“I see our function, particularly my office, as a facilitator and guide between White House policy, industry dynamics, interagency actions, and Capitol Hill developments,” Hines, the Executive Director of the Presidential Council of Advisers for Digital Assets, mentioned in a discussion with The Block. Since assuming his role, Hines has engaged with 150 unique individuals from the vast crypto domain.

The Trump administration’s approach diverges significantly from that of the Biden administration, which was more cautious towards the crypto sector. A few days into his presidency, Trump issued an executive order to “Bolster American Leadership in Digital Financial Technology,”. It encompassed numerous initiatives, including the formation of a working group to develop a federal regulatory framework and considerations to prohibit the use of a central bank digital currency. The administration also appointed crypto-sympathetic leaders to helm key agencies, such as the U.S. Securities and Exchange Commission.

Last month, a crypto summit was held at the White House with significant industry players, including Coinbase CEO Brian Armstrong and Kraken co-CEO Arjun Sethi. Another such summit is on the cards, Hines hinted. The White House is contemplating different ways to structure future summits, potentially segmenting them into “sub-vertical summits” focused on exchanges and miners.

Trump recently issued an executive order to establish a strategic Bitcoin reserve and a U.S. Digital Asset Stockpile. The terms “stockpile” and “reserve” have stirred confusion due to their distinct implications. The Bitcoin reserve consists of government-owned Bitcoin that has been forfeited. The stockpile includes forfeited cryptocurrencies other than Bitcoin obtained from criminal or civil proceedings.

As the Trump administration and regulators progress with executive orders and a new approach to crypto oversight, lawmakers are swiftly moving to promote legislation to regulate stablecoins and subsequently adopt a holistic market approach. However, concerns have been raised over Trump’s involvement in crypto, given the Trump family’s association with a DeFi protocol under development, as well as live and tradable memecoins and NFTs.

Hines got interested in crypto while playing football in the 2014 Bitcoin St. Petersburg Bowl for North Carolina State during his first year in college. He has been a fervent trader since buying Bitcoin shortly after. He highlighted a team dynamic between crypto and football, stating, “Despite the vertical you operate within or your objectives in the space, these players have encountered numerous obstacles.”

The post Navigating the Crypto Terrain: Bo Hines and the White House Crypto Strategy Three Months On appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

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BTCUSD

Main Takeaways:

• Bitcoin on the verge of a 10% Q1 decline
• Markets anticipate major moves from the White House
• Q2 brings potential risks of tariffs and trade wars

The future of the crypto market will largely depend on forthcoming policy decisions by the White House, particularly those made by its crypto working group.

🔍 A Glance at Q1

Bitcoin BTCUSD has had a sluggish start to this week’s trading (possibly due to the EU’s hour shift forward over the weekend?), with prices hovering below the flatline around $82,000. Today marks the conclusion of the first quarter — a cause for celebration for some — and with it, the close of Bitcoin’s three-month performance. The quarter was primarily characterized by disappointment. Despite hosting its inaugural crypto gala and promising significant developments in the sector, the White House failed to energize crypto traders.

📉 Bitcoin’s 10% Q1 Loss

Bitcoin is poised to end the first quarter of 2025 with a 10% loss. Prices opened around $93,500 on January 1 but have since shed approximately $12,000, hitting a two-week low today. The situation could have been worse — Bitcoin reached a five-month low of $76,000 in mid-March, erasing all post-election gains. But let’s shift our focus from the past to the present and future. If the White House can deliver on its grand promises regarding growth, prosperity, and widespread business and user adoption, there could be exciting times ahead.

🔮 Q2 Outlook

The White House’s crypto working group has committed to expanding the industry’s presence in the US through deregulation, pro-crypto policies, and a generally more welcoming approach to the sector compared to Joe Biden’s stringent stance. However, the second quarter brings the risk of tariffs, which pose a threat to global trade, as they have the potential to hinder economic growth, damage corporate revenues and profits, and generally undermine consumer confidence.

The post BTC/USD Forecast: Bitcoin Poised for 10% Q1 Pullback. What Lies in Store for Q2? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

It was revealed on Thursday that Benjamin Delo, Arthur Hayes, and Samuel Reed, all co-founders of BitMEX, had received presidential pardons. These individuals had previously admitted to charges of money-laundering. The pardons are seen as a positive sign by the crypto industry, which had been hopeful of more relaxed regulations under Trump’s administration. The former president had actively sought support from crypto donors during his campaign.

