From the assessment that Bitcoin is leaning towards a bullish trend as sellers are exhausted to Turkey tightening regulations on cryptocurrencies, here are some notable news in the crypto market.
A widely followed analyst is leaning towards a bullish trend for Bitcoin (BTC) despite the leading asset being down over 20% from its January all-time high.
Analyst Rekt Capital told his 542,500 followers on the X platform that the massive sell-off Bitcoin has experienced over the past few weeks is about to end.
"Sellers have been dominating the market over the past two weeks, with above-average selling volume occurring daily. However, selling volume has decreased, helping sellers exhaust sooner than expected."
This anonymous analyst also said Bitcoin could hit a bottom if the weekly Relative Strength Index (RSI) indicator maintains current support levels.
"A few times recently Bitcoin has dropped to RSI=44 (green), the price didn't hit the bottom right away but was very close to the bottom. Holding the weekly RSI around 44 and the Bitcoin bottom won't be far away."
The widely followed analyst also believes Bitcoin is forming a bullish divergence on the daily timeframe.
Bullish divergence occurs when the price forms a lower low while the indicator, such as RSI, forms a higher high. According to Rekt Capital, the bullish divergence forming on Bitcoin's daily chart is an early positive sign for the bulls.
Changes in BTC balances on major exchanges
Bitcoin (BTC) balances on major exchanges are witnessing notable changes, signaling potential moves in the market.
Coinbase Pro currently holds the largest balance at 747,056.42 BTC but recorded a net outflow of 1,860.34 BTC in the past 24 hours, with a total of 7,621.83 BTC and 23,835.72 BTC in the past 7 days and 30 days, respectively.
Meanwhile, Binance recorded an inflow of 177,003.43 BTC in the past 30 days, while Bitfinex and OKX saw inflows of 158,872.05 BTC and 345,486.63 BTC, respectively, during the same period.
Binance announced on March 12 that its Alpha platform has deployed a new comprehensive token evaluation framework to remove tokens that do not meet certain quantitative and qualitative criteria.
Quantitative metrics include the stability of trading volume, liquidity depth, on-chain transaction frequency, and token holder distribution. Qualitative metrics include the reputation of the project development team, regulatory compliance, and community adoption.
Tokens that do not meet these standards will be delisted from Binance Alpha, the announcement stated.
According to Jean Rausis, co-founder of the decentralized trading platform Smardex, the recent GENIUS stablecoin bill in the US is a cleverly disguised effort to implement crypto market control measures through privatized investment vehicles.
In the statement, Rausis said the US government will penalize stablecoin issuers that do not comply with the new regulatory framework, similar to the regulations of the European Union's Crypto-Asset Markets (MiCA).
"The government realizes that if they control stablecoins, they control financial transactions. Working with centralized stablecoin issuers means they can freeze money anytime they want, which is essentially what CBDCs allow."
"With stablecoins under government control, the outcome is the same, with a fake decentralized veneer added on top," the CEO continued.
Rausis concluded that decentralized alternatives to centralized stablecoins, such as algorithmic stablecoins and synthetic USD, will be assets capable of resisting the government's increasing control over crypto.
OKX Europe has acquired a licensed company in Malta with a Markets in Financial Instruments Directive II (MiFID II) license, bringing the company closer to offering regulated derivative products across Europe.
The company is expected to go live by the end of this year, after receiving approval from the Malta Financial Services Authority (MFSA). The exchange did not disclose which company it acquired.
With the MiFID II license, OKX will be able to provide regulated derivative products and services to its institutional clients in the European Economic Area, including the 27 European Union member states as well as Iceland, Liechtenstein, and Norway.
In SEC filings in February, blockchain-related terms have seen a significant increase, with over 5,000 keywords recorded in the EDGAR database, continuing a strong upward trend that began in mid-2023.
This reflects the increasing mainstream adoption of blockchain technology across various industries and the evolving regulatory framework under the new administration.
