Cryptocurrency markets are trading sideways on Friday as Bitcoin consolidates around $84,000. 



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$83,954.58</td><td>-0.4%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$1,972.56</td><td>-0.2%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$127.92</td><td>-0.04%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.39</td><td>-1.6%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1680</td><td>-0.7%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001261</td><td>-1.9%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 7.9% and daily active addresses growing by 6.6%. Transactions greater than $100,000 are down from 9,995 to 9,151 in a single day. Exchanges netflows are up by 238.2%.</li>



<li>Coinglass data reports 90,594 traders were liquidated in the past 24 hours for $179.02 million.</li>



<li>Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1903153384280015208">noted</a> around 10,000 BTC was moved off exchanges this week, implying growing investor confidence and long-term holding behavior.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44438245/strategy-expands-bitcoin-war-chest-with-722-million-upsized-preferred-stock-offering">Strategy Expands Bitcoin War Chest With $722 Million Upsized Preferred Stock Offering</a></li>



<li><a href="https://www.benzinga.com/25/03/44432789/amid-uschina-encouraged-to-strengthen-stablecoin-development-amid-us">China Encouraged To Strengthen Stablecoin Development By CCP-Backed Media Amid Trump&#8217;s Support</a></li>



<li><a href="https://www.benzinga.com/25/03/44433988/tether-is-now-too-big-to-fail-says-anthony-pompliano-citing-its-growing-role-in-us-treasury-markets">Tether Is Now &#8216;Too Big To Fail,&#8217; Says Anthony Pompliano: Here&#8217;s Why</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44430557/eric-trump-named-advisor-to-metaplanet-japanese-bitcoin-firm-whose-stock-surged-2152-in-the-last-year">Eric Trump Named Advisor to Metaplanet, Japanese Bitcoin Firm Whose Stock Surged 2,152% In The Last Year</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44435537/swiss-national-bank-president-rejects-bitcoin-reserves-over-large-fluctuations-in-value">Swiss National Bank President Rejects Bitcoin Reserves Over &#8216;Large Fluctuations In Value&#8217;</a></li>



<li><a href="https://www.benzinga.com/25/03/44430214/sec-gives-green-light-to-bitcoin-mining-activities-no-breach-of-federal-securities-laws">Bitcoin Mining Activities Don&#8217;t Breach Federal Securities Laws: SEC Clarifies Participants Need Not Register Transactions</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>PancakeSwap (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/cake/usd">CAKE</a>)</td><td>&nbsp;$2.71</td><td>+13.2%</td></tr><tr><td>Berachain (CRYPTO: BERA)</td><td>&nbsp;$6.68</td><td>+10.7%</td></tr><tr><td>Story (CRYPTO: IP)</td><td>&nbsp;$5.78</td><td>+9%</td></tr></tbody></table></figure>



Trader Notes: Crypto trader Scient <a href="https://x.com/Crypto_Scient/status/1903163211655860674">noted</a> it&#8217;s been a while since a green weekend and jokingly asked, "Can we dump this please?"



Crypto trader Altcoin Sherpa pointed out BTC is holding $83,500, <a href="https://x.com/AltcoinSherpa/status/1903124620166697411?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1903124620166697411%7Ctwgr%5E4b10cb5380403285bf2636f40708fc17c0cf3462%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Feditorial.benzinga.com%2Fwp-admin%2Fpost.php%3Faction%3Deditpost%3D836714">suggesting</a> altcoin opportunities for risk-tolerant traders, though most haven&#8217;t confirmed bullish structure yet.



More Crypto Online <a href="https://x.com/Morecryptoonl/status/1903099840973734323">sees</a> Bitcoin in a downtrend, with lower highs and lows. A break above $84,830 would be the first sign of reversal.



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1903129728858665251">outlined</a> two key liquidity levels:



<ul>
<li>Above: $96,000 is key—Resistance from the illiquid Sunday push after the Strategic Reserve announcement, with likely high liquidity and short stops above.</li>



<li>Below: $75,000 is the key local low—Local horizontal support, marking the bottom of the correction so far.</li>
</ul>



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44434788/buying-bitcoin-now-the-single-best-time-in-history-bitwises-matt-hougan-says">Buying Bitcoin Now? &#8216;The Single Best Time In History,&#8217; Bitwise&#8217;s Matt Hougan Says</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, XRP, Dogecoin Stay Flat On Friday

Cryptocurrency analyst Benjamin Cowen has pointed out how the current market cycle sentiment is majorly impacted by Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) flat price performance.



What Happened: In a <a href="https://www.youtube.com/watch?v=_LdNRGMv4sw">podcast</a> on Friday, Cowen highlighted why many investors are frustrated despite Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally to $84,000. 



His main observation was that Ethereum is at the same price level as two years ago, a stark contrast to Bitcoin&#8217;s 265% rise in the same period.



Cowen attributed Ethereum's underperformance to monetary policy shifts, particularly the Federal Reserve's quantitative tightening. 



Many investors expected altcoins to outperform Bitcoin in a bull market, but that hasn't happened. Fading Bitcoin dominance has hurt altcoin-heavy investors, making this cycle feel worse.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44356017/standard-chartered-lowers-ethereum-price-target-to-4000-heres-why-a-coinbase-blockchain-is-to-blame">Standard Chartered Lowers Ethereum Price Target To $4,000: Here&#8217;s Why A Coinbase Blockchain Is To Blame</a>



Why It Matters: Cowen pointed to the Advance-Decline Index of the top 100 cryptocurrencies, which just hit a new low, signaling continued weakness across altcoins. 



This contrasts sharply with 2020-2021, when &#8220;everything was going up&#8221;, making this cycle feel like the complete opposite for altcoin investors.



