KEYTAKEAWAYS
- Trump's White House Crypto Summit reveals existing 200,000 BTC government holdings will form the foundation of the US strategic reserve, with a "never sell your Bitcoin" policy going forward.
- The SEC under new leadership has dropped cases or investigations against 11 major crypto entities including Binance, Coinbase, Kraken, and OpenSea, signaling a massive regulatory shift.
- XRP ETF approval odds reach 78% on prediction markets following Trump's crypto reserve announcement, with analysts projecting potential $8 billion in first-year inflows.
TABLE OF CONTENTS
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. Trump Announces Bitcoin Reserve Strategy at Crypto Summit
At the White House Crypto Summit, President Trump declared that the federal government is already one of the largest Bitcoin holders, with approximately 200,000 BTC acquired through civil and law enforcement actions. These existing holdings will form the foundation of the new reserve. Trump stated that the Biden administration unfortunately sold most of these Bitcoin holdings, but going forward, “America will follow a very clear principle: never sell your Bitcoin.” The Treasury and Commerce Departments will explore budget-neutral ways to accumulate additional Bitcoin without taxpayer expense, with all holdings to be stored in a new US Digital Asset Vault.
2. SEC Drops Cases Against 11 Crypto Companies
According to Cointelegraph statistics, the SEC has rejected or suspended lawsuits and investigations against 11 crypto companies/individuals to date, including Binance (February 10), Coinbase (February 21), OpenSea (February 21), Robinhood (February 24), Uniswap (February 25), Justin Sun (February 26), ConsenSys (February 27), Kraken (March 3), Yuga Labs (March 4), and DRW (March 4).
3. US February Employment Report Shows Mixed Signals
The US February jobs report revealed mixed economic signals, with 151,000 new non-farm jobs (below the 160,000 forecast), unemployment rising to 4.1% (above the expected 4%), and hourly wages increasing 0.3% month-over-month. Job gains were primarily in healthcare, transportation, and financial activities, while manufacturing and retail sectors showed weakness. The employment participation rate fell to a two-year low of 62.4%, while the number of Americans working multiple jobs reached a record high of nearly 8.9 million. Analysts suggest the report confirms a softening trend in the US labor market, with concerns about potentially permanent job losses in certain sectors.
4. USDC Circulation Increases $1.7B in Past Week
USDC’s circulation has increased by approximately $1.7 billion over the past seven days, signaling growing adoption of the stablecoin.
5. Bitcoin ETF Fund Flows: Fidelity and Grayscale See Outflows
Yesterday’s Bitcoin ETF activity showed Fidelity’s FBTC experiencing a net outflow of $154.9 million, while Grayscale’s GBTC saw a net outflow of $36.5 million.
NOON NEWS
1. Bitcoin Miner CleanSpark Added to S&P SmallCap 600 Index
Nasdaq-listed Bitcoin mining company CleanSpark has been included in the S&P SmallCap 600 Index. According to its latest financial report, the company currently holds 11,177 BTC, mined 624 Bitcoin in February, and projects mining output of 1,250 BTC for the 2025 fiscal year. The S&P SmallCap 600 Index is considered an indicator of emerging economic trends and innovative forces.
2. Kraken Considering IPO by Q1 2026
Crypto exchange Kraken is considering an initial public offering (IPO) by the first quarter of 2026, as the company believes the US regulatory environment has improved sufficiently, according to Bloomberg. The SEC recently announced plans to drop its lawsuit against Kraken, part of a broader regulatory retreat under the Trump administration. Kraken initially planned to go public by 2022 but delayed due to regulatory concerns. Other crypto companies reportedly planning IPOs include Circle (USDC issuer) and Bullish (CoinDesk’s parent company).
3. Mission Gate Founder Ordered Imprisoned in Bitcoin Embezzlement Case
A Georgian court has ordered the imprisonment of Mission Gate founder and venture capitalist George Bachiashvili, who is on trial for allegedly embezzling 8,253 BTC from former Georgian PM Bidzina Ivanishvili between 2015 and 2017. Bachiashvili had been granted bail of 2.5 million GEL ($900,000) but violated conditions by crossing into Armenia on March 2. Transparency International has criticized the case, arguing it “clearly and explicitly reflect[s] Ivanishvili’s private financial interests” and noting the “weakness of the prosecution’s position and the lack of evidence.”
