<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/10080426/Cango-0310-01.jpeg" alt="" class="wp-image-7456" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/10080426/Cango-0310-01.jpeg 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/10080426/Cango-0310-01-300x200.jpeg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/10080426/Cango-0310-01-768x512.jpeg 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



The company, whose main business was previously auto trading, said its revenue skyrocketed in the fourth quarter after its move into bitcoin mining



<h4 class="wp-block-heading">Key Takeaways:</h4>



<ul>
<li>Cango's revenue rose more than fivefold to 668 million yuan in last year's fourth quarter, following its launch of a bitcoin mining operation last November</li>



<li>The company will add 18 EH of new capacity by the end of this quarter, bringing its total to 50 EH, making it the world's second-largest bitcoin miner</li>
</ul>



There's nothing like a new business model to put some new spring into your step.



After watching its revenue dwindle for a year and a half,&nbsp;Cango Inc.&nbsp;(CANG.US) came roaring back in the final quarter of last year, following a major shift into the cryptocurrency mining business in November. This was no subtle shift either. The company's revenue skyrocketed by more than a factor of five to 668 million yuan ($92 million) for the quarter from 130.2 million yuan a year earlier.



The latest figure not only marked Cango's first year-on-year revenue growth since the second quarter of 2023, but was also its highest total since that quarter. And in one final impressive feat, the figure was light years ahead of the company's forecast just three months earlier for fourth-quarter revenue of just 15 million yuan to 17.5 million yuan – quite possibly the biggest revenue "beat" of all time for any company.



The crypto shift looks set to continue for Cango, which announced a major expansion to its mining capacity in the current quarter and the potential for more in the second half of the year. The company is also aware of the risks of tying its fate to such a volatile sector, and broadly discussed some of the steps it is taking to control such risk. As a newcomer to the industry, Cango is also still on a sharp learning curve, which is reflected in its relatively high costs for each bitcoin it mines compared with some older peers. Those higher costs also owe to Cango's asset-light business model that differs from many of its peers by requiring much lower up-front investment, but with higher operating costs.



The sudden revenue jolt owes completely to Cango's move into cryptocurrency in November. Before that, the company was engaged in the auto business, first as a car loan financier, and more recently as a provider of domestic and international car trading services. That was fine when China's car industry was booming for most of the 21st&nbsp;century, as it zipped past the U.S. to become the world's largest market.



But the market has become stuck in slow-growth mode over the last few years as China's economy slows, resulting in huge overcapacity built up over the boom years. That's led to endless price wars with most companies losing money, leading Cango to scale down its car business to avoid falling into the same trap.



Reaction to Cango's latest report after its release last Thursday was relatively muted, with its shares rising 2.1% the next day. The stock has doubled over the last six months since Cango first announced the move into crypto mining in early November. But notably, the shares are also down 28% so far this year, tracking an 8% drop for bitcoin, showing the company's future will inevitably follow bitcoin prices to some extent.



Reflecting its newness to the industry, Cango's shares currently trade at a relatively low forward price-to-earnings (P/E) ratio of between 4 and 8, based on our calculations using its likely profit for this year derived from its fourth-quarter performance. That's well behind the ratio of 40 for industry leader&nbsp;Mara&nbsp;(MARA.US). Better comparisons might be&nbsp;Cipher&nbsp;(CIFR.US) and&nbsp;Bitfufu&nbsp;(FUFU.US), which trade higher than Cango with P/E ratios of 12, implying Cango's stock could still have some upside as more investors discover the company.



<h4 class="wp-block-heading">High mining costs</h4>



Cango first announced its plans to purchase $400 million worth of mining machines in November, and completed the first tranche of that the same month with its acquisition of $250 million worth. The company currently operates more than 138,000 machines in the U.S., East Africa, Oman, Paraguay and Canada, with the U.S. hosting about 40% of its capacity.



That operation began mining in mid-November, minting 363.9 bitcoins that month and another 569.9 in December. It minted another 538.2 bitcoins in January and 472.2 in February. Over that period, its production fell from 18.4 bitcoins mined each day in December to 16.9 in February, reflecting the growing competition for new bitcoins that are created at a constant rate by an algorithm no matter how many people are engaged in mining.



The company's output should soon get a one-time boost, as Cango disclosed it expects to complete its acquisition of the remaining $150 million worth of mining machines by the end of this month. CEO Lin Jiayuan said Cango will focus on installing and operating that capacity in the first half of this year, and also improving its efficiency.



The company said its cost for mining each bitcoin, excluding depreciation of its mining machines, was $67,769.90 in the fourth quarter. While that's below the current industry average of about $86,000, according to the website MacroMicro, it's still quite a bit higher than Mara's $51,035 in its latest financial report. Cango noted that the new installations will raise its capacity from the current 32 exahashes (EH) to 50 EH, making it the world's second-biggest listed miner behind only Mara.



An important reason for its higher cost-per-bitcoin mined is Cango's capital-light business model, whereby it installs its machines at existing facilities built by others. By comparison, Mara and many others build their own mining facilities, requiring far more capital but significantly lowering electricity costs that are one of their biggest expenses. Cango also has lower depreciation costs through its use of second-hand mining machines, unlike others like Mara, which use new machines.



"In the second half (of 2025), we will pursue a hash rate expansion strategy, actively seeking valuable assets to increase our overall capacity," Lin said on Cango's investor call, suggesting that even more expansion could be coming.



In terms of operating costs, the rapid bitcoin business buildup was most evident in Cango's general and administrative expenses, which nearly tripled to 127.9 million yuan in the fourth quarter from 45.6 million yuan a year earlier. But the huge jump in revenue was more than enough to offset that, with the company reporting a 55.9 million yuan profit, reversing a 103.8 million yuan loss a year earlier.



Cango also commented on its older auto businesses, including its progress in winding down its original auto financing business. It also disclosed that its newest international business expected to make its first sales of about $15 million this year through the export 1,500 cars.



The company also discussed some of the steps it is taking to control risk related to price fluctuations, including its establishment of a "comprehensive market monitoring protocol and a robust policy analysis mechanism." On the regulatory front, one of the company's most immediate risks could be its base in China, where cryptocurrency is officially banned, even though all Cango's mining operations are outside the country. In that regard, it could ultimately follow many of its formerly Chinese peers by moving its headquarters overseas, with Singapore as one of the most popular destinations for such relocations.

