Headlines
▌US Media: The IRS Plans to Lay Off Nearly 45,000 People
Two people familiar with the matter revealed that the IRS is drafting a plan to reduce its workforce of up to 90,000 by half through a combination of layoffs, natural attrition, and offering voluntary buyout packages. These layoff measures are part of the Trump administration's efforts to reduce the size of the federal government workforce through a department of government efficiency led by Musk, including shutting down some agencies, firing almost all probationary employees without civil service protections, and offering a "delayed resignation plan" to provide buyout packages to nearly all federal employees to quickly reduce the number of government employees.
▌Circle's USDC to Become Japan's First US Dollar Stablecoin
Circle's USDC will become Japan's first US dollar stablecoin, with SBI VC Trade being the first to list Circle's stablecoin under Japan's new payments framework.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $87,070.70, with a daily change of +1.1%;
ETH's latest trading price is $2,165.88, with a daily change of +0.6%;
BNB's latest trading price is $582.56, with a daily change of +1.4%;
SOL's latest trading price is $144.39, with a daily change of +1.4%;
DOGE's latest trading price is $0.1986, with a daily change of -0.3%;
XPR's latest trading price is $2.45, with a daily change of +2.7%.
Policies
▌US Treasury Department Sanctions 49 Bitcoin and Monero Addresses Linked to Darknet Market Nemesis
According to an announcement from the US Treasury Department's Office of Foreign Assets Control (OFAC), the US government has added 49 cryptocurrency addresses to its sanctions list, which are controlled by Iranian citizen Behrouz Parsarad, who is alleged to be the administrator of the darknet market Nemesis. The sanctioned addresses include 44 Bitcoin and 5 Monero addresses.
Nemesis had 30,000 active users before it was shut down, and facilitated nearly $30 million in drug transactions over its three-year operation. OFAC revealed that Parsarad profited millions of dollars by charging users transaction fees, and was allegedly involved in money laundering for drug traffickers and cybercriminals. Nemesis's trade range was broad, including drugs, personal identity data, forged documents, ransomware, and cybercrime tools (such as phishing attacks and DDoS tools).
▌US Senate Votes to Pass Bill to Repeal IRS DeFi Broker Rules
On Tuesday, the US Senate, with strong support from many Democrats, successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which could be the biggest obstacle to eliminating the IRS's new broker rules (which were originally planned to cover decentralized finance, DeFi). The Senate passed the resolution, authorized under the Congressional Review Act, by a vote of 70 to 27, to completely repeal the IRS broker rule expansion. However, the House still needs to pass an identical resolution, after which President Trump can sign it into law. Once completed, not only will the rule be completely repealed, but the IRS will also be prohibited from implementing similar policies in the future.
The House Financial Services Committee has already passed an identical resolution and recommended its approval in a full House vote, which is currently pending.
▌SEC Agrees to Withdraw Lawsuit Against Cumberland DRW
Crypto trading firm Cumberland DRW posted on the X platform that it has signed a joint application with the US Securities and Exchange Commission (SEC) to withdraw the SEC's lawsuit against it. The agreement was reached in principle on February 20 and is currently awaiting approval by the SEC Commission.
The SEC sued Cumberland DRW last October, accusing it of operating as an unregistered securities broker and selling over $2 billion in unregistered securities.
▌Belarusian President Orders Development of Cryptocurrency Mining to Utilize Surplus Electricity
Belarusian President Alexander Lukashenko has instructed the new Energy Minister to develop the country's cryptocurrency mining industry to fully utilize its surplus electricity resources. The decision comes as Lukashenko forms a new government, and he has also emphasized that the top priority is to upgrade the country's 5,700 km power grid to meet the growing electricity demand from households and economic activities.
Blockchain Applications
▌Reddit Co-Founder Alexis Ohanian Participates in TikTok Acquisition Bid, Plans to "Decentralize" the Platform
Reddit co-founder Alexis Ohanian is considering acquiring TikTok and plans to "decentralize" the social media app. The app is planning to integrate Frequency blockchain, a "decentralized social media protocol" aimed at giving users control over their online content. Frequency is a blockchain-based decentralized platform created by Project Liberty to enhance transparency, accountability, and data ownership.
Alexis Ohanian posted on the X platform: "This is an exciting development for the digital world. I'm now officially one of the people trying to buy TikTok US and bring it onto the blockchain. TikTok changed the game for creators, and its future should be in their hands. Users should own their own data. Creators should own their own audiences. That's it."
Cryptocurrencies
▌Standard Chartered Analyst: $69,000 to $76,500 is a Key Potential Support Zone for Bitcoin
Due to potential volatility in Bitcoin's price around key support levels, Standard Chartered analyst Geoff Kendrick expressed concerns about the short-term outlook for Bitcoin and Strategy (formerly MicroStrategy).
