Yesterday, US President Trump signed an Executive Order to establish a "Strategic Bitcoin Reserve and a US Digital Asset Stockpile". The Strategic Bitcoin Reserve will hold Bitcoin that the Department of Treasury has seized through criminal or civil asset forfeiture, which the government will not sell but may develop budget-neutral acquisition strategies ensuring that any additional Bitcoin purchases do not create extra costs for American taxpayers. The US Digital Asset Stockpile will consist of forfeited non-Bitcoin digital assets. Unlike the Bitcoin reserve, the government will not actively acquire more assets for this stockpile but may sell them as needed.
Trump confirmed yesterday on his Truth Social platform that tariffs on Mexican goods covered by the USMCA agreement will be suspended until April 2, and did not mention Canada in the social media post. Still, he signed executive orders delaying tariffs until April 2 on goods from both Mexico and Canada that are covered by the United States-Mexico-Canada Agreement (USMCA) trade agreement until April 2.
Yesterday, Big Tech stocks took a hit. Among the "Magnificent Seven", the biggest moves were Nvidia (-5.7%), whose market capitalization fell below $2.72 trillion, and Tesla (-5.6%). Concerns over geopolitical tensions, inflation, and the US labor market are weighing on previously high-valued assets. The US stock market experienced a $1.15 trillion loss.
The global crypto market cap is down 3.6% over the past day to $2.9tn. BTC currently trades at $88,300, down 3% (1d), ETH trades at $2,190, down 4.3% (1d) and SOL trades at $144, down 4% (1d).
Markets are focused on US jobs data and Fed Chair Powell's speech today. Nonfarm payrolls are projected to show 160,000 jobs added in February, with unemployment steady at 4.0%. Meanwhile, Fed funds futures indicate expectations for three rate cuts by year-end.
US BTC spot ETFs recorded a daily net outflow of $134m on Mar 6, and ETH ETFs recorded daily net outflows of $10m.
According to Santiment in a Mar 5 post, Ethereum's social sentiment dropped to a yearly low, which Santiment suggests could indicate an upcoming rebound. They suggest that Ether's recent struggles stem from declining network activity, a drop in total value locked (TVL), and investor concerns over its supply emission rate. The MVRV Z-Score, a key metric for assessing whether ETH is overvalued or undervalued, has fallen to a 17-month low. The last time it reached similar levels was in October 2023, before a nearly 160% rally. Similar downturns in December 2022 and March 2020 also preceded significant bull runs.
On Mar 6, the Texas Senate passed Senate Bill 21, establishing the Texas Bitcoin Reserve, a state-managed fund holding Bitcoin and other cryptocurrencies with a market capitalization of at least $500 billion.
According to Arkham Intelligence and Lookonchain, during the Mar 5-6 market dip, Trump's World Liberty bought 111 wBTC ($10m), 4,468 ETH ($10m) and 3.42m MOVE ($1.5m) on Mar 5, 2025 around 22:oo CET.
The New York State Legislature introduced Assembly Bill A06515 on Mar 5, 2025, which "establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens", aiming to enhance investor protection.
Emirates NBD, Dubai's largest bank, partnered with Aquanow to launch crypto trading on its digital platform, Liv X, allowing UAE customers to trade Bitcoin, Ether, and other major cryptocurrencies.
In a blog post, SUI, a Layer 1 blockchain designed for near-instant and low-cost transactions, announced that they partnered with US President Trump’s World Liberty Financial who will establish a Strategic SUI Reserve, causing SUI price to surge 14%. As of today, SUI is up 3.35% in 24 hours and trades at $2.79, despite that, SUI is down 21.81% in a month.
