Strategy shares down 30% since Saylor’s Forbes cover
Strategy (MSTR) shares have fallen 30% since its executive chairman and former CEO, Michael Saylor, was featured on the cover of Forbes, according to stock price data from Yahoo Finance. Between Jan. 30 and March 10, Strategy’s shares dropped from $340.09 to $238.25. The tumble includes a 17% decline on March 10 amid the wider sell-off in the tech stock market.Strategy one-day stock price. Source: Yahoo FinanceAccording to Yahoo Finance, the Nasdaq Composite, to which Strategy belongs, has fallen over 4% on March 10. Renewed fears of a recession, with the Atlanta Fed projecting a negative -2.4% gross domestic product growth for the first quarter of 2025, along with the increased rhetoric of trade wars, have sparked fear among investors in the equities market. CNN’s Fear & Greed index sits at ‘16’ for the day, which signifies ‘Extreme Fear.’Despite a falling stock price, Strategy remains unwavering in its commitment to a Bitcoin (BTC) strategy. The company announced on the same day plans to raise an additional $21 billion for “general corporate purposes, including the acquisition of Bitcoin and for working capital.” On Feb. 24, Strategy purchased 20,356 Bitcoin for nearly $2 billion.Related: MicroStrategy, now ‘Strategy,’ records $670M net loss in Q4Although Bitcoin recorded the largest weekly decline in the asset’s history on March 10, Strategy’s Bitcoin investment is still profitable by 18.9%. The company has purchased its BTC at an average cost of $66,423, well below the price of the asset at this time of writing.While countless entrepreneurs have graced the Forbes cover over the years, some featured individuals have also fallen into controversy after the spotlight. One of those includes former FTX CEO Sam Bankman-Fried, who was sentenced to 25 years in prison for a bevy of financial crimes.Strategy sparks debate, spawns copycatsStrategy’s move to acquire more Bitcoin by issuing stock and using debt has been met with its fair share of proponents and critics in the crypto space. Some believe it is a stroke of genius, a bet on the digital asset’s track record that has caused it to rise from nothing to a market cap of $1.56 trillion in 15 years.Others have not been so kind, likening the company to a ticking time bomb or a Ponzi. In November 2024, crypto investor Hedgex.eth called it the latter, writing on X that Saylor “will do more damage to Bitcoin than anyone else using endless leverage.” Haralabos Voulgaris wrote on X that “at some point, the next ‘unexpected’ BTC implosion will likely be tied to MSTR.”Still, Strategy’s move has spawned copycats throughout the business world, with some companies buying Bitcoin for their treasuries and seeing a surge in investor enthusiasm. One of those companies is Metaplanet, whose share price rose 4800% in 12 months after it announced its BTC buying strategy.Magazine: Asia Express: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum
Crypto needs policy change more than Bitcoin reserve — Execs
The cryptocurrency industry will benefit more from US regulatory clarity than from President Donald Trump’s plan to create a national Bitcoin (BTC) reserve, several cryptocurrency executives told Cointelegraph. Trump’s March 6 executive order creating a US strategic Bitcoin reserve and a separate digital asset stockpile for altcoins left crypto industry executives underwhelmed. Meanwhile, they are still waiting for the White House to provide detailed guidance on issues like securities regulation and taxation, the executives said. “Markets expect a roadmap for innovation and clear guidelines on stablecoins, institutional adoption and taxation,” Max Giammario, CEO of Web3 artificial intelligence startup Kindred, told Cointelegraph.“Instead, the vague rhetoric and lack of immediate action only deepened uncertainty.”Trump signed a crypto executive order on March 6. Source: Margo MartinRelated: Bitcoin reserve backlash signals unrealistic industry expectationsCampaign promisesIn July, Trump promised to turn America into the “world’s crypto capital” and create a US Bitcoin reserve akin to the nation’s gold stockpile. Trump’s March 6 executive order delivered on his campaign promise but left traders disappointed. Instead of instructing the US government to buy crypto, the reserve and the stockpile will initially only comprise digital assets seized by law enforcement. Bitcoin is down approximately 13% from March 6 as traders react to the news amid a backdrop of macroeconomic uncertainty. Altcoins have clocked similar losses, with the total crypto market capitalization shedding more than $400 million. Those losses could worsen without clearer US policy guidance soon, industry executives said.“If Trump’s administration provides clearer regulations on stablecoins, ETFs and institutional adoption, altcoins could regain momentum,” Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph.“Otherwise, Bitcoin dominance may continue, as it remains the primary macro asset.”Reasons for optimismEven so, crypto industry executives remain optimistic, citing Trump’s pro-crypto rhetoric and his appointment of industry-friendly leaders to key US regulatory posts. “The future of US crypto policy under Trump […] remains to be seen,” Theodore Agranat, Gunzilla Games’ director of Web3, told Cointelegraph. “However, given the people in all the crucial positions, we should expect to see a stream of ongoing and positive initiatives and news for crypto in general and especially crypto projects in the US.”Magazine: Legal issues surround the FBI’s creation of fake crypto tokens