Cowen acknowledged the Fed&#8217;s recent move to slow quantitative tightening, cutting Treasury redemptions from $25 billion to $5 billion. 



He cautioned that QT isn't over yet, as the Fed still maintains a $35 billion monthly cap on mortgage-backed securities reduction.



What's Next: Looking ahead, Ethereum's breakdown could actually be a catalyst for a policy shift. 



According to Cowen, "The Fed will respond to markets… the markets tell the Fed what to do, not the other way around." He noted that past Ethereum bottoms have aligned with shifts in Fed policy, suggesting history could repeat.



Ethereum&#8217;s logarithmic regression band bottom could act as support, potentially coinciding with a monetary policy pivot from the Fed.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44401402/benjamin-cowen-if-quantitative-tightening-ends-ethbtc-could-bouncerepeating-historical-patterns">Bitcoin, Ethereum Face Uncertain Future: What Do Technical Indicators Say?</a></li>
</ul>



Image: Shutterstock

Ethereum's 2.5-Year Stagnation Is 'Key Reason' Why Bitcoin's Run Left Investors Disappointed, Analyst Says

After nearly collapsing during the last crypto downturn, <a href="https://www.benzinga.com/money/best-crypto-loans-and-lending-platforms">digital asset lending</a> is making a comeback, with a new generation of lenders re-entering the market.



What Happened: Both traditional financial institutions and blockchain-native companies are reintroducing capital to meet the growing need for liquidity and leverage within the sector, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-21/cantor-leads-a-new-boom-in-lending-to-debt-hungry-crypto-firms?embedded-checkout=true">reported</a>.



Over the past month, several major players have unveiled new lending initiatives. 



Cantor Fitzgerald has launched a Bitcoin lending business backed by $2 billion in capital, signaling Wall Street's renewed interest. 



At the same time, Blockstream has secured billions for its crypto lending funds, while Xapo Bank has begun issuing Bitcoin-collateralized loans of up to $1 million.



"We're seeing larger institutions taking the lead this time around," said David Mercer, CEO of LMAX Group. "More banks are gearing up to provide financing solutions for major institutions in the crypto space."



The boom in crypto lending during the 2021 bull market saw firms like Genesis, BlockFi and Celsius offering unsecured loans to trading desks and hedge funds. 



However, as crypto prices tanked, those lenders collapsed, dragging liquidity out of the market.



Their bankruptcies left many crypto businesses scrambling to access short-term financing.



Rob Hadick, general partner at venture firm Dragonfly, pointed out that the market has struggled to replace those lenders. "There's been a vacuum when it comes to firms offering leverage," he said. "The absence of solid risk management across the industry has been a persistent problem."



With traditional banks largely avoiding crypto lending under regulatory scrutiny in recent years, crypto exchanges and brokers have tried to fill the gap. 



Bitstamp USA CEO Bobby Zagotta believes that may change under the Trump administration, which has signaled a more favorable stance on digital asset markets.



"We expect clearer regulations, which could give banks the confidence to engage," Zagotta said.



Also Read: <a href="https://www.benzinga.com/25/03/44433988/tether-is-now-too-big-to-fail-says-anthony-pompliano-citing-its-growing-role-in-us-treasury-markets">Tether Is Now &#8216;Too Big To Fail,&#8217; Says Anthony Pompliano: Here&#8217;s Why</a>



Why It Matters: Today, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-backed loans remain one of the most common financing tools for crypto businesses. Yet, volatility in crypto prices has kept many large financial institutions cautious.



Adam Sporn, who leads institutional sales at BitGo, explained, "Most borrowing demand we see today is for cash. The lack of large banks lending has held back the space."



The shift in sentiment is being attributed to signals from policymakers, including President Trump, who has reiterated his administration's support for crypto-friendly regulations and stablecoin legislation. 



According to Hadick, "There's growing enthusiasm among traditional lenders, who now feel reassured by the current regulatory environment."



As new lenders step in, the terms of crypto credit are also changing. Loan-to-value ratios are lower, requiring borrowers to post more collateral upfront to secure loans and reduce default risks.



For now, undercollateralized lending remains rare. "If we do see the return of undercollateralized credit for prime brokers and institutions, that will be a key step in improving liquidity across the board," Hadick added.



While many welcome the return of institutional lenders to crypto, some remain cautious about systemic risks. 



Austin Campbell, CEO of stablecoin firm WSPN USA and a professor at NYU, noted, "Crypto alone can't reinvent the lending playbook overnight. Bringing in traditional credit expertise is essential to stabilize the sector."



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44423417/record-breaking-high-risk-bitcoin-whale-allegedly-outed-as-uk-fraudster-with-casino-theft-history">Record-Breaking High-Risk Bitcoin Whale Allegedly Outed As UK Fraudster With Casino Theft History</a></li>
</ul>



Image: Shutterstock

Wall Street And Crypto Firms Revive Lending Market After Industry Shakeout

The Trump administration is proposing a revamp of the <a href="https://in.benzinga.com/markets/25/02/43579182/judge-blocks-trumps-bold-usaid-layoff-plan-saving-2200-workers-major-setback-for-america-first-agenda">U.S. Agency for International Development</a> (USAID) that could see blockchain technology implemented to improve how foreign aid is tracked and allocated.



What Happened: According to a <a href="https://www.politico.com/f/?id=00000195-b000-d8a1-a3b7-f33601720000">document </a>circulating within diplomatic circles, officials are advocating for blockchain to underpin a new procurement system aimed at strengthening transparency and oversight in how USAID distributes funds.



The proposed plan suggests leveraging blockchain to secure and track disbursements, though specifics regarding the technology's architecture—whether public, private or hybrid—are yet to be disclosed.



The document argues this system could incentivize aid partners to focus on meaningful outcomes, shifting away from box-ticking exercises tied to project activities. 



