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Las acciones de GameStop suben tras informes sobre una posible inversión en Bitcoin y criptomonedas. ¿Será este su próximo gran movimiento?

Acciones de GameStop (GME) se disparan tras rumores de inversión en Bitcoin (BTC)

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Cathie Wood, la fundadora de Ark Investment Management LLC, predice un repunte de fusiones y adquisiciones tras la victoria del presidente electo de Estados Unidos Donald Trump en las elecciones de 2024.

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David Sacks, the White House&#8217;s &#8220;Crypto Czar,&#8221; highlighted a significant financial oversight by the U.S. government that cost it billions in gains.
What Happened: The&nbsp;Department of Justice&nbsp;(DOJ) could have secured over $17 billion had it retained its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings instead of selling them prematurely, Sacks said.
The DOJ had&nbsp;sold approximately 195,000 Bitcoin for&nbsp;$366 million, a mere fraction of its current valuation.
"If the government had held the bitcoin, it would be worth over $17 billion today. That's how much it has cost American taxpayers not to have a long-term strategy," Sacks said.
Sacks, who previously served as&nbsp;PayPal&nbsp;COO and is a well-known venture capitalist, underscored the financial repercussions for taxpayers due to the absence of a long-term strategy.
Presently, the federal government possesses Bitcoin valued at $17.05 billion, as reported by blockchain analytics firm&nbsp;Arkham.
The responsibility for auctioning Bitcoin seized by the government falls to the U.S. Marshals Service.
Recently, President&nbsp;Donald Trump&nbsp;announced the formation of a &#8220;crypto strategic reserve&#8221; that will encompass&nbsp;Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).
Bitcoin&#8217;s current value stands at $87,104, having experienced a nearly 8% decline&nbsp;in the past 24 hours, although it has risen over&nbsp;6.5% in the past week.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That's how much it has cost American taxpayers not to have a long-term strategy.
&mdash; David Sacks (@davidsacks47) <a href="https://twitter.com/davidsacks47/status/1897640660338925938?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
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Why It Matters: The establishment of a&nbsp;<a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">Strategic Bitcoin Reserve</a>&nbsp;by President Trump marks a pivotal shift in the U.S. government&#8217;s approach to digital assets.
This reserve, funded by Bitcoin obtained through forfeiture proceedings, is valued at approximately $17 billion. The initiative aims to bolster the U.S. position in the global cryptocurrency landscape without burdening taxpayers.
At a recent&nbsp;<a href="https://www.benzinga.com/25/03/44208906/trump-declares-us-the-bitcoin-superpower-at-historic-white-house-crypto-summit-with-top-industry-executives">White House crypto summit</a>, President Trump declared his ambition to make the U.S. a leading force in Bitcoin and digital assets. This commitment to embracing the cryptocurrency industry is further evidenced by the creation of the reserve, which is expected to be managed by the Treasury Department.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44209114/trump-threatens-russia-with-sanctions-amid-ukraine-conflict-as-he-pushes-for-peace">Trump Threatens Russia With Sanctions Amid Ukraine Conflict As He Pushes For Peace</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Politics

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Trump's Crypto Czar David Sacks Reveals US Government Missed Out On Gains Of Over $17 Billion By Selling Bitcoin Early

Plans for a strategic reserve including Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and possibly other cryptocurrencies have been one of the hottest topics in<a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise"> the cryptocurrency sector.</a>
Benzinga polled readers to ask which cryptocurrencies the White House administration should be most focused on for the strategic reserve.
What Happened: The election of Donald Trump as president in the 2024 election sent many cryptocurrencies, including Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">to all-time highs.</a>
Trump's new Executive Order to establish a Strategic Bitcoin Reserve will see the initial funding from Bitcoin owned by the federal government that won't be sold.
The news follows a social media post from Trump on March 2 that said a reserve <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">could include cryptocurrencies </a>such as Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) and XRP Token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).
Benzinga asked readers about the potential cryptocurrencies.
"Which cryptocurrency do you think the U.S. government should prioritize in its digital strategy?" Benzinga asked.
Here are the results:
<ul>
<li>Bitcoin: 62%</li>
<li>Ethereum: 18%</li>
<li>XRP Token: 16%</li>
<li>Solana: 5%</li>
<li>Cardano: 0%</li>
</ul>
The poll found the majority of readers think Bitcoin should be the priority of any digital asset strategy. Ranking second was a close battle between Ethereum and XRP Token. Solana and Cardano ranked a distant fourth and fifth with Cardano receiving no votes in the poll.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44189645/strategic-bitcoin-reserve-cements-digital-gold-narrative-advocates-point-out">Strategic Bitcoin Reserve Cements &#8216;Digital Gold&#8217; Narrative, Advocates Point Out</a>
Why It's Important: Trump has signaled Bitcoin will be the focus of the fund while investors are now left guessing or waiting to hear if other cryptocurrencies will be added to the strategic reserve.
The cryptocurrency community has been mixed on the inclusion of other assets with some questioning why XRP Token or Cardano would be held over Ethereum and other top assets.
Before the&nbsp;strategic crypto reserve&nbsp;was announced by Trump with possible cryptocurrency choices, <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44155576/bitcoin-ethereum-solana-stablecoins-or-no-crypto-in-2025-heres-what-readers-choose">Benzinga polled readers</a> asking about 2025.
&#8220;Which crypto asset are you most likely to invest in during 2025?&#8221; Benzinga asked.
The results were:
<ul>
<li>None, I&#8217;m staying away: 43%</li>
<li>Bitcoin: 35%</li>
<li>Ethereum: 10%</li>
<li>Solana: 10%</li>
<li>Stablecoins: 3%</li>
</ul>
The leading vote-getter in the poll was people staying away from cryptocurrency, receiving nearly half of the vote. Of the four cryptocurrency options including stablecoins, Bitcoin was the leading vote-getter with 35% of the vote.
Ethereum and Solana each got 10% of the vote with stablecoins ranking last at 3%.
The poll shows that when it comes to investing in cryptocurrency in 2025, investors are either staying away or likely buying Bitcoin.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44194484/congressman-on-digital-assets-subcommittee-buys-bitcoin-etf-before-trumps-strategic-reserve-announcement">Congressman On Digital Assets Subcommittee Buys Bitcoin ETF Before Trump&#8217;s Strategic Reserve Announcement</a></li>
</ul>
The study was conducted by Benzinga from March 6, 2025, through March 7, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 103 adults.
Photo: Shutterstock AI

Government

Exclusives

Bitcoin, Ethereum, Solana, XRP Or Cardano: Readers Rank The Order Of Importance For Trump's Crypto Reserve

President Donald Trump's executive order establishing a Strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) Reserve did not have the expected bullish impact on Thursday, as the leading cryptocurrency dropped on the announcement.
What happened: The <a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">reserve will be capitalized with Bitcoin</a> already owned by the federal government, obtained through forfeiture proceedings, valued at approximately $17 billion. Additionally, a U.S. Digital Asset Stockpile would be set up, consisting of cryptocurrencies other than Bitcoin. Both entities will be under the control of the Treasury Department, the order read.
The order directed all federal agencies to provide a full accounting of all assets held in their possession to the Treasury Secretary President's Working Group on Digital Asset Markets within the next 30 days
While the government won't sell any BTC, it will also not buy any new Bitcoin unless it can do so in a "budget-neutral" way and without imposing incremental costs on American taxpayers.
Noted economist and Bitcoin critic Peter Schiff interpreted it as simply seizing more Bitcoin and adding them to the reserve.
"But they can&#8217;t buy any more, as buying by definition requires a payment," Schiff said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I had not read the full text. Apparently it does authorize acquiring more Bitcoin so long as they can do so at zero cost. So I guess that means if they seize any more Bitcoin they can keep that too. But they can&#39;t buy any more, as buying by definition requires a payment.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1897811647018025027?ref_src=twsrc%5Etfw">March 7, 2025</a></blockquote>
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Bitcoin advocate God Almaxi argued that the government can sell other seized assets to buy Bitcoin as long as there's no net cost for taxpayers.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They can buy as long as it's budget neutral. There are lots of ways to accomplish this at scale.
&mdash; God Almaxi &#x1f7e0; (@GodAlmaxi) <a href="https://twitter.com/GodAlmaxi/status/1897812240507826328?ref_src=twsrc%5Etfw">March 7, 2025</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/03/44159088/microsoft-might-have-given-bitcoin-investments-a-miss-for-now-but-one-of-its-largest-investors-has-been-an-avid-advocate-of-cryptos-blockchains">Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate</a>
Another well-known cryptocurrency influencer, Kashif Raza, said the dull reaction was due to high expectations that the government would buy 200,000 BTC per year.&nbsp;
Notably, Sen. Cynthia Lummis' (R-Wyo.) <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42080839/cynthia-lummis-says-strategic-bitcoin-reserve-could-take-shape-soon-after-trump-raises-his-hand-and-is-sworn-in">legislation </a>had proposed the purchase of 1 million Bitcoins over five years.
Raza further highlighted that there was no provision to buy additional assets for the Digital Asset Stockpile—presumably consisting of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Big Breaking News: PRESIDENT TRUMP OFFICIALLY SIGNS THE EXECUTIVE ORDER TO ESTABLISH BITCOIN STRATEGIC RESERVE. What is it exactly? &#8211; The US is not going to print new money to buy Bitcoin. &#8211; The US will not sell any Bitcoin confiscated from criminals or in any other criminal…
&mdash; Kashif Raza (@simplykashif) <a href="https://twitter.com/simplykashif/status/1897831906130940051?ref_src=twsrc%5Etfw">March 7, 2025</a></blockquote>
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The cryptocurrency industry will shift its focus to Friday&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">White House Crypto Summit</a>, featuring notable industry figures such as&nbsp;Michael Saylor alongside government officials like Treasury Secretary&nbsp;Scott Bessent and Commerce Secretary&nbsp;Howard Lutnick, to learn more about the structure of the reserve.
Price Action: At the time of writing, Bitcoin was exchanging hands at $$87,580.33, down 4.08% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/03/44157760/peter-schiff-predicts-a-bitcoin-strategic-reserve-will-accelerate-dollars-demise-the-ultimate-winner-will-be-gold">Peter Schiff Predicts A Bitcoin Strategic Reserve Will &#8216;Accelerate&#8217; Dollar&#8217;s Demise: &#8216;Ultimate Winner Will Be Gold&#8217;</a></li>
</ul>

