-of-reserves audits work?PoR audits use cryptographic methods like Merkle trees to verify that exchanges hold sufficient assets to cover user deposits, but they don’t prove solvency, as they don’t account for hidden liabilities. These audits are designed to verify that cryptocurrency exchanges and custodians actually hold the assets they claim on behalf of their users. The process typically begins with asset verification, where platforms disclose wallet addresses or use cryptographic proofs, such as Merkle trees, to confirm holdings without revealing sensitive account details. A Merkle tree allows user balances to be hashed and aggregated into a single “Merkle root,” which auditors and users can verify independently. Additionally, a third-party auditor may be involved to assess whether the exchange’s reserves match its reported holdings. Alongside this, customer liability verification ensures that total deposits do not exceed available reserves, strengthening the credibility of the exchange’s financial standing.While traditional PoR audits rely on Merkle trees, they have limitations, such as the inability to prove solvency (i.e., whether an exchange has hidden liabilities or outstanding loans). To address this, ZK-proofs are being explored as a more private and secure method of reserve verification. Zero-knowledge (ZK) proofs offer a more advanced solution by enabling exchanges to mathematically prove they are fully backed without revealing sensitive data, paving the way for proof-of-solvency audits.A ZK-proof-based PoR system could allow an exchange to mathematically prove that its reserves exceed its liabilities without revealing individual account balances or wallet addresses. This eliminates the risk of exposing sensitive user data while still providing strong cryptographic assurance that the exchange is solvent. Some blockchain projects and exchanges are experimenting with ZK-proofs for PoR, but adoption remains in the early stages.Ultimately, PoR audits are a critical step in improving transparency in crypto markets, especially after past exchange failures like FTX, which falsely represented its reserves. By combining Merkle trees with ZK-proofs, the industry could move toward proof-of-solvency audits, which not only verify reserves but also ensure an exchange does not carry undisclosed debts. Here are the differences between Merkle tree-based PoR and zero-knowledge proof-based PoR:If widely adopted, these methods could enhance trust in centralized exchanges (CEXs) while maintaining user privacy, offering a regulatory-friendly yet decentralized approach to crypto financial accountability.Below is a list of exchanges and their PoR audit details.Did you know? Following a hack in February 2025, Bybit underwent a comprehensive PoR audit conducted by the cybersecurity firm Hacken. This audit confirmed that Bybit’s holdings fully covered user liabilities, maintaining a 1:1 ratio for all in-scope assets. The audit encompassed a full verification of wallets containing 40 different asset types, ensuring transparency and security for all users.What is Coinbase’s cbBTC, and how does it ensure trust through PoR?Coinbase’s cbBTC is a token that represents Bitcoin (BTC) 1:1 onchain, fully backed by the equivalent amount of Bitcoin held in Coinbase’s custody. By wrapping BTC into cbBTC, users can interact with it in decentralized applications (DApps) and across various blockchains, such as Ethereum, Solana and Base, while retaining its Bitcoin value.Coinbase uses PoR to ensure transparency and verify that the wrapped cbBTC tokens are fully backed by actual Bitcoin reserves held by Coinbase. PoR audits confirm that Coinbase holds sufficient Bitcoin in its reserves to support all issued cbBTC, maintaining trust and security for users who wrap or redeem their Bitcoin.PoR audit and transparency for cbBTC1:1 backing of cbBTC by Bitcoin: Coinbase ensures that for every cbBTC token issued, there is an equivalent amount of Bitcoin securely stored in its custody. This process ensures the integrity and security of cbBTC, allowing users to confidently use their wrapped tokens in decentralized finance (DeFi) and across multiple blockchain platforms.PoR for user assurance: PoR audits help verify Coinbase’s claims by cross-checking its Bitcoin reserves with the number of cbBTC tokens in circulation. This audit ensures that users’ wrapped tokens are always fully backed, offering additional security and transparency. As part of its PoR commitment, Coinbase has published audit reports that confirm its reserves.Secure handling of Bitcoin reserves: Coinbase ensures that the Bitcoin backing cbBTC is not sold, transferred or used for other purposes. The Bitcoin is held securely to maintain the 1:1 backing for cbBTC, ensuring that users can redeem their wrapped tokens for Bitcoin at any time.CbBTC is accessible to Coinbase customers with verified accounts who are based in select regions, including the US (excluding New York), the UK, the European Economic Area (EEA), Australia, Singapore and Brazil. Additionally, users can acquire cbBTC through Coinbase Wallet or other third-party exchanges that offer support for it.Did you know? While Coinbase provides transparency through PoR, you should be aware that the wrapping or unwrapping of cbBTC does not constitute a taxable event for the IRS, as clarified by Coinbase. However, you should consult tax professionals for personalized guidance.Limitations of PoR