The broader strategy is part of a sweeping reform to address what Trump officials have long called inefficiencies within USAID.



USAID, responsible for delivering U.S. foreign aid and development programs globally, has recently come under scrutiny from the Trump administration. 



President Donald Trump and officials aligned with Elon Musk's government reform task force, known as DOGE, have raised concerns over what they view as wasteful spending on non-essential programs. 



The agency faces pending budget reductions and restructuring efforts.



Earlier actions included freezing some aid distributions and scaling back the agency's workforce. Those moves triggered court challenges, including a federal injunction that paused some reforms. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44438245/strategy-expands-bitcoin-war-chest-with-722-million-upsized-preferred-stock-offering">Strategy Expands Bitcoin War Chest With $722 Million Upsized Preferred Stock Offering</a>



Why It Matters: Critics have warned that pulling back on USAID&#8217;s activities could undermine U.S. diplomatic leverage and jeopardize critical humanitarian missions.



The draft calls for U.S. aid programs to be streamlined and more narrowly focused on regions vital to national security and economic interests. It proposes clear timeframes and metrics to evaluate program success, with a goal of improving efficiency and concentrating resources where they are most impactful.



In addition to blockchain integration, the document suggests renaming USAID to the U.S. Agency for International Humanitarian Assistance (IHA) and aligning its operations more closely with the State Department. 



According to sources, these changes would consolidate politically sensitive projects and reinforce the agency's focus on health, disaster response, and food security.



It remains unclear whether Secretary of State Marco Rubio or other senior administration officials have formally approved the overhaul, which may require legislative backing for some elements to move forward.



The blockchain pilot floated for USAID mirrors similar deliberations within Musk's DOGE unit, which is examining ways to apply blockchain across federal government functions. 



Reports earlier this year indicated DOGE has been consulting blockchain providers to explore applications for government finance, property management, and payment systems.



Though the discussions are still in their early stages, the effort reflects growing interest in the technology among federal policymakers. Advocates argue that blockchain could improve efficiency and reduce fraud by introducing immutable records for public spending.



&#8220;Public spending should be tracked on a transparent blockchain ledger,&#8221; Binance founder Changpeng Zhao said previously, endorsing blockchain's potential to bring accountability to government finance.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44435537/swiss-national-bank-president-rejects-bitcoin-reserves-over-large-fluctuations-in-value">Swiss National Bank President Rejects Bitcoin Reserves Over &#8216;Large Fluctuations In Value&#8217;</a></li>
</ul>



Image: Shutterstock

Trump Administration Weighs Blockchain Integration To Restructure USAID, Boost Accountability

Senator Cynthia Lummis&#8217; plan to buy one million Bitcoins has met with remarkable market indifference.



Despite the unprecedented scale of the proposal, Bitcoin&#8217;s price has been lackluster. This lack of reaction speaks volumes about investor skepticism.



Senator Lummis&#8217; proposal would make the U.S. one of Bitcoin&#8217;s largest holders.



The plan calls for buying 200,000 Bitcoin annually for five years, with a 20-year minimum hold requirement.



This would put the government alongside private entities like Michael Saylor&#8217;s Strategy, which already holds nearly 500,000 Bitcoin worth about $42 billion at current prices. 



The market&#8217;s lackluster reaction is especially instructive. Investors are not only dubious but also flatly reject the plan&#8217;s short-term prospects. 



&#8220;The market has not yet caught up to reality,&#8221; as one <a href="https://www.mitrade.com/insights/news/live-news/article-3-709835-20250320">observer</a> put it, suggesting that present pricing might not accurately reflect the possible effects of such significant government expenditure.



Economists too have been sharply critical. Stephen Cecchetti, an economist and professor at Brandeis International Business School called the idea &#8220;absurd.&#8221; Their skepticism centers on Bitcoin&#8217;s fundamental differences from traditional strategic reserves.



The implementation challenges are substantial. The current plan relies on mark-to-market value of gold certificates, which are still valued at 1974 prices. This funding mechanism raises complex questions about taxpayer exposure and potential impacts on the financial system.



Economists warn that using government debt to buy volatile assets could lead to credit rating downgrades and higher borrowing costs.



The political landscape is equally complex. While the administration supports cryptocurrency initiatives, the plan faces opposition from both economists and parts of the crypto community. 



This internal split shows worries about government involvement in decentralized assets. 



The technical challenges are big. The government needs advanced systems to securely hold and manage these assets. The U.S. Marshals Service has seized about 200,000 Bitcoin. This is worth around $17 billion.



Talking about some hacker magnet.



The market&#8217;s response reveals a fundamental understanding that this proposal represents a new approach to cryptocurrency. Unlike traditional strategic reserves designed to ensure access to essential resources, this plan hinges on the assumption of future price appreciation.



As Cecchetti noted, &#8220;It&#8217;s foolish to purchase risky assets with leverage in the hope of making it easier to repay your debt&#8221;.



The White House&#8217;s crypto initiative comes at a crucial moment in digital assets&#8217; evolution. 



While the administration has taken concrete steps toward greater crypto adoption, including appointing David Sacks as crypto czar and establishing a bicameral working group for crypto regulation, the market&#8217;s response suggests investors want substantive regulatory clarity rather than ambitious but uncertain plans.



The proposal faces numerous hurdles, from congressional approval to technical implementation challenges.



The market&#8217;s skeptical reaction may prove prescient, as the path from proposal to reality will likely be more complex than anticipated. While the United States may eventually become a significant crypto player, the journey will likely be more gradual and focused on regulatory clarity rather than massive asset purchases.



The proposal&#8217;s fate serves as a reminder that even the most ambitious government initiatives must navigate complex political, technical, and market realities.