Trump-Announced Strategic Bitcoin Reserve To Allow Buying Additional BTC? Peter Schiff Doesn't Think So But Here's What The Order Says

Leading cryptocurrencies slipped on Thursday as President Donald Trump's executive order to create a strategic Bitcoin reserve became a "sell-the-news" event.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:15 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-4.32%</td>
<td>$86,345.56</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-4.99%</td>
<td>$2,124.96</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-5.23%</td>
<td>$0.1920</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The leading cryptocurrency dropped from $90,000 to $84,979 in 40 minutes after the news became public before recovering to $86,000 as traders bought the dip.&nbsp;
Ethereum, the second-largest cryptocurrency, also dipped to $2,100 following an intraday high of $2,319.40.
The fall came after Trump <a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">signed an executive order</a> establishing a Bitcoin reserve and a digital asset stockpile of other cryptocurrencies, both funded by forfeited assets held by the U.S. government. While the government may acquire additional Bitcoin, no extra purchases for the digital stockpile will be made.
About $537 million was liquidated from the cryptocurrency market in the last 24 hours, including $111 million in the last hour alone.
Bitcoin's Open Interest fell 2.58% in the last 24 hours, while the percentage of traders positioned short on the apex cryptocurrency increased to 51%.
Meanwhile, the Crypto Fear and Greed Index improved from "Extreme Fear" to "Fear" as of this writing.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:15 p.m. ET)</td>
</tr>
<tr>
<td>Cronos (CRO)</td>
<td>+6.18%</td>
<td>$0.0853</td>
</tr>
<tr>
<td>Movement (MOVE)</td>
<td>+5.60%</td>
<td>$0.4701</td>
</tr>
<tr>
<td>Ethene (ENA)</td>
<td>+3.07%</td>
<td>$0.3619</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $2.82 trillion, following a decrease of 4.55% in the last 24 hours.
Following a brief reprieve, stocks resumed their correction on Thursday. The Dow Jones Industrial Average dipped 427.51 points, or 0.99%, to close at 42,579.08. The S&amp;P 500 slipped 1.78%, ending at 5,738.52, while the tech-heavy Nasdaq Composite tumbled 2.61% to close the session at 18,069.26.
The selling came despite Trump <a href="https://www.benzinga.com/news/global/25/03/44176918/trump-delays-mexico-tariffs-for-a-month-economic-uncertainty-persits">postponing the enforcement of</a> a 25% tariff on most Mexico imports for a month. The administration's trade measures and retaliatory action by key partners have rattled markets over the last month.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Bitcoin's long-term holders have taken advantage of the ongoing correction to fill their bags, according to widely followed cryptocurrency analyst, Ali Martinez.
"Long-term holders are accumulating! The supply held by long-term holders has increased by 85,000 BTC in the past month," Martinez said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Long-term holders are accumulating! The supply held by long-term holders has increased by 85,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> in the past month. <a href="https://t.co/udy0Aqg6BW">pic.twitter.com/udy0Aqg6BW</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1897757076585116008?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
As for Ethereum, Martinez highlighted the significance of $2,200.
"As long as ETH stays above $2,200, the odds of a rebound increase, especially with the TD Sequential flashing a buy signal on the weekly chart," he remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As long as <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> stays above $2,200, the odds of a rebound increase, especially with the TD Sequential flashing a buy signal on the weekly chart in the form of an A13! <a href="https://t.co/UmowxKOV9R">pic.twitter.com/UmowxKOV9R</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1897744745155477553?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Well-known blockchain analytics firm CryptoQuant noted that stablecoin reserves on cryptocurrency exchange Binance have hit a new high.
"Historically, periods of rising stablecoin reserves on Binance have often coincided with, or even preceded, an increase in BTC prices and a broader upswing in the crypto market," the firm stated.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Binance&#39;s stablecoin reserves hit a new ATH "When we observe an increase in stablecoin reserves on Binance—currently the exchange with the highest trading volumes—it indicates a positive momentum." – By <a href="https://twitter.com/Darkfost_Coc?ref_src=twsrc%5Etfw">@Darkfost_Coc</a> Dive deeper &#x2935;&#xFE0F;<a href="https://t.co/zZoVVjXBOg">https://t.co/zZoVVjXBOg</a> <a href="https://t.co/wfwUZQtAVR">pic.twitter.com/wfwUZQtAVR</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1897765406040821779?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/news/global/25/03/44174606/jpmorgan-questions-viability-of-us-crypto-reserve-cites-issues-with-smaller-tokens">JPMorgan Questions Viability of US Crypto Reserve, Cites Issues With Smaller Tokens</a></li>
</ul>

Movers

Trading Ideas

$DOGE

Bitcoin, Ethereum, Dogecoin Fall After Trump's Executive Order On Strategic BTC Reserve: ETH Poised For Rebound As Long As It Stays Above $2,200, Says Analyst

Stock and crypto brokerage Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) launched a new trivia game that gave away $1 million in Bitcoin (CRYTPO:BTC) Wednesday. The launch could help boost the company's financials with a focus on<a href="https://www.benzinga.com/news/earnings/25/02/43676276/robinhood-q4-earnings-highlights-record-revenue-eps-beat-analyst-estimates-crypto-revenue-up-700"> its Gold subscribers.</a>
What Happened: Robinhood users were able to take part in a trivia game Wednesday where they were asked 12 multiple-choice questions ranging from who the chairman of the Federal Reserve is to what year Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41908812/if-you-invested-100-in-dogecoin-when-the-meme-coin-launched-heres-how-much-youd-have-today">was founded in.</a>
The trivia competition was hosted by Scott "Quiz Daddy" Rogowsky, a popular name in the trivia circuit. Rogowsky <a href="https://www.benzinga.com/general/entertainment/22/03/25999924/the-next-jeopardy-or-wordle-netflix-launching-daily-trivia-game">previously hosted</a> HQ Trivia, a mobile game that was similar with questions and the winners who got them all right splitting the prize at the end.
For Robinhood users, the prize on the line for the people who answered all 12 multiple-choice questions right was $1 million in Bitcoin.
At the start of the competition Wednesday there were 392,632 contestants as seen in the picture below. The first question was considered easy and the questions got harder.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Over 300,000 people played Robinhood Trivia Wednesday competing for a share of $1 million in Bitcoin. Robinhood is back with the contest today but only for Gold members. Questions ranged from easy to hard with the one below the first that people had to get right. <a href="https://twitter.com/search?q=%24HOOD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HOOD</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/L2F7nCr7pH">pic.twitter.com/L2F7nCr7pH</a>
&mdash; Chris Katje (@chriskatje) <a href="https://twitter.com/chriskatje/status/1897699482256445675?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
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"This popular electric car company launched its first model in 2008 and has since grown to have a market cap of over $1.2 trillion," the first question asked.
Of the possible answers of Rivian, Tesla and Lucid, Tesla was of course the right answer.
Other questions asked users about S&amp;P 500 components, what "HODL" means, the supply cap of Bitcoin, what company was first to hit a market cap of $1 trillion and what the 2025 IRA contribution limit is for a person under 50 years old.
The final question asked about which IPO raised the most money in 2024. While users were likely tempted to pick Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), the answer was Lineage (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LINE#NASDAQ">LINE</a>), which raised over $4 billion.
In the end there were 615 people who got all 12 questions right and split the $1 million Bitcoin prize, good for $1,626.01 each.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43708938/5-robinhood-analysts-react-to-blowout-q4-earnings-can-the-tremendous-momentum-continue">5 Robinhood Analysts React To &#8216;Blowout&#8217; Q4 Earnings: Can The &#8216;Tremendous Momentum&#8217; Continue?</a>
What's Next: Robinhood is back with a second day of trivia Thursday with 12 more questions and another $1 million in Bitcoin up for grabs. The contest, which starts at 4:45 p.m. ET is open only to Robinhood Gold members.
Robinhood Gold is the company's monthly subscription that comes with features like higher APY on cash balance, IRA 3% match and trading tools. The plan costs $50 for a year on an annual basis or $5 per month. The first 30 days of Robinhood Gold are free.
While over 300,000 players took part in Wednesday's free challenge, Thursday's competition could be important for Robinhood in terms of user growth for Gold.
The company ended the fourth quarter with 2.6 million Gold subscribers, up 86% year-over-year.
All participants in Thursday's competition will also get a gift of an undisclosed amount of Dogecoin, as reported by <a href="https://fortune.com/crypto/2025/03/05/hq-trivia-quiz-daddy-scott-rogowsky-host-robinhood-game-show-bitcoin-dogecoin/">Fortune</a>.
Thursday's competition could also be a test to see if several tech issues were fixed. Social media saw the trivia competition trending Wednesday, but mostly for negative reasons with people reporting glitches and not being able to select their answers in time.
"Some users experienced issues trying to play yesterday – we've done a few things to make it better the second time around," Robinhood CEO Vlad Tenev <a href="https://x.com/vladtenev/status/1897689257566728358">tweeted</a>.
Tenev said the company improved the handling for poor cellular connections and made it easier to identify when people are playing versus just observing.
HOOD Price Action: Robinhood stock is down 5.8% to $45.34 on Thursdays versus a 52-week trading range of $13.98 to $66.08. Robinhood stock is up 176% over the last year, including a 15% gain year-to-date in 2025.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43914267/sec-drops-investigation-into-robinhoods-crypto-unit">SEC Drops Investigation Into Robinhood&#8217;s Crypto Unit</a></li>
</ul>
Image: Shutterstock