approachWhile proof-of-reserves audits verify that exchanges hold assets, they fail to account for liabilities, creating a false sense of security. Additionally, PoR audits are mere snapshots with no real-time oversight.While proof-of-reserves audits enhance transparency by verifying that exchanges hold sufficient assets, they come with notable limitations that can create a false sense of security. Liability exclusion concern: One of the biggest concerns is the exclusion of liabilities. PoR audits only confirm the assets an exchange holds, not whether they have outstanding debts, obligations or hidden leverage. This was a critical issue with FTX, which falsely presented itself as solvent by showcasing its assets without disclosing the massive liabilities owed to creditors and users. Without a simultaneous proof-of-liabilities (PoL) audit, an exchange can appear well-funded while actually being deeply insolvent. Both assets and liabilities are needed to be included in this exercise for it to be completely useful.Snapshot audits and ongoing solvency risks: Another key limitation is the snapshot nature of these audits, which provide verification for a single moment in time but do not guarantee ongoing solvency. An exchange could pass a PoR audit today and deplete reserves the next day by moving funds, taking on new liabilities or engaging in risky lending practices. For instance, when Binance published its first PoR audit in December 2022, it faced criticism because it was a one-time report rather than a real-time solvency check. Unlike traditional finance, where banks undergo continuous regulatory scrutiny and stress tests, crypto PoR audits lack ongoing oversight, leaving room for manipulation between audit periods. Some firms, like Nexo, introduced real-time PoR in 2021 but discontinued it in 2024, as their auditors could no longer support the capability.Reliance on third-party auditors: Lastly, PoR audits rely heavily on third-party auditors, making their effectiveness dependent on the credibility and independence of the auditing firm. Some exchanges have opted for internal audits, which raises concerns about objectivity and transparency. A case in point is Mazars Group, the auditing firm that conducted PoR reports for Binance and Crypto.com in 2022. It later withdrew from providing crypto audit services, citing concerns over the reliability of the process. This incident underscored the industry’s need for stronger, independent and standardized auditing frameworks to ensure that PoR audits genuinely reflect an exchange’s financial health rather than serving as a mere public relations tool.Proof-of-reserves as a step forward, not a perfect solutionPoR is a good step in the right direction. It is not perfect, but there is no need to make perfection an enemy of progress. Many of the recent developments in the cryptocurrency industry look promising, where PoR can not only serve native crypto assets but could also help traditional finance when their assets and liabilities are tokenized. In its ideal form, PoR should be used to assess the solvency of any counterparty, whether in DeFi, centralized finance (CeFi) or traditional finance (TradFi), making the future of finance more robust and reliable with its implementation
Bybit: 89% of stolen $1.4B crypto still traceable post-hack
The lion’s share of the hacked Bybit funds is still traceable after the historic cybertheft, as blockchain investigators continue their efforts to freeze and recover these funds.The crypto industry was rocked by the largest hack in history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as the likely culprit behind the Bybit exploit, as the attackers have continued swapping the funds in an effort to make them untraceable.Despite the Lazarus Group’s efforts, over 88% of the stolen $1.4 billion remains traceable, according to Ben Zhou, the co-founder and CEO of Bybit exchange.The CEO wrote in a March 20 X post:“Total hacked funds of USD 1.4bn around 500k ETH. 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.”“86.29% (440,091 ETH, ~$1.23B) have been converted into 12,836 BTC across 9,117 wallets (Average 1.41 BTC each),” said the CEO, adding that the funds were mainly funneled through Bitcoin (BTC) mixers including Wasbi, CryptoMixer, Railgun and Tornado Cash.Source: Ben ZhouThe CEO’s update comes nearly a month after the exchange was hacked. It took the Lazarus Group 10 days to launder 100% of the stolen Bybit funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.Still, blockchain security experts are hopeful that a portion of these funds can be frozen and recovered by Bybit.Related: Can Ether recover above $3K after Bybit’s massive $1.4B hack?Bybit paid $2.2M for Lazarus “bounty hunters”The crypto industry needs more blockchain “bounty hunters” and white hat, or ethical hackers, to combat the growing illicit activity from North Korean actors.Decoding transaction patterns through cryptocurrency mixers remains the biggest challenge in tracing these funds, Bybit’s CEO wrote, adding:“In the past 30 days, 5012 bounty reports were received of which 63 were valid bounty reports. We welcome more reports, we need more bounty hunters that can decode mixers as we need a lot of help there down the road.”Source: LazarusbountyBybit has awarded over $2.2 million worth of funds to 12 bounty hunters for relevant information that may lead to the freezing of the funds. The exchange is offering 10% of the recovered funds as a bounty for white hat hackers and investigators.Related: Bybit exploit exposes security flaws in centralized crypto exchangesThe Bybit attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts say.