Coinbase to launch 24/7 BTC, ETH futures in US
Coinbase announced on March 10 that it plans to offer 24/7 trading for Bitcoin (BTC) and Ether (ETH) futures to US residents. The exchange is also launching perpetual futures trading with long-date expirations. According to Coinbase, much of the current crypto derivatives market takes place outside of US borders, with American traders having to navigate fixed hours and expiring contracts, “which can create inefficiencies.”Futures are a type of derivative that involves creating a contract to buy or sell an asset at a certain price and date. When the futures lack a date for the buying and selling of an asset, they are called perpetual futures, or “perpetuals” for short.Regulatory uncertainty surrounding crypto perpetual futures has led many exchanges to disallow US residents from trading such products. In its announcement, Coinbase said it is working with the Commodity Futures Trading Commission for clarity. The agency oversees the trading of perpetuals for commodities to ensure these products “meet regulatory requirements.”Related: US Bitcoin reserve ups volatility, futures recoilThe crypto derivatives market reached $1.3 trillion in monthly trading volume in September 2023, according to Alpha Point, significantly exceeding the spot crypto market. For centralized derivatives, non-US markets lead in trading volume.Coinbase faces competition in US derivatives marketCoinbase’s new services face competition from various companies, including the CME Group, a US derivatives exchange with $6.1 billion in revenue in 2024. In the last quarter of 2024, the CME Group clocked an average daily trading volume of $10 billion for crypto derivatives. However, the derivatives are only available for trading six days a week.In a February 2024 earnings call, Lynn Martin, CME’s chief financial officer, said crypto derivatives were among the “contracts that we saw the largest increases [in] this year.”Coinbase may also face competition from rival Robinhood, which announced in January its own plans to offer Bitcoin and Ether futures. Coinbase already offers a crypto derivatives trading option for US residents on Coinbase Financial Markets.Magazine: Opinion: Coinbase and Base: Is crypto just becoming traditional finance 2.0?
Texas Senate passes Bitcoin reserve bill, New York targets memecoin rug pulls: Law Decoded
The Texas Senate passed the Bitcoin strategic reserve bill SB-21 on March 6. This followed a debate in which State Senator Charles Schwertner, who introduced the bill, argued that it would help Texas add a valuable and scarce asset to its balance sheet. Amid fears of Bitcoin (BTC) contending against the US dollar as a global reserve currency, Pro-Bitcoin lawmakers argued that Bitcoin was similar to gold and a hedge against inflation. If SB-21 is enacted, Texas will be the first state in the US to have a digital asset reserve. However, the governor must still sign the bill before it becomes law. Continue readingNew York bill aims to protect crypto investors from memecoin rug pullsNew York lawmakers introduced a bill to protect crypto users from memecoin rug pulls, where insiders abandon a project after investors have purchased their token. These scams usually end up with token prices plummeting, causing millions in losses to crypto investors. On March 5, Assemblymember Clyde Vanel introduced the legislation to establish criminal penalties for offenses that involve “virtual token fraud.” This explicitly targets deceptive practices associated with crypto. Fideum co-founder and CEO Anastasija Plotnikova told Cointelegraph that scams and rug pulls should be more thoroughly regulated. “In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” Plotnikova added.Continue readingSEC’s Crypto Task Force to host roundtable on crypto security statusThe Crypto Task Force of the US Securities and Exchange Commission will host a series of roundtables to discuss the “security status” of crypto assets, with the first set for March 21. Crypto Task Force lead Commissioner Hester Peirce said she is looking forward to “drawing the expertise of the public” to develop a workable framework for crypto. The roundtable series is called the “Spring Sprint Toward Crypto Clarity,” and the first topic of discussion is dubbed “How We Got Here and How We Get Out — Defining Security Status.” Continue readingUtah’s Senate passes Bitcoin bill — but scraps key provisionUtah lawmakers passed a Bitcoin bill after removing a section that would have allowed its state treasurer to invest in Bitcoin. While the HB230 bill passed the state Senate, it removed a key reserve clause that would’ve authorized the state treasurer to invest in digital assets with a market cap of over $500 billion.The clause passed the second reading but was scrapped in the third and final reading. Still, the bill provides citizens basic custody protections, the right to mine, run a node and stake, among other things. Continue readingArgentine prosecutor aims to freeze assets in LIBRA memecoin fraud caseArgentine Federal Prosecutor Eduardo Taiano, the lead prosecutor investigating Argentine President Javier Milei’s alleged role in the LIBRA crypto scandal, requested the freezing of almost $110 million in digital assets related to the memecoin case. Taiano also requested the recovery of Milei’s deleted social posts and detailed records of all LIBRA transactions since its launch. The prosecutor aims to reconstruct the financial operations of Feb. 14 and 15, when the project’s trade volume peaked. Continue reading
