EU retaliatory tariffs threaten Bitcoin correction to $75K — Analysts
The European Union’s recent announcement of retaliatory tariffs has sparked concerns among crypto analysts about potential volatility in Bitcoin prices. The EU plans to impose counter-tariffs on $28 billion worth of US goods, in response to President Donald Trump’s decision to impose tariffs on steel and aluminum imports.
This move has raised fears of a renewed trade war and its impact on the global economy, which could also affect the cryptocurrency market. Some analysts predict that Bitcoin prices may drop below the critical support level of $75,000, while others believe it may rebound due to the high demand for stablecoins and real-world assets.
However, import tariffs are not the only factor influencing Bitcoin’s price. According to Ryan Lee, chief analyst at Bitget Research, wider economic conditions and factors such as institutional adoption and regulatory updates also play a role in the cryptocurrency’s resilience.
Despite the uncertainty caused by trade tariffs, some analysts see a temporary retracement in Bitcoin prices as part of a larger bull market cycle. They believe that the current correction may lead to a stronger rally in the future.
The EU’s retaliatory tariffs will take effect on April 13, while Trump’s increased tariffs on Canadian cars will come into effect on April 2. This ongoing trade tariff uncertainty may limit both traditional and cryptocurrency markets until a resolution is reached.
In the meantime, investors and traders are advised to closely monitor the situation and its impact on the markets. While some analysts believe that the recent tariff announcements may have a limited impact, others warn that the noise surrounding trade policies could continue until negotiations are finalized.
In conclusion, while the EU’s retaliatory tariffs may cause short-term volatility in Bitcoin prices, the cryptocurrency’s long-term prospects remain strong. With increasing institutional adoption and high utility, Bitcoin is proving to be a resilient asset in the face of global economic uncertainty.
Web3 gaming investors no longer throwing money at ‘Axie killers’
The Web3 gaming industry is facing tighter investment conditions as capital flows become more selective, with investors prioritizing sustainable projects over hype-driven fundraising.In February, Gunzilla Games Web3 director Theodore Agranat described blockchain gaming as a “game of musical chairs” in which the same capital cycles through different projects and “no new money” comes in. The executive also said users go from project to project to extract value. After that, they leave and search for the next project.In the same month, the much-anticipated Web3 game Illuvium announced a 40% layoff, demonstrating the need for teams to go “super lean” in today’s market. Sky Mavis co-founder and CEO Trung Nguyen announced a similar move in October 2024, cutting 21% of its staff to optimize its budget for upcoming projects. Despite these events, Web3 gaming professionals said that capital still exists, and explained some of the factors contributing to the industry-wide trend. Investors no longer blindly throw their money at projectsSky Mavis co-founder Jeffrey Zirlin told Cointelegraph that Web3 gaming is not uniquely struggling but rather experiencing the same capital constraints affecting the broader crypto industry.The executive said Web3 gaming is not facing a unique challenge as the landscape is “tight across the board.” Still, Zirlin pointed out exceptions. He cited Fableborne, a mobile Web3 game that was oversubscribed by 16,000% despite the market downturn, as demonstrating that “fresh capital was indeed flowing into Ronin,” the Sky Mavis blockchain network. He added: “It’s not that investment has dried up entirely. It’s just that investors are no longer blindly throwing money at projects like they did with so-called ‘Axie killers’ that failed to deliver.”“Axie killers” was a term used to describe gaming projects that claimed to be the next big Web3 game that would surpass Axie Infinity, Sky Mavis’ flagship Web3 game. Meanwhile, The Sandbox co-founder and chief operating officer Sebastien Borget told Cointelegraph that the “game of musical chairs” description suggests a degree of randomness. Borget said he disagrees with this. The executive said that while new capital is more limited and investors are more cautious, there is now less of the unpredictability previously fueled by hype cycles. “The success of blockchain games increasingly depends on the ability to meet traditional gaming metrics. These include delivering compelling content and gameplay, fostering sustainable user acquisition, establishing a strong in-app economy and building a loyal user base,” he added. Related: Axie Infinity teases new Web3 game as NFT outlook turns positiveProjects can’t just “slap NFTs” into a game and raise millionsJosh Gier, chief marketing officer of the gaming tournaments platform Coliseum, told Cointelegraph that the days of simply adding non-fungible tokens (NFTs) to a game and earning massive support from crypto investors are gone. “Yes, the speculative phase of blockchain gaming, where projects could raise millions just by slapping NFTs onto a game, has cooled off. But that doesn’t mean capital has disappeared,” Gier said. The executive said the capital is becoming more selective and flows toward projects with strong fundamentals and sustainable economies.