Cango's Fortunes Turn Around Following Move Into Bitcoin Mining

The shares of Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) fell 6.1% during the pre-market trading session on Monday following a sharp decline in the price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)



What Happened: Strategy Inc, a major Bitcoin holder witnessed a decline in its stock after the cryptocurrency&#8217;s price plummeted to $80,000 overnight, marking a 7% drop in the last 24 hours. This sharp fall is the most significant for the leading cryptocurrency since it fell below $80,000 ten days ago. 



This recent drop came in because President Donald Trump did not rule out a recession and stated that markets could go through a period of &#8216;transition&#8217;. 



Bitcoin&#8217;s decline impacted the broader market, causing other assets like Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) to slip into the red ahead of the new trading week. In the past 24 hours, the cryptocurrency market saw liquidations exceeding $615 million, with $540 million in bullish bets being wiped out.



Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom Fund cautioned, &#8220;<a href="https://in.benzinga.com/trading-ideas/movers/25/03/44212362/bitcoin-ethereum-and-dogecoin-crash-as-trump-refuses-to-rule-out-recession-arthur-hayes-predicts-btc-to-retest-78000">Looks like BTC</a> will retest $78,000. If it fails, $75,000 is next in the crosshairs.&#8221;



SEE ALSO: <a href="https://www.benzinga.com/markets/equities/25/03/44214508/trumps-chaotic-policies-may-drive-investors-to-europe-says-analyst-quite-a-shift-in-the-world-order">Trump&#8217;s &#8216;Chaotic&#8217; Policies May Drive Investors To Europe, Says Analyst: &#8216;Quite A Shift In The World Order&#8217;</a>



Why It Matters: The recent downturn in the cryptocurrency market comes amid a broader discussion about the role of digital assets in the economy. 



Just two days before the plunge, the White House held its <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44187394/donald-trumps-crypto-summit-is-a-critical-moment-experts-say">first crypto summit</a>, which left some investors unhappy due to lack of clarity. This is likely because as per Trump&#8217;s executive order, the Strategic Bitcoin Reserve would consist solely of existing Bitcoin holdings that were previously confiscated by federal law enforcement agencies. The order did not provide a clear guarantee or timeline for the government to start making new cryptocurrency purchases directly.



The cryptocurrency industry is going through a major upheaval at the moment. The market&#8217;s reaction to Trump&#8217;s comments also highlights the influence of political and economic factors on cryptocurrency prices. Meanwhile, Strategy co-founder Michael Saylor proposed the U.S. government to acquire up to 25% of Bitcoin's total supply over the next decade, underscoring the growing importance of the cryptocurrency market.



<ul>
<li>READ MORE: <a href="https://www.benzinga.com/news/25/03/44211455/peter-lynchs-evergreen-market-advice-if-you-cant-find-growth-companies-in-innings-three-through-five-look-at-turnarounds">Peter Lynch&#8217;s Evergreen Market Advice: &#8216;If You Can&#8217;t Find Growth Companies In Innings Three Through Five, Look At Turnarounds&#8217;</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSTR Stock Plunges Over 6% In Monday Pre-Market: What's Going On?

The establishment of a Strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) Reserve and a Digital Asset Stockpile in the U.S. represents a new paradigm in the evolution of cryptocurrencies and one that could influence monetary policy in countries around the world.



While Bitcoin will have its own reserve, the Digital Asset Stockpile is expected to have Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), according to <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">Trump&#8217;s earlier announcement</a>.



The connecting thread among them all? They are the largest cryptocurrencies by market capitalization. In fact, excluding stablecoins, the reserve will contain five of the top six coins in terms of valuation.



But, if it was so obvious, the next logical question is why BNB Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>), the fourth-largest cryptocurrency, was not included in the reserve.



Several analysts that Benzinga spoke to blamed it on the ‘China' angle.&nbsp;



<h2 class="wp-block-heading">Ties With An &#8216;Unfriendly&#8217; Trade Partner</h2>



"President Trump's decision to omit Binance Coin from the U.S. Crypto Reserve, despite its substantial market capitalization, may well have been influenced by the ongoing trade tensions between the U.S. and China, as Binance has strong ties to China," said Shant Kevonian, CEO and founder of Web3 email platform EtherMail.



It's worth noting that Binance was initially headquartered in China but moved out before the Chinese government <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">restricted cryptocurrency trading</a> in the country. As of this writing, the company has no official headquarters.



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/markets/cryptocurrency/25/03/44212481/dogecoin-plunges-9-but-top-analyst-believes-meme-coin-could-stage-a-strong-rebound-in-case-this-happens">Dogecoin Plunges 9% But Top Analyst Believes Meme Coin Could Stage A &#8216;Strong&#8217; Rebound In Case This Happens</a>



Kadan Stadelmann, blockchain developer and Chief Technology Officer of Komodo Platform, also emphasized the Chinese nationality of Yi He, the company's <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36468045/changpeng-zhao-is-out-but-yi-he-stays-inside-the-unseen-power-of-binances-co-founder">little-known co-founder</a>, apart from Changpeng "CZ" Zhao.



It's not news that Trump <a href="https://www.benzinga.com/25/03/44161587/is-china-apprehensive-of-losing-the-trade-war-to-the-us-china-could-get-isolated-like-moscow-fears-xi-jinping">champions an "America First"</a> policy, placing it at the center of his political rhetoric. He has spoken about putting the U.S. at the forefront of cryptocurrency innovation and avoiding ceding the space to China.



However, the China link wasn't the only cause for concern.



<h2 class="wp-block-heading">Is BNB CZ-Tainted?</h2>



"BNB was started and majority-owned by CZ—in fact, that&#8217;s how Binance funded itself for the 2017 ICO. CZ was recently jailed by the U.S. (Biden administration) for improper KYC, so there&#8217;s no way they&#8217;d include it in a strategic reserve," said Michael Terpin, CEO of Transform Ventures and author of the book Bitcoin Supercycle.