The surge in blockchain mentions coincides with a notable shift in the SEC's approach to cryptocurrency regulation under Chair Mark Uyeda.
The SEC has closed several investigations into major crypto companies, including Uniswap, Coinbase, Yuga Labs, Kraken, and Gemini. This represents a clear departure from the "regulation by enforcement" strategy that characterized the tenure of former Chair Gary Gensler.
Bitdeer Technologies (BTDR) has increased its Bitcoin (BTC) holdings by nearly 75% over two months by shifting to self-mining some rigs after customers requested delays in payments for SEALMINER A2 machines as the price of the largest cryptocurrency plummeted.
The Singapore-based company said its holdings have grown to 1,039 BTC as of February 2025, up from 594 BTC in December, making Bitdeer one of the top Bitcoin mining companies in terms of BTC treasury.
However, Bitdeer still lags behind the largest holders: MARA Holdings with 46,374 BTC and Riot Platforms with 18,692 BTC.
The main focus of Bitdeer is the development of Bitcoin mining chips, and the company has stated that its new A3 mining rigs have achieved quite good energy efficiency in recent tests. The company reported a net loss of $531.9 million in the fourth quarter due to investments in the development of its mining rig fleet.
dYdX founder Antonio Juliano recently announced a roadmap update with several key improvements.
In the short term (next 2 months), the platform will focus on the following upgrades:
In addition, the dYdX founder also announced the long-term roadmap of dYdX:
Axie Infinity has released a trailer for its new Web3 game called Atia's Legacy.
This is an MMO game set in the Axie universe. Axie Infinity developer Sky Mavis has teased the next chapter, emphasizing that the project will continue to provide true asset ownership for players.
This development comes as the U.S. Securities and Exchange Commission (SEC) has dropped investigations into major NFT projects. Additionally, a Trump-owned company has registered a trademark for an NFT marketplace.
In a statement, Sky Mavis co-founder Jeffrey Zirlin said these are promising updates as they could unlock more potential of the token.
Officials from the Central Bureau of Investigation (CBI) of India announced the arrest of Lithuanian citizen Aleksej Bešciokov, who is accused of operating the Garantex crypto exchange.
In the March 12 announcement, the CBI stated that police in the Kerala state of India collaborated with national authorities to apprehend Bešciokov. The Lithuanian citizen was reportedly on a vacation in India with his family and had plans to leave the country.
The arrest of the Garantex founder is based on U.S. allegations of money laundering conspiracy, unlicensed money transmission business conspiracy, and violations of the International Emergency Economic Powers Act.
The video sharing platform and cloud service Rumble has spent $17.1 million to purchase 188 Bitcoin, adding to the company's treasury at an average price of $91,000.
The company confirmed this purchase transaction through a press release, stating that they are following their previously announced plan to allocate up to $20 million into Bitcoin as part of their financial strategy.
Rumble has expanded its presence in the cryptocurrency space and said this purchase reinforces the company's position in this space and aligns with its long-term financial plan.
Nebraska Passes New Law to Tighten Regulation of Crypto ATMs
Nebraska has passed a new law requiring crypto ATM operators to obtain licenses, disclose fees, implement anti-fraud measures, and file reports, strengthening consumer protection against crypto-related fraud.
On March 12, Governor Jim Pillen announced that the Controllable Electronic Record Fraud Prevention Act had been signed into law on March 11, after receiving 48 votes out of 49 in the Nebraska Legislature.
This bipartisan bill, supported by law enforcement, aims to protect kiosk and crypto ATM users.
Turkey Tightens Crypto Regulations
Turkey is pushing forward with its crypto regulations by introducing new rules for Crypto Asset Service Providers (CASPs).
On March 13, Turkey's Capital Markets Board (CMB) announced two regulations related to the licensing and operations of CASPs, including crypto exchanges, custodians, and wallet providers.
This legal framework grants the CMB comprehensive oversight of crypto platforms, ensuring compliance with national and international standards.
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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