Kendric pointed out that the price range around November 6, 2024 (the day after the US election) is a key potential support zone for Bitcoin, with an expected range of $69,000 to $76,500. He believes Bitcoin's performance in this range could determine its short-term trajectory. He noted that if Bitcoin's price falls into the $69,000 to $76,500 range, it would be closer to Strategy's average purchase price of $65,000, making this a critical level to watch.
▌El Salvador President: Will Not Stop Buying Bitcoin Despite IMF Agreement
El Salvador's Nayib Bukele posted on the X platform that El Salvador has no intention of stopping its Bitcoin (BTC) purchases, regardless of what the International Monetary Fund (IMF) demands.
Bukele posted on the X platform: "'This will all stop in April.' 'This will all stop in June.' 'This will all stop in December.' No, it won't stop. If the world rejects us and most 'Bitcoin users' abandon us, we won't stop now, and we won't stop in the future. Proof of Work > Proof of Complaint."
Earlier that day, the IMF had released more details on its $3.5 billion agreement with the Latin American country. The IMF claimed that as part of the loan program, the IMF prohibits "the voluntary accumulation of Bitcoin by the public sector".
▌El Salvador Buys 1 More Bitcoin This Morning, Now Holds 6,101.18 BTC
According to data on the Salvadoran Finance Ministry's website, El Salvador purchased 1 more Bitcoin this morning, after buying 5 Bitcoin yesterday. The country now holds 6,101.18 Bitcoin, worth over $520 million. In the past 7 days, El Salvador has accumulated 13 more Bitcoin, and in the past 30 days, it has accumulated 45 more Bitcoin.
▌Coinbase, Robinhood CEOs and Other Industry Executives Confirmed to Attend White House Crypto Summit
According to Fox Business reporter Eleanor Terrett, although the formal invitations have not yet been sent out, several industry leaders have confirmed that they will attend the cryptocurrency summit to be held at the White House this Friday. Sources indicate that the scale of this summit may be smaller than previously expected.
The confirmed attendees of the summit include: Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken CEO Arjun Sethi, MicroStrategy founder Michael Saylor, Paradigm co-founder Matt Huang, Multicoin Capital managing partner Kyle Samani, Yield Guild Games co-founder Jp Richardson, World Liberty Fund co-founder Zach Witkoff, and Chainlink co-founder Sergey Nazarov.
Important Economic Dynamics
▌ The probability of the Fed keeping rates unchanged in March is 95%
According to the CME "Fed Watch": the probability of the Fed keeping rates unchanged in March is 95%, and the probability of a 25 basis point rate cut is 5%. The probability of keeping the current rate unchanged by May is 57.4%, the probability of a cumulative 25 basis point rate cut is 40.6%, and the probability of a cumulative 50 basis point rate cut is 2%.
▌ Analysis: The market has shifted from expectation to concern, and the "Trump option" has disappeared
Institutional analysts say the "Trump option" no longer exists. The evidence is that the US stock market has almost erased all the substantial gains since the (Trump) election, and this downward trend has also affected Bitcoin and other risky assets. People had expectations for Trump's deregulation, tax cuts and other fiscal stimulus measures, but now these expectations have been replaced by concerns. Chris Galipeau, senior market strategist at Franklin Templeton Investments, said: "The chaos in the US government has brought a lot of uncertainty. This is simply a big fire ignited by Trump." Benoit Anne, chief investment officer at Legg Mason Investment Management, said the trade war poses a risk to economic growth in the US and elsewhere. The stock market is reflecting this, and US stocks are no longer on a one-way upward trend, but are now more complex and volatile. Galipeau said: "The worst-case scenario may pass soon, and the stock market is now in a 'sale' state, and the scope of earnings growth is expanding, which is a positive factor. Mid-cap and small-cap value stocks look particularly attractive. Even the 'seven giants' of the tech industry are almost becoming decent bargains as AI-related trading 'loses support'."
▌ Analyst: The US may ease its stance on tariffs
Analyst Adam Button said the US Commerce Secretary said Trump may cut tariffs on the US and Mexico tomorrow. This sudden change in attitude makes one wonder if this is part of the US plan. The reason is that the tariff policy announced by Trump yesterday was not found on the US federal website before, and now the originally unpublished document can be accessed, but the publication date is March 6, which may imply that the US government may have some changes or exemptions before that. The above situation may just be a bureaucratic procedural issue, but it still adds to the confusion.
▌ Fed's Williams: Tariffs will have some impact on inflation
Fed's Williams said understanding the details of tariffs is key, and tariffs will have some impact on inflation. Starting to consider the impact of tariffs on prices. Monetary policy is in good shape and can be adjusted as needed. Do not believe that a change in interest rate policy is currently needed.
Jinse Encyclopedia
DeFAI is the combination of the decentralized finance (DeFi) ecosystem and AI-driven analysis and automation. DeFAI is still in its early stages, mainly focusing on momentum trading similar to memecoins, so there is still a lot of room for rapid development. DeFAI represents a turning point in the Crypto asset industry.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