“Investors are showing interest in games that integrate Web3 elements in a way that enhances the player experience rather than focusing solely on financial incentives,” Gier added. Vineet Budki, the CEO of venture firm Sigma Capital, said some core investors, like Animoca Brands, specifically focus on the blockchain gaming segment. He said that games take longer to build, unlike other niches, so gaming investments take longer to bear fruit. Still, the executive said, raising Web3 gaming capital has become more complicated. “Gone are the times when you would make a video on gameplay, have attractive tokenomics and raise capital,” Budki said in a statement sent to Cointelegraph. The executive said that teams building great games and having knowledge of the distribution process are the elements that can attract capital. Magazine: Off The Grid’s ‘biggest update yet,’ Rumble Kong League review: Web3 Gamer
Nigeria’s crypto future: Striking a balance between innovation and regulation
Opinion by: Mohammed Idris, Minister of Information of NigeriaNigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.Nigeria is a crypto hubAccording to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.Nigeria moves toward robust regulationUnder the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.Recent: Nigeria to tax cryptocurrency transactions for revenue boostNigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.We recognize the legitimate use cases for cryptocurrencies, including:Financial inclusion for the unbanked and underbanked.Cross-border payments and remittances that avoid high fees.Access to global markets for Nigerian entrepreneurs and freelancers.New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.Nigeria and blockchainNigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.Already, conversations are underway on how blockchain can improve public systems, such as:Land registries to reduce fraud and strengthen property rights.Identity management systems to enhance financial inclusion.Supply chain monitoring to improve food security and public procurement.A collaborative approach Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.Opinion by: Mohammed Idris, Minister of Information of Nigeria.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer
In a recent House Financial Services Committee hearing, US Representative Tom Emmer made a strong case for prioritizing pro-stablecoin legislation while also warning against the potential dangers of central bank digital currencies (CBDCs). Emmer, who reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives on March 6, emphasized the need for Congress to pass this legislation in order to prevent future administrations from launching a US CBDC without explicit approval.
During the hearing, Emmer argued that CBDC technology is inherently un-American and could potentially upend the American way of life by allowing unelected bureaucrats to issue a digital currency. This sentiment is shared by many in the crypto community, including Paxos CEO Charles Cascarilla who also spoke at the hearing. Cascarilla urged lawmakers to create consistent regulations for stablecoins across jurisdictions to avoid regulatory arbitrage and ensure a level playing field for all market participants.
Emmer also raised concerns about the privacy risks associated with CBDCs, stating that stablecoins could bring traditional finance onto the blockchain at a global scale while still preserving privacy. He emphasized the need for pro-stablecoin legislation to be prioritized alongside anti-CBDC legislation in order to protect the privacy and financial independence of American citizens.
This discussion comes at a time of rapid pro-crypto developments, with a recent report by the Center for Political Accountability (CPA) raising concerns about the growing political influence of crypto companies in the US. The report highlighted the unchecked political spending of cryptocurrency firms, which totaled $134 million in the 2024 US elections. This raises critical challenges and potential risks to regulatory stability, according to the report.
As the debate over stablecoins and CBDCs continues, it is clear that there is a need for clear and consistent regulations in order to ensure a fair and secure financial system. With the growing political influence of crypto companies, it is important for lawmakers to carefully consider the potential risks and benefits of these emerging technologies. Only through thoughtful legislation and regulation can we create a thriving and sustainable crypto ecosystem that benefits both individuals and the economy as a whole.