“This incident is another stark reminder that even the strongest security measures can be undone by human error,” Lucien Bourdon, an analyst at Trezor, told Cointelegraph.Bourdon explained that attackers used a sophisticated social engineering technique, deceiving signers into approving a malicious transaction that drained crypto from one of Bybit’s cold wallets.The Bybit hack is more than twice the size of the $600 million Poly Network hack in August 2021, making it the largest crypto exchange breach to date.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Coinbase becomes Ethereum's largest node operator with 11% stake
A Coinbase report revealed that the crypto exchange is Ethereum’s biggest node operator, having 11.42% of the total staked Ether within the blockchain network. In a performance report, Coinbase said it had 3.84 million Ether (ETH), worth about $6.8 billion, staked to its validators. The exchange said that, as of March 3, it has 11.42% of the total staked ETH. Anthony Sassano, host of The Daily Gwei, said that Coinbase’s stake makes the exchange the “single largest node operator” in the network. Sassano added that while the staking platform Lido is bigger as a collective, each node operator has a much smaller percentage share. Source: Anthony SassanoRelated: 83% of institutions plan to up crypto allocations in 2025: CoinbaseCoinbase validator uptime and participation rate at 99.75%Coinbase also shared that it exceeded its target for validator uptime, which indicates the percentage of time when validators are operational. It also had a similar figure for its participation rate, a metric that indicates how well validators perform their consensus duties.Coinbase also reported that its validators had an average uptime of 99.75%. Coinbase said they outperformed their target of 99% uptime without compromising security standards. The exchange attributed the performance to an upgrade implemented in 2024, which allowed the exchange to keep validators running while performing beacon node maintenance. Meanwhile, Coinbase validators’ participation rate is also at 99.75%. This exceeds the network average of 99.52%. In addition, the Coinbase average for signing and submitting blocks produced by their MEV relays is 99.76%, higher than the network average of 99.38%. While Coinbase operates a centralized exchange platform, the company said it distributes its validators across several regions to “help maintain a truly distributed and decentralized Ethereum blockchain.” The exchange said its validators operate in Japan, Singapore, Ireland, Germany and Hong Kong. Coinbase validator average performance versus Ethereum network averages. Source: CoinbaseEther surges above $2k on March 20Coinbase’s recent report was followed by a surge in ETH prices as ETH accumulation addresses started stockpiling significantly. 7-day ETH price chart. Source: CoinGeckoOn March 2, Ether hit a weekly high of $2,060.73, surging by 12.3% in seven days. On March 19, the asset’s daily trading volume reached $17.4 billion as its price surpassed $2,000. The surge comes as ETH price sentiments turned bearish. On March 11, Yuga Labs’ vice president of blockchain suggested that ETH could drop as low as $200 in a prolonged bear market. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Dubai Land Department begins real estate tokenization project
The Dubai government has started the pilot phase of a project that will convert real estate assets into digital tokens on the blockchain. The Dubai Land Department (DLD), a government entity responsible for registering, organizing and promoting Dubai real estate, announced that it started the pilot phase of its real-estate tokenization project. The project was launched in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator. The token launch makes the DLD the first real-estate registration entity in the UAE to implement tokenization on property title deeds. DLD expects the sector to grow $60 billion by 2033In the announcement, the DLD said the initiative is expected to drive growth in real estate tokenization. The government agency predicts that its market value could reach over $16 billion by 2033. According to the agency, this represents 7% of Dubai’s total real estate transactions. DLD Director-General Marwan Ahmed Bin Ghalita said in the announcement that real estate tokenization drives a fundamental change in the sector. “By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes,” he said. The official said this aligns with the DLD’s vision to become a global leader in real estate investment and use technology to develop innovative real estate products. Related: Mantra and Damac sign $1B deal to tokenize Middle Eastern assetsTokenization to open up Dubai real estate to global investorsTokinvest co-founder and CEO Scott Thiel said the initiative is a “transformative moment” for the sector. Thiel told Cointelegraph: “The initiative not only reinforces Dubai’s leadership in blockchain adoption but also paves the way for a more inclusive, liquid, and efficient real estate market.” The executive working in a VARA-regulated RWA platform told Cointelegraph that DLD’s new project would open Dubai’s real estate market to a global pool of investors. “Tokenisation is no longer a concept. It’s a reality that will open up Dubai’s real estate market to a global pool of investors like never before,” Thiel told Cointelegraph. In a previous interview, Thiel told Cointelegraph that the UAE’s proactive regulations paved the way for the country’s real-world asset (RWA) tokenization boom. The executive said there was a genuine desire from government agencies to develop clear guidelines for the sector. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Beware of ‘cracked’ TradingView — it’s a crypto-stealing trojan
