Headlines
▌Robinhood CEO: Trump Administration May Pass Stablecoin Legislation This Year
When asked by Yahoo Finance's Opening Bell podcast whether lawmakers will push for stablecoin regulation by 2025, Robinhood CEO Vlad Tenev responded: "I think they will." He pointed out that there are already stablecoin bills in circulation, and another bill was introduced before the election, indicating a growing consensus on this issue.
Senate Banking Committee Chairman, Republican Senator Tim Scott, has set up a working group to accelerate certain aspects of digital asset legislation. Scott is working with the crypto policy lead of the Trump administration and Silicon Valley investor David Sacks.
Meanwhile, Republican Senator Bill Hagerty recently introduced the "Stablecoin Innovation and Protection Act," a bill focused on stablecoin regulation.
▌Microsoft Open-Sources Multimodal AI Agent - Magma
Early this morning, Microsoft open-sourced its multimodal AI Agent foundation model - Magma. Compared to traditional Agents, Magma has cross-digital and physical world multimodal capabilities, able to automatically process different types of data such as images, videos, and text. For example, you can use Magma to automatically process e-commerce orders, check the weather, or even operate physical robots and get help playing real chess. Additionally, Magma has built-in psychological prediction capabilities, enhancing its understanding of spatio-temporal dynamics in future video frames, allowing it to accurately predict the intentions and future behaviors of characters or objects in videos.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $88,468.99, with a daily change of -2.9%;
ETH's latest trading price is $2,490.93, with a daily change of -0.0%;
BNB's latest trading price is $622.57, with a daily change of +2.0%;
SOL's latest trading price is $144.17, with a daily change of +2.8%;
DOGE's latest trading price is $0.2111, with a daily change of +2.0%;
XPR's latest trading price is $2.32, with a daily change of +2.5%.
Policy
▌CFTC Plans to Reduce Fines, Signaling a Shift Towards Relaxed Regulation
The Commodity Futures Trading Commission (CFTC) will formally evaluate the level of cooperation or self-reporting by companies or individuals accused of misconduct before imposing fines, the latest signal of the derivatives regulator changing its enforcement approach. CFTC Acting Chair Caroline Pham said the new advisory opinion aims to create "meaningful incentives" for companies to proactively raise issues and resolve cases with reasonable penalties more quickly. Pham said the measure also indicates the agency is complying with a Trump administration executive order to rescind regulations deemed overly "burdensome" by the White House.
▌Arthur Hayes: Trump's Control Over the Republican Party Will Determine Bitcoin's Next Move
BitMEX co-founder Arthur Hayes posted on X that the crypto market is currently in an adjustment phase, awaiting further developments. If Trump fails to pass his budget bill to increase spending and raise the debt ceiling, Bitcoin could retest the pre-election victory levels of $75,000 to $70,000, a scenario that will test the strength of Trump's control within the Republican Party.
▌SEC Confirms Receipt of Grayscale's Application for a Spot Ethereum ETF
According to market sources, the U.S. Securities and Exchange Commission (SEC) has confirmed receipt of Grayscale's application to provide staking functionality for a spot Ethereum ETF.
▌SEC Crypto Working Group Meeting Log Updated, Featuring Participation from a Crypto "Critic" for the First Time
Fox Business reporter Eleanor Terrett reported that the U.S. Securities and Exchange Commission (SEC) Crypto Working Group meeting log has been updated, featuring the participation of a crypto "critic" for the first time. According to the memo, Benjamin Schiffrin, the Securities Policy Director of the non-profit organization Better Markets, attended the meeting. The discussion focused on approaches to crypto asset regulation and the need to prevent fraud in the crypto space.
Notably, this is the first time the SEC Crypto Working Group has met with a crypto "critic". Better Markets has been critical of cryptocurrencies, citing high-risk and regulatory loopholes. While the specific discussion details were not made public, the memo indicates that the SEC is actively exploring a regulatory framework for crypto assets and emphasizing the importance of combating fraudulent activities.
Blockchain Applications
▌Vitalik Buterin: Continuing to Explore New Ethereum Foundation Leadership Structure, More Information to be Announced Soon
Vitalik Buterin posted on X platform that Aya Miyaguchi had proposed the transition from Executive Director to Ethereum Foundation Chair a year ago. During her seven-year tenure as Ethereum Foundation Executive Director, she has achieved many accomplishments and will continue to support the Ethereum Foundation in her new role.
Vitalik Buterin also stated that he is continuing to explore the new Ethereum Foundation leadership structure and will be announcing more information soon.
▌Modular Blockchain Network Hemi to Launch Mainnet on March 12
The modular blockchain network Hemi announced that it plans to launch its mainnet on March 12, 2025. Hemi had previously completed a $15 million seed round in September 2024, with investments from Binance Labs, Breyer Capital, and Big Brain Holdings.
Cryptocurrencies
▌Bernstein Reiterates Bullish Stance on Bitcoin, Maintains $200,000 Target Price
Bernstein has reiterated its $200,000 Bitcoin price target, viewing the current price correction as a potential buying opportunity. Their research report described the current price pullback as "another chance to participate in this cycle" and reaffirmed their bullish stance on Bitcoin's market structure. Bernstein also noted that Bitcoin has not yet reached its cycle high and could approach the $200,000 mark within the next 12 months. Their long-term Bitcoin forecast is based on the simple premise that "accelerating institutional and sovereign demand will make Bitcoin a thriving 'digital gold' asset class."
▌Circle: Does Not Advocate Closing the Channel for Offshore Stablecoin Issuers to Access the Treasury Market
Circle stated that it does not advocate closing the channel for offshore stablecoin issuers to access the Treasury market. It hopes to establish a fair competitive environment between U.S. and non-U.S. issuers, as well as between bank and non-bank issuers.