Indeed, CZ served a four-month prison sentence <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38547115/ex-binance-ceo-changpeng-zhao-sees-crypto-industry-entering-new-phase">for anti-money laundering violations</a>, paid a $50 million fine, and stepped down from the CEO's role.&nbsp;



Moreover, according to a Forbes <a href="https://www.forbes.com/sites/javierpaz/2024/06/14/how-cryptos-richest-billionaire-doubled-his-net-worth-behind-bars/">report</a>, he owns an estimated 94 million BNB tokens, roughly 64% of the total circulating supply.



Binance has yet to respond to Benzinga's request for comment on the exclusion from the reserve.



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/markets/cryptocurrency/25/03/44212481/dogecoin-plunges-9-but-top-analyst-believes-meme-coin-could-stage-a-strong-rebound-in-case-this-happens">Dogecoin Plunges 9% But Top Analyst Believes Meme Coin Could Stage A &#8216;Strong&#8217; Rebound In Case This Happens</a>



<h2 class="wp-block-heading">Litecoin&#8217;s Privacy: The Reason Behind Exclusion?</h2>



Another popular coin whose exclusion might have surprised some was Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>).&nbsp;



After all, the altcoin is <a href="https://www.benzinga.com/trading-ideas/movers/25/01/43047964/litecoin-surges-12-after-analyst-says-altcoin-most-likely-to-have-next-etf-after-bitcoin-ethereum">expected to be the next exchange-traded fund</a> on Wall Street after Bitcoin and Ethereum, with characteristics deemed "very" similar to the apex cryptocurrency.



So, what happened?



Stadelmann believes a privacy-friendly update executed by the Litecoin network in 2022 could be the reason.



"Perhaps Litecoin's 2022 MimbleWimble update, which allows for private transactions where only the sender and receiver know the details, gives Trump pause," Stadelmann told Benzinga.&nbsp;



Notably, the newly added privacy features created a storm, leading to <a href="https://upbit.com/service_center/notice?id=2714">delisting</a> from South Korean cryptocurrency exchanges over conflict with the country's reporting requirements.  



In its defense. Litecoin has stated that MimbleWimble is an <a href="https://www.benzinga.com/markets/cryptocurrency/20/10/17746253/maker-cardano-litecoin-american-wrap-1012020">optional feature</a>.



A spokesperson from the Litecoin Foundation backed LTC's inclusion in a U.S. cryptocurrency reserve and expressed optimism that things could change for the better.



"We are hopeful that thoughtful consideration is given to projects that can provide long-term value for a crypto reserve, and we are confident that if a crypto reserve is passed in Congress, that Litecoin would inevitably be added, given its similar characteristics to Bitcoin and value proposition."



Photo Courtesy: Matt Fowler KC on Shutterstock.com



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44212604/peter-schiff-establishes-personal-strategic-bitcoin-reserve-vows-not-to-sell-going-down-with-the-ship-so-others-never-get-on-board">Peter Schiff Establishes Personal &#8216;Strategic Bitcoin Reserve,&#8217; Vows Not To Sell: &#8216;Going Down With The Ship So Others Never Get On Board&#8217;</a></li>
</ul>

Trump Excluded Binance Coin And Litecoin From US Crypto Reserves,  Analysts Say China, CZ's Past And Privacy Concerns Behind The Move

A Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) whale accumulated about $7.5 million in unrealized profit by successfully shorting the apex cryptocurrency amid the ongoing market correction.



What Happened:&nbsp;According to an X post by on-chain tracking platform Lookonchain Sunday, the trader shorted Bitcoin at approximately $96,500 on Feb. 22 and closed the position near&nbsp;the bottom at around $78,900 six days later.



The whale&nbsp;re-entered a short position at&nbsp;the peak of approximately $94,424 following the rally induced by President Donald Trump&#8217;s executive order establishing a <a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Strategic Bitcoin Reserve</a>. 



As of this writing, they have set additional short&nbsp;positions at $92,449-$92,636&nbsp;and placed limit orders to&nbsp;take profit between $70,475-$74,192.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A whale has been very good at shorting <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> during recent price drops, with an unrealized profit of over $7.5M! On Feb 22, he shorted <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> at ~$96,500, and within a week, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> plummeted below $80,000. He closed his short position near the bottom at ~$78,900 with perfect timing.… <a href="https://t.co/wkXOZKnU4O">pic.twitter.com/wkXOZKnU4O</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1898911091029409835?ref_src=twsrc%5Etfw">March 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>



Why It Matters:&nbsp;The whale&#8217;s successful shorting of Bitcoin comes in the wake of the <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44212362/bitcoin-ethereum-and-dogecoin-crash-as-trump-refuses-to-rule-out-recession-arthur-hayes-predicts-btc-to-retest-78000">broader market crash</a> Sunday evening following Bitcoin&#8217;s fall to $80,000. 



Well-known Bitcoin bull Arthur Hayes predicted a retest of $78,000, with $75,000 next in line if that failed, indicating a convergence with the whale&#8217;s conviction.



The timing of several leveraged trades has sparked speculation of possible insider trading in recent days. Last week, a whale closed their 50x leveraged position on Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) shortly before Trump announced a&nbsp;<a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month" target="_blank" rel="noreferrer noopener">cryptocurrency reserve</a>, resulting in a profit of over $6 million.



Price Action: At the time of writing, Bitcoin was exchanging hands at $81,575.36, down 5.01% 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>.



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>



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

Successful Bitcoin Short Trader Places Take Profit Levels Between $70,000-$74,000: Further Drop Incoming?

Spanish banking heavyweight Banco Bilbao Vizcaya Argentaria SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBA#NYSE">BBA</a>), better known as&nbsp;BBVA, said Monday it secured regulatory consent to launch trading services for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) in the country.



What Happened: BBVA received approval from Spain&#8217;s&nbsp;securities regulator, Comisión Nacional del Mercado de Valores, to offer trading services for the two largest cryptocurrencies by market capitalization, a Reuters report said. The bank, the second-largest in Spain after Banco Santander, is gearing up to introduce&nbsp;a service that will allow&nbsp;its customers to purchase, sell, and manage transactions securely via its app.