According to a Reuters report from January, the founders of BitMEX, Delo, Hayes, and Reed, were accused by prosecutors of intentionally breaching the Bank Secrecy Act between 2015 and 2020. They were alleged to have failed in implementing anti-money laundering and “know your customer” programs. BitMEX has yet to respond to Reuters’ request for comment on this matter.

Furthermore, Trevor Milton, the founder of the now-defunct electric and hydrogen-powered truck manufacturer Nikola NKLAQ, who was found guilty of fraud, has also been pardoned by the president.

The post BitMEX Co-founders Receive Presidential Pardons, Confirms White House Aide appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Having taken a beating with a 50% loss in value over the past four months, Ether is currently lingering around the $2,000 threshold. The weekend’s trading saw ETHUSD prices remain steady at this level, aided by low volume and liquidity. Despite this, the market remains tough and Ether’s value seems to be in hibernation.

Most significant developments from the crypto-friendly White House administration have been fully digested by the market. What’s needed now is a fresh catalyst to rekindle investor interest and give the crypto market a much-needed boost.

What might this catalyst look like? One potential driver could be guidance from the White House’s crypto guru, David Sacks. His crypto task force recently hosted a crypto gala attended by the President and leading figures in the cryptocurrency sphere. However, the event failed to stimulate buying interest. The market is now eagerly awaiting updates from Sacks and his team about their plans to broaden the industry’s reach and lower entry barriers for everyday consumers.

Ether’s performance is particularly sensitive to greater acceptance from both Wall Street and mainstream audiences. However, Ether’s nine dedicated exchange-traded funds (ETFs) have yet to attract significant investment. These ETFs, which exclusively hold Ether, have only managed to amass approximately $6 billion in assets under management since their launch in July last year. This pales in comparison to Bitcoin’s 11 ETFs, which collectively hold around $90 billion in investments. Nonetheless, Ether serves as a vital gateway to the world of decentralized apps (dApps) and non-fungible tokens (NFTs).

The post Ether Hovers Around $2,000 After 50% Dip: What Could Trigger a Rally? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Jason Calacanis, an early investor in Uber, ignited a firestorm in the Bitcoin community by suggesting that Bitcoin will inevitably be supplanted by something superior. Calacanis, who has a following of 981,600 on Twitter, stated on March 14 that while Bitcoin has been a fantastic game, it’s time to “construct a superior Bitcoin”.

The claim was swiftly refuted by Bitcoin company founders and executives, who argued that Bitcoin will not be replaced, but there is room for a dominant layer-2 protocol to emerge on the Bitcoin network. Brady Swenson, co-founder of Swan Bitcoin, remarked, “Successful protocols aren’t replaced; they are built upon.”

In other news, Pavel Durov, who founded the popular messaging app Telegram, has relocated from France to Dubai following a French court’s approval. Dubai, known for its business-friendly environment and non-extradition agreements with numerous countries, welcomed Durov on March 13, as reported by Barron’s citing anonymous sources.

David Sacks and his venture capital firm divested over $200 million in crypto and related stocks before his White House tenure, according to a White House memo. The memo noted that “significant measures” were taken to minimize potential conflicts of interest before Sacks took on his role as White House AI and crypto czar, a critical part of which is to assist in the creation of a legal framework for the crypto industry. All “liquid cryptocurrency” from Sacks’ portfolio, as well as from the Craft Ventures portfolio, was liquidated before Donald Trump’s inauguration on Jan. 20.

The post Crypto Roundup: Today’s Top Stories in the Digital Currency World appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

On March 7, a congregation of crypto company CEOs and founders is set to engage with US President Donald Trump, discussing an array of topics such as regulatory policies, stablecoins, and a potential strategy for establishing a governmental crypto reserve. A senior White House official affirmed that the summit’s focus would not be on taxation but on revising previously instituted policies.

“We are eager to see what specific objectives will be set forth during the summit. However, there is a general expectation that it will foster a regulatory framework that the American crypto industry has been longing for: clarity without suffocation,” comments Les Borsai, co-founder of Wave Digital Assets, speaking to Cointelegraph.

Borsai further emphasized that the summit, announced merely a week ago by Trump, could mark a turning point in the US crypto industry.

Confirmed attendees of the event include top executives from major crypto businesses like Ripple and Coinbase. Meanwhile, speculation is rife that Tether CEO Paolo Ardoino, who recently announced his presence in Washington, DC, might also join the White House event.