REX-Osprey files for MOVE ETF
Asset manager REX-Osprey is seeking to launch an exchange-traded fund (ETF) designed to hold the Movement Network’s native token, MOVE, according to a March 10 announcement. The filing comes as Movement, a layer-2 (L2) blockchain network, launches its public mainnet beta, Movement said. It is the latest example of a fund sponsor filing to list an ETF comprising an alternative cryptocurrency, or “altcoin.” “Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” Cooper Scanlon, Movement Labs’ co-founder, said in a statement. Movement is an Ethereum L2 blockchain designed using Move, a Rust-based programming language originally developed by Meta. Its public mainnet has approximately $250 million in total value locked (TVL), according to Movement. The MOVE token has a fully diluted value of around $5 billion, according to CoinMarketCap.The US Securities and Exchange Commission authorized ETFs holding Bitcoin (BTC) and Ether (ETH) to list in the US in 2024 but has not yet approved any altcoin ETFs. “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation,” Rushi Manche, Movement Labs’ co-founder, said in a statement. REX-Osprey has filed for a MOVE ETF. Source: SECRelated: Bitwise files to list a spot Aptos ETF — the 36th largest cryptocurrencyAltcoin ETFs aboundAsset managers are seeking the SEC’s approval to list ETFs for holding upward of half a dozen different altcoins. On March 5, asset manager Bitwise filed to list a spot Aptos ETF in the US — a token created by a team led by two former Facebook (now Meta) employees in 2022.On Feb. 25, US securities exchange Nasdaq requested to list a Grayscale ETF holding the Polkadot network’s native token, DOT (DOT). Other altcoin ETFs awaiting approval include those holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), among others. US President Donald Trump, who started his second term in January, said he wants America to become the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory agencies, including the SEC. Bloomberg Intelligence has set the odds of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively. Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’
Elon Musk: There is a ‘massive cyberattack against X’
The X social media platform has been hit with a “massive cyberattack” that has prevented some users from accessing the site, platform owner Elon Musk confirmed on March 10.“We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved,” Musk said.Source: Elon MuskAlthough user functionality was quickly restored, Musk implied that the attack was still ongoing. At the time of writing, there were more than 33,000 reports of X outages on March 10, according to Downdetector.Musk confirmed the cyberattack in response to a social media user who detailed a series of attacks against the entrepreneur’s interests, from protests against the Department of Government Efficiency (DOGE) to vandalism of Tesla stores.As NBC News reported, there have been at least 10 acts of vandalism against Tesla stores and vehicles, likely in response to the billionaire entrepreneur’s involvement in the Trump White House.Source: Elon MuskRelated: US Department of Government Efficiency slapped with more lawsuitsDOGE expands cost-cutting measuresShortly after winning the November presidential election, Donald Trump appointed Musk to head the Department of Government Efficiency with the mandate of reducing wasteful government spending. So far, Musk’s DOGE claims to have saved $105 billion in taxpayer dollars across 10,492 initiatives, according to a live tracker. DOGE reportedly has its sights set on the Securities and Exchange Commission (SEC) and has even called on the public to provide examples of “waste, fraud and abuse” at the agency. Musk previously described the SEC as a “totally broken organization” that, instead of prosecuting real criminals, misallocates its resources on things that don’t matter.With regard to crypto, the SEC’s mandate under President Trump has changed dramatically. According to the Harvard Law School Forum on Corporate Governance, “We should expect the SEC under the second Trump administration to scale back rulemakings adopted under the Biden administration and former Chair Gary Gensler that many viewed as increasing impediments to one of the SEC’s core missions of capital formation.”Magazine: Legal issues surround the FBI’s creation of fake crypto tokensThis is a developing story, and further information will be added as it becomes available.
