KEYTAKEAWAYS
- Trump's Bitcoin reserve strategy will leverage existing government holdings from forfeitures rather than new purchases, dampening market expectations for immediate buying pressure.
- South Korea explores integrating Bitcoin into national reserves and developing won-backed stablecoins in response to shifting global crypto policies.
- Movement mainnet launch announced for March 10, major Dubai bank introduces crypto trading, and significant ETH withdrawals from exchanges signal continued institutional interest despite market volatility.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Grayscale Moves $67.5M in ETH to Coinbase
Grayscale deposited 30,052 ETH (approximately $67.54 million) into Coinbase while still holding 1.752 million ETH worth about $3.79 billion in its remaining reserves.
2. Cryptocurrencies Stable Following Bitcoin Reserve Announcement
Cryptocurrencies remained relatively stable on Friday after President Trump signed an executive order creating a strategic Bitcoin reserve. Bitcoin hovered around $88,949, after initially dropping 5% following the announcement. The reserve will consist of coins already owned by the government from past forfeitures, with no immediate plans for additional purchases. White House crypto czar David Sacks confirmed the U.S. currently owns about 198,000 BTC worth $17 billion and approximately 56 ETH worth $119 million. Treasury Secretary Scott Bessent emphasized that “the first step is to stop selling, and then we’re going to put a plan in place from there.”
3. South Korea Considers Bitcoin in National Reserves
Financial experts and industry leaders at a forum hosted by South Korea’s opposition Democratic Party urged the country to consider integrating Bitcoin into its national reserves and issuing a won-backed stablecoin. xCrypton CEO Kim Jong-seung emphasized the need for a strategic response to the U.S. crypto reserve initiative, warning that without a domestic stablecoin, South Korea risks losing “monetary sovereignty.” The discussion highlighted the potential for stablecoins to enhance Korea’s financial stability and international market presence, with proposals for government bond-backed stablecoins to help distribute Korean bonds worldwide.
4. 21Shares Updates Spot Polkadot ETF Filing
21Shares submitted an updated S-1 application for its spot Polkadot exchange-traded fund to the SEC on March 6, joining Grayscale’s similar filing from February 25. The DOT price is currently trading around $4.50, forming a potential bullish reversal pattern on weekly charts ahead of the Polkadot 2.0 upgrade scheduled for Q1 this year. The falling wedge pattern suggests sellers are losing momentum, with a potential breakout if DOT moves above the $10 resistance level.
5. Movement Announces March 10 Mainnet Launch
Movement, a leading Web3 company, has announced its mainnet launch scheduled for March 10. Following the launch, Movement Labs plans a series of in-person events titled “GMove: Move Asia’s Future” APAC Tour to showcase local developer projects and foster community collaboration. The launch is expected to unlock a portion of the circulating supply of Movement tokens, potentially impacting market dynamics.
NOON NEWS
1. Major Dubai Bank Launches Crypto Trading Services
Emirates NBD, one of Dubai’s largest banks, has introduced cryptocurrency trading services through its digital banking platform, Liv. Users can now buy, sell, and trade cryptocurrencies on the Liv X app, with services powered by Aquanow and custody provided by Zodia Custody, a Standard Chartered subsidiary. This move follows similar initiatives by Switzerland’s PostFinance AG and Italy’s Intesa Sanpaolo, highlighting growing institutional interest in digital assets.
2. Initia Shutting Down Wallet Extension Service
Layer 1 blockchain Initia has announced it will shut down its wallet extension service on March 18 at 3:00 AM UTC. Users are urged to migrate their testnet data before the deadline to avoid losing access to information on the Jennie testnet. The migration process, while potentially disruptive, is crucial for maintaining data integrity and accessibility, serving as a reminder of the importance of proper data management in the blockchain ecosystem.
3. Solana Co-founder Comments on Trump’s Executive Order
Anatoly Yakovenko, Solana’s co-founder, stated that Donald Trump’s Executive Order on cryptocurrency has brought regulatory clarity but is not a government crypto bailout. Calling the order a “scalpel,” Yakovenko noted it removed uncertainty that had plagued the industry for four years, while emphasizing the continued need for dedicated stablecoin legislation to guide banks on crypto deposits and withdrawals and clarify SEC rules.
4. MetaDAO Co-founder Voices Concerns Over Solana Proposal
MetaDAO co-founder Nallok expressed concerns about the SIMD-0228 improvement proposal within the Solana ecosystem. He emphasized the importance of focusing on dynamic base fees rather than the current proposal’s approach, suggesting that inflation should be managed through direct payments to attract shares. Nallok recommended reducing the proposal’s impact by half to allow for future adjustments if needed.
EVENING NEWS
1. Binance Updates Reserve Proof Binance has updated its reserve proof for March 2025, reporting a Bitcoin reserve ratio of 100.77%, Ethereum at 100.00%, BNB at 110.92%, and USDT at 104.42%. The exchange has also added a reserve proof for Trump coin, showing a 100.38% reserve ratio.
2. CESS Network’s Pathfinder Node Program Exceeds 20,000 Sales
The Pathfinder Node incentive program launched by decentralized data infrastructure provider CESS Network has surpassed 20,000 units sold. Currently in its fifth phase of sales with the final two phases opening soon, the program allows holders to participate in the CESS mainnet by running storage nodes. The official mainnet launch date is expected to be announced shortly.
3. Markets Decline Despite Tariff Exemptions
Stocks fell Thursday despite President Trump’s temporary exemptions from his 25% tariffs. The S&P 500 declined 1.8%, the Nasdaq fell 2.6% (now down more than 10% from its recent peak), and the Dow Jones dropped about 1%. The indexes have each lost approximately 3% this week, with the S&P 500 erasing its post-election gains. Trump blamed “globalist countries and companies” for the sell-off, while market analysts cited uncertainty from the fluctuating trade policies and signs of economic weakening.
4. Over $500M in ETH Withdrawn from Exchanges
More than $500 million worth of Ethereum has been withdrawn from cryptocurrency exchanges this week, signaling strong accumulation by traders and potentially reduced selling pressure in the near term.
5. Trump Suspends Tariffs on Canada and Mexico
President Trump suspended the 25% tariffs imposed earlier this week on most goods from Canada and Mexico, with the exemptions set to expire on April 2. Commerce Secretary Lutnick indicated that the administration plans to implement reciprocal tariffs across all trading partners at that time. The fluctuating trade policy has created market uncertainty, with economists warning about potential inflation and slowed growth. Canadian Prime Minister Trudeau stated, “We will continue to be in a trade war that was launched by the United States for the foreseeable future.”
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