This move by BBVA comes on the heels of similar initiatives by other European banks. Earlier this year, Italy's largest bank, Intesa Sanpaolo, made a foray into the cryptocurrency <a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">market with a $1 million &#8216;test&#8217; investment</a> in Bitcoin.



Price Action: Shares of BBVA closed 2.09% higher at $14.15 during Friday&#8217;s regular session, 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>.



Photo by Marisha on Shutterstock



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Bitcoin, Ethereum Trading Services To Be Offered By Spain's Second-Largest Bank

The cryptocurrency market capped last week on a sour note after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) crashed to $80,000 on Sunday evening. While the broader market crashed, investors sought refuge in gold-backed coins.&nbsp;



What happened: Bitcoin Cash topped the gainers' list, returning nearly 11% to its holders in a week where blue-chip coins like Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell 10% and 15%, respectively.



Bitcoin Cash is a result of a hard fork of the original Bitcoin blockchain in 2017 and is considered an affordable alternative to the apex cryptocurrency.



Physical gold-backed cryptocurrencies such as Tether Gold and PAX Gold were among the safe bets amid the downturn, yielding 2% and 1.70%, respectively.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price&nbsp;</td></tr><tr><td>Bitcoin Cash (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bch/usd">BCH</a>)</td><td>+10.90%</td><td>$362.52</td></tr><tr><td>Pax Gold (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/paxg/usd">PAXG</a>)</td><td>+2.01%</td><td>$2,922.46</td></tr><tr><td>Tether Gold (CRYPTO: XAUT)</td><td>+1.70%</td><td>$2,907.62</td></tr></tbody></table></figure>



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/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>



Elsewhere, the sentiment was grim. The altcoins set to be part of a U.S. cryptocurrency reserve, namely XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), tumbled 5.76%, 7.45%, and 7.79%, respectively.&nbsp;



Meme heavyweights Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) plunged 9% and 2.94%, respectively, while frog-themed Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) tanked 8%.



Overall, the total cryptocurrency market capitalization contracted 12% over the week to $2.70 trillion.&nbsp;



Interestingly, all of this occurred in the week that President Donald Trump signed an executive order to establish a Bitcoin Strategic Reserve and hosted the first-ever <a href="https://www.benzinga.com/25/03/44208906/trump-declares-us-the-bitcoin-superpower-at-historic-white-house-crypto-summit-with-top-industry-executives">Crypto Summit at the White House</a>.



Image via Shutterstock



Read Next:&nbsp;



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<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>

Bitcoin, Dogecoin Bled But These Gold-Backed Cryptos Preserved Investors' Wealth Last Week

In an effort to mock President Donald Trump&#8217;s declaration, renowned economist Peter Schiff declared his own Strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) Reserve on Friday, promising not to sell any of it.



What Happened: Schiff took to X to explain the structure of the reserve. 



&#8220;Just like the U.S. government, I&#8217;m developing a budget-neutral strategy for acquiring my Bitcoin at no incremental cost,&#8221; Schiff said, taunting the Trump administration&#8217;s plan for acquiring more BTC.



Schiff also posted the address of the so-called reserve and invited contributions from his followers.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;ve decided to create my own Strategic Bitcoin Reserve. Just like the U.S. government, I&#39;m developing a budget-neutral strategy for acquiring my bitcoin at no incremental cost. Phase one of my strategy is inviting contributions to my reserve. 3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRX&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1898180216641798331?ref_src=twsrc%5Etfw">March 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Schiff clarified that none of the Bitcoins in the reserve will be sold, similar to the structure of the U.S. Strategic Bitcoin Reserve. 



&#8220;It will show why a Bitcoin reserve is a bad idea. I&#8217;m going down with the ship, so others never get on board,&#8221; he added.



According to on-chain <a href="https://www.blockchain.com/explorer/addresses/btc/3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRX">data</a>, the address had zero Bitcoin balance as of this writing, with the entirety of the received stash worth $4,452.17 transferred to a different address.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">None of the Bitcoin in my Strategic Reserve, acquired at no incremental cost to myself, using my budget-neutral strategy, will be sold. It will show why a Bitcoin reserve is a bad idea. I&#39;m going down with the ship so others never get on board. 3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRX&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1898740655481831484?ref_src=twsrc%5Etfw">March 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>



Why It Matters: Schiff&#8217;s announcement follows his recent criticism of the U.S. government&#8217;s decision to create a Bitcoin strategic reserve. He argued that such <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44201364/peter-schiff-blasts-government-crypto-investments-as-waste-of-resources">investments are a waste of resources</a> and divert capital from real wealth creation. 



A long-standing critic of a national Bitcoin stockpile, Schiff has argued that such a move <a href="https://in.benzinga.com/25/03/44157760/peter-schiff-predicts-a-bitcoin-strategic-reserve-will-accelerate-dollars-demise-the-ultimate-winner-will-be-gold">would accelerate the U.S. dollar&#8217;s demise</a>. 



These developments come amid a <a href="https://www.benzinga.com/markets/equities/25/03/44212386/stock-futures-drop-as-reverse-trump-trade-takes-holdpeter-schiff-says-market-shift-long-overdue-and-will-likely-continue-for-a-decade">sharp drop in the cryptocurrency market</a>. Bitcoin tumbled to $80,000 Sunday evening due to concerns around Trump&#8217;s trade policies, sparking a ripple effect across the broader industry.



Price Action: At the time of writing, Bitcoin was exchanging hands at $81,855.92, down 4.94% 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>.



Image via Shutterstock



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Peter Schiff Establishes Personal 'Strategic Bitcoin Reserve,' Vows Not To Sell: 'Going Down With The Ship So Others Never Get On Board'

Influential cryptocurrency analyst Ali Martinez anticipated a significant rebound for Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) despite the market slump on Sunday.



What Happened:&nbsp;Martinez, known for spotting chart patterns and issuing price predictions, said in an X post that Dogecoin was nearing a critical&nbsp;support level at the lower&nbsp;boundary of the ascending channel. 



&#8220;Holding above $0.16 could fuel&nbsp;a strong rebound,&#8221; the analyst projected.