Bitcoin miner CleanSpark to join S&P SmallCap 600 Index
Bitcoin miner CleanSpark will join an important benchmark for US small-cap stocks, underscoring the company’s recent string of profitability despite industry volatility following the April 2024 halving. Beginning March 24, CleanSpark’s stock will be included in the S&P SmallCap 600 Index. As the name implies, the index measures the performance of small US companies that meet specific liquidity and stability criteria. As of March 2025, the index’s constituents must have a market capitalization of between $1.1 billion and $7.4 billion, maintain a public float of at least 10% of shares outstanding, and have positive trailing earnings for four consecutive quarters. CleanSpark CEO Zach Bradford said the company’s inclusion in the small-cap index demonstrates “the value of being a pure play, vertically integrated Bitcoin mining company,” which makes “exposure to our model more broadly available.”Source: CleanSparkCleanSpark’s profits surged to $241.7 million, or $0.85 per share, in the final quarter of 2024, up from just $25.9 million a year earlier. Company-wide revenues jumped 120% on a year-over-year basis to $162.3 million.In February, the company further bolstered its Bitcoin (BTC) stockpile by 6% and now holds 11,177 BTC on its books. Only four other publicly traded companies own more Bitcoin.Related: Monthly Bitcoin production drops as miners fight rising hashrateBTC miners under pressureBitcoin miners have seen their revenues decline since the April 2024 halving event, forcing several industry players to diversify their business models. Several are pivoting toward artificial intelligence data centers, which can generate higher revenue than traditional mining. In September, Hive Digital executives Frank Holmes and Aydin Kilic told Cointelegraph that repurposing Nvidia GPUs for AI tasks could generate up to $2.50 per hour in revenues, up from just 0.$12 per hour for crypto mining.For this reason, “institutions are much more interested in us with our AI than Bitcoin,” Holmes said.Bitcoin miners are increasingly turning toward AI applications to boost revenues. Source: VanEckOther mining companies are turning to mergers and acquisitions to reduce mining costs and increase hashrate, according to an August report by JPMorgan. The Wall Street bank singled out companies like Riot Platforms and CleanSaprk for increasing their M&A activity in the post-halving environment. Meanwhile, “Capital-constrained miners like IREN and [Cipher] focused on securing greenfield opportunities, which require less immediate capital,” JPMorgan said.Magazine: How Chinese traders and miners get around China’s crypto ban
Price analysis 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Bitcoin (BTC) bulls tried to push the price above $85,000, but the bears held their ground. A minor positive is that larger investors seem to be accumulating at lower levels. Research firm Santiment said in a post on X that wallets with 10 BTC or more have bought roughly 5,000 Bitcoin since March 3. The researchers added that if buying by the large players continues, the second half of March could be much better than the recent performance of Bitcoin.However, not everyone is bullish on Bitcoin in the near term. BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes said in a post on X that Bitcoin could retest $78,000 and even below $75,000. He added that Bitcoin’s price action could become violent if it drops in the $70,000 to $75,000 zone as a lot of Bitcoin open interest is stuck in that range.Daily cryptocurrency market performance. Source: Coin360Meanwhile, short-term investor sentiment remains bearish. According to CoinShares data, cryptocurrency exchange-traded products (ETPs) witnessed $876 million in outflows last week, taking the four-week total outflows to $4.75 billion. Bitcoin ETPs recorded the lion’s share of outflows at $756 million.Can Bitcoin start a recovery from the current levels, pulling altcoins higher? Let’s analyze the charts to find out.S&P 500 Index price analysisThe S&P 500 Index (SPX) turned down from the 20-day exponential moving average (5,900) on March 3 and broke below the 5,773 support on March 6, completing a double-top pattern.SPX daily chart. Source: Cointelegraph/TradingViewThe index bounced off the 5,670 level on March 7, but the bears successfully defended the breakdown level of 5,773. The index turned down and broke below the 5,670 support on March 10, opening the doors for a fall to 5,400.Buyers will have to push and sustain the price above 5,773 to suggest solid demand at lower levels. The index could then rise to the 20-day EMA, which is again expected to act as a strong resistance. US Dollar Index price analysisThe US Dollar Index (DXY) turned down sharply on March 3 and continued lower, breaking below the 105.42 support on March 5.DXY daily chart. Source: Cointelegraph/TradingViewThe fall below 105.42 suggests that the breakout above 108 may have been a bull trap. Buyers are trying to defend the 103.73 level, but the relief rally is expected to face selling at the 20-day EMA (106.03). If the price turns down from the current level or the 20-day EMA, it will suggest a negative sentiment. That increases the risk of a break below 103.37. If that happens, the index may plunge to 101.Buyers have an uphill task ahead of them. They will have to push and maintain the price above the 20-day EMA to clear the path for a rally to 108.Bitcoin price analysisBTC price broke below the support line of the symmetrical triangle pattern on March 9, indicating that the sellers have overpowered the buyers.