The market&#8217;s skeptical response suggests that investors prefer concrete steps over ambitious but uncertain plans. And as we all know by now, too many big announcements will numb the sensitivity of the public they are aimed to.



Here&#8217;s a thought for the soul: We pushed it so far that crypto bros became nonreactive to news of a million Bitcoin buy. The most excitable crowd in the world. Unimpressed.



Maybe, just maybe, we&#8217;re pushing too hard on the &#8220;big announcement&#8221; propaganda button.

The One Million Bitcoin Purchase Plan That Everybody Ignored

Infamous rapper Ye, <a href="https://www.benzinga.com/25/02/43583457/kanye-west-has-no-plans-of-introducing-his-meme-coin-coins-prey-on-the-fans-with-hype">formerly known as Kanye West</a>, is the most likely celebrity to next launch a meme coin, according to prediction market platform Kalshi.



What Happened: Trader <a href="https://kalshi.com/markets/kxnewcoinlaunch/new-coin-launch">assign</a> a 47% chance to Ye launching a meme coin in 2025, followed by Elon Musk (16%) and Joe Rogan (11%).



West's odds were fueled by February rumours about him working on a meme coin named XYZ. He later shut down speculation, saying, "I'm not doing a coin. I make products. I only do things I'm passionate and knowledgeable about. I'm too rich to do anything else. Coins prey on the fans with hype."



Despite this denial, West hinted at a deeper interest in blockchains by following Olaf Carlson-Wee, founder of Polychain Capital, a top crypto investment firm.



Elon Musk, despite his influence on cryptocurrencies like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), has no plans to launch a new crypto in 2025. 



While Joe Rogan <a href="https://cryptopotato.com/joe-rogan-i-have-a-lot-of-hope-for-crypto/">commented</a> favorably on cryptocurrencies in 2022, there is no indication of launching a crypto in 2025.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44403417/floki-dogecoin-shiba-inu-lead-in-meme-coin-holder-profitability-as-market-returns-to-valuation-from-6-months-ago">Floki, Dogecoin, Shiba Inu Lead In Meme Coin Holder Profitability As Market Returns To Valuation From 6 Months Ago</a>



Why It Matters: Celebrity-backed cryptocurrencies, such as <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44335357/donald-trumps-official-meme-coin-worth-14-5-billion-on-inauguration-day-is-down-to-2-3-billion">Donald Trump's</a> official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) and <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44268979/melania-trumps-official-memecoin-worth-over-13-billion-barely-two-months-ago-is-now-valued-a">Melania Trump's</a> Melania (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MELANIA</a>) meme coins trended at the start of the year but have experienced sharp drops since.



TRUMP has lost over $10 billion in <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44335357/donald-trumps-official-meme-coin-worth-14-5-billion-on-inauguration-day-is-down-to-2-3-billion">market capitalization</a>, while MELANIA is <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44268979/melania-trumps-official-memecoin-worth-over-13-billion-barely-two-months-ago-is-now-valued-at-367-million">down over $12 billion</a>.



Read Next:



<ul>
<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44260478/i-lost-everything-trader-turns-0-into-5-million-loses-it-all-with-meme-coins-that-were-supposed-to-become-the-next-dogecoin-shiba-inu">&#8216;I Lost Everything&#8217;—Trader Turns 0 Into $5 Million, Loses It All With Meme Coins That Were Supposed To Become The Next Dogecoin, Shiba Inu</a></li>
</ul>



Image: Shutterstock

Kanye West, Elon Musk Or Joe Rogan? Here's Who's Next In Line To Launch A Crypto Coin, According To Kalshi Traders

XRP's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) price has decreased 4.61% over the past 24 hours to $2.38. This is contrary to the coins performance over the past week where it has experienced an up-trend of 1.0%, moving from $2.35 to its current price.
The chart below compares the price movement and volatility for XRP over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2025/1742569207_0.png" alt="price_chart" />

The trading volume for the coin has decreased 12.0% over the past week, while the overall circulating supply of the coin has increased 0.31% to over 58.16 billion. This puts its current circulating supply at an estimated 58.16% of its max supply, which is 100.00 billion. The current market cap ranking for XRP is #4 at $138.63 billion.
<img src="https://www.benzinga.com/files/images/story/2025/1742569207_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

XRP Decreases More Than 4% Within 24 hours

Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), <a href="https://www.benzinga.com/insights/news/25/03/44418996/heres-how-much-you-would-have-made-owning-strategy-stock-in-the-last-20-years">the company previously known as MicroStrategy</a>, has significantly expanded its latest fundraising initiative, securing $722.5 million through a preferred stock sale aimed at fueling its Bitcoin investment strategy.



What Happened: The announcement, made Friday, <a href="https://www.sec.gov/Archives/edgar/data/1050446/000119312525059786/0001193125-25-059786-index.html">revealed</a> that the company priced 8.5 million shares of its 10% Series A Perpetual Preferred Stock at $85 each, marking an increase from its originally planned $500 million offering.



The deal, expected to close on March 25 pending standard regulatory clearance, will leave Strategy with approximately $711.2 million in net proceeds after fees and other expenses.



The firm noted the funds will primarily support corporate activities, including additional bitcoin acquisitions and working capital needs.



The newly issued preferred shares, <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44378673/strategy-announces-500-million-strf-preferred-stock-offering-to-boost-bitcoin-investments">listed under the STRF ticker</a>, will yield a fixed annual dividend of 10% based on a $100 par value.



Dividends, if declared by Strategy&#8217;s board, will be paid quarterly beginning in June. 



The offering terms also stipulate that unpaid dividends will accrue and compound at higher rates, potentially climbing to 18% annually.



In certain situations—such as when less than a quarter of the original shares remain outstanding, or if triggered by tax-related circumstances—Strategy retains the right to redeem the shares. 



