The pessimistic mood in cryptocurrencies continues. There were declines in cryptocurrencies this week as well. Bitcoin fell to $76,000 on the first trading day of the week, creating a new low. Although recovery rises were seen in the following days of the week, the fear in the market did not subside.
US President Donald Trump’s harsh rhetoric continued to put markets on edge, creating uncertainty in global markets. Concerns of recession led to $1.3 trillion being wiped off the markets at the beginning of the week. Towards the end of the week, although money inflows and rises were seen in the markets again, experts stated that caution should be exercised.
What happened in a challenging week? Here are the highlights of the week…
Bitcoin fell to $76,000: Why did it fall?
Bitcoin, the leading cryptocurrency, dropped dramatically on the first trading day of the week, falling to the $76,000 level. This decline made crypto investors uneasy. Despite the US approval of the strategic Bitcoin reserve the previous week, the continued decline raised questions.
Trump’s tariffs, tensions between countries and unsatisfactory steps towards cryptocurrencies were among the reasons for the decline. In particular, Trump’s statement that he did not care about the recession increased uncertainty. QCP Capital stated that the indication that no new BTC purchases will be made in the strategic reserve approval is the main reason behind the declines.
US Commerce Secretary rejects recession claims
US Secretary of Commerce Howard Lutnick rejected claims that Trump’s moves will cause a crisis in global markets and that a recession will break out. Lutnick stated that contrary to popular belief, the US will grow and an investment of 1.3 trillion dollars will be brought to the country. He argued that the US economy is built on solid foundations.
Ethereum, the last bastion of altcoins, collapsed: Historic levels!
Ethereum (ETH), which fell 20 percent between March 2-9, shattered crypto investors’ dreams of an altcoin bull. Ether price suffered its biggest weekly depreciation since the collapse of Terra (2022). Experts argued that ETH, which fell below $ 2,000, could retreat to $ 1,500 support. Ending its uptrend since 2022, ETH continues to weaken despite an increase in global adoption rates. ETH, which fell to $1,755 on March 11, is claimed to be the biggest obstacle to altcoins.
Spain’s financial giant moves into crypto
Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA) stepped into the crypto sector as regulation of crypto asset markets across the European Union came into effect. BBVA has received approval from Spain’s financial regulator to offer Bitcoin and Ethereum transactions to its customers.
BBVA launched cryptocurrency trading in Turkey in January and attracted great interest. On the other hand, BBVA is not the first European bank to enter the crypto market, Deutsche Bank is also trying to gain an early place in the sector.
VanEck surprises with Avalanche (AVAX) move
VanEck, the asset manager that issued the Spot Bitcoin ETF, made a move for Avalanche (AVAX), which has lost 55 percent since the beginning of the year. VanEck registered the Avalanche exchange-traded fund (ETF) in the US. Experts said the asset manager signaled that it would soon apply for the AVAX ETF.
Public records on the state of Delaware’s official website show that VanEck registered an investment product called the VanEck Avalanche ETF in Delaware on March 10.
Bitcoin signals recovery with intermediate rises
The leading cryptocurrency Bitcoin recorded a 7 percent rise between March 11 and March 12. Bitcoin, which rose above $ 83,000 after the rise in question, made us think that the recovery had begun. CryptoQuant stated that Bitcoin, which rose above $ 83,000 after falling to $ 76,000, is still at riskier levels. The analysis platform noted that a key bullish indicator is at its lowest levels ever. Nonetheless, Bitcoin rebounded by the middle of the week, raising hopes.
Franklin Templeton stirs excitement with XRP ETF move
Wealth manager Franklin Templeton has applied for an XRP ETF. Franklin Templeton, which submitted its pre-application to the US regulator SEC, managed to excite investors. Crypto investors liken the trend of large companies turning to XRP to Bitcoin. In 2024, spot Bitcoin ETFs started in a similar way. The SEC has 240 days to approve or reject Franklin Templeton’s application, which is still in the preliminary stage. In fact, ETF experts said the SEC has until the end of 2025 to decide on the application.
According to the application, Franklin Templeton will hold XRP assets through Coinbase Custody and trade them on the Cboe BZX exchange. If the ETF is approved, investors will not be able to benefit from XRP Ledger’s rewards or airdrops.
Russia takes firm steps forward in the crypto sector
Russia, which allegedly exchanges crypto with several countries, has made a remarkable move. The Central Bank of Russia is planning an experimental study to allow selected Russian investors to trade cryptocurrencies. The Central Bank of Russia submitted a proposal on March 12 to allow a limited number of Russian investors to buy and sell cryptocurrencies such as Bitcoin.
ETH/BTC pair falls to five-year low
Ether (ETH), the pioneer of altcoins and the second largest cryptocurrency by market capitalization, continues to lose strength against Bitcoin. Ethereum’s value against Bitcoin fell to its lowest level since mid-2020. Experts noted that crypto investors are starting to turn to higher-performing altcoins. In an X post dated March 12, economist Alex Kruger wrote, “If you’re still stuck in ETH, you may want to buy altcoins with a higher return model. It might be a good time to sell ETH to buy high-potential altcoins.”
Coinbase delists three memecoins in New York
US-based public crypto exchange Coinbase has suspended trading of three popular memecoins on its New York-traded platform. According to the exchange’s statement, it will delist FLOKI, TURBO and GIGA in New York after April 14, 2025. While the exchange made this move within the scope of platform regulations and compliance, doubts about the future of memecoins have increased. Experts predict that memecoins, which caused a huge stir in early 2025, will lose value for some time.
Turkey improves crypto regulations
Turkey’s Capital Markets Board (CMB) issued the second regulatory clarifications on the licensing and activities of CASPs, including cryptocurrency exchanges, custodians and wallet service providers.
International lawyer Burçak Ünsal told Cointelegraph that the post-regulation minimum capital requirement for exchanges is $4.1 million and for custodians it must be at least $13.7 million.
Trump family-backed WLFI completes major pre-sale
World Liberty Financial (WLFI), the cryptocurrency project backed by the Trump family, announced the successful completion of its token sale phase. The project raised $590 million from this sale. Zak Folkman, co-founder of the project, stated that the token sale was completed after a $30 million investment and that Justin Sun, CEO of Tron, made a great contribution to this process. The WLFI token is expected to be listed and traded on exchanges.
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