An ascending channel pattern is a bullish continuation pattern that suggests that the bullish trend is likely to continue after a period of consolidation.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> is nearing a crucial support level at the lower boundary of this channel. Holding above $0.16 could fuel a strong rebound! <a href="https://t.co/foCUdbnTFZ">pic.twitter.com/foCUdbnTFZ</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1898880730857705801?ref_src=twsrc%5Etfw">March 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Martinez also drew attention to the surge in whale interest for the dog-themed cryptocurrency over the last few days. 



About 1.7 billion tokens, worth $290 million at prevailing prices, were snapped by the largest DOGE whales in the last 72 hours, potentially paving the way for the next breakout.



The finding was corroborated by IntoTheBlock, which <a href="https://app.intotheblock.com/">showed </a>a 41% jump in DOGE transactions valued at over $100,000 in the last 24 hours.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The largest whales on the <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> network have accumulated 1.7 billion DOGE in the last 72 hours, potentially positioning for the next big move! <a href="https://t.co/G8vCHKNvMF">pic.twitter.com/G8vCHKNvMF</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1898777300100870571?ref_src=twsrc%5Etfw">March 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



However, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price indicator, flashed a "Sell" signal for DOGE, <a href="https://in.tradingview.com/symbols/DOGEUSD/technicals/">according</a> to TradingView.



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/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT</a>



Why It Matters: Martinez&#8217;s bullish prognosis comes amid a <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44212362/bitcoin-ethereum-and-dogecoin-crash-as-trump-refuses-to-rule-out-recession-arthur-hayes-predicts-btc-to-retest-78000">volatile cryptocurrency market</a> as leading cryptocurrencies, including Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), witnessed a sharp sell-off on Sunday evening due to fears of a recession.



The slump comes after President Donald Trump signed an executive order to establish a Bitcoin Strategic Reserve and hosted the first-ever <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor" target="_blank" rel="noreferrer noopener">Crypto Summit</a> at the White House.



Dogecoin hasn&#8217;t been insulated from the decline, as the world&#8217;s leading meme coin fell over 24% in the last week and more than 30% over a month.



Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1733, down 9.47% 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 meme coin has tanked by 45%.



Image via Shutterstock



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>

Dogecoin Plunges 9% But Top Analyst Believes Meme Coin Could Stage A 'Strong' Rebound In Case This Happens

Leading cryptocurrencies sold off Sunday evening as President Donald Trump declined to rule out the possibility of a recession.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-7.19%</td><td>$80,182.57</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-9.24%</td><td>$2,004.60</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-13.00%</td><td>$0.1677</td></tr></tbody></table></figure>



What Happened: Bitcoin tumbled to $80,000 overnight, plunging over 7% in the last 24 hours. This was the steepest drop for the apex cryptocurrency since it <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/44039431/bitcoin-plummets-below-80000-ethereum-xrp-dogecoin-get-hammered-as-crypto-crash-continues">fell below $80,000</a> ten days ago.&nbsp;



Bitcoin's decline sent ripples through the rest of the market, with leading assets like Ethereum and Dogecoin going blood red just before the start of a new trading week.



Over $615 million was liquidated from the cryptocurrency market in the last 24 hours, with $540 million in upside bets getting wiped out.



Bitcoin's Open Interest fell 2.62% in the last 24 hours, while Ethereum witnessed a 5.57% decline in money locked in its derivatives market.



That said, traders were buying the dip as the number of long positions for Bitcoin dramatically surged vis-à-vis shorts, according to the Long/Short Ratio.



The Crypto Fear and Greed Index moved back into the "Extreme Fear" zone, signaling a bearish sentiment.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Story (IP)</td><td>+4.51%</td><td>$4.99</td></tr><tr><td>Tether Gold (XAUt)</td><td>+0.11%</td><td>$2,908.65</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.65 trillion, plunging 6.74% in the last 24 hours.



Stock futures plummeted on Sunday evening. The Dow Jones Industrial Average Futures fell 255 points, or 0.59%, as of 8:30 p.m. ET. Futures tied to the S&amp;P 500 sank 0.74%, while Nasdaq 100 Futures lost 0.96%.



<a href="https://www.benzinga.com/personal-finance/25/03/44211491/trumps-tariff-delay-gives-americas-favorite-truck-temporary-relief">Tariff developments</a> have weighed on the market, with the Dow Jones Industrial Average and S&amp;P 500 losing 2.49% and 2.85% last week.



In an interview with Fox News, Trump was asked if he expected a recession this year, to which he replied, "I hate to predict things like that. There is a period of transition because what we&#8217;re doing is very big. We&#8217;re bringing wealth back to America."



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Trump says tariffs could go up in the future" width="500" height="281" src="https://www.youtube.com/embed/wQ0vjc8UzDw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



This week, investors will focus on key inflation data, with February's consumer price index scheduled for Wednesday followed by the producer price index on Thursday.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, noted the "ugly" start to the week.



&#8220;Looks like BTC will retest $78,000. If it fails, $75,000 is next in the crosshairs," Hayes predicted. "There are a lot of options OI [Open Interest] struck $70-$75,000, if we get into that range, it will be violent.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">An ugly start to the week. Looks like <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent. <a href="https://t.co/q4cq0rthGJ">pic.twitter.com/q4cq0rthGJ</a>&mdash; Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1898867933679616103?ref_src=twsrc%5Etfw">March 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst and trader Daan Crypto Trades highlighted the formation of a new CME gap, suggesting a "choppy" and volatile trading environment.



"There&#8217;s now a new gap open up to ~$86,000. There&#8217;s also still the gap from way before open around ~$77,000, which didn&#8217;t close entirely last time around. So keep an eye out for those levels this week, " the analyst remarked.



CME gaps are the differences in price between the closing price on a given trading day and the opening price on the following trading day on a Bitcoin futures chart.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Another week, another gap created. The fact that we&#39;re making these massive gaps on a weekly basis now just shows how choppy and volatile the current environment has been. There&#39;s now a new gap open up to ~$86K. There&#39;s also still the gap from way before open around ~$77K… <a href="https://t.co/D0ohrpEY0c">pic.twitter.com/D0ohrpEY0c</a>&mdash; Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1898897882377531636?ref_src=twsrc%5Etfw">March 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock



Read Next:    



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44209192/sam-bankman-fried-says-when-rubber-meets-the-road-on-cryptos-fate-under-trump-slams-bidens-policies">Sam Bankman-Fried Says &#8216;When Rubber Meets The Road&#8217; On Crypto&#8217;s Fate Under Trump, Slams Biden&#8217;s Policies</a></li>
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Bitcoin, Ethereum And Dogecoin Crash As Trump Refuses To Rule Out Recession: Arthur Hayes Predicts BTC To Retest $78,000

Own the DOGE, the group behind the original Doge meme's intellectual property, has unveiled a new meme coin named Cocoro (COCORO), launched on Base, the Ethereum layer-2 network developed by Coinbase.