Bitcoin whales hint at $80K 'market rebound' as Binance inflows cool
Bitcoin whales are back buying BTC while “panic” is keeping smaller investors away, according to new research.Data from onchain analytics platform CryptoQuant shows sell-side pressure from Binance whales cooling.Bitcoin whales reset market approachBitcoin (BTC) at $80,000 is proving attractive for large-volume investors, or at least a poor value selling proposition for those wishing to exit the market.In a “Quicktake” blog post on March 12, CryptoQuant contributor Darkfost revealed that the proportion of the top 10 largest inflows to Binance attributed to whales has declined.“Monitoring whale behavior has consistently provided valuable insights into potential market movements,” they summarized. “Given that Binance handles the highest volumes, analyzing the Bitcoin exchange whale ratio on Binance provides a good insight into broader whale activity.”Bitcoin exchange whale ratio (Binance). Source: CryptoQuantThe exchange’s whale ratio has, in fact, exhibited a broad downtrend since mid-January when BTC/USD hit its latest all-time highs.“Currently, this ratio is declining, implying that Binance’s whales are reducing their selling pressure,” the post continued. “Historically, an increasing ratio has been associated with short-term price corrections or consolidation phases, while a decreasing ratio has often preceded bullish trends. If this trend of diminishing selling pressure continues, it could help end the current correction and potentially signal a market rebound.”As Cointelegraph reported, both whales and larger entities holding at least 10 BTC have begun to accumulate coins this month, albeit at modest rates.Prospective BTC buyers “hesitant” at $80,000Overall appetite for BTC exposure nonetheless remains suppressed.Related: Bitcoin gets March 25 ‘blast-off date’ as US dollar hits 4-month lowIn the latest edition of its regular newsletter, “The Week Onchain,” analytics firm Glassnode pointed to lackluster demand at current prices.It referenced capital flows by short-term holders (STHs) — speculative entities holding coins for up to six months. Within this cohort, buyers holding between one week and one month now have a lower cost basis than those holding for between one and three months.“With Bitcoin prices dropping below $95k, this model also confirmed a transition into net capital outflows, as the 1w–1m cost basis fell below the 1m–3m cost basis,” the researchers explained. “This reversal indicates that macro uncertainty has spooked demand, reducing new inflows and arguably increasing the probability of further sell pressure and a prolonged correction. This transition suggests that new buyers are now hesitant to absorb sell-side pressure, reinforcing the shift from post-ATH euphoria into a more cautious market environment.”Bitcoin STH capital inflows (screenshot). Source: GlassnodeThis 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.
Luxury fashion giant LVMH sued over NFT patent tech for watches
A company selling smartwatch face designs through non-fungible tokens has sued LVMH, accusing the luxury fashion conglomerate of patent infringement.In a March 10 complaint filed to a Texas federal court, Watch Skins Corporation alleged that LVMH misappropriated its “pioneering NFT display technology.”Watch Skins claimed it developed a unique system that allows users to display verified NFT artworks on smartwatches and holds multiple patents related to the technology.It claimed that a smartwatch from the LVMH-owned watch brand TAG Heuer and other products from the conglomerate’s brands unlawfully used NFT display technology that was based on three patents that Watch Skins owned.The TAG Heuer Connected Calibre E4 (pictured) was one of the watches Watch Skins claimed infringed on its patent. Source: TAG HeuerLVMH is a multinational holding company that owns dozens of well-known luxury goods brands, including Louis Vuitton, Givenchy, TAG Heuer, Tiffany, Christian Dior, Hennessy and the champagne brand Moët & Chandon.Watch Skins said its first patent covers a system that verifies NFT ownership before allowing it to be displayed on a watch face, the second one covers a system where an NFT must be verified through a blockchain wallet before being displayed on a smartwatch, and the third focuses on the retrieval and display of customized watch faces based on NFT ownership.It claimed TAG Heuer encouraged customers to infringe on the patents by providing instructions on how to use its NFT display features.“The watch allows the NFT to be displayed if owned by the user’s crypto wallet [and] connects to a user’s crypto wallet to guarantee authenticity of works displayed,” the complaint explained. Related: NFTs just had their worst performing year since 2020: DappRadarWatch Skins requested a jury trial and compensation for lost profits and royalties due to infringement and a court order preventing LVMH from further use of the patented technology.The company announced the launch of the world’s first blockchain NFT watch face marketplace at the Consumer Electronics Show in Las Vegas in 2020. The mobile app gives consumers “the ability to purchase authentic, licensed smartwatch faces from their favorite brands,” Watch Skins stated at the time.Cointelegraph has contacted LVMH for comment.Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K
