Crypto Morning News: Bitcoin drops back to $85,000; the 499,000 ETH stolen from Bybit has been fully laundered
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Crypto Morning News: Bitcoin drops back to $85,000; the 499,000 ETH stolen from Bybit has been fully laundered
Bitcoin may face resistance at $96,000 in the short term.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
IntoTheBlock: Bitcoin may face resistance at $96,000 in the short term
According to IntoTheBlock analysis, volatility has returned to the crypto market, and on-chain accumulation data can provide valuable insights for identifying potential support and resistance levels. In the short term, approximately 1.66 million bitcoins are currently held at a loss; these holders may choose to exit their positions as prices return to break-even levels, creating a key resistance zone near $96,000.
Trump: Reciprocal tariffs to take effect April 2
U.S. President Trump announced during a press event confirming TSMC’s $100 billion investment in the United States that the U.S. will impose 25% tariffs on Canada and Mexico starting March 4, stating there is no further room for negotiation with these allies. Additionally, Trump stated the U.S. will implement reciprocal tariffs beginning April 2 and will impose tariffs on countries using currency devaluation as a competitive tool. Earlier, Trump also indicated plans to impose agricultural tariffs on April 2.
21Shares Head of Strategy: Strategic crypto reserve may take longer to materialize; market overly optimistic
Eliezer Ndinga, Head of Strategy at 21Shares, posted that recent price increases in cryptocurrencies—especially altcoins—have been largely driven by discussions around a U.S. strategic crypto reserve, but the market reaction may be overly optimistic.
He noted that establishing such a reserve would require congressional approval and involves numerous complex issues: asset allocation ratios, holding duration, proportion relative to total supply, market integrity safeguards, and asset protection mechanisms.
Ndinga believes the process will take longer than expected. While Trump may use his social media influence to set initial conditions for Congress, any proposal could face multiple revisions and delays, ultimately cooling current market enthusiasm.
Muse Labs Lead: Selling gold to fund crypto reserves easier under Trump administration; watch gold prices
Jiang Jinze (@kanazawa0x0), head of Web3 research firm Muse Labs, posted: “Funding Trump’s proposed crypto reserve by selling gold rather than issuing new debt is technically easier since it doesn’t increase government debt. But at this stage, neither option seems credible. So if you're wondering whether large players truly believe in this reserve plan, watch whether gold prices fall—it's an indirect indicator.”
Zora: To launch ZORA token, with airdrop expected in spring 2025
Officially announced, Zora plans to launch its ZORA token in the coming months on Base, an Optimism-based network.
The first snapshot was taken on Monday, with a second scheduled three days before the official airdrop, expected sometime in spring 2025.
The token has a total supply of 10 billion, allocated as follows: 26.1% to contributors, 20% for incentives, 20% to treasury, 18.9% to the Zora team, 10% for retroactive airdrops, and 5% for liquidity maintenance.
Zora emphasized the upcoming token is “for entertainment purposes only,” with no governance rights or entitlement to equity in Zora or its products.
Market rumor: Ronaldinho’s X account allegedly sold for $5M to Shenzhen-based token team
According to crypto user @R10coin_, former football star Ronaldinho is accused of selling his Twitter account for $5 million to a Shenzhen-based Chinese company to promote a cryptocurrency project.
The leak claims the project intends to execute a "rug pull" within one hour of token launch, dumping tokens and harming investors.
Sources indicate negotiations between the parties began in May 2024, culminating in an agreement after over six months of discussion.
No official confirmation or denial has been issued. Investors are warned not to purchase related tokens to avoid potential financial losses.
CZ: Interactions 'casual,' 80% of YZi Labs' investments lose money
Binance founder Changpeng Zhao (CZ) responded on X regarding accusations that his interaction with a Ronaldinho meme coin constitutes indirect endorsement, saying his interactions are “very casual,” adding: “Who has time to do due diligence first? I just engage with influencers on BSC. If I had to vet every X post before replying, how could I respond at all? I aim to interact more with the community, not less—and that won't change. Projects we advise or invest in through Labs are ones we ‘look into.’ But even then, 80% of Labs’ investments lose money.”
