Headlines
▌Bybit hacker has suspended ETH withdrawal and washing since 3pm yesterday
The Bybit hacker has suspended ETH withdrawal and washing since 3pm yesterday, so they only washed away 14,300 ETH in the past 24 hours. There are still 218,000 ETH left in the hacker's address.
▌Half of U.S. states have officially introduced "Strategic Bitcoin Reserve" bills
Half of U.S. states (25/50) have officially introduced "Strategic Bitcoin Reserve" bills.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $83,974.01, with a daily change of +2.1%;
ETH's latest trading price is $2,224.12, with a daily change of +0.6%;
BNB's latest trading price is $589.49, with a daily change of -0.0%;
SOL's latest trading price is $147.23, with a daily change of +11.4%;
DOGE's latest trading price is $0.2012, with a daily change of +1.3%;
XPR's latest trading price is $2.13, with a daily change of +1.4%.
Policy
▌A London resident was sentenced to 4 years in prison for operating unregistered crypto ATMs
According to an announcement by the UK Financial Conduct Authority (FCA), between December 30, 2021 and March 12, 2022, London resident Osunkoya, through his company Gidi PlusLtd, operated unregistered crypto ATMs at 28 different locations, involving over £2.5 million. He was eventually sentenced to 4 years in prison. This is the first time in the UK that someone has been sentenced for unregistered crypto asset activities. Previously, the FCA had worked with law enforcement to crack down on illegal crypto ATMs nationwide. In 2023, the FCA visited 38 sites and destroyed 30 machines. The number of crypto ATMs advertised on the UK CoinATMRadar has dropped from over 80 in 2022 to zero in 2024.
▌A judge dismissed the SEC's lawsuit against Hex token founder Richard Heart
According to Bloomberg, a federal judge in Brooklyn, New York has dismissed the SEC's lawsuit against crypto founder Richard Heart. The founder was accused of illegally using millions of dollars of investor funds to purchase a 555-carat black diamond. The SEC alleged that Heart raised over $1 billion through the sale of unregistered securities, including the Hex token and other digital assets related to his PulseChain blockchain network and PulseX decentralized finance platform. The agency initially claimed that Heart and PulseChain used at least $12.1 million of investor funds for personal luxury purchases, including diamonds, expensive watches and high-end cars. Judge Carol Amon found that the SEC failed to provide sufficient facts to prove these actions occurred in the U.S., allowing the SEC to amend its complaint to "correct the deficiencies identified."
▌SEC Commissioner Hester Peirce: Dismissing Coinbase charges does not mean the regulator will stop enforcement
Hester Peirce, a crypto-friendly commissioner at the U.S. Securities and Exchange Commission, stated that the SEC's resolution of the Coinbase case through bias does not represent her support for the action against Coinbase, as she is concerned that using enforcement tools to regulate the crypto industry may be part of a larger SEC strategy. Currently, the SEC has engaged with the public through the establishment of a crypto asset working group to develop a regulatory framework that serves the American public, and this new approach has led to the dismissal of the charges against Coinbase, but this does not indicate that the SEC will cease enforcement in appropriate circumstances.
▌Republican members of the U.S. Senate Banking Committee plan to review the stablecoin bill the week of March 10
According to Fox Business News reporter Eleanor Terrett, based on information from three Senate aides familiar with the matter, Republican members of the Senate Banking Committee are considering reviewing and amending the Stablecoin GENIUS Act proposed by Senator Hagerty in the week of March 10.
Blockchain Applications
▌ACID Labs announces completion of $8 million funding
Instant social gaming company ACID Labs has raised $8 million in funding led by a16z Speedrun and NFX, accelerating the deployment of its chat-based gaming applications. ACID Labs' game Boinkers.io has 11.5 million monthly active users on Telegram and plans to launch more socially-focused games.
Cryptocurrencies
▌Only 9 countries have a Bitcoin hash rate above 1% globally
The U.S. and China's share of the global hash rate has declined, although they still lead. The bitcoin mining power share of these two countries has decreased relative to other countries, with 28 countries having a hash rate above 0.1% and only 9 countries having a hash rate above 1%.
▌CryptoQuant: If stablecoin reserves continue to decline, crypto liquidity may tighten further
CryptoQuant analyst published an article stating that the crypto market has been in a prolonged downturn, with weakened demand for Bitcoin and other major assets. Data shows that the continuous decline in Binance's stablecoin reserves (especially USDT and USDC) is a key driver of this trend. As a major source of market liquidity, the reduction in stablecoin reserves directly impacts the purchasing power and market activity of cryptocurrencies. Since the beginning of 2025, Binance's USDT and USDC reserves have been decreasing week-over-week, indicating a decline in market buying power, limited new capital inflows, and weakened buying pressure, which is consistent with Bitcoin's recent struggle to break key resistance levels. The analyst believes that if stablecoin reserves continue to decline, crypto market liquidity may tighten further, delaying any significant uptrend. Conversely, if reserves rebound, it may signal new capital inflows and demand recovery.
▌BlackRock deposits over 11,500 ETH to Coinbase
According to Arkham monitoring data, about 4 hours ago, BlackRock's Ethereum exchange-traded fund ETHA deposited 11,506 ETH, worth $24.36 million, into Coinbase Prime Deposit.
▌Daily issuance of Solana memecoins has dropped to December 2024 levels
The daily issuance of Solana memecoins has dropped to 40,000, the lowest level since December 25, 2024.
Important Economic Dynamics
▌U.S. 3-year Treasury yield falls below 4% for the first time since October 2022
The U.S. 3-year Treasury yield has fallen below 4%, the first time since October 2022. The U.S. 10-year Treasury yield has dropped to an 18-day low, down 6.5 basis points to 4.222%; the 2-year Treasury yield has fallen below 4%, reaching the lowest level since October 21, 2022, down 8.5 basis points to 3.995%.
▌Fed's Goolsbee: Satisfied with the Fed's path to achieving 2% inflation target
Fed's Goolsbee stated that he is satisfied with the Fed's path to achieving the 2% inflation target, and must focus on the specifics of tariffs.
▌U.S. Treasury Secretary Yellen: We may be able to return to the inflation target soon
U.S. Treasury Secretary Yellen stated that we may be able to return to the inflation target soon.
Jinse Encyclopedia
Fractal Bitcoin is an innovative blockchain scaling solution that leverages recursive virtualization technology to create a multi-layered network structure to enhance Bitcoin's scalability while maintaining a secure connection to the mainnet. The concept of Fractal Bitcoin emerged in 2023, inspired by the development of the Ordinals protocol and related applications. For security reasons, Bitcoin has implemented restrictions on opcodes and block storage space in its iterations, and as the Bitcoin ecosystem has grown rapidly, there are limitations in on-chain computing power and block space, so developers have proposed the Fractal Bitcoin concept to address these shortcomings of the Bitcoin network.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles solely for informational purposes and does not provide any actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
