Day: March 6, 2025

Texas Strategic Bitcoin Reserve Bill Passes The Senate

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Today, the Texas Senate has passed SB 21, a bill aimed at creating a strategic Bitcoin reserve for the state, by a vote of 25-5. The bill will now advance to the Texas House for further consideration. Texas Lieutenant Governor Dan Patrick identified SB 21 as a priority bill for the 2025 legislative session this past January. The bill aims to position Texas as a leader in Bitcoin adoption by establishing a reserve of BTC, which proponents argue will serve as a hedge against economic instability and inflation. Support for…

David Sacks laments US government’s sale of Bitcoin

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White House crypto czar David Sacks has criticized the US government’s sale of confiscated Bitcoin over the years, referring to it as a strategic mistake that has cost taxpayers billions. In a March 6 social media post, Sacks said the US government generated $366 million in proceeds from its Bitcoin (BTC) sales over the past decade.  “If the government had held the bitcoin, it would be worth over $17 billion today,” said Sacks. “That’s how much it cost American taxpayers not having a long-term strategy.” Source: David Sacks The folly…

Total crypto market cap could top $4 trillion in Q2 — Analyst

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The total crypto market capitalization reached a new all-time high of $3.73 trillion on Dec. 14, 2024, but since then, the metric has dropped 21% to $2.91 trillion.  Despite the current drawdown, one analyst believes the metric could reach new highs in Q2 2025. Total market cap and global liquidity index are correlated Mark Quant, a crypto markets researcher, presented a study that indicated that a rising Global Liquidity Index (GLI) could pave the recovery path for the crypto market, potentially pushing the total crypto market cap to new all-time…

SafeWallet releases Bybit hack post-mortem report

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The developer of SafeWallet has released a post-mortem report detailing the cybersecurity exploit that led to the $1.4 billion hack against Bybit in February. According to a forensic analysis conducted by SafeWallet and cybersecurity firm Mandiant, the hacking group hijacked a Safe developer’s Amazon Web Services (AWS) session tokens to bypass the multifactor authentication security measures put in place by the firm. SafeWallet’s AWS settings required team members to reauthenticate their AWS session tokens every 12 hours, which prompted the hacking group to attempt a breach by registering a multifactor…

Texas Senate passes Bitcoin strategic reserve bill

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The Texas Senate passed the Bitcoin (BTC) strategic reserve bill SB-21 in a 25-5 vote on March 6, after deliberating the merits of the legislation on the Senate floor. Texas State Senator Charles Schwertner argued for the bill, saying that it would help the US state shore up its balance sheet with a valuable, scarce asset. Lawmakers also assuaged fears that Bitcoin was a direct competitor to the US dollar as a global reserve currency, adding that it was much more similar to gold. Texas State Senator Charles Schwertner addresses…

What Bitcoin reserve? BTC price slips back below $90K

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Bitcoin (BTC) fell to intraday lows after the Mar. 6 Wall Street open as market discounted good news coming from the US’ first White House Crypto Summit. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Bitcoin shrugs off Crypto Summit excitement Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading down 2% on the day. A run to local highs near $93,000 ended in rejection earlier as bulls lacked the strength to take price action further into its old trading range. Despite the Crypto Summit being only a day away and promising…

Bitcoin, ETH, XRP, SOL, ADA charts versus US crypto reserve rumors — Which to trade?

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The cryptocurrency community keenly awaits the first-ever White House Crypto Summit on March 7, which is expected to provide more details on the planned crypto reserve announced by US President Donald Trump on March 2.  Although the initial announcement included Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA), several critics slammed the idea of adding centralized altcoins alongside Bitcoin in the reserve. US Commerce Secretary Howard Lutnick clarified in an interview with The Pavlovic Today that Bitcoin is likely to have a special status in the nation’s…

New GOP bill aims to end debanking of crypto companies, ‘risky’ industries

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South Carolina Senator Tim Scott, the leader of the US Senate Banking Committee, plans to introduce a bill on March 6 to end regulatory oversight of customer reputational risks toward banks, paving the way for an end to a discriminatory practice known as “debanking,” according to a report from The Wall Street Journal. Debanking is a practice where banks may choose not to do business with clients that pose “reputational risks.” The Federal Reserve defines reputational risk as “the potential that negative publicity regarding an institution’s business practices, whether true…

Solana DEX volumes still rival Ethereum’s despite memecoin meltdown: VanEck

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Solana’s decentralized exchange (DEX) volumes still rival those of the entire Ethereum ecosystem despite a steep dropoff in memecoin trading activity, asset manager VanEck said.  In February, Solana’s share of total onchain DEX volume topped 43%, briefly surpassing the combined DEX volume of Ethereum and its layer-2 scaling networks, according to a March 5 report by VanEck.  They declined to around 30% in March, slightly below the Ethereum ecosystem’s roughly 40% share, data shows.  “Despite the Memecoin Meltdown, Solana DEX volumes are still holding their own — roughly matching the…

US lawmaker reintroduces CBDC bill after Trump EO bans digital dollar

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Minnesota Representative Tom Emmer, the majority whip in the US House of Representatives, has reintroduced legislation aimed at preventing federal banks from using or issuing central bank digital currencies, or CBDCs. In a March 6 notice, Rep. Emmer said he had brought back the CBDC Anti-Surveillance State Act in the House for lawmakers in the 119th session of Congress to consider. An earlier version of the bill, which the Minnesota Representative first proposed in 2022, passed the House in May 2024 and had been awaiting consideration in the Senate Banking…