U.S. SEC Crypto Task Force to hold inaugural roundtable on March 21
According to The Block, the newly formed U.S. Securities and Exchange Commission (SEC) crypto task force will host its first roundtable later this month as part of a series of events. In a statement on Monday, the SEC said the session titled “Our Past and Future – Defining What Is a Security” will take place on March 21 at the agency’s headquarters in Washington, D.C. This roundtable is part of the “Spring Sprint for Crypto Clarity” initiative. Republican Commissioner Hester Peirce, who leads the crypto task force, stated: “I look forward to leveraging public expertise to build a viable regulatory framework for crypto.” Peirce added she intends to prioritize classifying certain tokens as “non-securities.”
Yuga Labs: U.S. SEC formally closes investigation; NFTs not securities
Yuga Labs announced on X: “After more than three years of investigation, the U.S. Securities and Exchange Commission (SEC) has officially closed its inquiry into Yuga Labs. This is a major win for the NFT space and all creators advancing our ecosystem. NFTs are not securities.”
Bybit hack: All 499,000 stolen ETH fully laundered within 10 days
On-chain analyst Yu Jin (@EmberCN) reported that hackers have fully laundered the 499,000 ETH (approximately $1.39 billion) stolen from Bybit, completing the process within 10 days.
During this period, ETH price dropped 23%, falling from $2,780 to $2,130. The laundering was primarily conducted via THORChain, which generated $5.9 billion in trading volume and $5.5 million in fees.
Market Update
Suggested Reading
After the power shift, where is the Ethereum Foundation headed?
This article discusses the recent major personnel changes at the Ethereum Foundation (EF), including Executive Director Aya Miyaguchi transitioning to Chair, the appointment of Hsiao-Wei Wang and Tomasz Stanczak as co-Executive Directors, and the return of former researcher Danny Ryan. These changes have sparked intense community debate—seen both as a sign of Ethereum reclaiming its technical focus and criticized for failing to address concerns about governance centralization. The article analyzes the new leadership’s backgrounds and potential impact, emphasizing Ethereum’s need to balance idealistic vision with real-world market demands.
Trump’s words revived the market—but did you make money?
This article examines how Trump’s post on Truth Social about establishing a U.S. “crypto strategic reserve,” specifically mentioning XRP, SOL, and ADA as candidates, triggered a strong rally across the crypto market. However, it also explores the reality for retail investors amid the surge, highlighting information asymmetry and unequal benefit distribution between insider circles and ordinary participants.
This piece analyzes how Trump’s engagement with cryptocurrency reveals the paradox between power and decentralization, showing how blockchain technology can be leveraged by political figures to create hidden exploitation systems. It dissects Trump’s strategies of market manipulation through informational advantage and capital leverage, arguing that instead of disrupting traditional power structures, blockchain has become a new tool for their consolidation.
IOTA launches MOVEATHON hackathon series, kicking off its “Year of Building”
This article covers IOTA’s announcement of the MOVEATHON hackathon series, designed to explore new possibilities enabled by its upcoming protocol upgrade. Spanning all of 2025, the first event runs from March to June with a $150,000 prize pool. Post-upgrade, the IOTA protocol will feature full decentralization, over 50,000 transactions per second, sub-second finality, and dual smart contract support via MoveVM and EVM. Four tracks encourage developer innovation in payments, real-world applications, DeFi, and infrastructure tools.
Interview with Backpack CEO Armani Ferrante: Building bridges between traditional finance and crypto
This is an interview with Backpack CEO Armani Ferrante, covering his journey from Apple engineer to crypto entrepreneur, as well as Backpack’s product development, compliance strategy, and market positioning. The article details Backpack’s product roadmap, funding status, and future direction, including expansion plans in Japan and Europe.
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