Encrypted Breakfast | March 25 1. All three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average down 0.18%, the S&P 500 down 0.37%, and the Nasdaq Composite down 0.8%. Dell (DELL.N) rose 7%, AMD (SMCI.O) rose 3%, and Circle (CRCL.N) plunged 20%. PS: ZachXBT: Circle has frozen the USDC balances of 16 corporate hot wallet addresses due to a civil case. 2. Spot gold stabilized and rebounded, ending a nine-day losing streak, and finally closed up 1.54% at $4,474.31 per ounce, but was still pressured by a stronger dollar and rising US Treasury yields; spot silver reversed its losses and closed up 2.8% at $71.05 per ounce. 3. Türkiye is considering using its $135 billion gold reserves to support the depreciating lira. 4. Trump: The US and Iran are negotiating, dealing with the right people. Iran wants a deal and has agreed to "never have nuclear weapons." Iran has offered a significant gift in the form of oil and gas. 5. The United States intends to implement a one-month ceasefire in order to discuss a 15-point agreement with Iran. 6. BlackRock is bullish on AI-driven crypto bull market: Robbie Mitchnick, head of digital assets at BlackRock, said that while clients are focused on BTC, ETH, and a few other tokens, AI will be the core theme in the next phase. 7. The future of crypto depends on big banks: CEO Robin Vince said that large banks will bridge digital assets with traditional finance, and trust and regulation are key to growth. 8. Robinhood approves $1.5 billion stock buyback: The board authorized the buyback program, and the CFO said it reflects confidence in innovative products. 9. Binance launches perpetual stock contracts for META, NVDA, and GOOGL: Starting March 26, contracts will be launched in batches, with a maximum leverage of 10x. 10. Balancer Labs plans to gradually shut down and restructure: affected by a $128 million vulnerability, it will shift towards streamlined operations. 11. Morgan Stanley plans to support internally tokenized shares by 2026: an internal trading venue will be launched. 12. Solana has partnered with Mastercard, Western Union, and Worldpay to launch an institutional-grade platform, creating an enterprise-level AI+payment development platform. 13. With a KOL shill and Bittensor subnet achieving the largest decentralized LLM pre-training in history, TAO continued to rise, breaking through $330. It is currently trading at $337.84, with a 24-hour increase of 13.6% and a nearly one-month increase of 94.9%. 14. OpenAI's latest funding round has surpassed $120 billion, with an additional $10 billion to be raised next week. 15. Claude Code introduces auto mode: AI automatically assesses the safety of operations, eliminating the need for approval requests for each operation. 16. Bernstein: Bitcoin has likely bottomed out; maintains bullish outlook for the year with a target price of $150,000. 17. The U.S. Department of Justice admitted that the investigation into Powell lacked evidence. [Bitcoin Market Analysis] The Middle East war has shown initial signs of easing, with Trump giving a month for negotiations. However, the Strait of Hormuz issue remains unresolved, so continued observation is needed. Bitcoin is hovering around 70,000. Once the situation becomes clearer, it will start afresh. Currently, it is more about accumulating strength. Once the Middle East wars end, Trump will be rallied for the midterm elections. From any perspective, this will be beneficial to the market because he has an obligation to please everyone who has a vote. [Risk Warning] Digital assets are highly volatile and carry extremely high risks. Please participate with caution, never go all in, and never use leveraged loans.