Author: Coin Telegraph

Update (March 7, 12:55 am UTC): This article has been updated to add more information from David Sacks’ X post and information on US government crypto holdings.US President Donald Trump has signed an executive order to create a strategic Bitcoin reserve and a digital asset stockpile, says the White House AI and crypto czar David Sacks.“Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve,” Sacks said in a March 7 X post. He explained the reserve would initially be funded with assets seized by the government.”The Reserve will be capitalized with Bitcoin…

Bitcoin has plunged approximately 6% after US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve.Market participants had hoped the government would announce a plan to buy more Bitcoin (BTC), but Trump’s crypto tsar David Sacks said on X it would only use the Bitcoin it already holds from criminal cases — though it will look to develop “budget-neutral” strategies to acquire additional Bitcoin. Bitcoin dropped about 6%, falling from $90,400 to $84,979, according to CoinMarketCap data.Bitcoin has slightly recovered since, trading at $86,460 at the time of publication. Source: CoinMarketCapEther (ETH), XRP (XRP), Solana (SOL),…

US Customs and Border Protection (CBP) authorities may have mistakenly seized thousands of Bitcoin miners under the impression that they were illegally imported radio frequency devices.Thousands of Chinese-made Bitcoin (BTC) miners had reportedly been seized at US ports of entry since around September and only began being released again as of a few weeks ago.  The CBP’s move to seize the Bitcoin miners came at the request of the US Federal Communications Commission Agency, industry players have said.However, Bitcoin mining firm Luxor Technology’s chief operating officer, Ethan Vera, told Cointelegraph that the FCC’s request was made under the mistaken belief that…

US President Donald Trump could reportedly sign an executive order to create a Bitcoin reserve during the White House Crypto Summit on March 7.Such a reserve would be expected to buy more Bitcoin (BTC), in comparison to the US hanging on to the BTC it already owns through criminal seizures, Bloomberg reported on March 6, citing people familiar with the matter.However, a range of options for what could be several crypto-related executive actions are still being considered. Trump could also announce that the US will stop selling crypto it has seized and use it to seed a national crypto stockpile.One…

World Liberty Financial, a decentralized finance (DeFi) project backed by President Donald Trump’s family, snatched up more than $20 million worth of digital assets ahead of the White House’s first crypto summit on March 7.According to Bloomberg, a digital wallet tied to World Liberty acquired $10.1 million worth of Ether (ETH), $9.9 million worth of Wrapped Bitcoin (WBTC) and $1.68 million of Movement Network’s MOVE token two days before the summit. The Trump family launched World Liberty Financial in September during the lead-up to the US presidential election. Once it becomes fully operational, World Liberty claims it will allow crypto holders…

The digital asset advocacy organization Stand With Crypto has released data suggesting that the crypto policy positions of candidates in the 2025 New Jersey gubernatorial race could determine the outcome. According to a March 6 notice, Stand With Crypto said roughly 62,000 people had registered with the organization in New Jersey, suggesting that crypto-minded voters could play a role in the state’s November gubernatorial election. During the last race in 2021, Democrat Phil Murphy defeated challenger Jack Ciattarelli by roughly 84,000 votes, with more than 40% of registered voters turning out. The advocacy group released the results of a February poll among…

Creating a strategic cryptocurrency reserve in the United States could boost Bitcoin’s (BTC) market capitalization by roughly 25%, or approximately $460 billion, according to an analysis by Sygnum Bank shared with Cointelegraph. US President Donald Trump’s plans for a national crypto stockpile, along with similar proposals across dozens of US states, could trigger a multibillion-dollar buying spree with a 20x multiplier effect on Bitcoin’s price, according to Sygnum, a crypto asset manager.“Because the liquid supply of bitcoin is very small […] larger inflows cause upward price shocks,” Katalin Tischhauser, Sygnum’s research head, told Cointelegraph. Tischhauser added that federal or state government Bitcoin…

Bitcoin (BTC) gained 6.8% between March 5 and March 6, briefly reclaiming $92,000. However, the trend reversed after the S&P 500 fell 1.3%, triggered by a warning from Philadelphia Federal Reserve President Patrick Harker about the US economy. Other factors also kept Bitcoin’s price below $95,000, such as rising tensions in Ukraine and uncertainty over potential US digital asset strategic reserves.S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / CointelegraphPhiladelphia Fed president Harker said there is growing evidence that the consumer sector is “under stress,” especially for lower-income groups, according to YahooFinance. Harker backed a “pragmatist” approach for the…

Former FTX CEO Sam “SBF” Bankman-Fried, sentenced to 25 years in 2024 for his role in misusing customer funds, gave another interview from prison before his 33rd birthday.Speaking to right-wing political commentator Tucker Carlson on March 5, Bankman-Fried talked about prison life since his sentencing and his thoughts on crypto regulation in the United States. Though Carlson did not directly ask the former FTX CEO whether he expected to receive a pardon from US President Donald Trump, SBF seemed to warm to some Republican ideas during the interview.Sam Bankman-Fried interview, released on March 6. Source: Tucker CarlsonAccording to SBF, he…

White House crypto czar David Sacks has criticized the US government’s sale of confiscated Bitcoin over the years, referring to it as a strategic mistake that has cost taxpayers billions.In a March 6 social media post, Sacks said the US government generated $366 million in proceeds from its Bitcoin (BTC) sales over the past decade. “If the government had held the bitcoin, it would be worth over $17 billion today,” said Sacks. “That’s how much it cost American taxpayers not having a long-term strategy.”Source: David SacksThe folly of treating Bitcoin as a short-term trade was highlighted by Joe Burnett, the head…