HOOD

LINE

RDDT

Robinhood Launches Trivia With 'Quiz Daddy' Scott Rogowsky: Will Bitcoin Giveaway Help Boost Gold Subscribers?

As the U.S. dollar witnessed its largest two-day decline in over two years, an economist argues the importance of devaluation for global growth while another expert explains the weakness to as a symptom and not a cause.
What Happened: The macro strategist at Crescat Capital, Otavio Costa highlighted the dollar&#8217;s largest two-day decline in over two years in his latest X post.
While he said that the dollar was the &#8220;most overvalued&#8221; concerning other fiat currencies, he reiterated that it &#8220;needs to be devalued to restore global growth.&#8221;
However, according to Aditya Sesh, the founder and managing director at Basiz Fund&nbsp;Services, the weakness in the dollar was a &#8220;symptom and not a cause.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Once again, almost unnoticed, we saw another substantial drop in the dollar. In fact, it was the largest two-day decline in over two years. The dollar remains one of the most overvalued in history relative to other fiat currencies, and in my view, it likely needs to be devalued… <a href="https://t.co/SJ8W2gQlsf">https://t.co/SJ8W2gQlsf</a>
&mdash; Otavio (Tavi) Costa (@TaviCosta) <a href="https://twitter.com/TaviCosta/status/1897457211993202752?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
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Other economists like Peter Schiff said that the plans to form a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) strategic reserve in the U.S. could be a reason for &#8220;dollar&#8217;s demise,&#8221; saying that &#8220;ultimate winner will be gold.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If Bitcoin&#39;s success is predicated on the dollar&#39;s failure, if the U.S. is foolish enough to actually create a Bitcoin strategic reserve, this development will accelerate the dollar&#39;s demise, potentially benefiting Bitcoin in the short run. But the ultimate winner will be gold.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1897428815137153078?ref_src=twsrc%5Etfw">March 5, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/market-summary/25/03/44160509/starlinks-european-rival-up-over-600-since-trump-halted-ukraine-aid-now-plans-to-replace-e">Starlink&#8217;s European Rival, Up Over 600% Since Trump Halted Ukraine Aid, Now Plans To Replace Elon Musk&#8217;s Satellite Internet Service In War-Torn Nation</a>
Why It Matters: Sesh said that &#8220;it is not surprising that the USD can come under pressure at various points in time,&#8221; while highlighting the following developments as the &#8220;symptoms&#8221;.
<ul>
<li>Correction After A Period Of Strength: According to Sesh, the dollar&#8217;s recent strong performance against other major currencies makes it susceptible to a natural market correction.</li>
</ul>
<ul>
<li>Fiscal Implications: A &#8220;review of public finance in the U.S.,&#8221; including cleaning up USAID and the spending cuts by the Department of Government Efficiency, &#8220;is a long time, arduous task&#8221;.</li>
</ul>
<ul>
<li>Economic Slowdown Signals: Sesh also highlights economic weakness hampering the USD. According to him, declining indicators like the ISM Purchasing Managers Index, particularly the drop in new orders, suggest a potential slowdown in US manufacturing.</li>
</ul>
<ul>
<li>Geopolitical And Infrastructure Burdens: Finally, the dollar&#8217;s reserve currency status, along with the need to renovate aging infrastructure, creates substantial financial obligations that can place downward pressure on the currency, according to Sesh.</li>
</ul>
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. SPY decline 0.87% to $577.96&nbsp;and QQQ was down 1.10% to $496.48, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Wednesday, the SPY declined 1.07% to $583.06, and the QQQ rose 1.30% to $502.01.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44159401/rigetti-claims-leadership-in-quantum-computing-race-aims-to-scale-to-100-qubits-as-it-look">Rigetti Claims &#8216;Leadership&#8217; In Quantum Computing Race, Aims To Scale To 100 Qubits As It Looks To Catch Up With IBM, Google</a></li>
</ul>
Photo courtesy: Shutterstock

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US Dollar Weakness A 'Symptom Not Cause,' Argues Expert As Economist Hails Devaluation To 'Restore Global Growth'

Lesser-known Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) offshoots rose sharply Wednesday, outgaining the apex cryptocurrency.
What happened: Bitcoin Cash rallied over 13%, becoming the market&#8217;s second-largest gainer in the last 24 hours.&nbsp;
The coin&#8217;s trading volume more than doubled to $1.07 billion in 24 hours, as strong buying pressure sent it beyond $400 for the first time in over a month.
Similarly, Bitcoin SV lifted 6.88% to a market capitalization of $738 million, reaching its highest level in a week.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:50 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin Cash (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bch/usd">BCH</a>)</td>
<td>+13.59%</td>
<td>$395.40</td>
</tr>
<tr>
<td>Bitcoin SV (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BSV</a>)</td>
<td>+6.88%</td>
<td>$37.17</td>
</tr>
</tbody>
</table>
</figure>
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/03/44133314/el-salvadors-president-bukele-remains-defiant-amid-imfs-concerns-on-bitcoin-accumulation-it-wont-stop-now-and-it-wont-stop-in-the-future">El Salvador&#8217;s Nayib Bukele Defiant Amid IMF&#8217;s Bitcoin Accumulation Concerns: &#8216;It Won&#8217;t Stop Now, And It Won&#8217;t Stop In The Future&#8217;</a>
The returns from these cryptocurrencies outshone Bitcoin, which was up 4.75% in the last 24 hours.
Bitcoin Cash is a result of a hard fork of the original Bitcoin blockchain in 2017 due to differences in the community over proposed upgrades. A year later, Bitcoin Cash underwent its own fork, leading to the creation of Bitcoin SV.
The surge in the value of Bitcoin spinoffs indicated demand, seemingly from retail traders, for affordable alternatives to Bitcoin.
As of this writing, the apex cryptocurrency was priced at $91,608.96, making owning one full unit a pricey investment for individuals.
The sentiment was upbeat amid high hopes for a Bitcoin strategic reserve at the upcoming <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44143660/howard-lutnick-says-president-definitely-thinks-theres-a-bitcoin-strategic-reserve">White House crypto summit</a>.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/03/44133774/trump-to-remove-canada-tariffs-polymarket-bettors-say-52-chance-of-this-happening-before-this-time">Trump To Remove Canada Tariffs? Polymarket Bettors Say 52% Chance Of This Happening Before This Time</a></li>
</ul>

$BCH

$BSV

Bitcoin Cash Surges Over 13%, Bitcoin SV Gains As Investors Eye Cheaper BTC Plays

