2025-03-10 12:30:19
Trump signed an executive order on crypto reserves. The EU clarified that MiCA does not ban USDT. Bybit revealed details of the hack. MetaMask added a tax calculator
Trump signed an executive order creating a crypto reserve, but the summit disappointed investors
US President Donald Trump signed an executive order to create a national crypto reserve, which will include Bitcoins and altcoins confiscated during criminal cases. This was announced on March 6, 2025. The purchase of crypto with public funds is not provided, the sale of Bitcoins is prohibited, and altcoins can be sold only in exceptional cases.
The next day, March 7, Trump held the first-ever crypto summit at the White House. He announced the end of the strict regulation policy introduced under the previous administration and promised to make the US the “cryptocurrency capital of the world.” The president also announced the end of Operation Chokepoint 2.0, an initiative that limits cryptocurrency businesses’ access to the banking system, and expressed hope for the swift passage of a dollar-stablecoin law.
Trump’s rhetoric disappointed investors who were expecting more specificity, especially regarding the Bitcoin Reserve’s strategy. As a result:
- Total market capitalization fell 5% overnight to $2.92 trillion ($2.74 trillion as of 10.03.2025).
- Bitcoin fell in price by 3.5%, dropping to $85,900. As of 10.03.2025, the rate fell to $82,291.
- Ethereum lost 3%, approaching $2,100 ($2,070 as of 10.03.2025).
- XRP, Solana, and Cardano fell by 8.4%, 4.2%, and 9.2%, respectively.
Despite the negative market reaction, experts believe that the creation of a state reserve will increase the legitimacy of Bitcoin and attract institutional investment.
China is also considering the strategic accumulation of the first cryptocurrency. The authorities of this country control 190,000 BTC, but their current state is unknown. The UK owns 61,000 BTC, and although there have been no official statements about the reserve yet, the idea is being actively discussed in political and economic circles.
The European regulator has clarified its stance on stablecoins under MiCA
ESMA, the regulator that oversees financial markets in the EU, confirmed that the MiCA regulation does not impose direct restrictions on the use of stablecoins, including USDT, even if they do not meet the new standards. Holding and transferring such assets remains legal in the EU.
ESMA’s publication was in response to the Binance crypto exchange’s decision to exclude USDT and eight other tokens from listing for Eurozone users. The regulator emphasized that transactions involving the storage and transfer of stablecoins do not fall under the definition of “public offering” or “admission to trading.”
According to ESMA’s clarification, crypto service providers in Europe are required to restrict only those services that actually incentivize the acquisition of assets that contravene MiCA. In parallel, the regulator has introduced a transition period until the end of March 2025, allowing investors to withdraw funds and close positions without violating the legislation.
Bybit has recovered assets after the largest hack: what is known?
Bybit has fully recovered its losses, returning to its accounts 444,870 ETH (~$1.46 billion) that were stolen on February 21, 2025, in the largest-ever cyberattack on CEX crypto exchanges.
It is known that hackers compromised not the platform itself but its wallet infrastructure by injecting malicious code into AWS S3 cloud storage. The attack mechanism involved automatic spoofing of recipients’ addresses when confirming transactions. After stealing the funds, the attackers erased the digital footprints.
According to the FBI, Lazarus Group from North Korea is responsible for the incident. The attackers converted the stolen assets into Bitcoins and altcoins to make it difficult to track transactions through blockchain analysis.
To cover the losses, the exchange raised debt and private equity and made a series of strategic market purchases. As early as February 25, Bybit repaid its debt to the Bitget platform by returning 40,000 ETH.
The crypto platform also managed to block the QinShihuang memecoin, which has been linked to hackers. The token emerged after the attack, and its trading volume reached $26 million in three hours.
MetaMask improves functionality: tax hub, gas-free swaps, Solana and Bitcoin support
On March 6, 2025, MetaMask partnered with Crypto Tax Calculator to launch MetaMask Tax Hub. The new feature allows users to easily track their tax obligations and automatically generate a report of cryptocurrency activity, considering local tax laws. Multiple wallets can be connected for convenience, and a single tax report can be generated. MetaMask Tax Hub includes 23 jurisdictions, including the United States, Canada, Australia, and Europe.
In March 2025, the cryptocurrency wallet plans to introduce another new feature, gas-free swaps, which will allow you to pay fees with any available cryptocurrency. There will also be improved support for standards that will simplify transactions and reduce their cost.
An important update will be a new interface, where all assets will be displayed in one window without switching between networks. In the future, there are plans to introduce smart accounts that will simplify access recovery and wallet management.
Moreover, MetaMask continues to develop its capabilities and expand its support for cryptocurrencies. The wallet plans to add integration with Solana in May 2025 and Bitcoin in the third quarter. Currently, users can only work with these networks through third-party services, but access will be provided directly in the future.
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