What Happened: The coin's debut coincided with a blog <a href="https://kabochan.blog.jp/archives/53553858.html">post </a>from Atsuko Sato, the owner of the late Kabosu—the Shiba Inu that inspired Dogecoin—introducing her newly adopted 10-year-old rescue dog, Cocoro. The IP around Cocoro is being officially managed by Own the Doge.



COCORO's market cap quickly surged past $80 million after its launch on Saturday, before dropping to around $46 million with a token price near $0.046. Tokenomics show 75% of the supply was locked into liquidity pools, 20% distributed via airdrops to DOG and NEIRO holders, and the remaining 5% allocated to a DAO reserve.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43420393/analyst-forecasts-mammoth-200-surge-for-this-dogecoin-and-shiba-inu-competitor">Analyst Forecasts Mammoth 200% Surge for This Dogecoin and Shiba Inu Competitor</a>



The project's pseudonymous CEO, Smoke, <a href="https://decrypt.co/309199/next-dogecoin-cocoro-official-base-meme-coin">told </a>the Decrypt that the team chose Base for its scalability and affordability. "We are big fans of what Base is doing for the ecosystem," said Smoke. "They have made it fast and affordable to build on Ethereum at scale." He added that DOG, their previous token, has over 1 million holders on Base.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are delighted to welcome the latest member of Atsuko's family, Cocoro! With Atsuko's blessing, OTD is launching <a href="https://twitter.com/search?q=%24Cocoro&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Cocoro</a>. The launch is intended to defend against unofficial, extractive deployments, while being as fair as possible and benefitting Atsuko's existing supporters.… <a href="https://t.co/6jZZK5JgS3">pic.twitter.com/6jZZK5JgS3</a>&mdash; Own The Doge &#x1f436;&#x1f5bc; (@ownthedoge) <a href="https://twitter.com/ownthedoge/status/1898337988087599412?ref_src=twsrc%5Etfw">March 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), launched in 2013 without Sato's approval, went on to become one of the most valuable meme coins. In contrast, Own the Doge (DOG) was built after securing the rights to the original Doge meme photo in 2021, giving it a formal IP foundation. 



Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) are notable platforms with meme coin exposure. Investors may also look to ETFs like ProShares Bitcoin Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITO#NYSE">BITO</a>) or Valkyrie Bitcoin Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGMI#NASDAQ">WGMI</a>) for broader crypto-related plays.



Why It Matters: Following Cocoro's launch, DOG jumped 25% in value, per CoinGecko data. Meanwhile, NEIRO—another meme token based on a dog adopted by Sato last year—dropped 14% after Cocoro's release. Though the NEIRO token won a DAO vote for official backing, a formal agreement has yet to be signed.



The Cocoro launch marks a shift in how meme coins tied to Sato's dogs are introduced, with a deliberate attempt to create official pathways and IP clarity around future projects.



Read Next



<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37573802/forget-dogecoin-and-shiba-inu-this-meme-coin-has-surged-nearly-70-in-just-24-hours" target="_blank" rel="noreferrer noopener">Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours</a>

New Meme Coin Cocoro Launched By Dogecoin's IP Rights Holder

The past week in the crypto world was dominated by President Donald Trump&#8217;s announcement of a strategic U.S. cryptocurrency reserve. The move has sparked a flurry of reactions, with some questioning the inclusion of certain digital currencies and others calling for a Congressional investigation.



Here&#8217;s a recap of the top stories.



Schiff Questions Rationale for XRP Reserve



Renowned economist&nbsp;Peter Schiff&nbsp;expressed his confusion over the inclusion of XRP in the cryptocurrency reserve that was announced by President Trump. While Schiff acknowledged the rationale behind Bitcoin&#8217;s inclusion, he slammed the decision to include XRP, questioning its necessity.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">Read the full article here.</a>



See Also: <a href="https://www.benzinga.com/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains" target="_blank" rel="noreferrer noopener">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>



Trump&#8217;s Crypto Reserve Plan Faces Backlash



President Trump&#8217;s crypto reserve plan has not been well-received by his tech community supporters. The plan, which includes Bitcoin, Ether, XRP, Solana's SOL token, and Cardano, has led to a significant divide among his tech allies.



<a href="https://www.benzinga.com/25/03/44107003/trump-faces-backlash-over-crypto-reserve-plan-from-bitcoin-supporters-including-his-own-dont-think-the-government-should-be-pumping-our-crypto-bags-with-taxpayer-money">Read the full article here.</a>



Schiff, Scaramucci Call for Congressional Inquiry



Peter Schiff&nbsp;and&nbsp;Anthony Scaramucci&nbsp;have called for a Congressional investigation into President Trump&#8217;s recent cryptocurrency announcements. Schiff raised questions about potential insider trading and manipulation related to the strategic cryptocurrency reserve declaration.



<a href="https://www.benzinga.com/25/03/44100165/peter-schiff-anthony-scaramucci-question-trumps-crypto-reserve-announcements-seek-congressional-inquiry">Read the full article here.</a>



Gordon Johnson Criticizes Market Corruption



Gordon Johnson, an analyst at GLJ Research, criticized what he called market "corruption" following President Trump&#8217;s announcement of a strategic U.S. cryptocurrency reserve. Johnson responded to allegations that Trump's proposed cryptocurrency purchases aligned with holdings previously owned by his crypto advisor, David Sacks.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069546/gordon-johnson-slams-market-corruption-following-trumps-crypto-reserve-announcement">Read the full article here.</a>



Polymarket CEO Invited to White House Crypto Summit



Shayne Coplan, CEO of prediction market platform Polymarket, confirmed that he will attend the White House Digital Asset Roundtable. Coplan, who was once raided by the FBI for alleged regulatory violations, thanked President Trump for the invitation.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44185814/polymarket-ceo-who-was-raided-by-the-fbi-on-allegations-of-regulatory-violations-gets-invited-to-white-house-crypto-summit">Read the full article here.</a>



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise" target="_blank" rel="noreferrer noopener">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: ‘I Made The Promise' — BTC Dips 4%</a></li>
</ul>







This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Trump's Crypto Reserve Plan Sparks Controversy, Schiff Questions XRP Inclusion, Polymarket CEO Invited To White House: This Week In Crypto

Disgraced cryptocurrency mogul Sam Bankman-Fried weighed in on the future of digital assets under President Donald Trump&#8217;s administration, according to an interview from his prison released Thursday.