Holders can also request a buyback in the event of a significant corporate shift, with the company repurchasing shares at their face value plus any accumulated dividends.



A syndicate of leading financial firms, including Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Barclays, Citigroup, and Moelis &amp; Company, is managing the offering.



Also Read: <a href="https://www.benzinga.com/25/03/44433988/tether-is-now-too-big-to-fail-says-anthony-pompliano-citing-its-growing-role-in-us-treasury-markets">Tether Is Now &#8216;Too Big To Fail,&#8217; Says Anthony Pompliano: Here&#8217;s Why</a>



Why It Matters: This latest capital raise complements <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43535901/strategy-ex-microstrategy-with-bullish-outlook-but-challenges-remain-report">Strategy's broader initiative</a> to raise up to $42 billion for further bitcoin investments via a mix of preferred stock sales and debt offerings.



Earlier this month, the company disclosed a separate offering of perpetual preferred stock under the STRK symbol, part of a larger $21 billion program. 



To date, it has sold $10.7 million worth of STRK shares, with roughly $21 billion still available for future issuance.



Earlier this week, Strategy also reported the purchase of an additional 130 Bitcoin for $10.7 million, acquired at an average price of $82,981 per coin. 



This brings the company's bitcoin holdings to 499,226 BTC, valued at more than $41 billion at current market rates.



Strategy, under the leadership of co-founder and executive chairman Michael Saylor, has accumulated its Bitcoin trove at an average cost of approximately $66,360 per coin, with total investment costs surpassing $33 billion.



The company now controls nearly 2.4% of Bitcoin's maximum supply of 21 million coins.



Despite the bullish approach, Strategy&#8217;s $78.6 billion market capitalization continues to trade at a significant premium compared to its Bitcoin net asset value, sparking some investor concerns about the firm's aggressive and ongoing bitcoin accumulation strategy.



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Image: Shutterstock

Strategy Expands Bitcoin War Chest With $722 Million Upsized Preferred Stock Offering

Macro guru Raoul Pal dismissed concerns about Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) recent weakness, calling it a normal consolidation phase before a <a href="https://www.benzinga.com/money/bitcoin-price-prediction">significant move higher</a>.



What Happened: In a <a href="https://www.youtube.com/watch?v=zCJXr_1dxAU">podcast</a> on Thursday, Pal described the current consolidation as a normal part of the "banana zone" pattern that precedes significant upward moves in the cryptocurrency market.



He compared Bitcoin's current price action to 2017, noting that a post-election dollar rally is temporarily tightening financial conditions, leading to weaker economic data but not a full recession. 



&#8220;The dollar started rallying, which slows down global growth. This creates a short-term economic weak patch driven by financial conditions.&#8221;



The Real Vision co-founder pointed to several indicators suggesting Bitcoin has already priced in this economic weakness and is poised for recovery. 



However, financial conditions are now rebounding "like crazy strong", which historically precedes Bitcoin price appreciation, Pal explained.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44434788/buying-bitcoin-now-the-single-best-time-in-history-bitwises-matt-hougan-says">Buying Bitcoin Now? &#8216;The Single Best Time In History,&#8217; Bitwise&#8217;s Matt Hougan Says</a>



Why It Matters: Pal's &#8220;global M2 liquidity model&#8221; has been a reliable Bitcoin predictor, and it now signals that BTC is &#8220;turning the corner&#8221; and could reclaim previous highs within months.



He reassured investors that 30-40% corrections in bull markets are normal, adding, &#8220;You don't remember these drops because, in the end, the gains compound. Volatility is part of how you get the impressive returns.&#8221;



What's Next:  For longer-term price projections, Pal referenced the relationship between Bitcoin and the ISM manufacturing index, suggesting Bitcoin could reach $210,000 by the end of 2025 with a &#8220;70% probability&#8221; if the ISM reaches one standard deviation above trend. 



More optimistic scenarios could see prices between $412,000 and $800,000, though with lower probabilities.



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Bitcoin 'Has Turned A Corner,' Raoul Pal Says: Does Data Back Him Up?

Swiss National Bank (SNB) President Martin Schlegel firmly stated that the SNB has <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43855374/studying-bitcoin-will-strengthen-us-czech-central-bank-governor-says">no plans to invest in crypto assets</a>, citing their unsuitability for monetary policy due to value fluctuations, lack of liquidity and an inadequate legal framework.



Addressing the media on Thursday, Schlegel <a href="https://www.youtube.com/watch?v=9_aE9Na66KM">addressed </a>the SNB's position on cryptocurrencies, particularly in light of U.S. President Donald Trump's proposal for a <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43765261/bitcoin-reserve-can-potentially-secure-u-s-superpower-status">national strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve</a>, emphasizing that such assets do not meet the criteria for the bank's foreign exchange reserves.



Schlegel outlined the specific challenges with cryptocurrencies, stating, "Cryptocurrencies have large fluctuations in value, so this is not given. Also, liquidity is very important, so this FX reserves can be used very quickly for monetary policy." 



He further noted additional concerns, adding the lack of a &#8220;robust legal framework&#8221; and cryptocurrencies being &#8220;basically software and as you know, software have bugs.&#8221; 



The SNB's decision to steer clear of crypto assets comes amid broader discussions on reserve management, including the bank's stance on gold holdings. 



Schlegel confirmed that the SNB, which holds 1,040 tons of gold, has no plans to alter its gold reserves, with its last transactions occurring some time ago.