Bitcoin buyers who purchased around when it hit a $109,000 all-time peak in January are now panic-selling as the cryptocurrency declines, says onchain analytics firm Glassnode, which isn’t ruling out that Bitcoin could slide to $70,000.Glassnode said in a March 11 markets report that a recent sell-off by top buyers has driven “intense loss realization and a moderate capitulation event.”Short-term holders fled as Bitcoin dropped from peakThe surge in buyers paying higher prices for Bitcoin (BTC) in recent months is reflected in the short-term holder realized price — the average purchase price for those holding Bitcoin for less than 155 days.In October, the short-term realized price was $62,000. At the time of publication, it’s $91,362 — up about 47% in five months, according to Bitbo data.Meanwhile, Bitcoin is trading at $81,930 at the time of publication, according to CoinMarketCap. This leaves the average short-term holder with an unrealized loss of roughly 10.6%.Bitcoin is down 5.90% over the past seven days. Source: CoinMarketCapGlassnode said that short-term holders’ realized price shows it is apparent that “market momentum and capital flows have turned negative, signaling a decline in demand strength.” “Investor uncertainty is affecting sentiment and confidence,” it added.Glassnode said that short-term holders are “deeply underwater” between $71,300 and $91,900 and warns that Bitcoin could bottom out as low as $70,000 if selling persists.“The probability of forming a temporary floor in this zone is meaningful, at least in the near term,” Glassnode said.Bitcoin short-term holders are “deeply underwater” between $71,300 and $91,900. Source: GlassnodeMarket research firm 10x Research labeled it a “textbook correction” in a March 10 note, adding that with Bitcoin’s dip below $80,000, “approximately 70% of all selling came from investors who bought within the last three months.”Related: Bitcoin slides another 3% — Is BTC price headed for $69K next?On the same day, BitMEX co-founder Arthur Hayes said that Bitcoin may retest the $78,000 price level and, if that fails, may head to $75,000 next.Glassnode explained that a similar sell-off Bitcoin pattern was seen in August when Bitcoin fell from $68,000 to around $49,000 amid fears of a recession, poor employment data in the United States, and sluggish growth among leading tech stocks.However, Bitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.Magazine:The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of FlameThis 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.
Bitcoin jumps 7% despite metrics flashing ‘bearish territory’
Bitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off.“All Bitcoin valuation metrics indicate that we are in bearish territory,” onchain analytics platform CryptoQuant said in a March 11 markets report viewed by Cointelegraph. Demand falling at “fastest pace” since JulyCryptoQuant said its Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level’ of this cycle, and Bitcoin’s MVRV Ratio Z-score — a key metric to assess whether Bitcoin (BTC) is overvalued or undervalued — has crossed the 365-day moving average, “indicating that the upward price trend has lost momentum.”At the time of publication, Bitcoin is trading at $82,910, up from a 24-hour low of $79,356, according to CoinMarketCap data. CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level” this cycle. Source: CryptoQuantBitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.Most of Bitcoin’s gains followed Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years.Bitcoin is trading at $82,910 at the time of publication. Source: CoinMarketCapHowever, some traders are not convinced that the downtrend is over.Crypto analyst Bitcoin Rachy said in a March 11 X post, “Fake pump, right?” Similarly, crypto trader BitcoinHyper said in an X post, “Every pump feels like the beginning. This is how the market takes your money.”Meanwhile, CryptoQuant said that Bitcoin’s demand fell by 103,000 BTC last week compared to the previous week, “marking its fastest pace of contraction since July 2024.” Bitcoin demand in “contradiction territory”CryptoQuant said the reason for the decline in Bitcoin’s demand in the US recently was due to uncertainty around US inflation rates and US President Donald Trump’s imposed tariffs on Feb. 1. On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.“Bitcoin demand remains in contraction territory, whales have slowed down their Bitcoin accumulation, and spot ETFs in the US have turned into net sellers of Bitcoin,” the firm said.Related: 4 signs that $76.7K Bitcoin is probably the ultimate lowBitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not “unusual in terms of magnitude, as similar corrections have occurred in past bull markets.”However, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct. 14.Swan Bitcoin CEO Cory Klippsten recently told Cointelegraph his forecast is that “there’s more than 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20.Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of FlameThis 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.