What Happened: In an interview with popular media personality&nbsp;Tucker Carlson, Bankman-Fried appeared hopeful about a better prospect under Trump.



&#8220;You look at what the Trump administration said going into office. There are a lot of good things. There are a lot of things that are very different from the stance that the Biden administration took,&#8221; the founder of the now bankrupt FTX cryptocurrency exchange said.



Bankman-Fried added that what counts now is the fulfillment of those promises.



&#8220;Changing the guard helps. But financial regulators, they&#8217;re big giant bureaucracies in the federal government. They&#8217;re not used to changing overnight,&#8221; he emphasized. &#8220;So, I think the big question is when rubber meets the road.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sam Bankman-Fried is doing 25 years behind bars, and is now sharing a cell block with Diddy. He joins us from prison for an update on his new life. (0:00) What Has Prison Been Like? (2:28) Was SBF Ever on Adderall? (4:42) SBF Meeting Diddy in Prison (7:01) How Prison Has Changed… <a href="https://t.co/mNSNktLibg">pic.twitter.com/mNSNktLibg</a>&mdash; Tucker Carlson (@TuckerCarlson) <a href="https://twitter.com/TuckerCarlson/status/1897709140535132442?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bankman-Fried,&nbsp;who is serving a 25-year sentence for&nbsp;the&nbsp;FTX fraud, also reminisced about donating to Joe Biden&#8217;s 2020 campaign, adding that he used to lean toward the centre-left then. 



He said he became disillusioned after making several trips to Washington, D.C., and realized things weren&#8217;t moving in a &#8220;good direction.&#8221;



&#8220;By late 2022, I was giving to Republicans privately as much as Democrats, and that started becoming known right around after this collapse,&#8221; Bankman-Fried added.



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/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>



Why It Matters: Once known as the cryptocurrency white knight, Bankman-Fried's fortunes changed dramatically after his FTX empire came crashing down following accusations of&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35445270/the-true-cost-of-the-ftx-collapse-how-much-did-sam-bankman-fried-really-make" target="_blank" rel="noreferrer noopener">misappropriation of customer accounts</a>&nbsp;in November 2024. The event sparked a cryptocurrency bear market, sending coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to new depths.



His parents, both Stanford Law professors, are seeking a presidential pardon from Trump



In the same <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44184693/sam-bankman-fried-says-prison-inmate-diddy-has-been-kind-to-him-its-a-position-no-one-wants-to-be-in">interview</a>, Bankman-Fried shared his prison experience, including interactions with fellow inmate Sean &#8220;Diddy&#8221; Combs, whom he described as &#8220;kind.&#8221;



Photo via Shutterstock.



Read Next:&nbsp;



<ul>
<li><a href="https://in.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: &#8216;I Made The Promise&#8217; — BTC Dips 4%</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Sam Bankman-Fried Says 'When Rubber Meets The Road' On Crypto's Fate Under Trump, Slams Biden's Policies

David Sacks, the White House&#8217;s &#8220;Crypto Czar,&#8221; highlighted a significant financial oversight by the U.S. government that cost it billions in gains.



What Happened: The&nbsp;Department of Justice&nbsp;(DOJ) could have secured over $17 billion had it retained its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings instead of selling them prematurely, Sacks said.



The DOJ had&nbsp;sold approximately 195,000 Bitcoin for&nbsp;$366 million, a mere fraction of its current valuation.



"If the government had held the bitcoin, it would be worth over $17 billion today. That's how much it has cost American taxpayers not to have a long-term strategy," Sacks said.



Sacks, who previously served as&nbsp;PayPal&nbsp;COO and is a well-known venture capitalist, underscored the financial repercussions for taxpayers due to the absence of a long-term strategy.



Presently, the federal government possesses Bitcoin valued at $17.05 billion, as reported by blockchain analytics firm&nbsp;Arkham.



The responsibility for auctioning Bitcoin seized by the government falls to the U.S. Marshals Service.



Recently, President&nbsp;Donald Trump&nbsp;announced the formation of a &#8220;crypto strategic reserve&#8221; that will encompass&nbsp;Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).



Bitcoin&#8217;s current value stands at $87,104, having experienced a nearly 8% decline&nbsp;in the past 24 hours, although it has risen over&nbsp;6.5% in the past week.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That's how much it has cost American taxpayers not to have a long-term strategy.&mdash; David Sacks (@davidsacks47) <a href="https://twitter.com/davidsacks47/status/1897640660338925938?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The establishment of a&nbsp;<a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Strategic Bitcoin Reserve</a>&nbsp;by President Trump marks a pivotal shift in the U.S. government&#8217;s approach to digital assets.



This reserve, funded by Bitcoin obtained through forfeiture proceedings, is valued at approximately $17 billion. The initiative aims to bolster the U.S. position in the global cryptocurrency landscape without burdening taxpayers.



At a recent&nbsp;<a href="https://www.benzinga.com/25/03/44208906/trump-declares-us-the-bitcoin-superpower-at-historic-white-house-crypto-summit-with-top-industry-executives">White House crypto summit</a>, President Trump declared his ambition to make the U.S. a leading force in Bitcoin and digital assets. This commitment to embracing the cryptocurrency industry is further evidenced by the creation of the reserve, which is expected to be managed by the Treasury Department.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44209114/trump-threatens-russia-with-sanctions-amid-ukraine-conflict-as-he-pushes-for-peace">Trump Threatens Russia With Sanctions Amid Ukraine Conflict As He Pushes For Peace</a></li>
</ul>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Trump's Crypto Czar David Sacks Reveals US Government Missed Out On Gains Of Over $17 Billion By Selling Bitcoin Early

At a first-of-its-kind <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">crypto summit at the</a> White House, President Donald Trump pledged to make U.S. the global leader in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and digital assets, signaling his administration's full embrace of the cryptocurrency industry.