4. Three Avalanche Foundation Board Members Resign
Three key board members of the Avalanche Foundation—Omer Demirel, Aytunç Yildizli, and Vikram Nagrani—have stepped down from their positions. In a message shared on X, Demirel described the resignations as a “well-considered” collective decision, noting that Yildizli had stopped serving as CEO on February 28. The unexpected departures sparked community speculation, with AVAX dropping 3% to $19.95 following the announcement. The resignations come despite the former board members’ reported achievements, including establishing the foundation’s brand identity, publishing its first annual report, and introducing various incentive and grant programs.
5. Nano Labs Receives $1M in USDT from Private Placement
Nano Labs Ltd (Nasdaq: NA), a Chinese fabless integrated circuit design company, has received $1 million equivalent in USDT from a previously announced private placement of 913,714 Class A ordinary shares at $6.46 per share. The total gross proceeds will be approximately $5.9 million, with payment in Bitcoin and USDT. The company has issued an additional 154,799 Class A ordinary shares to investors in this private placement.
EVENING NEWS
1. xAI Expands Memphis Presence with One-Million-Square-Foot Property Purchase
xAI has purchased a one-million-square-foot property in Southwest Memphis, expanding its presence in the region following its December 2024 announcement regarding the “Colossus” supercomputer facility. The expansion includes an $80 million state-of-the-art water recycling plant featuring the world’s largest ceramic bioreactor wastewater system, processing up to 13 million gallons daily and protecting approximately 4.745 billion gallons of the Memphis Aquifer annually. The facility also incorporates the world’s largest Tesla Megapack deployment for supercomputing operations, ensuring it never draws from the grid during demand response periods.
2. German Economist Warns Trump Policies Could Trigger New European Debt Crisis
German economic publication Wirtschaftswoche published an article by economist Desmond Lachman warning that Trump’s policies could trigger a new European debt crisis. The article cites the US threat of 25% tariffs on European imports, with particular focus on German products like automobiles and pharmaceuticals. Public debt ratios in Italy and France currently exceed levels seen during the 2010-2012 Eurozone sovereign debt crisis, while Germany’s economic slowdown could reduce export demand from these countries, further complicating their debt reduction efforts. The article notes that approximately 40% of S&P 500 profits come from overseas business, making a Eurozone recession potentially damaging to US markets.
3. MELANIA Token Trading Volume Collapses to $2M
The $MELANIA token, a Solana-based memecoin, experienced a significant drop in trading volume to $2 million in 24 hours on March 8, representing only 1.4% of the $TRUMP token’s $147 million daily volume. With a market cap of around $800 million, $MELANIA was trading at $0.008, down 5% over 24 hours. On-chain metrics show a decrease in active addresses from 5,000 to 1,200, while liquidity pools on decentralized exchanges have significantly diminished. Technical indicators suggest the token is oversold with the RSI at 30, though the MACD shows continued downward momentum.
4. ManusAI Official Account Restored
The official account of AI entity ManusAI has been restored. In their announcement, they stated: “We are back. Just a reminder, this is our only official account. We will continue to share cool use cases, so stay tuned.” Manus chief scientist and co-founder Ji Yichao reiterated that “Manus has never participated in any cryptocurrency projects, token issuance, blockchain initial launch, etc. Any virtual currency with a similar name that claims to be related to us is false.”
5. XRP ETF Approval Odds Rise to 78% Following Trump’s Announcement
Prediction markets are showing increased optimism for XRP ETF approval, with Polymarket now putting the odds at 78%, an 8 percentage point jump since Trump’s announcement about including XRP in a national crypto reserve. XRP has outperformed Bitcoin this year, rising 6.4% compared to Bitcoin’s 4.7% decline. The SEC is currently reviewing five ETF applications for XRP filed by 21Shares, Grayscale, CoinShares, WisdomTree, and Canary Capital, with decisions expected by mid-October. JPMorgan analysts predict XRP ETFs could attract $8 billion in investor flows within the first year.