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are trying to defend the $81,500 to $78,258 support zone, but the recovery attempt faced selling at the breakdown level on March 10. That suggests the bears are trying to flip the support line into resistance. If the price skids below $78,258, the BTC/USDT pair could collapse to $73,777.Buyers are likely to have other plans. They will try to defend the support zone and push the price above the 20-day EMA ($88,605). If they manage to do that, the pair could rally to the resistance line.Ether price analysisEther (ETH) fell and closed below the vital $2,111 support on March 9, signaling the start of the next leg of the downtrend.ETH/USDT daily chart. Source: Cointelegraph/TradingViewBuyers tried to push the price above $2,111 on March 10, but the long wick on the candlestick suggests solid selling by the bears. There is minor support at $1,993, but if the level cracks, the ETH/USDT pair could sink to $1,750 and eventually to $1,550.Related: Ethereum price bottom? $1.8B in ETH leaves exchanges, biggest outflow since 2022The bulls will have to push and maintain the price above the 20-day EMA ($2,329) to signal that the break below $2,111 may have been a bear trap. The pair could then rally to the 50-day SMA ($2,711).XRP price analysisXRP (XRP) continues to slide toward the crucial support at $2, suggesting that the bears are trying to seize control.XRP/USDT daily chart. Source: Cointelegraph/TradingViewA break and close below $2 will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but the level is likely to be broken. If that happens, the XRP/USDT pair could plunge toward $1.28.Related: Is XRP price going to crash again?Contrary to this assumption, a solid bounce off $2 will signal that the bulls are vigorously defending this level. The 20-day EMA ($2.40) is likely to act as a stiff hurdle, but if the bulls prevail, the pair could reach $2.80.BNB price analysisBNB’s (BNB) failure to rise above the 20-day EMA ($601) attracted another round of selling on March 9, pulling the price below $546.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe down-sloping moving averages and the relative strength index (RSI) in the negative zone suggest that the path of least resistance is to the downside. If the price maintains below $546, the BNB/USDT pair could plummet to $500. Buyers are expected to aggressively defend the zone between $500 and $460.The 20-day EMA is the first significant resistance to watch out for on the upside. If this level gets taken out, the pair could rise to the 50-day SMA ($633). A close above the 50-day SMA signals a short-term trend change.Solana price analysisSolana (SOL) broke below the uptrend line on March 9 and reached the strong support zone between $120 and $110.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are expected to fiercely defend the support zone, but the relief rally could face selling at the 20-day EMA ($150). If the price turns down sharply from the 20-day EMA, the $110 level will be at risk of breaking down. If that happens, the SOL/USDT pair could decline to $100 and later to $80.Instead, if the price rises from the current level and breaks above the 20-day EMA, it will suggest solid buying near the support zone. The pair could then climb to the 50-day SMA ($188).Dogecoin price analysisDogecoin (DOGE) fell below the $0.18 support on March 9, indicating the resumption of the downtrend.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe down-sloping moving averages and the RSI in the oversold territory suggest that bears have the upper hand. The 20-day EMA ($0.21) is the critical overhead resistance to watch out for. If the price turns down sharply from the 20-day EMA, the DOGE/USDT pair could sink to $0.14.Alternatively, a break and close above the 20-day EMA will be the first sign that the selling pressure is reducing. The pair could climb to the 50-day SMA ($0.26), which may also act as a stiff resistance.Cardano price analysisCardano (ADA) fell below the moving averages on March 8, indicating aggressive selling by the bears.ADA/USDT daily chart. Source: Cointelegraph/TradingViewBoth moving averages have started to turn down, and the RSI has slipped into negative territory, indicating that the bears have a slight edge. The support on the downside is at $0.58 and then $0.50.Any relief rally is likely to face selling at the moving averages. Buyers will have to push and maintain the price above the moving averages to signal a comeback. The ADA/USDT pair could then rise toward $1.02.Pi price analysisPi (PI) fell to the 61.8% Fibonacci retracement level of $1.20 on March 9, indicating that the bears have kept up the pressure.PI/USDT daily chart. Source: Cointelegraph/TradingViewBuyers are trying to start a recovery, but the long wick on the March 10 candlestick shows selling at higher levels. That increases the risk of a break below $1.20. If that happens, the PI/USDT pair could plunge to the 78.6% retracement level of $0.72.Time is running out for the bulls. To prevent more downside, they will have to quickly push the price above the $2 overhead resistance. If they do that, it will suggest that the correction may be over.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.