Leading cryptocurrencies rallied on Wednesday on news that Bitcoin would be granted special status in the national strategic cryptocurrency reserve.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+4.01%</td>
<td>$90,164.31</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+3.79%</td>
<td>$2,245.90</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.42%</td>
<td>$0.2029</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The apex cryptocurrency surpassed $90,000, recouping gains lost due to the ongoing tariff announcements by President Donald Trump.
The momentum trickled to the rest of the market as Ethereum sailed past $2,500, hitting an intraday high of $2,272.80.
The improvement in sentiment came after Commerce Secretary Howard Lutnick indicated <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44143660/howard-lutnick-says-president-definitely-thinks-theres-a-bitcoin-strategic-reserve">major policy announcements</a> during Friday&#8217;s White House crypto summit. He confirmed that Bitcoin may receive special status in the national cryptocurrency reserve, but other tokens will be treated differently but positively.
The rally liquidated short positions worth $145 million from the cryptocurrency market in the last 24 hours.
Bitcoin's Open Interest popped 5.34%. A surge in spot price, coinciding with a jump in OI, indicated an influx of fresh money into the market.
More than 55% of traders on Binance were positioned long as of this writing, according to the Long/Short Ratio, implying a bullish sentiment.
In contrast, the Crypto Fear and Greed Index remained in the "Extreme Fear" zone.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Ondo (ONDO)</td>
<td>+19.90%</td>
<td>$1.15</td>
</tr>
<tr>
<td>Bitcoin Cash (BCH)</td>
<td>+18.82%</td>
<td>$387.05</td>
</tr>
<tr>
<td>Aptos (APT)</td>
<td>+13.63%</td>
<td>$6.20</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $2.96 trillion, following an increase of 3.30% in the last 24 hours.
Stocks recovered on Wednesday following two consecutive days of losses. The Dow Jones Industrial Average jumped 485.60 points, or 1.14%, to close at 43,006.59. The S&amp;P 500 gained 1.12%, ending at 5,842.63, while the tech-focused Nasdaq Composite added 1.46% to close the session at 18,552.73.
The recovery came after the <a href="https://www.benzinga.com/25/03/44149833/trump-delays-ford-gm-stellantis-from-from-tariffs-on-mexico-canada-for-one-month">Trump administration paused tariffs on automobile manufacturers' imports</a> by one month, sending stocks of big automakers higher.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst, Ali Martinez, stated that if Bitcoin reclaims $97,000, there is a strong chance of it moving toward $150,000, according to the Pi Cycle Top indicator.
The Pi Cycle Top Indicator is a technical indicator used to identify potential tops in Bitcoin&#8217;s price cycles.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator! <a href="https://t.co/yok308t4Jy">pic.twitter.com/yok308t4Jy</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1897440993752100984?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
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Popular on-chain analytics firm Santiment noted a sharp drop in Ethereum sentiment owing to its underperformance relative to other large-cap cryptocurrencies.&nbsp;
"For those patiently holding their ETH, the bearishness being projected across social media is a good sign of a potential turnaround once crypto markets stabilize," the analytics firm predicted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f43b; Ethereum sentiment has declined to year-low levels as the asset has underperformed relative to other top caps. For those patiently holding their <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, the bearishness being projected across social media is a good sign of a potential turnaround once crypto markets stabilize. <a href="https://t.co/iRaKTvb0Tu">pic.twitter.com/iRaKTvb0Tu</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1897453613162594338?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by CMP_NZ on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44151496/trumps-crypto-push-ibit-vs-etha-which-etf-stands-to-gain-more">Trump&#8217;s Crypto Push: IBIT Vs. ETHA – Which ETF Stands To Gain More?</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Spike Amid High Hopes From White House Crypto Summit: This Analyst Has Some Good News For Those 'Patiently Holding' Their ETH

Many cryptocurrencies soared to new all-time highs after Donald Trump won the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">2024 presidential election.</a>
With 2025 underway and Trump in the White House, Benzinga recently asked readers which cryptocurrencies they are buying.
What Happened: Trump recently announced plans for a strategic crypto reserve and a meeting of several cryptocurrency experts at the <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">White House on Friday</a> has created optimism that the federal government will be buying crypto.
Before the<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44120900/donald-trumps-bitcoin-xrp-cardano-reserve-proposal-drives-wedge-in-crypto-industry"> strategic crypto reserve </a>was announced by Trump with possible cryptocurrency choices, Benzinga polled readers asking about 2025.
"Which crypto asset are you most likely to invest in during 2025?" Benzinga asked.
The results were:
<ul>
<li>None, I'm staying away: 43%</li>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>): 35%</li>
<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>): 10%</li>
<li>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>): 10%</li>
<li>Stablecoins: 3%</li>
</ul>
The leading vote-getter in the poll was people staying away from cryptocurrency, receiving nearly half of the vote. Of the four cryptocurrency options including stablecoins, Bitcoin was the leading vote-getter with 35% of the vote.
Ethereum and Solana each got 10% of the vote with stablecoins ranking last at 3%.
The poll shows that when it comes to investing in cryptocurrency in 2025, investors are either staying away or likely buying Bitcoin.
Read Also: <a href="https://www.benzinga.com/25/03/44107003/trump-faces-backlash-over-crypto-reserve-plan-from-bitcoin-supporters-including-his-own-dont-think-the-government-should-be-pumping-our-crypto-bags-with-taxpayer-money">Trump&#8217;s Crypto Reserve Plan Sparks Backlash From Fans For Adding Ether, XRP, Solana, Cardano: &#8216;Don&#8217;t Think The Government Should Be Pumping Our Crypto Bags With Taxpayer Money&#8217;</a>
Why It's Important: A social media post by Trump indicated that a strategic crypto reserve would include Bitcoin, Ethereum, Solana and XRP Token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).
An official announcement could send those cryptocurrencies higher and kick-off a bull market — or a start a sell-off.
After hitting all-time highs in December 2024, Bitcoin dipped and <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42440369/bitcoins-next-move-105000-or-85000-poll-finds-over-60-say">Benzinga asked readers </a>if the cryptocurrency would hit the $105,000 or $85,000 milestone next. Sixty-three percent of readers predicted $105,000 correctly as the leading cryptocurrency hit that amount shortly after.
Bitcoin went on to hit all-time highs of $109,114.88 in January 2025 before falling below the $100,000 amount again. The cryptocurrency traded below the $85,000 mark, hitting new three-month lows.
Bitcoin trades for $90,183.60 at the time of writing Wednesday. The cryptocurrency is down 3.6% year-to-date in 2025 and up 40.8% over the last year.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378513/can-bitcoin-ethereum-dogecoin-shiba-inu-or-solana-beat-xrp-in-2025-poll-says-yes-one-coin-stands-out">Can Bitcoin, Ethereum, Dogecoin, Shiba Inu or Solana Beat XRP In 2025? Poll Says Yes, One Coin Stands Out</a></li>
</ul>
The study was conducted by Benzinga from Feb. 24, 2025 through Feb. 26, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 187 adults.

Photo: Shutterstock

Bitcoin, Ethereum, Solana, Stablecoins Or No Crypto In 2025: Here's What Readers Choose

President Donald Trump on Sunday unveiled plans to establish a U.S. &#8220;Crypto Strategic Reserve,&#8221; aiming to position the country as the <a href="https://www.benzinga.com/25/03/44078229/bitcoin-mining-stocks-are-surging-monday-whats-driving-the-action">global leader in digital assets</a>. The reserve would include major cryptocurrencies such as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP, Solana, and Cardano. He reaffirmed his commitment to the initiative, describing Bitcoin and Ethereum as "the heart of the Reserve." 
With BTC and ETH in the spotlight, investors are wondering: <a href="https://www.benzinga.com/etfs">which ETF is better positioned</a> to thrive in this new pro-crypto climate?
IBIT: A Strong Contender in the Bitcoin Race
The iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), has been a dominant force among spot Bitcoin ETFs, offering investors direct exposure to Bitcoin's price movements. The expense ratio carried by the ETF is 0.25%. With Trump's pro-Bitcoin stance, IBIT seems well-positioned to capitalize on BTC's price surge. If Bitcoin remains a key pillar of Trump's crypto strategy, IBIT stands to benefit the most.
Key Strengths of IBIT:
<ul>
<li>Direct exposure to Bitcoin's price movements.</li>
</ul>
<ul>
<li>Institutional support and rising trading volumes.</li>
</ul>
<ul>
<li>Favorable sentiment from Trump's endorsement of BTC.</li>
</ul>
ETHA: Ethereum's Rising Star
The Ethereum ETF from Ark &amp; 21Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETHA#NASDAQ">ETHA</a>), offers exposure to Ethereum, the second-largest cryptocurrency by market cap. While Bitcoin has historically been the frontrunner, Ethereum's smart contract capabilities and use in DeFi and NFTs make it a compelling investment. The expense ratio is the same as IBIT. With Trump explicitly naming Ethereum as a core asset in the Crypto Strategic Reserve, ETHA is poised for a boost.
Key Strengths of ETHA:
<ul>
<li>Exposure to Ethereum's smart contract ecosystem.</li>
</ul>
<ul>
<li>Potential upside from Trump's pro-ETH stance.</li>
</ul>
<ul>
<li>Growth in institutional adoption and staking rewards.</li>
</ul>
Which ETF Is More Resilient?
The answer depends on Trump's evolving stance and how markets react to broader crypto policies. If Bitcoin remains the primary focus, IBIT could maintain its edge as the go-to ETF for Bitcoin exposure. However, ETHA might surprise investors if Ethereum's network continues growing and institutional adoption picks up.
Renowned venture capitalist Chris Burniske <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44113146/why-the-bitcoin-pullback-may-have-a-silver-lining-for-long-term-investors">advises investors to stay the course</a> despite <a href="https://www.benzinga.com/crypto">crypto market pullbacks</a>, framing the recent downturn as a mid-bull market correction rather than a cycle top. Burniske suggests holding positions, avoiding frequent price checks, and adding to investments during fear-driven dips.
Arthur Hayes, co-founder of BitMEX, <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44105461/bitcoin-bottom-will-be-70000-at-worst-arthur-hayes-says">remains bullish on Bitcoin</a>, predicting that its 2025 low won't fall below $70,000 and reaffirming his long-term $1 million price target. While acknowledging potential short-term dips, he sees Bitcoin as leading a broader bull cycle, fueled by economic factors like government debt financing and global liquidity issues. 
Hayes argues that Bitcoin will recover first, even as traditional financial markets catch up. He warns that Bitcoin's current volatility signals an impending liquidity crisis, reinforcing its role as a leading indicator for global financial conditions.
On the other hand, Ethereum also holds a strong first-mover advantage in the smart contract space, and has become the industry standard for decentralized applications. This deep entrenchment makes it difficult for newer blockchains to overtake Ethereum, even if they introduce technically superior solutions.
Ultimately, both IBIT and ETHA stand to benefit from Trump's push to make crypto a national priority. While IBIT might experience more immediate gains, ETHA could see stronger long-term resilience as Ethereum's use cases expand.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/new-etfs/25/03/44149632/jeffrey-gundlachs-latest-etf-aims-to-leverage-rising-rate-environment">Jeffrey Gundlach&#8217;s Latest ETF Aims To Leverage Rising Rate Environment</a></li>
</ul>
Photo: Shutterstock