He also addressed potential shifts away from U.S. Treasuries due to Trump's policies but affirmed the SNB's current strategy remains unchanged.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44423417/record-breaking-high-risk-bitcoin-whale-allegedly-outed-as-uk-fraudster-with-casino-theft-history">Record-Breaking High-Risk Bitcoin Whale Allegedly Outed As UK Fraudster With Casino Theft History</a>



On the topic of potential global tariffs from Trump's administration, set to begin on April 2, 2025, Schlegel noted the complexity of their impact on Switzerland, saying &#8220;the effects are quite complex.&#8221; 



Addressing past accusations of currency manipulation by Trump, Schlegel defended the SNB's foreign exchange interventions, which have been absent in 2024. 



"I can clearly say Switzerland is not a currency manipulator," he asserted, clarifying that previous interventions were solely to maintain price stability, not to gain a competitive advantage. 



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Image: Shutterstock

Swiss National Bank President Rejects Bitcoin Reserves Over 'Large Fluctuations In Value'

Bitwise&#8216;s Chief Investment Officer Matt Hougan sees Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) well-positioned for the future, citing several political developments as <a href="https://www.benzinga.com/money/bitcoin-price-prediction">fundamentally bullish factors</a>.



What Happened: Speaking at the Blockworks Digital Asset Summit in New York on Thursday, Hougan <a href="https://www.youtube.com/watch?v=p-i8dJoUwI4">argued</a> that current macroeconomic conditions are reinforcing Bitcoin's long-term investment case while applying short-term pressure on its price.



He described this moment as &#8220;the single best time in history to buy Bitcoin from a risk-adjusted perspective.&#8221;



Hougan's Bitcoin valuation model accounts for both long-term price targets and discount rates. 



According to Hougan, &#8220;the macro environment is strengthening Bitcoin's long-term case,&#8221; citing &#8220;economic instability and government intervention&#8221; that fuel bullish long-term targets for Bitcoin.



Hougan also praised the <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43765261/bitcoin-reserve-can-potentially-secure-u-s-superpower-status">U.S. Strategic Bitcoin Reserve</a> proposal, claiming it eliminates one of Bitcoin's biggest risks—government prohibition. 



"Once governments start acquiring Bitcoin, they won't ban it," Hougan concluded.



What's Next: Hougan called <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44420122/donald-trump-calls-for-stablecoin-legislation-lauds-bitcoin-reserve-biden-got-a-fraction-of-their-value">stablecoins</a> a "gift from the gods" to the U.S. Treasury, predicting they could generate $1 trillion in new demand for U.S. short-term debt at a time when traditional buyers are pulling back. 



He expects <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44419298/why-the-future-of-stablecoins-like-usdt-usdc-looks-bright-report#:~:text=A%20stablecoin%2Dnative%20economy%20could,replacing%20fiat%20in%20mainstream%20finance.">stablecoin legislation</a> to pass with bipartisan support, as it strengthens U.S. dollar dominance.



Ethereum &amp; L1 Blockchains: He believes Ethereum and other L1s are &#8220;overbuilt&#8221; relative to current demand due to regulatory constraints. If those barriers are lifted, a faster-than-expected bull run could follow.



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Image: Shutterstock

Buying Bitcoin Now? 'The Single Best Time In History,' Bitwise's Matt Hougan Says

Anthony Pompliano said on his show this week that Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), the world's largest stablecoin issuer, has become &#8220;too big to fail&#8221; due to its expanding <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44419298/why-the-future-of-stablecoins-like-usdt-usdc-looks-bright-report">role in the U.S. financial system</a>.



What Happened: Addressing his followers on X, Pompliano <a href="https://x.com/APompliano/status/1902811133490176300">emphasized </a>that Tether&#8217;s growing demand for U.S. Treasuries has positioned it as a critical player in global markets.



"Tether is now too big to fail," Pompliano declared. "They've quickly become one of the largest buyers of U.S. Treasuries, plugging a gap left by traditional buyers like China and Japan."



Pompliano pointed to data showing Tether ranked as the seventh-largest buyer of U.S. Treasury bills in 2024, ahead of many sovereign nations. 



The crux of Tether's systemic importance lies in its Treasury purchases, which have filled a gap left by traditional buyers. 



A chart shared by Tether CEO Paolo Ardoino on X confirms this, showing Tether's $33.1 billion increase in U.S. Treasury holdings in 2024, ranking it seventh among buyers, ahead of nations like Canada, Taiwan, and Mexico, while Japan and China reduced their holdings by $400 billion and $300 billion, respectively.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44423417/record-breaking-high-risk-bitcoin-whale-allegedly-outed-as-uk-fraudster-with-casino-theft-history">Record-Breaking High-Risk Bitcoin Whale Allegedly Outed As UK Fraudster With Casino Theft History</a>



"Tether was the 7th largest buyer of U.S. Treasuries in 2024, compared to Countries ," Ardoino's post on X <a href="https://x.com/paoloardoino/status/1902689997766922318">stated</a>.



Pompliano noted that this shift comes at a time when historic buyers like China and Japan have been net sellers of U.S. debt. 



&#8220;Japan and China are dumping our debt, and Tether is stepping in to buy it,&#8221; he said. "If Tether were to stop buying Treasuries, that's $33 billion of demand that disappears."



What&#8217;s Next: Beyond its Treasury purchases, Pompliano stressed Tether's sheer scale.



The stablecoin issuer now claims more than 400 million users globally, adding about 30 million new users each quarter. 



With over $13 billion in reported profits last year and roughly 150 employees, Pompliano noted, &#8220;Tether is the most profitable company per employee in human history, pulling in more than $86 million per employee."



While praising Tether&#8217;s growth, Pompliano highlighted its significance to U.S. markets. &#8220;They've become an important economic partner of the United States, and we need them to keep buying more Treasuries,&#8221; he said.



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Image: Shutterstock

Tether Is Now 'Too Big To Fail,' Says Anthony Pompliano: Here's Why

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency by market capitalization, has charted a diametrically opposite trajectory when compared to its older sibling, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), over the past year.