Cybersecurity firm Malwarebytes has warned of a new form of crypto-stealing malware hidden inside a “cracked” version of TradingView Premium, software that provides charting tools for financial markets. The scammers are lurking on crypto subreddits, posting links to Windows and Mac installers for “TradingView Premium Cracked,” which is laced with malware aimed at stealing personal data and draining crypto wallets, Jerome Segura, a senior security researcher at Malwarebytes, said in a March 18 blog post.“We have heard of victims whose crypto wallets had been emptied and were subsequently impersonated by the criminals who sent phishing links to their contacts,” he added.Fraudsters claim the programs are free and have been cracked directly from their official version, but they are actually riddled with malware. Source: MalwarebytesAs part of the snare, the fraudsters claim the programs are free and have been cracked directly from their official version, unlocking premium features. It actually contains two malware programs, Lumma Stealer and Atomic Stealer. Lumma Stealer is an information stealer that’s been around since 2022 and primarily targets cryptocurrency wallets and two-factor authentication (2FA) browser extensions. Atomic Stealer was first discovered in April 2023 and is known for its ability to capture data such as administrator and keychain passwords.Besides “TradingView Premium Cracked,” the scammers have offered other fraudulent trading programs to target crypto traders on Reddit. Segura said one of the interesting aspects of the scheme is that the scammer also takes the time to assist users in downloading the malware-ridden software and help resolve any issues with the download.“What’s interesting with this particular scheme is how involved the original poster is, going through the thread and being ‘helpful’ to users asking questions or reporting an issue,” Segura said.“While the original post gives a heads-up that you are installing these files at your own risk, further down in the thread, we can read comments from the Original poster.”In this case, the scammer sticks around to assist users in downloading the malware-ridden software. Source: MalwarebytesThe origin of the malware wasn’t clear, but Malwarebytes found that the website hosting the files belonged to a Dubai cleaning company, and the malware command and control server had been registered by someone in Russia roughly one week ago.Segura says that cracked software has been prone to containing malware for decades, but the “lure of a free lunch is still very appealing.”Common red flags to watch out for with these types of scams are instructions to disable security software so the program can run and files that are password-protected, according to Malwarebytes. Related: Microsoft warns of new remote access trojan targeting crypto walletsIn this instance, Segura says the “files are double zipped, with the final zip being password protected. For comparison, a legitimate executable would not need to be distributed in such fashion.”Blockchain analytics firm Chainalysis reported in its 2025 Crypto Crime Report that crypto crime has entered a professionalized era dominated by AI-driven scams, stablecoin laundering, and efficient cyber syndicates. In the past year, the analytics firm estimates there was $51 billion in illicit transaction volume. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
$77K likely the Bitcoin bottom as QT is ‘effectively dead’ — Analysts
Bitcoin is unlikely to revisit the $77,000 price level anytime soon after the Fed signaled a slowdown in quantitative tightening (QT), says BitMEX co-founder Arthur Hayes.On March 10, Bitcoin (BTC) dipped near the $77,000 level for the first time since November, according to CoinMarketCap data.“Was BTC $77k the bottom, prob,” Hayes said in a March 20 X post after declaring that QT is “basically over” following the Fed’s March 19 announcement that starting in April, it will slow its securities sell-off by reducing the monthly Treasury cap from $25 billion to $5 billion. Bitcoin is up 3.53% over the past seven days. Source: CoinMarketCapThis could ease liquidity pressures and support risk assets like Bitcoin, as QT involves central banks selling assets to reduce the money supply and possibly raise interest rates. “The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE,” Hayes added.The Supplementary Leverage Ratio (SLR) exemption was a temporary rule during the COVID-19 pandemic that allowed banks to exclude US Treasury securities from their SLR calculations. Meanwhile, quantitative easing (QE) is a monetary policy that aims to stimulate the economy and encourage more spending.Echoing a similar sentiment to Hayes, Real Vision chief crypto analyst Jamie Coutts said in a March 19 X post that “QT is effectively dead.” Coutts explained that “treasury volatility” has calmed down following the US dollar’s drop earlier this month, a positive signal for boosting liquidity.Other optimists included Axie Infinity co-founder Jeff “JiHo” Zirlin, who said the Fed slowdown is “great for both crypto and equity markets.”