Specialty ETFs

ETHA

Trump's Crypto Push: IBIT Vs. ETHA – Which ETF Stands To Gain More?

Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) shares rose 3.94% in Wednesday&#8217;s pre-market trading, as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) moves closer to the $90,000 mark, according to data from <a href="http://pro.benzinga.com">Benzinga Pro.</a>
What Happened: Strategy, a major Bitcoin holder, saw its shares rise as the cryptocurrency recovered&nbsp;its previous losses amid bargain buying and hopes of a tariff relief. On Tuesday, US Commerce Secretary Howard Lutnick signaled that President Donald Trump could give concessions to Canada and Mexico, after imposing a 25% tariff.
Bitcoin has been quite volatile in the week so far. Over the weekend and Monday, it moved higher as Trump announced plans of a crypto reserve. However, the optimism was short-lived and the cryptocurrency gave up the gains following tariff concerns. Furthermore, several pro-Trump Bitcoin supporters <a href="https://www.benzinga.com/25/03/44107003/trump-faces-backlash-over-crypto-reserve-plan-from-bitcoin-supporters-including-his-own-dont-think-the-government-should-be-pumping-our-crypto-bags-with-taxpayer-money">criticized the President </a>for including Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) in the reserve, rather than creating an exclusive Bitcoin reserve. Notably, Trump did not talk about Bitcoin in his address to Congress on Tuesday. 
SEE ALSO: <a href="https://www.benzinga.com/25/03/44136859/asml-faces-uncertainty-as-us-sanctions-on-china-cut-demand-stock-down-24-in-12-months">Chip Equipment Maker ASML Faces Uncertainty As US Sanctions On China Impact Demand</a>
Why It Matters: MSTR witnesses gains as the company&#8217;s co-founder Michael Saylor strengthens his ties with the Donald Trump administration. He is also scheduled to participate in an industry roundtable at the <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">White House Crypto Summit </a>later this week.
Earlier in March, a regulatory filing revealed that&nbsp;Strategy Inc. had not sold or bought additional Bitcoin in the week from Feb. 24 to March 2, 2025. Saylor also stated that the company generated&nbsp;profits of $2.6 billion in&nbsp;the first two months of&nbsp;2025.
Meanwhile, Mike Alfred, a renowned investor and Bitcoin backer, accused Wall Street giants of <a href="https://www.benzinga.com/25/03/44135791/investor-mike-alfred-alleges-wall-street-giants-are-targeting-michael-saylor-led-strategy-by-driving-bitcoin-lowercritic-dismisses-it-as-conspiratorial-thinking">manipulating Bitcoin prices</a> to put pressure on companies like Strategy that possess substantial Bitcoin holdings.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/tech/25/03/44135610/elon-musks-tesla-introduces-limited-time-insurance-subsidy-of-over-1000-on-model-3-purchases-in-china">Elon Musk&#8217;s Tesla Introduces Limited Time Insurance Subsidy Of Over $1000 On Model 3 Purchases In China</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSTR Stock Rises Nearly 4% in Wednesday Pre-Market Trading: What's Going On?

Leading cryptocurrencies eked out narrow gains Tuesday even as stocks shuddered over tariff war fears.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.72%</td>
<td>$86,615.63</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.51%</td>
<td>$2,159.44</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.36%</td>
<td>$0.1976</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin nearly touched $89,000 in the early evening before losing some of its gains overnight.
Ethereum was choppy throughout the day, shuttling between an intraday low of $1,996 and a high of $2,220.&nbsp;
Bitcoin maintained a dominance of over 60%, while Ethereum's market shared dipped below 10%.&nbsp;
About $770 million from the cryptocurrency market in the last 24 hours, with $522 million in upside bets erased.
Bitcoin's Open Interest fell 3.82% in the last 24 hours, while the number of futures traders going long on the apex cryptocurrency rose above 50%.
The Crypto Fear and Greed Index remained in the "Extreme Fear" zone, signaling a state of uncertainty in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Aave (AAVE)</td>
<td>+14.57%</td>
<td>$206</td>
</tr>
<tr>
<td>Cardano (ADA)</td>
<td>+12.12%</td>
<td>$0.9317</td>
</tr>
<tr>
<td>DeXe (DEXE)</td>
<td>+5.06%</td>
<td>$18.96</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $2.86 trillion, rising 1.30 in the last 24 hours.
Stocks sank for the second straight day. The Dow Jones Industrial Average fell 670.25 points, or 1.55%, to close at 42,520.99. The S&amp;P 500 tumbled 1.22%,&nbsp; ending at 5,778.15, while the tech-heavy Nasdaq Composite slid 0.35% to close at 18,285.16.
The decline comes amid fears of a full-blown trade war as <a href="https://www.benzinga.com/25/03/44131125/tariff-update">Trump threatened increased tariffs after Canada imposed retaliatory tariffs on U.S. imports</a>.
China has also taken retaliatory action, while Mexico has vowed to respond with tariff and non-tariff measures.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Ki Young Ju, founder of on-chain analytics firm CryptoQuant, opined that the Bitcoin market will remain sluggish until sentiment in the U.S. improves.
"There's no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact," Young Ju said. "If the cycle ends here, it's an outcome no one wanted—not old whales, mining companies, TradFi, or even Trump."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> market will likely remain slow until sentiment in the U.S. improves. There's no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online. If the cycle ends… <a href="https://t.co/fSWl26d0gx">https://t.co/fSWl26d0gx</a> <a href="https://t.co/byWdweZhSQ">pic.twitter.com/byWdweZhSQ</a>
&mdash; Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1896844873971712164?ref_src=twsrc%5Etfw">March 4, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Popular cryptocurrency analyst, Ali Martinez, noted that Bitcoin has historically rebounded when the trader loss margin has reached -12%.
"Right now, it&#8217;s sitting at -15.4%, signaling a potential reversal," Martinez remarked.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has historically rebounded when the trader loss margin reaches -12%. Right now, it&#39;s sitting at -15.4%, signaling a potential reversal! <a href="https://t.co/tzbNxY1LIp">pic.twitter.com/tzbNxY1LIp</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1897060487298527698?ref_src=twsrc%5Etfw">March 4, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">White House Crypto Summit To Feature Roundtable With Industry Leaders Including Michael Saylor</a></li>
</ul>

Bitcoin, Ethereum Gain, Dogecoin Flat As Trump Threatens More Tariffs After Retaliatory Action: Analyst Says 'Bull Cycle Still Intact' But Sentiment Won't Improve Until...