Consider this. Bitcoin has jumped 32% in a year, reaching an all-time high of $109,000. Its share in the overall cryptocurrency market has expanded from 52% to 60%.



Ethereum, on the other hand, contracted 39% during the same time, reducing its market share from 16% to 8%.



The widening gap has sparked discussions about Ethereum's role in the cryptocurrency hierarchy and its future course Benzinga spoke to a few analysts to understand the factors contributing to the ecosystem's ongoing downturn.



<h2 class="wp-block-heading">The Inflationary Problem</h2>



Jeffrey Hu, Head of Investment Research at digital asset manager HashKey Capital, believed the fault lies in Ethereum's economic model.



"The activation of EIP-1559 allows more Ether to be burned for deflation when Ether activity is high on Ethereum; however, in order to further support on-chain applications, Ethereum must scale," Hu stated.&nbsp;



The Ethereum London Hard fork, dubbed <a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22898549/what-happens-in-the-ethereum-network-after-the-eip-1559-launch-lets-find-out">EIP-1559</a>, introduced a token burn mechanism for the network. Under this mechanism, the base fee, i.e., the minimum fee per transaction, is removed to add deflationary pressure to ETH and boost its value.



So, what exactly is the problem?



See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/25/03/44410262/why-bitcoin-pulls-back-and-then-gains-after-economic-uncertainties-like-tariffsbitwise-cio-explains-dip-then-rip-phenomenon">Bitcoin&#8217;s Crisis Paradox Decoded: Bitwise CIO Explains &#8216;Dip Then Rip&#8217; Phenomenon</a>



Hu asserted that the rise of&nbsp; Layer-2 blockchains and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37667987/ethereum-dencun-upgrade-drops-layer-2-fees-by-99">Dencun Upgrade</a>, which slashed fees on L2s by orders of magnitude, diverted on-chain activity away from the base Ethereum chain, resulting in inflation.



According to Ultrasound Money, ETH's deflation rate started slowing down in May 2024, and since early February, the coin's supply has been net increasing.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="858" height="441" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/20152554/Screenshot-2025-03-21-005532.png" alt="" class="wp-image-834628" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/20152554/Screenshot-2025-03-21-005532.png 858w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/20152554/Screenshot-2025-03-21-005532-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/20152554/Screenshot-2025-03-21-005532-768x395.png 768w" sizes="(max-width: 858px) 100vw, 858px" /><figcaption class="wp-element-caption">Source: Ultrasound Money</figcaption></figure>



Trever Koverko, Web3 investor and co-founder of Sapien, echoed these observations.



"Ethereum is struggling to establish a narrative around how L2&#8217;s are accretive and not extractive to the main chain," he added.&nbsp;



However, L2s were not the only competition that Ethereum encountered.



<h2 class="wp-block-heading">Competition From Solana&#8217;s Meme Frenzy</h2>



"Ethereum is also not doing well in terms of community culture. In contrast, Solana clearly places more emphasis on meme coin community culture, which has attracted more application development and on-chain transactions," Hu said.



Over the past year, Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) has indeed become a meme coin hotspot, helped by its <a href="https://in.benzinga.com/25/01/43376047/are-fartcoin-moodeng-tokens-securities-memecoin-creator-pumpfun-slapped-with-class-action-lawsuit">user-friendly meme coin generator</a> Pump.fun. In fact,&nbsp; President Donald Trump and First Lady Melania Trump also chose Solana to launch their Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) and Official Melania (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MELANIA</a>) coins, respectively.



<h2 class="wp-block-heading">The &#8216;Middle Child&#8217; Sentiment?</h2>



It&#8217;s worth remembering that Ethereum remains the only cryptocurrency other than Bitcoin to have<a href="https://www.benzinga.com/topic/ethereum-etf"> its spot exchange-traded fund</a> on Wall Street, however, inflows have been relatively <a href="https://sosovalue.com/assets/etf/us-eth-spot">subdued</a>.



Himanshu Maradiya, Founder &amp; Chairman, CIFDAQ Global, stated this is due to a lack of a clear consensus on Ethereum's narrative. 



&#8220;Lacking a pure store-of-value proposition and often perceived as the "middle child" of the crypto ecosystem, Ethereum struggles to capture the same institutional confidence,&#8221; Maradiya argued. 



He also noted that the absence of staking rewards has made Ethereum ETFs less appealing, which <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43690757/are-ethereum-staking-etfs-on-the-way">may be remedied</a> given that fresh applications have been filed to allow them.



A spokesperson for the Ethereum Foundation—a non-profit dedicated to promoting and developing Ethereum-related technologies—declined to comment on ETH's shrinking market share but said that their focus remained on ecosystem development and research.



Price Action: At the time of writing, Ethereum was exchanging hands at $1,978.99, down 2.17% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the coin has slipped 41%.



Image via Shutterstock



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Why Ethereum Is Lagging Bitcoin—Analysts Cite Inflationary Problems, Dencun Upgrade Blowback, And Solana's Meme Coins

In response to the rising influence of U.S. dollar-pegged cryptocurrencies, a Chinese Communist Party-backed publication called on China to accelerate its stablecoin development and expand the international currency status of the Chinese Yuan.



What Happened: An op-ed published <a href="https://mp.weixin.qq.com/s/Xqw1KQeC0lLjEsVC8EqQDQ">in</a> Study Times highlighted the increasing role of <a href="https://www.google.com/search?q=stablecoins+benzinga+aniket&amp;rlz=1C1VDKB_enIN1106IN1107&amp;oq=stablecoins+benzinga+aniket&amp;gs_lcrp=EgZjaHJvbWUyCwgAEEUYChg5GKABMgkIARAhGAoYoAEyCQgCECEYChigATIJCAMQIRgKGKAB0gEINzY3NGowajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">dollar-pegged stablecoins</a> like Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) and USD Coin (CRYPTO: UDSC) in bridging the traditional and digital currency worlds.



