🇺🇸Trump Whipsaws Markets With Crypto Reserve and Tariffs

gm Defiers!

Crypto market volatility continues as traders weigh Trump’s crypto reserve plans against the backdrop of trade tariffs. Bitcoin rallied above $88,000 after plunging to $81,400 earlier in the day.

Meanwhile, Zora is gearing up to launch a token, and the SEC has dropped its lawsuit against Kraken.

✍️ In today’s newsletter:

Crypto markets rebound after Trump’s tariffs take effect
Zora to launch token in the spring
Trump floats multi-asset crypto reserve
Metamask airdrop speculation rises after LogX launches pre-market
SEC drops lawsuit against Kraken
Q4 2024 was Bitcoin’s best quarter ever: Messari
Bitcoin ETFs end 8-day losing streak

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📈Crypto Markets Bounce as Trump’s Tariffs Take Effect

Crypto markets started Tuesday deeply in the red after U.S. President Trump’s trade tariffs against Canada, Mexico, and China went into effect at midnight. However, digital assets staged a rebound later in the day, buoyed by bullish price action across global stock markets.

Bitcoin rebounded above $88,000 after trading as low as $81,400. Ether briefly traded under $2,000 for the first time since November 2023.

🪙Zora Announces Token Airdrop 'For Fun'

Zora, an Ethereum Layer 2 network geared towards creators, will release its official token on Base, following a snapshot on March 3, but it appears to have no use case within the ecosystem.

🇺🇸Trump’s Crypto Reserve Plans Split the Industry and Whipsawed the Market

President Donald Trump confirmed an executive order directing a Presidential Working Group to build a Crypto Strategic Reserve including BTC, ETH, XRP, ADA, and SOL.

Following the news, the markets skyrocketed, sending BTC up 12%, SOL up 26%, and ADA up 79% in less than 8 hours. However, the pump was short-lived, and the market gave back all of its gains after traditional markets opened on March 3.

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🦊MetaMask Airdrop Speculation Rises after LogX Launches Pre-Market Trading

“Projects indicating trading, or pre-market trading, of a MetaMask token are unaffiliated with Consensys. There is currently no MetaMask token,” reiterated Michael Khekonian, Senior BD Manager at Consensys.

🏛️SEC To Drop Lawsuit Against Kraken As War on Crypto Collapses

The SEC agreed to dismiss its lawsuit against crypto exchange Kraken. The agency will drop all charges against the exchange with no admission of wrongdoing, penalties paid, or changes to its business.

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📅Bitcoin Just Had its Best Quarter Ever, Messari Says

Bitcoin had record-breaking growth in key areas, including price, total value locked (TVL) and institutional adoption. BTC ended 2024 at $93,400, a 48% increase quarter-over-quarter (QoQ) and 121% year-over-year (YoY).

📉Bitcoin ETFs End 8-Day Losing Streak with $95 Million of Inflows

U.S. spot Bitcoin ETFs posted a net inflow of $94.34 billion on Feb. 28, marking the first positive flows after eight straight days of outflows.

🌍 ELSEWHERE

Crumbling Markets Have Sent Treasury Yields Plunging, Offering Hope for Crypto (Coindesk)
Crypto ‘Alt Season’ May Disappear for Good in Marketwide Slump (Bloomberg)
Crypto trader nets a 'suspicious' $7 million after perfectly timed Trump announcement (TheStreet)