President Donald Trump&#8216;s recent crypto reserve plan has sparked discontent among his tech community supporters. The plan, announced on Sunday, has led to a significant divide among his tech allies.
What Happened:  The crypto enthusiasts have not welcomed President Trump&#8217;s decision to establish a strategic crypto reserve for the U.S., CNBC <a href="https://www.cnbc.com/2025/03/04/pro-trump-techies-enraged-by-crypto-reserve-plan-causing-early-rift.html">reported</a> on Tuesday. The reserve will comprise not only Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) but also other digital currencies such as Ether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana&#8217;s SOL token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).
Trump&#8217;s initial moves to cut regulations and form a digital assets working group were applauded. However, this recent move is seen as an overreach. The tech community had anticipated an exclusive strategic Bitcoin reserve, which would involve purchasing Bitcoin with cash, a decentralized currency seen as a viable alternative to hard money.
Tyler Winklevoss, co-founder of crypto exchange Gemini, stated, "I have nothing against XRP, SOL, or ADA but I do not think they are suitable for a Strategic Reserve."&nbsp;Winklevoss had supported Trump during his election campaign.
Explaining the issue with other coins, &nbsp;Alexander Blume, CEO of Two Prime said, "They're not scarce in the same way and they're not decentralized in the same way. So it reduces the value and signal of creating a Bitcoin reserve.&#8221;
The decision to include riskier assets in the reserve has faced criticism. Detractors argue that this could potentially enhance&nbsp;the net worth of a&nbsp;select group of coin owners, using U.S. taxpayer money. This is particularly troubling to those who support Elon Musk&#8216;s mission to decrease government spending at the Department of Government Efficiency (DOGE).
Creator of blockchain startup Civic, Vinny Lingham wrote on X, "Call me old fashioned but I don't think the government should be pumping our crypto bags with taxpayer money while we are running a near $2trn deficit."
SEE ALSO: <a href="https://www.benzinga.com/25/03/44105530/tesla-introduces-0-apr-financing-on-model-3-purchases-to-check-falling-demand">Elon Musk&#8217;s Tesla Introduces 0% APR Financing On Model 3 Purchases Amid Falling Demand</a>
Why It Matters: Previously, analysts at Bernstein <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44077079/analysts-doubt-us-crypto-reserve-expansion-beyond-bitcoin-cite-funding-challenges">expressed doubts </a>about the U.S. expanding its crypto reserve beyond Bitcoin due to funding challenges, as reported. The rationale for including other assets remains unclear.
On the other hand, Strategy&#8217;s Michael Saylor told CNBC that it was no surprise that the reserve included other cryptocurrencies too. "There's no way to interpret this other than this is bullish for Bitcoin and bullish for the entire U.S. crypto industry," stated Saylor.
To add to the concerns, David Bailey, CEO of Bitcoin Magazine, revealed that <a href="https://www.benzinga.com/25/03/44100824/china-working-behind-closed-doors-to-create-strategic-bitcoin-reserve-says-bitcoiner-who-orange-pilled-trump">China was secretly </a>discussing&nbsp;the creation of a strategic&nbsp;Bitcoin reserve. This could potentially put the U.S. at a strategic disadvantage if it does not focus on Bitcoin.
After a weekend rally, crypto prices on Monday witnessed a significant decline. Bitcoin dropped about 9%, while Ether fell 15%. XRP and SOL also witnessed substantial drops. This decline is believed to be linked to President Trump&#8217;s confirmation of upcoming tariffs.
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<li>READ MORE: <a href="https://www.benzinga.com/25/03/44103610/taiwan-semiconductor-doubles-down-on-us-chipmaking-165-billion-investment-set-to-reshape-tech-jobs">Taiwan Semiconductor Doubles Down On US Chipmaking, Plans $165 Billion Investment</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump's Crypto Reserve Plan Sparks Backlash From Fans For Adding Ether, XRP, Solana, Cardano: 'Don't Think The Government Should Be Pumping Our Crypto Bags With Taxpayer Money'

Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has announced that it has not sold any shares or bought additional Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in the week from Feb. 24 to March 2, 2025. The company has also declared a quarterly cash dividend on its preferred stock.
What Happened: According to an SEC filing dated March 3, Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and its subsidiaries currently hold around 499,096 Bitcoins, which were bought for a total of about $33.1 billion. This averages to roughly $66,357 per Bitcoin, including fees and expenses.
The company announced a quarterly cash dividend for its 8.00% Series A perpetual preferred stock, trading under the ticker symbol STRK on The Nasdaq Global Select Market. The dividend, nearly $1.24 per share, will be paid on March 31, to shareholders who are recorded as of the close of business on March 15.
Furthermore, Michael Saylor, co-founder and executive chairman of Strategy, predicted during an interview with CNBC on Monday that the market cap of Bitcoin would surge to $200 trillion. &#8220;Right now we're about $2 trillion in Bitcoin. It's going to $20 trillion, then it's going to $200 trillion, then it's growing 20% a year. And that capital is coming from overseas. It's coming from China, from Russia, from Europe, from Africa, from Asia,&#8221; stated Saylor.
SEE ALSO: <a href="https://www.benzinga.com/tech/25/03/44099748/tim-cook-says-theres-something-in-the-air-new-macbook-air-or-a-surprise-product-launch-on-the-cards">Tim Cook Says &#8216;There&#8217;s Something In The Air&#8217; — New MacBook Air Or A Surprise Product Launch On The Cards?</a>
Why It Matters: On Monday, Strategy&#8217;s shares saw a 12.6% rise <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44073346/mstr-stock-up-nearly-13-in-monday-pre-market-whats-going-on">in the pre-market </a>trading session, following a surge in Bitcoin&#8217;s value. This surge was triggered by President Donald Trump&#8216;s announcement of a U.S. strategic cryptocurrency reserve, wherein the President declared his preference for Bitcoin and Ethereum. The stock also surged after Saylor announced in a post on X that the company&#8217;s Bitcoin investments generated $2.6 billion in profits during the first two months of 2025.
Saylor hailed Trump&#8217;s plan as "a more liberal economic policy," and emphasized that a well-organized digital asset policy would foster economic growth and encourage innovation. 
Despite the pre-market rise, the stock ended 1.77% lower to close at 250.92 on Monday, as per <a href="https://www.benzinga.com/pro/">BenzingaPro</a>. 
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<li>READ MORE: <a href="https://www.benzinga.com/markets/equities/25/03/44079509/preparing-for-worse-doesnt-mean-dumping-stocks-investing-wisdom-from-market-guru-sam-ro">&#8220;Preparing For Worse Doesn&#8217;t Mean Dumping Stocks&#8221;: Investing Wisdom From Market Guru Sam Ro</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSTR Retains Bitcoin, Declares Preferred Dividend As Michael Saylor Predicts $200 Trillion Market Cap For Bitcoin

David Bailey, a well-known Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocate and CEO of Bitcoin Magazine, disclosed Sunday that China was holding confidential discussions to assess the creation of a strategic Bitcoin reserve.
What Happened:&nbsp;Bailey, a key campaigner for President Donald Trump last year, said in an X post that the Asian economic giant was &#8220;working double time&#8221; to establish its own national Bitcoin stockpile.
&#8220;They've been holding closed door meetings on the topic since the election,&#8221; Bailey stated. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">China is now working double time to stand up their own Strategic Bitcoin Reserve. They've been holding closed door meetings on the topic since the election.
&mdash; David Bailey&#x1f1f5;&#x1f1f7; $0.85mm/btc is the floor (@DavidFBailey) <a href="https://twitter.com/DavidFBailey/status/1896347493878861867?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The revelation was met with skepticism by X users, with many questioning the credibility of Bailey&#8217;s connections and his access to confidential information.
&#8220;Yes, you'd be amazed how many people reach out to you when you orange pill the American President,&#8221; Bailey defended his sources. 
The remarks coincided with<a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month"> Trump&#8217;s announcement</a> that Bitcoin would be at the &#8220;heart&#8221; of a U.S. strategic cryptocurrency reserve, along with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>),&nbsp;XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>).
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">Bitcoin Is Digital Gold But &#8216;What&#8217;s The Rationale For An XRP Reserve&#8217;, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision</a>
Why It Matters: Bailey&#8217;s claims followed signals from China suggesting a probable shift in its stance on cryptocurrencies.
Zhu Guangyao, China's former Vice Minister of Finance, urged the Xi Jinping administration last year <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41087216/chinas-ex-finance-deputy-urges-xi-jinping-government-to-study-cryptocurrencies-in-light-of">to explore cryptocurrencies more thoroughly</a>, highlighting the importance of staying updated with international changes and policy adjustments.
Additionally, a Shanghai court <a href="https://www.benzinga.com/24/11/42103633/chinese-court-affirms-cryptocurrency-ownership-as-legal-as-bitcoin-breaks-97k">confirmed</a> that it wasn&#8217;t&nbsp;illegal for individuals to hold&nbsp;cryptocurrency in China, although speculative trading could be subject to enforcement.
Despite a ban on cryptocurrency trading and mining, China <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40985461/china-controls-55-of-bitcoin-hashrate-despite-crypto-ban-but-the-us-is-catching-up">continues to dominate the Bitcoin network</a>, controlling 55% of the global hash rate as of September 2024. There have been reports of a growing trend of <a href="https://www.benzinga.com/markets/asia/24/01/36777407/bitcoin-reclaims-spotlight-in-china-despite-ban-offering-safe-haven-for-investors" target="_blank" rel="noreferrer noopener">Chinese investors finding alternative</a> ways to engage in the cryptocurrency market
Price Action: At the time of writing, Bitcoin was exchanging hands at $83,661.68, down 9.78% in the last 24 hours, <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">according </a>to data from Benzinga Pro.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/03/44069228/elon-musk-labels-meme-coins-as-casino-like-dont-sink-your-life-savings">Elon Musk Labels Meme Coins Casino-Like: Tesla CEO Says &#8216;Don&#8217;t Sink Your Life Savings&#8217; Even As Dogecoin Pumps Over 10%</a></li>
</ul>

China Working Behind Closed Doors To Create Strategic Bitcoin Reserve, Says Bitcoiner Who 'Orange Pilled' Trump