Despite the excitement, some concerns have been raised about potential conflicts of interest, particularly in light of Trump’s recent launch of his memecoin. Critics argue that as his team controls a substantial share of the coin’s total supply, Trump could potentially manipulate investors.

Leading companies such as Ripple and Coinbase have donated substantial amounts to a political action committee potentially aiding Republican colleagues of Trump. The current administration’s SEC has also halted investigations against many firms expected to be present at the March 7 White House event.

The summit could also include discussions on America’s role in the digital asset space and the establishment of a strategic Bitcoin reserve.

The post Anticipating Key Discussions at the imminent Crypto Summit at the White House appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Last Thursday, the on-chain data disclosed that World Liberty Financial has significantly enhanced its treasury, garnering $10 million in ether (ETH), $10 million in Wrapped Bitcoin (WBTC), and $1.5 million in MOVE tokens, the native currency of the Movement Network blockchain ecosystem. Nansen, a blockchain analytics company, posted on its platform that Trump’s project, World Liberty Financial, has made a $25 million crypto move, hinting at more to follow.

Arkham Intelligence’s data further showcased World Liberty Financial’s significant Ethereum holdings growth over the past week, increasing from approximately 2,200 ETH on Monday to over 7,000 ETH by Thursday.

The timing of these acquisitions is crucial, considering they coincide with the upcoming White House Crypto Summit. Here, ex-President Trump is set to interact with leading cryptocurrency founders. The summit intends to discuss future cryptocurrency regulations and the potential establishment of a strategic crypto reserve by the U.S.

Bitcoin’s price increased by over 3% in the last 24 hours as investors anticipate signals from Friday’s summit on future market trends. Bitcoin momentarily reached $92,700 before falling back to $91,380 amid profit-booking. Among the top ten cryptocurrencies, Dogecoin led the rally with a 4% surge, while Solana and Ether posted around 3.8% and 2.3% gains, respectively. However, Cardano’s trading remained stagnant.

Thursday’s market recovery boosted bullish sentiments after a volatile week. On Sunday, Trump announced a strategic crypto reserve, potentially including XRP, ADA, and ether. But, enthusiasm faded as the week progressed and the market retracted due to new U.S. tariffs, causing traders to anticipate further details.

Market analysts expect more price movement leading up to Friday’s event, with the market awaiting greater regulatory clarity for the cryptocurrency sector. According to QCP Capital analysts, “This Friday marks a historic milestone — the first-ever White House Crypto Summit. However, without any concrete executive orders, funding commitments, or congressional backing in place, the market remains in wait-and-see mode.”

Disclaimer: The Block is an independent media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently, providing objective, impactful, and timely crypto industry information. This article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.

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Trump’s First White House Crypto Summit Scheduled for March 7

US President Donald Trump will orchestrate the first-ever White House Crypto Summit on March 7, facilitating a roundtable discussion among industry thought-leaders on regulatory frameworks, stablecoin supervision, and Bitcoin’s potential role in the US monetary system.

The participants will comprise “notable founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets, as per a statement forwarded by the White House “AI and crypto czar,” David Sacks, in a March 1 X post. Sacks and Bo Hines, the executive director of the Working Group, will preside over the summit.

Sacks was appointed as the White House Crypto and AI Czar on Dec. 6, 2024, with the mandate to “establish a legal framework so the Crypto industry can thrive in the U.S.,” as per Trump’s announcement.

Chicago Mercantile Exchange Group Set to Roll Out Solana Futures on March 17

The Chicago Mercantile Exchange (CME) Group, a renowned global derivatives exchange, has announced its intention to launch Solana (SOL) futures contracts on March 17, contingent on approval from United States financial regulators.

As stated in the Feb. 28 announcement, market participants will be able to trade in micro contracts of 25 SOL or standard contract sizes of 500 SOL, with all contracts being cash-settled. CME Group already offers futures and options contracts for Bitcoin (BTC) and Ether (ETH) to investors aiming to hedge against the highly volatile nature of these digital assets.

The introduction of Solana futures contracts gives traditional finance investors more exposure to the crypto markets and injects fresh capital into the crypto landscape, which should bolster prices.

Bitcoin Risks Further Drop if $75K Support Fails Amid Macroeconomic Concerns

Bitcoin could be headed for further downturn if it breaches the crucial $75,000 support threshold due to mounting fears of a possible trade war between the United States and China.

