Weekly Crypto Market Wrap March 3-9, 2025
The past week has been brutal: Bitcoin plunged below $83K, the Fear and Greed Index is back in extreme fear, and some altcoins hit new all-time lows. But the biggest news? Trump officially signed an order to establish a BTC reserve. Sounds bullish, right? Well, the market saw it differently. Let's break it all down.
Trump Confirms BTC Reserve — But There's a Catch. Promise made, promise kept. President Trump signed an executive order to create a strategic Bitcoin reserve. On the surface, this is a massively bullish move — but there’s a catch. The reserve will initially be built from confiscated BTC, not from new purchases. No official plans for BTC acquisitions have been announced yet, and Trump’s crypto advisor, David Sacks, commented: “Promises were made — promises are being kept.” But traders didn’t seem to care, and the market reacted negatively.
Market Collapse: BTC -11%, ETH -20%. Instead of a rally, we got a sell-off. Bitcoin lost 11% this week, falling below $83K, while Ethereum plunged nearly 20%, making it the worst-performing top asset. Many altcoins didn't just drop — they set new ATL (all-time lows).
Texas Wants Its Own BTC Reserve. While the White House is gathering BTC from confiscations, Texas is taking a different approach. The Texas Senate approved a bill to create a state-run Bitcoin reserve. Texas has long been pro-crypto, with low regulations and a thriving mining sector. Will Texas be the first U.S. state to adopt BTC as legal tender? Time will tell.
Ethereum Delays Pectra Upgrade. Bad news for ETH users: The Pectra upgrade has been delayed. Bugs in Devnet 17 forced the Ethereum dev team to push back the launch date. No new timeline has been announced yet, but developers are actively working on fixes.
SEC Softens Its Stance: Drops Lawsuits Against Kraken, Yuga Labs, and Cumberland DRW. In an unexpected move, the SEC withdrew its lawsuits against several crypto companies. Kraken, Yuga Labs, and Cumberland DRW are no longer facing legal action. Could this be the first sign of a truce between regulators and crypto businesses? Or is it just a tactical retreat before a new crackdown? Either way, the industry just got a temporary breather.
First U.S. Crypto Summit — Trump on Stage. Washington D.C. hosted its first-ever crypto summit on March 7, with Trump himself taking the stage. No major details about the BTC reserve were revealed. No confirmed list of assets or plans for government purchases were announced. The market seems disappointed by the lack of clarity — perhaps expectations were just too high.
U.S. Economy Wobbles: Unemployment Hits 4.1%. Another factor weighing on markets: unemployment in the U.S. rose to 4.1%. If this trend continues, the Federal Reserve may be forced to adjust interest rates. A rate cut could boost Bitcoin, while a rate hike could put more pressure on the market.
Binance Cracks Down on Market Makers. Binance has confiscated earnings from market makers SHELL and GPS, citing market manipulation concerns. Official reasons were not disclosed, but Binance seems determined to clean up its platform amid ongoing regulatory pressure.
Tucker Carlson Interviews SBF — From Jail. Tucker Carlson is back. The journalist landed an exclusive interview with Sam Bankman-Fried (SBF) — who is currently serving his sentence. No details yet on what was discussed, but given SBF’s history, expect some explosive revelations.
Upcoming major token unlocks:
CHEEL: $160.26M
CONX: $75.00M (376.9%)
APT: $62.88M (1.9%)
ZKJ: $37.19M (29.9%)
ARB: $33.69M (2.1%)
SEI: $11.07M (1.2%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