The Sunday rally was short-lived as President Donald Trump's tariff confirmation sent top cryptocurrencies down on Monday.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-8.09%</td>
<td>$86,051.25</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-13.48%</td>
<td>$2,147.29</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-15.69%</td>
<td>$0.1991</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin dumped to an intraday low of $85,081, a day after the <a href="https://in.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">announcement of a U.S. strategic cryptocurrency reserve</a> powered it above $95,000.
Ethereum tanked over 13% to an intraday low of $2,097.08, erasing the Sunday upsides, while Dogecoin also took a U-turn, plunging over 15%.&nbsp;
The pullback liquidated $804 million from the cryptocurrency market in the last 24 hours, with $86 million in long positions wiped out.
However, over $1 billion in short positions risked liquidation if Bitcoin rebounded to around $92,300.
Bitcoin's Open Interest plummeted 9.88% in the last 24 hours. Interestingly, Binance futures traders were buying the dip, with long positions surging to 69% of the total bets.
The Crypto Fear and Greed Index fell back into the "Extreme Fear" region, fuelling concerns of further sell-offs.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>UNUS SED LEO (LEO)</td>
<td>+1.27%</td>
<td>$9.94</td>
</tr>
<tr>
<td>Tether Gold (XAUt)</td>
<td>+0.99%</td>
<td>$2,886.73</td>
</tr>
<tr>
<td>Pax Gold (PAXG)</td>
<td>+0.75%</td>
<td>$2,888.86</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization tanked 9.27% to $2.84 trillion in the last 24 hours.
Stocks tumbled on Monday. The Dow Jones Industrial Average fell 649.67 points, or 1.48%, to close at 43,191.24. The S&amp;P 500 sank 1.76% to end at 5,849.72, while the tech-focused Nasdaq Composite lost 2.64% to close the session at 18,350.19.
The sell-offs were triggered after <a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Trump reiterated the imposition of tariffs</a> on key trade partners Canada, Mexico, and China.
Investors will focus on the February jobs data, which is due out on Friday, to assess the strength of the U.S. economy.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular blockchain analytics firm CryptoQuant noted that Bitcoin's short-term holders were experiencing modest losses, which could spur accumulation as prices decline.
"For Bitcoin to retest its ATH, a substantial bullish impulse is required, marked by a breakthrough of the STH Cost Basis level ($90,000–91,000) and the ability to maintain prices above this threshold to restore short-term investor confidence," the firm projected.
The cost basis for short-term holders is the original buying price of an investment held for less than a year.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Market Analysis "For Bitcoin to retest its ATH, a substantial bullish impulse is required, marked by a breakthrough of the STH Cost Basis level (90–91K USD) and the ability to maintain prices above this threshold to restore ST investor confidence." – <a href="https://twitter.com/AxelAdlerJr?ref_src=twsrc%5Etfw">@AxelAdlerJr</a> <a href="https://t.co/AvqivYZqS5">pic.twitter.com/AvqivYZqS5</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1896663624472744072?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Widely followed cryptocurrency analyst Ali Martinez called $97,000 the "most critical resistance barrier" for Bitcoin, where roughly 2.27 million investors acquired over 1.64 million BTCs.&nbsp;
"Breaking through this supply wall could open the door for new all-time highs," Martinez predicted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The most critical resistance barrier for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is $97,000, where 2.27 million investors acquired over 1.64 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. Breaking through this supply wall could open the door for new all-time highs! <a href="https://t.co/onQeQw2WGj">pic.twitter.com/onQeQw2WGj</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1896653806957682853?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44092638/bitcoin-mining-etfs-under-pressure-profits-plunge">Bitcoin Mining ETFs Under Pressure As Falling Profits Weigh On Miners</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Nosedive As Trump's Tariff Moves Wipe Out Crypto Reserve-Fueled Gains: Analyst Says Breaking Through This Barrier Will Help BTC Touch New Highs

Analysts at Bernstein have raised concerns that expanding the proposed U.S. Crypto Strategic Reserve to include blockchain assets beyond Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) using Federal Reserve or Treasury funds faces significant hurdles, despite a bullish market response to President Donald Trump's <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">weekend announcement</a>.
The reserve, unveiled ahead of Trump's Crypto Summit scheduled for Friday, includes five digital assets—Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>)—sparking debate over its feasibility and funding. 
While Bitcoin's inclusion aligns with its &#8220;digital gold&#8221; narrative, the rationale for other assets remains murky, Bernstein noted.
Also Read: <a href="https://www.benzinga.com/25/03/44072895/trading-agents-lead-ai-web3-future-says-galxe-co-founder-charles-wayn">Trading Agents Lead AI-Web3 Future, Says Galxe Co-Founder Charles Wayn</a>
The announcement triggered a sharp market rally. Bitcoin climbed above $94,000 (up 12%), while Ethereum gained 15%. Meanwhile, Solana, XRP, and Cardano surged 25%, 30%, and 70%, respectively, from last week's lows.
Yet, Bernstein analysts argue that justifying federal purchases of non-Bitcoin assets is a tough sell. 
"We think a realistic path could be that the U.S. government can convince Congress that Bitcoin is the new digital gold/global store of value and a gold revaluation/gold reserve reallocation makes sense. However, buying other blockchain assets from Fed funds or treasury funds is a difficult sell," they wrote in the report.
The analysts outlined three unresolved questions surrounding the reserve: allocation across assets, funding mechanisms, and legal authority. 
On allocation, they suggest market capitalization could guide weights—Bitcoin at 75%, Ethereum at 11% and Solana at 4%. Or, perhaps, a dedicated committee could decide and split the rest among others
Funding, however, poses a deeper challenge. Proposals include reallocating gold reserves, issuing Treasury debt, adjusting the Fed's balance sheet, or partnering with institutional asset managers. 
Critics highlight a contradiction with the DOGE program's spending cuts, questioning the diversion of resources to crypto investments.
Legally, the reserve's creation is uncertain. "It is not clear if the strategic reserve can be created merely by President's executive order. If the Fed balance sheet is involved, it would require a specific bill to be passed by the Congress," the analysts stated.
They doubt the Treasury could act independently without Fed involvement. That further complicates the inclusion of assets like ETH and SOL, which support blockchain ecosystems but lack Bitcoin's reserve-asset clarity.
Despite these challenges, the crypto industry welcomes the sentiment shift. 
The SEC's recent withdrawal of enforcement actions against firms like Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Binance signals regulatory softening, while Bernstein predicts the reserve could push rival nations and banks to embrace crypto innovation. 
MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), holding nearly 500,000 BTC ($47 billion), stands to gain, with its stock potentially buoyed by enhanced capital market access.
Geoffrey Kendrick of Standard Chartered, in a note sent to Benzinga, said that the timing of the announcement is interesting. February was the worst month for Bitcoin since June 2022. That&#8217;s a pretty bad look for the new pro-crypto administration. However, the weekend was the best weekend since January 2021.
&#8220;That combination (worst month in 2.5 years, best weekend in 4 years) looks to me like the first solid data point of a Trump put for crypto (ala Fed put for stocks). This is important because it means markets can remove the fat left-hand side tail from their implied distribution of outcomes,&#8221; he said.
&#8220;And removing bad outcomes after a week which saw $3bn in liquidations of long positions on exchanges and $2.5bn of ETF selling is probably enough to mean markets can now edge higher,&#8221; he added.
It also gives a states a chance to progress their own BTC reserve plans. These will take time but seem likely to end up with the states owning as much Bitcoin as the federal government currently does — approximately 200,000 Bitcoin.
&#8220;And perhaps a bridge to a place where other sovereigns join Abu Dhabi in buying BTC as well. We have moved from selling rallies to buying dips. And hence I re-focus on my $500k BTC target,&#8221; Kendrick said.
Read Next: 
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</ul>
Image: Shutterstock

COIN

Analysts Doubt US Crypto Reserve Expansion Beyond Bitcoin, Cite Funding Challenges