Bitcoin’s (BTC) price has dipped by over 6.5% in the past 24 hours, falling beneath a low of $78,197, last observed on Nov. 10, 2024, according to data from Cointelegraph Markets Pro.

Analysts attribute the current slump to macroeconomic worries related to a potential trade conflict between the US and China, sparked by US President Donald Trump’s decision to impose import tariffs. Ryan Lee, chief analyst at Bitget Research, believes these concerns led to Bitcoin losing the $80,000 support.

However, some analysts fear that Bitcoin’s correction may force the leading cryptocurrency to revisit the $70,000 mark. Based on its correlation with the global liquidity index, Bitcoin’s lowest bid price might drop below $70,000 towards the end of February, following its peak near $110,000 in January.

The post Today’s Crypto Highlights: Trump’s White House Summit, CME’s Solana Futures, and Bitcoin’s Potential Drop appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The White House Crypto Summit, scheduled for March 7, will see industry leaders gather to discuss regulatory strategies, stablecoin management, and the prospective role of Bitcoin in the U.S. financial landscape. Attendees will include esteemed founders, CEOs, and investors from the crypto industry, as well as members of the President’s Working Group on Digital Assets, as per an announcement by the White House “crypto and AI czar,” David Sacks, on March 1. Sacks and Bo Hines, the executive director of the Working Group, will chair this summit. President Trump appointed Sacks to his current position on Dec. 6, 2024, with the mandate to create a legal framework for the crypto industry to thrive in the U.S.

In other news, the CME Group announced the introduction of Solana (SOL) futures contracts on March 17, pending U.S. financial regulators’ approval. As per the February 28 announcement, market players will have access to micro contracts of 25 SOL or standard contract sizes of 500 SOL, all cash-settled. With its existing Bitcoin (BTC) and Ether (ETH) futures and options contracts, the addition of Solana futures will provide traditional finance investors with more exposure to the crypto markets and support prices with new capital infusions.

Nevertheless, concerns over a potential trade war between the U.S. and China due to President Trump’s import tariffs decision may drive Bitcoin’s value below the critical $75,000 support level if it fails to hold. Bitcoin’s price has already dipped more than 6.5% in the past 24 hours, reaching a low of $78,197, last seen on Nov. 10, 2024. Analysts warn that if Bitcoin’s correction continues, it could revisit the $70,000 mark.

The post Crypto News Recap: Trump’s White House Summit, Solana Futures by CME Group, and Bitcoin Price Concerns appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

What Is Ofelimous?

The goal of the Ofelimous protocol is to limit the energy that is used by proof-of-work chains to the absolute minimum. Proof-of-useful-work, as opposed to proof-of-work, assures that the computational capacity of miners is being directed toward the resolution of issues originating from the real world.

However, this makes the blockchain that has embraced it less secure since an adversary may utilize the system to solve simple issues, resulting in the creation of more blocks than miners could with the same resources. However, Cardano is certain that Ofelimous will readily find a solution to this problem. Hoskinson suggests that miners of Bitcoin should transition to this PoUW protocol so that they may reduce their carbon footprint, which is already on par with that left by smaller nations.

The White House has proposed that cryptocurrency mining be outlawed until it can become more environmentally friendly. A study on the excessive use of energy by a variety of businesses, including bitcoin mining, was recently issued by a group of parliamentarians working for the White House. The research was compiled in response to an order given by President Joe Biden in March of this year.

In a word, the research suggests that certain businesses need to be outlawed if there is no feasible way for them to considerably reduce the amount of energy that they use. BTC skeptics have often brought up the problem of the huge carbon footprint that is left behind by the Bitcoin blockchain. According to recent studies, the amount of energy that Bitcoin miners utilize is comparable to the amount of energy that is spent by small nations all over the globe.

The present situation, in which costs for energy supplies are increasing at an alarmingly high rate, makes this problem even more important. However, the paper suggests that proof-of-stake, rather than proof-of-work, should be used for PoW blockchains since doing so would drastically cut the amount of energy such blockchains use.

Switching to alternative crypto-asset technologies such as Proof of Stake might drastically cut total power use to levels that are less than one percent of what they are now. This Ofelimous protocol is used by Cardano, and Ethereum is set to transition to PoW as well. The long-awaited update to Merge is scheduled to happen in about one week, between September 15 and 20.

The post Hoskinson Is Sure that Bitcoin Needs Ofelimous Protocol  appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.