The report pointed out that these stablecoins have made significant strides in various sectors, such as serving as trading mediums on cryptocurrency exchanges, in decentralized finance, and in the developing world for wealth preservation, thereby solidifying the dollar&#8217;s international currency status.



The op-ed, originally published in Chinese, stressed that China should bolster its stablecoin development by increasing internet platform token usage, integrating China&#8217;s&nbsp;sovereign credit with global application&nbsp;scenarios for these tokens. 



&#8220;With proper design and risk controls, this could significantly boost the renminbi&#8217;s [Yuan] international currency status while effectively countering challenges from dollar-pegged stablecoins.&#8221;



See Also: <a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"></a><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44390616/cathie-wood-believes-most-memecoins-wont-face-fearsome-declines-end-up-becoming-collectors-items">Cathie Wood Believes Most Memecoins Will Face &#8216;Fearsome Declines,&#8217; But They Could End Up Becoming Collector&#8217;s Items</a>



The report identified three main digital currency development directions: cryptocurrencies, stablecoins, and Central Bank Digital Currencies. It recommended a balanced approach, pursuing all three avenues concurrently for maximum benefit.



Notably, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38782692/chinese-workers-paid-in-digital-yuan-rush-to-convert-it-into-good-old-cash-because-of-limi">China has its own CBDC</a> called &#8220;Digital renminbi,&#8221; or &#8220;digital RMB,&#8221; which acts as the legal tender.



Study Times is sponsored by the Party School of the Central Committee of the CCP.



Why It Matters: The call for China to enhance its stablecoin development comes at a time when the U.S. is also recognizing the potential of stablecoins. In a recent address at the Blockworks Digital Asset Summit, President Donald Trump&nbsp;<a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44420122/donald-trump-calls-for-stablecoin-legislation-lauds-bitcoin-reserve-biden-got-a-fraction-of-their-value">urged Congress</a>&nbsp;to pass stablecoin legislation, highlighting their potential to strengthen the U.S. financial system and maintain the dollar&#8217;s global dominance.



Meanwhile, rumors have floated around that China has been <a href="https://in.benzinga.com/25/03/44100824/china-working-behind-closed-doors-to-create-strategic-bitcoin-reserve-says-bitcoiner-who-orange-pilled-trump">working behind closed doors</a>&nbsp;to create a strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, &nbsp;although the accuracy of such claims remains disputed.



Despite a ban on cryptocurrency trading and mining, China&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40985461/china-controls-55-of-bitcoin-hashrate-despite-crypto-ban-but-the-us-is-catching-up" target="_blank" rel="noreferrer noopener">continues to dominate the Bitcoin network</a>, controlling 55% of the global hash rate as of September 2024



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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

China Encouraged To Strengthen Stablecoin Development By CCP-Backed Media Amid Trump's Support

Japan-based Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hoarding company Metaplanet Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MTPLF#OTC">MTPLF</a>) announced the appointment of Eric Trump, President Donald Trump's son, as a strategic advisor on Friday.



What happened: The Tokyo Stock Exchange-listed firm said in a statement that Trump would join the newly formed Strategic Board of Advisors, an entity tasked with driving Bitcoin adoption



"We are honored to welcome Eric Trump as the first member of our Strategic Board of Advisors and look forward to welcoming him to our annual meeting," said Metaplanet CEO Simon Gerovich.



Eric Trump, Executive Vice President of The Trump Organization, has been <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43484922/bitcoin-ethereum-dogecoin-drops-as-trumps-crypto-czar-announces-oversight-committee-eric-trump-says-great-time-to-add-eth">making bullish remarks</a> about Bitcoin and the broader cryptocurrency sector, particularly after his father assumed the U.S. presidency. He has also <a href="https://in.benzinga.com/25/02/43646667/trump-backed-world-liberty-financial-unveils-strategic-token-reserve-to-bolster-bitcoin-ethereum">promoted </a>&nbsp;World Liberty Financial, a decentralized finance project.&nbsp;



See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44390616/cathie-wood-believes-most-memecoins-wont-face-fearsome-declines-end-up-becoming-collectors-items">Cathie Wood Believes Most Memecoins Will Face &#8216;Fearsome Declines,&#8217; But They Could End Up Becoming Collector&#8217;s Items</a>



Why It Matters: The company adopted <a href="https://www.benzinga.com/news/24/10/41164436/asias-microstrategy-metaplanet-boosts-portfolio-with-fresh-acquisition-of-107-bitcoins-worth-nearly">Bitcoin as a strategic treasury reserve asset</a> to shield itself against Japan's economic problems and the declining value of its national currency, the yen.



Currently, it's Japan's largest corporate holder of Bitcoin, sitting on a stash worth $269.56 million, <a href="https://bitcointreasuries.net/">according </a>to data from BitcoinTreasuries.&nbsp;



This firm has replicated the actions of Michael Saylor's Strategy, a company that has <a href="https://in.benzinga.com/25/03/44375602/michael-saylors-mstr-provides-bitcoin-exposure-to-bondholders-with-its-novel-strategy-tom-lee-says-its-helping-bond-managers-outperform-the-market">evangelized</a> Bitcoin corporate adoption. As a result, it has earned the sobriquet "Asia's Strategy."



Price Action: At the time of writing, Bitcoin was exchanging hands at $84,159.13, down 2.14% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;



In the over-the-counter market, Metaplanet traded at $27.80, up 1.30%. In Japan, its stock has skyrocketed 2,152.38% over the past year.



Photo by Mark Reinstein on Shutterstock



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