In the pre-market trading session on Monday, the shares of Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) climbed 12.6% following the surge in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). This rally was triggered by President Donald Trump&#8217;s announcement of a U.S. strategic cryptocurrency reserve.
What Happened: Strategy Inc., a major corporate Bitcoin holder witnessed an increase in share price after the <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-mon">cryptocurrency rebounded</a> from its dip below $80,000 on Friday, soaring beyond $95,000 on Sunday. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also witnessed significant gains, rising above $2,500, following a 31% drop in February.
The announcement of a strategic cryptocurrency reserve by Trump, made via his Truth social account, spurred this rally. Initially, the post referenced XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), leading to a surge in their prices. Later, Trump declared that Bitcoin and Ethereum would play a key role in the reserve, emphasizing his preference for these two assets.
Additionally, MSTR stock also climbed in today&#8217;s pre-market trading as Michael Saylor, co-founder and Executive Chairman of Strategy announced through a post on X that the company's Bitcoin investments yielded profits of $2.6 billion in the first two months of 2025.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="596" height="420" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/03064410/image-10.png" alt="" class="wp-image-805862" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/03064410/image-10.png 596w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/03064410/image-10-300x211.png 300w" sizes="(max-width: 596px) 100vw, 596px" /></figure>
SEE ALSO: <a href="https://www.benzinga.com/personal-finance/25/03/44065932/mark-cuban-was-asked-how-hed-invest-100k-his-answer-buy-bulk-toothpaste-and-soup-for-the-best-guaranteed-return-on-investment">Mark Cuban Was Asked How He&#8217;d Invest $100K — His Answer? Buy Bulk Toothpaste And Soup For The &#8216;Best Guaranteed Return On Investment&#8217;</a>
Why It Matters: For the past few sessions, MSTR had been on a decline following the downturn in Bitcoin prices amid tariff woes. However, the surge in the cryptocurrency underpinned the stock&#8217;s growth today. 
Chris Kline, COO and Co-Founder of BitcoinIRA, told Benzinga that<a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month"> Trump&#8217;s announcement</a> could &#8220;fuel cryptocurrency prices overall headed into spring.&#8221; He predicted that Bitcoin could soon reach $100,000 again and possibly hit new all-time highs later this month if the positive momentum continues. Additionally, market strategist Tom Lee had expressed optimism about Bitcoin&#8217;s long-term prospects. In a <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44070486/bitcoin-will-surge-in-value-and-adoption-in-long-term-says-tom-lee-while-casting-doubt-on-near-term-performance-im-not-really-bearish-on-it-but">RiskReversal Podcast</a>, he stated that he expected the trust around Bitcoin to grow over the next five years.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">Bitcoin Is Digital Gold But &#8216;What&#8217;s The Rationale For An XRP Reserve&#8217;, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSTR Stock Up Nearly 13% In Monday Pre-Market: What's Going On?

President Donald Trump took the cryptocurrency world by surprise Sunday, announcing a strategic reserve comprising of top coins such as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
As the market came to terms with the significant development, influential industry figures proposed suggestions and assessed the chances of its implementation.
What happened: Brian Armstrong, CEO of cryptocurrency exchange Coinbase, believed having just Bitcoin in the reserve would be the "best option," calling the asset a successor to gold.&nbsp;
Alternatively, Armstrong proposed that to maintain variety, a market capitalization-weighted mix of cryptocurrency assets could be used to keep the reserve &#8220;unbiased.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is: 1. Just Bitcoin would probably be the best option &#8211; simplest, and clear story as successor to gold 2. If folks wanted more variety, you could do a market cap weighted index of crypto… <a href="https://t.co/jv8Gcn8N2S">https://t.co/jv8Gcn8N2S</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1896350375482970532?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>
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</figure>
The remarks were in response to White House A.I. &amp; Crypto Czar David Sacks, who added to Trump's earlier announcement that Bitcoin, along with Ethereum, XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and Cardano (CRYPO: ADA), would be <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">used to set up a national cryptocurrency reserve</a>.&nbsp;
Sacks said further details around the reserve would be revealed at the upcoming <a href="https://www.benzinga.com/25/03/44064928/trump-to-host-first-ever-white-house-crypto-summit-next-friday-btc-surges-past-85000-doge-surges-over-10">cryptocurrency summit</a> at the White House.
The inclusion of other altcoins beside Bitcoin was intriguing, considering Bitcoin enthusiasts were expecting a Bitcoin-only reserve.&nbsp;
In fact, even staunch Bitcoin critic Peter Schiff <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">questioned the inclusion</a> of assets like XRP in the reserve.&nbsp;
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">Bitcoin Is Digital Gold But &#8216;What&#8217;s The Rationale For An XRP Reserve&#8217;, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision</a>
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, refused to read too much into the announcement.
"Nothing new here. Just words. Lmk when they get congressional approval to borrow money and/or revalue the gold price higher," Hayes stated.&nbsp;
Notably, a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42080839/cynthia-lummis-says-strategic-bitcoin-reserve-could-take-shape-soon-after-trump-raises-his-hand-and-is-sworn-in">bill </a>by Sen. Cynthia Lummis (R-Wy.) pushes for leveraging gold certificates held at the Federal Reserve's 12 banks to fund acquisitions of Bitcoin.
Hayes, who was still long on Bitcoin, said he won't buy anymore in the ongoing rally.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Nothing new here. Just words. Lmk when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> and <a href="https://twitter.com/hashtag/shitcoins?src=hash&amp;ref_src=twsrc%5Etfw">#shitcoins</a>. <a href="https://t.co/Q06cDtL6h7">https://t.co/Q06cDtL6h7</a>
&mdash; Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1896364146335367662?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>
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Price Action: At the time of writing, Bitcoin was exchanging hands at $91,981.49, up 7.27% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
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</ul>
Image via Shutterstock

Coinbase's Brian Armstrong Thinks Having A Bitcoin-Only Crypto Reserve 'Best Option' While Arthur Hayes Says Trump's Announcement Insignificant Until Congressional Approval

An investor&#8217;s highly leveraged long trade and closure just before President Donald Trump declared a cryptocurrency strategic reserve on Sunday raised speculation of insider trading.
What happened: In an X post, capital markets commentator The Kobeissi Letter highlighted how a whale took a 50x leverage on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) to turn an investment of $4 million into a $200 million position.
"$200 million of longs (including leverage) is no joke, especially in a market where Bitcoin was down 25%," The Kobeissi Letter said.&nbsp;
The risky move meant that a mere 2% drop in Bitcoin could have liquidated the trader.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is unusual: 24 hours ago, someone took $200,000,000 worth of Ethereum and Bitcoin longs on 50x leverage. This meant even a 2% drop in Bitcoin would liquidate $200M. Today, President Trump announced the US Crypto Reserve including BTC and ETH. Did someone know? <a href="https://t.co/moTTnqmSWY">https://t.co/moTTnqmSWY</a> <a href="https://t.co/nktfVJWw5v">pic.twitter.com/nktfVJWw5v</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1896305838144548884?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>
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Additional data from on-chain tracker Spot On Chain revealed that the trader closed their position shortly before Trump announced a <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">cryptocurrency reserve</a>, including Bitcoin and Ethereum, making a profit of over $6 million.
"Big gamble or insider trading?" Spot On Chain speculated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8; The whale missed out on millions! Whale 0xe4d31c25 closed his 50x long BTC &amp; ETH right before Trump's Crypto Reserve announcement—including those tokens. &#x1f4ca; His trades (24h ago): &#x1f539; ETH long at $2.195K &#x7C; $200M position &#x1f539; BTC long at $85.6K &#x7C; $72M position &#x1f4b0; Closed 2H ago… <a href="https://t.co/qG5OkTQpXN">pic.twitter.com/qG5OkTQpXN</a>
&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1896262328104243212?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44069015/bitcoin-is-digital-gold-but-whats-the-rationale-for-an-xrp-reserve-asks-peter-schiff-cardano-founder-charles-hoskinson-says-trump-made-the-right-decision">Bitcoin Is Digital Gold But &#8216;What&#8217;s The Rationale For An XRP Reserve&#8217;, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision</a>
On-chain sleuth and Coinbase executive Conor Grogan investigated the trader's activity and found that the funds came from phishing.&nbsp;
"Turns out he&#8217;s just a gambler with stolen funds and not someone with inside info," Grogan said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I tracked this guy&#39;s wallet and it turns out he got his funds from phishing and is a roobet whale. He also closed his longs before the Trump second announcement missing out on tens of millions Turns out he&#39;s just a gambler with stolen funds and not someone with inside info <a href="https://t.co/PZRKEme1Pe">https://t.co/PZRKEme1Pe</a>
&mdash; Conor (@jconorgrogan) <a href="https://twitter.com/jconorgrogan/status/1896248331447497005?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>
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Benzinga Note: Leverage trading allows cryptocurrency traders to open larger positions using borrowed capital. While it can potentially amplify profits, it also significantly increases the risk of substantial losses due to the volatile nature of the cryptocurrencies.
Why It Matters: The timing of the transaction raised eyebrows, especially given the subsequent rally of <a href="https://www.benzinga.com/25/03/44068814/bitcoin-ethereum-dogecoin-rally-on-trumps-strategic-crypto-reserve-announcement-cardano-xrp-solana-skyrocket-analyst-says-btcs-new-ath-possible-later-in-the-month">Bitcoin and Ethereum</a> following Trump&#8217;s announcement. Bitcoin soared past $95,000, while Ethereum clocked double-digit gains to rise above $2,500.
However, this was not the first time suspicious trading activities have been linked to Trump&#8217;s cryptocurrency announcements. In January, <a href="https://in.benzinga.com/25/01/43120439/whale-investor-makes-one-of-the-biggest-purchases-of-trump-memecoin-minutes-after-president-says-i-dont-know-much-about-it">a whale had snapped up $5 million</a> in Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) minutes after Trump claimed ignorance about it.
Price Action: At the time of writing, Bitcoin was exchanging hands at $92,974.58, up&nbsp; 8.19% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Ethereum traded at $2,444.64, following a 9.63% jump.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/03/44069228/elon-musk-labels-meme-coins-as-casino-like-dont-sink-your-life-savings">Elon Musk Labels Meme Coins Casino-Like: Tesla CEO Says &#8216;Don&#8217;t Sink Your Life Savings&#8217; Even As Dogecoin Pumps Over 10%</a></li>
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