▌Strategy-Linked Leveraged ETFs Plummet Nearly 50% in the Past Five Days
Two leveraged ETFs (MSTX and MTSU) linked to the Strategy (formerly MicroStrategy) have plummeted nearly 50% in the past five days. Bitcoin had previously fallen below $87,000 on Tuesday. As of the close of trading on Tuesday Eastern Time, MSTX was trading at $23.83 per share, and MTSU was at $4.94 per share, a significant drop from over $43 and $9 respectively last week. Meanwhile, Strategy's (formerly MicroStrategy) stock price also fell nearly 10% to around $255 per share.
Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, stated on Tuesday that the risk-off sentiment in traditional markets is impacting the digital asset industry.
▌Profitability Remains a Challenge, Bitcoin Mining Stocks Bitdeer and Cipher Plummet
Bitdeer's stock price fell 28% to $9.38 per share, while Cipher Mining's stock price dropped 20% to $3.96 per share. Bitdeer Technologies reported its annual revenue was $69 million, a 40% year-over-year decline. Cipher Mining's revenue increased to $151 million, but its full-year adjusted loss widened to $106.6 million.
▌Aave Community Votes to Discontinue Lending on Polygon PoS, Polygon May Lose Over $300 Million in TVL
The Aave community has voted overwhelmingly to discontinue its lending services on the Polygon PoS chain, primarily due to opposition to Polygon's proposal last December to use over $1 billion in cross-chain stablecoins for yield generation.
Aave founder Marc Zeller proposed strict risk parameter recommendations to prevent users from further depositing or borrowing. He believes that Polygon's yield generation method has too high a risk, which may lead to bad debt problems.
Aave is the largest decentralized application on Polygon, with a TVL of over $300 million. Polygon Labs CEO Marc Boiron once stated that the ideal outcome would be for Aave to abandon the termination of the cooperation plan, but the Aave DAO has already passed a relevant proposal to adjust the stablecoin LTV to 0%, preventing users from borrowing.
Currently, over 690,000 votes support leaving Polygon, while about 117,000 are opposed.
▌Arkham: Mirana Ventures has deposited $600 million worth of ETH into Bybit in the past 3 days
Arkham monitoring data shows that Mirana Ventures has deposited $600 million worth of ETH into Bybit in the past 3 days, becoming the largest ETH depositor after the Bybit hacking incident. According to Mirana Ventures' website, its "Anchor capital provider" is also a co-founder of Bybit.
It is reported that Mirana Ventures sold $500 million BTC and $100 million USDT through OTC trading with FalconX, Galaxy Digital, and Wintermute to purchase these ETH.
▌Bitcoin falls to a three-month low, the last bastion of the Trump trade collapses
Institutional analysis points out that two weeks ago, investors began to notice that the so-called Trump trade is almost completely wiped out by 2025. Now, the last successful Trump trade - the price of Bitcoin has fallen to the lowest level in three months and is heading towards the worst performance since the August 5 plunge. Tariffs and the agenda items that slow down the economy, such as the Department of Government Efficiency, may be the culprits, which should drive up US Treasuries but pose resistance to risky assets like Bitcoin.
Important Economic Dynamics
▌The probability of the Fed keeping rates unchanged in March is 95.5%
According to the CME "Fed Watch": The probability of the Fed keeping rates unchanged in March is 95.5%, and the probability of a 25 basis point rate cut is 4.5%. By May, the probability of keeping the current rate unchanged is 73.9%, the probability of a cumulative 25 basis point rate cut is 25.1%, and the probability of a cumulative 50 basis point rate cut is 1%.
▌OpenAI launches Deep Research feature for Plus users
According to the OpenAI announcement, the Deep Research feature is now fully open to ChatGPT Plus, Team, Edu, and Enterprise users. This feature can embed images with citations and optimize the understanding and citation capabilities of uploaded files.
The query quota for Deep Research is as follows:
• Plus, Team, Enterprise, and Edu users can use it 10 times per month
• Pro users can use it 120 times per month
In addition, OpenAI has released system cards introducing the development, capability assessment, and security improvements of this feature, and invites experts to participate in the training of future models.
The Advanced Voice feature has been launched to all free ChatGPT users, providing a daily preview experience of the GPT-4o Mini version. This version is more cost-effective while maintaining a natural conversational rhythm and tone.
▌US stocks close: The three major indexes are mixed
US stocks closed on Tuesday, with the Dow Jones Industrial Average initially rising 0.37%, the S&P 500 index falling 0.47%, and the Nasdaq falling 1.3%. Tesla (TSLA.O) fell 8.3%, Nvidia (NVDA.O) fell 2.8%, cryptocurrency concepts generally fell, MicroStrategy (MSTR.O) fell 11%, and Coinbase (COIN.O) fell more than 6%.
Jinse Encyclopedia
Fractal Bitcoin is an innovative blockchain scaling solution based on recursive virtualization technology, which enhances the scalability of Bitcoin by creating a multi-layered network structure while maintaining a secure connection with the mainnet. The creation of Fractal Bitcoin is motivated by the emergence of the Ordinals protocol and related applications in 2023. For security reasons, Bitcoin has implemented limitations on opcodes and block storage space in its iterations, and when the on-chain ecosystem of Bitcoin develops rapidly, there are limitations in on-chain computing power and block space, so developers have proposed the concept of Fractal Bitcoin, hoping to solve the shortcomings of the Bitcoin network.
Disclaimer: Jinse Finance, as a blockchain information platform, the content of the articles published is for information reference only and not as actual investment advice. Please everyone establish the correct investment concept and must improve risk awareness.