What Happened: On Friday, more than two dozen top crypto executives, including the Winklevoss twins, Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) CEO Brian Armstrong, and Kraken executives, gathered at the White House to discuss the future of crypto policy in the U.S., <a href="https://www.nytimes.com/2025/03/07/technology/trump-crypto-summit.html">reported</a> the New York Times.



"I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet," Trump said, adding, "We're taking historic action to deliver on that promise."



Earlier, Trump had announced an <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44184474/trump-announced-strategic-bitcoin-reserve-to-allow-buying-additional-btc-peter-schiff-doesnt-think-so-but-heres-what-the-order-says">executive order to establish</a> a national Bitcoin reserve, which he compared to a virtual Fort Knox for digital assets. "Never sell your Bitcoin," he said during the summit.



The summit also highlighted Trump's reversal of Biden-era crypto crackdowns, with his administration ending SEC investigations into Coinbase and Kraken and fast-tracking pro-crypto legal guidance.



Also Read:&nbsp;<a href="https://www.benzinga.com/news/global/25/03/44174606/jpmorgan-questions-viability-of-us-crypto-reserve-cites-issues-with-smaller-tokens" target="_blank" rel="noreferrer noopener">JPMorgan Questions Viability of US Crypto Reserve, Cites Issues With Smaller Tokens</a>



Why It's Important: Trump's pro-crypto stance marks a dramatic shift in U.S. regulatory policy, positioning the nation to compete in the global digital currency market.



On Friday, it was also reported that Trump&#8217;s cryptocurrency project has raised an impressive <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44189569/trumps-crypto-venture-earns-350-million-within-18-days-of-memecoin-launch-its-a-terrible-example-says-expert">$350 million through memecoin</a> sales.



After Trump&#8217;s address to the <a href="https://in.benzinga.com/markets/equities/25/03/44133368/trumps-congressional-address-taps-elon-musk-for-government-overhaul-revives-drill-baby-drill-for-energy-boom">joint session of Congress</a>, the value of the Trump memecoin jumped over 6%, making it the most successful meme coin with a market cap exceeding $1 billion in the past 24 hours.



Melania Trump&#8217;s official Melania coin also experienced a 5% increase.



Price Action: At the time of writing, Bitcoin is trading at $86,038.33, reflecting a 2.41% decline over the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">Benzinga Pro data</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44170204/vladimir-putin-said-nobody-can-ban-bitcoin-but-russia-isnt-looking-to-follow-donald-trumps-push-for-a-crypto-reserve" target="_blank" rel="noreferrer noopener">Vladimir Putin Said ‘Nobody Can Ban Bitcoin,' But Russia Isn't Looking To Follow Donald Trump's Push For A Crypto Reserve</a></li>
</ul>



This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Trump Declares US The 'Bitcoin Superpower' At White House Crypto Summit With Top Industry Executives

Interim SEC Chair Mark Uyeda replaced Biden-era appointee Gary Gensler as <a href="https://www.benzinga.com/25/01/43087038/trump-names-uyeda-acting-sec-chair-as-crypto-regulations-get-set-for-a-makeover">the highest-ranking official</a> at the agency following Donald Trump&#8216;s inauguration. Uyeda signaled his intent to change key aspects of the commission on Thursday.



What Happened: Uyeda appeared at the Wall Street Journal's CFO Network Summit in New York on Thursday, <a href="https://www.bloomberg.com/news/articles/2025-03-06/sec-s-uyeda-expects-slowdown-in-rulemaking-after-ambitious-biden-era">according</a> to Bloomberg.



Uyeda, a Biden appointee also, called the regulatory agency&#8217;s actions under Gensler as an &#8220;overly ambitious&#8221; change in direction in a short period.



&#8220;We may need to make course corrections, but you want to be very methodical, very thoughtful in how you change direction," the Georgetown alum said.



Why it Matters: Gensler&#8217;s tenure as SEC chair was marked by required <a href="https://www.benzinga.com/government/22/03/26235137/sec-proposes-mandatory-disclosure-of-climate-change-risks-emissions-wsj">climate risk disclosures</a> and crackdowns on cryptocurrency.



Uyeda has already reversed course on many of Gensler&#8217;s actions during his <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">slightly abridged tenure</a>. The SEC <a href="https://www.benzinga.com/government/regulations/25/03/44100314/sec-drops-lawsuit-against-crypto-exchange-kraken-ceo-calls-it-massive-win-bayc-nft-creator">dropped crypto-related lawsuits</a> and created a <a href="https://www.benzinga.com/government/regulations/25/01/43218952/financial-crime-weekly-pfizer-pays-nearly-60-million-to-resolve-false-claims-allegations-sec-creates-crypto-task-force">crypto task force</a> in January. Meanwhile, Uyeda has also instructed regulators to pause rules governing climate disclosures, <a href="https://www.nytimes.com/2025/02/11/us/politics/sec-climate-disclosure-rule.html">according</a> to the New York Times.



Beyond policy shifts, Uyeda&#8217;s tenure is also being shaped by significant organizational changes within the SEC. Staffing cuts at the agency, led by Elon Musk&#8216;s Department of Governmental Efficiency (aka DOGE), could leave the commission less able to enforce securities laws. Musk <a href="https://www.benzinga.com/government/regulations/24/12/42487993/elon-musk-faces-deadline-to-settle-with-sec-over-twitter-buyout-lawyer-alleges-years-of-harassment">was the subject</a> of an SEC lawsuit during the Biden administration concerning his buyout of Twitter, which is now called X.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/25/03/44196560/bessent-describes-economic-detox-period-as-us-shifts-to-trump-policies">Bessent Describes Economic &#8216;Detox Period&#8217; As US Shifts To Trump Policies</a></li>
</ul>



Photo: Shutterstock

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