Cryptocurrencies started March on a rather pessimistic note. Donald Trump, who was elected as the 47th president of the US, often made pro-crypto rhetoric, but his policies cornered the financial markets. Trump’s tariffs on Canada and Mexico caused a global outcry. Trump’s claim to Greenland and his moves against Russia have also raised fears of war. Risky investment assets declined in the first week of March.
While despair prevails in cryptocurrencies, we have compiled the news headlines that affect the agenda for you. Here’s what happened this week…
Trump announces Bitcoin and crypto reserves on social media
On the evening of March 2, a striking social media post came from US President Donald Trump. Trump announced the creation of a crypto reserve consisting of XRP, ADA and SOL. The post made on the social media platform made a big noise. An hour after this post, Trump announced that Bitcoin and Ethereum would also be in the reserve. On March 3, the first trading day of the week, the crypto market was shaken by Trump’s social media posts. Industry experts criticized Trump’s choice of altcoins for the crypto reserve. Many actors argued that the reserve should only consist of Bitcoin. The fact that the reserve announcement was made on a social media platform negatively affected the crypto market. Many cryptocurrencies, especially Bitcoin, started the week on a downward trend.
Japanese tech company continues to buy Bitcoin
Japan-based technology company Metaplanet bought 156 Bitcoin on Monday and bought 497 more on Wednesday. The company, which buys Bitcoin at regular intervals, takes Strategy as an example for potential returns. Ending the week with an appetizing buying strategy, the value of Metaplanet’s Bitcoin holdings reached $251 million. So far, the company has bought 2,888 Bitcoins at an average price of $83,172. For these purchases, $240.2 million came out of the company’s coffers.
Former soccer star Ronaldinho launches memecoin
Ronaldinho, considered one of the legendary soccer players of the 2000s, signed an initiative that left a mark on the week. Ronaldinho announced that he issued memecoin on the BNB blockchain. Although the memecoin in question exceeded a market value of 200 million dollars in a short time, it lost nearly 95 percent of its value with increasing sales pressure after a while.
Trump hits cryptocurrencies
US President Donald Trump’s announcement to impose tariffs on Canada and Mexico sparked global tensions. While statements were made from Canada that a counter move was coming, Trump said more was on the way. The tense environment negatively affected cryptocurrencies. Bitcoin price fell below $ 83,000 due to the tension created by Trump. Bitcoin, which fell 10 percent on March 4, dragged many altcoins to potential lows.
Ethereum activates Pectra upgrade on test network
Ethereum, one of the most criticized cryptocurrencies of recent years, has started testing the Pectra upgrade. Ethereum developers have launched Pectra on the Sepolia testnet in the final stage before it goes live on the mainnet. The Ethereum Foundation reported that it continues to work on the execution layer and several miscellaneous issues. The Pectra upgrade is known as an enhancement that reduces layer-2 fees and preserves Ethereum’s competitive nature.
Pump.fun which took an era by storm was hit hard
With the end of the memecoin craze, in which political figures were involved and a huge liquidity evaporated, Pump.fun trading volume fell by nearly 95 percent. Pump.fun, which recorded a daily trading volume of 3 billion dollars in January, recorded an average daily trading volume of 150 million dollars in the past week. Experts predicted that this decline is healthy and that the crypto market will start growing healthy again.
Whale from Genesis attracts attention with ETH sales
A whale who bought 114,500 ETH worth $358 million from the failed crypto platform Genesis has resumed his sales. The whale, who hid his investments for six months, sold 40,000 ETH worth about $90 million this week. The whale, which is recorded as the crypto wallet that bought the most ETH from the lending platform Genesis, started selling, causing panic.
US Secretary of Commerce made striking statements for Bitcoin
US Secretary of Commerce Howard Lutnick reported that President Trump is interested in the strategic Bitcoin reserve and that a different approach will be taken to this reserve compared to other cryptocurrencies. Referring to XRP, SOL and ADA, which are among the largest cryptocurrencies by market capitalization, the trade minister stated that Bitcoin’s place is separate. Lutnick stated that the Bitcoin strategy will be a unique move.
Trump signed: Bitcoin is now officially a reserve currency!
US President Donald Trump signed an executive order on Friday establishing both a strategic Bitcoin reserve and a stockpile of digital assets. According to the executive order signed by Trump, both reserves will be created from assets on hand. The Bitcoin reserve in particular will start with the $16 billion worth of Bitcoin held by the US government. Created on March 7, the strategic Bitcoin reserve made waves in the crypto sector but failed to deliver what was expected in the market. Bitcoin retreated to the $ 85,000 band despite the approval of the reserve. The decline was associated with the US announcement that it would not buy a new Bitcoin, but rather create a reserve from existing Bitcoins.
A new era in the US: Banks paved the way for crypto
The OCC, the leading banking regulator in the US, has eliminated the factors that prevent banks from engaging in activities related to cryptocurrencies. OCC deputy Rodney Hood stated that as a result of the step taken, it will become easier for banks to turn to cryptocurrencies. As it is known, Trump had called for the elimination of crypto banks. Taking action after the call, the OCC created a path for crypto to the traditional banking system.
Kraken prepares for IPO in the US
The exchange, which took action after the SEC withdrew its unregistered securities sales lawsuit against Kraken, plans to go public in the US. According to Bloomberg, the Kraken exchange is preparing to launch an initial public offering in 2026. If these initiatives are successful, Kraken will become the second publicly traded crypto exchange in the US after Coinbase.
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