“The Fed has significant leeway to loosen up, providing more support for businesses + markets,” Zirlin said, while Bitcoin venture capitalist Mark Moss said that with QT ending, “the dam is going to break.”Related: Bitcoin risks new ‘death cross’ as BTC price tackles $84K resistanceMeanwhile, crypto market sentiment has spiked following the Fed’s comments. The Crypto Fear & Greed Index, which tracks overall sentiment, has moved into “Neutral” territory at 49 after lingering in the “Fear” area since Feb. 26.Despite Bitcoin being down nearly 22% from its January $109,000 all-time highs, Infinex founder Kain Warwick told Cointelegraph that it is a “normal mid-bull correction.”“I would need to see a much larger breakdown to flip bearish,” Warwick said. “My baseline thesis is the four-year cycle holds once again, which means we keep grinding up through the rest of the year.”Magazine: Classic Sega, Atari and Nintendo games get crypto makeovers: Web3 GamerThis 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 eyes crypto legal framework to spur foreign investors
Pakistan is making moves to become a major player in the world of cryptocurrency. The country is planning to create a legal framework for crypto in order to attract international investors and position itself as a leader in blockchain-powered finance. This news comes as no surprise, as Pakistan has been steadily climbing the ranks in terms of crypto adoption, with an estimated 20 million Pakistani crypto users.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, spoke to Bloomberg about the country’s plans, stating that they are “done sitting on the sidelines” and are now focused on creating regulatory clarity and a pro-business legal framework. Saqib also emphasized the country’s young and tech-savvy population, with 60% of its citizens under the age of 30, making it an ideal environment for blockchain and crypto development.
In fact, Saqib was recently appointed as chief adviser to Pakistan’s finance minister for the management of cryptocurrencies, further solidifying the country’s commitment to this emerging industry. He believes that developing nations like Pakistan and Nigeria have a lot to gain from embracing blockchain and crypto, as it can reduce reliance on traditional banking and create more efficient cross-border payment networks.
This move by Pakistan is also in line with the global trend of countries recognizing the potential of crypto and blockchain technology. In fact, according to blockchain analytics firm Chainalysis, Pakistan was ranked ninth for crypto adoption last year. This shows that the country is not only keeping up with the rest of the world, but also positioning itself as a leader in this rapidly growing industry.
Saqib also pointed out the impact of US President Donald Trump’s recent moves towards creating a national crypto reserve and stockpile. He believes that this will make crypto a national priority for many countries, including Pakistan, and those who do not follow suit may risk being left behind.
With Saqib at the helm of the Pakistan Crypto Council, the country is open for business and ready to embrace the opportunities that come with blockchain and crypto adoption. As the world continues to evolve and adapt to this new technology, it will be interesting to see how Pakistan’s legal framework for crypto will shape its future in the global market.
Bitcoin price tags 2-week highs as markets bet big on Trump crypto news
Bitcoin has been making headlines recently as it reached two-week highs on March 20th. Rumors were circulating that the US government was preparing a major update to its crypto policy, causing BTC to spike to nearly $87,500 on Bitstamp. This news came after a relatively calm Federal Reserve meeting where officials decided to hold interest rates at current levels.
The Fed’s decision to not make any major changes to its policy was a relief to both traditional and crypto markets. The S&P 500 ended the day up by 1%, adding $500 billion in market cap. This positive sentiment also extended to Bitcoin, with former BitMEX CEO Arthur Hayes suggesting that the Fed’s decision was a signal for traders to add risk.
However, the real excitement in the crypto world came from rumors that President Trump would be making a significant change to his crypto strategy on March 21st. This would be his first major update since establishing the national crypto reserve on March 6th. The Kobeissi Letter summarized the rumors, stating that Trump may be changing his approach to crypto.
This news has caused a lot of speculation and excitement in the crypto community, with many traders eagerly awaiting the announcement. The recent daily close above key resistance trend lines has also added to the optimism, with popular trader and analyst Rekt Capital reporting that Bitcoin only needs to rally 8% more to reclaim the range above and end its downside deviation.
However, it’s important to remember that every investment and trading move involves risk, and readers should conduct their own research before making any decisions. This article does not contain investment advice or recommendations. But with the potential for a major update to US crypto policy, it’s definitely a story worth following.