Bitcoin (BTC) spot Exchange Traded Funds (ETFs) have recorded a net inflow. On the 21st (local time), according to the spot ETF data provider account TraderT, a total of $381.9 million was net inflowed into Bitcoin spot ETFs on this day. ARK Invest ARKB recorded the highest net inflow with $116.13 million, followed by Fidelity FBTC (+$87.61 million), Bitwise BITB (+$45.08 million), and BlackRock IBIT (+$42.10 million).
President Donald Trump will personally attend the inauguration ceremony of the new head of the Securities and Exchange Commission (SEC) he appointed. According to DB News on the 21st (local time), President Trump is scheduled to attend the inauguration ceremony of Paul Atkins as SEC Chairman, which will be held at the White House at 4 PM (local time) on the 22nd. Paul Atkins is known as a prominent pro-virtual asset (cryptocurrency) figure.
A large amount of Ethereum (ETH) has been sold. On the 21st (local time), on-chain analyst AmberCN announced on X (formerly Twitter) that "the virtual asset (cryptocurrency) investment firm Paradigm seems to have sold 5,500 Ethereum." Specifically, the amount was transferred to Anchorage Digital 3 hours ago. Based on Paradigm's previous selling patterns, it is speculated that the funds will be deposited into centralized exchanges (CEX) such as Coinbase and Binance. Paradigm has transferred a total of 96,955 Ethereum to Anchorage Digital over the past year.
President Donald Trump's approval rating has hit the lowest point of his term. On the 22nd (local time), an analysis of Reuters/Ipsos data by BlockBeats showed that President Trump's approval rating fell to 42%, the lowest level since taking office. Particularly, 74% of Americans expressed opposition to President Trump's bid for a third term.
As President Donald Trump's attacks on Federal Reserve Chairman Powell continue, the U.S. stock market is shaking, and the dollar value has fallen to its lowest level in two years. On the morning of the 21st (local time), President Trump called Chairman Powell 'Mr. Too Late' in a post on Truth Social, implying that he is a procrastinator. He also stated that if Powell does not lower interest rates immediately, the economy could slow down. This implies that if an economic slowdown occurs, the responsibility lies with the Federal Reserve. The market did not agree with these remarks. The next monetary policy decision meeting is in May, so there is no immediate way for Powell to lower rates. The uncertainty caused by shaking the Federal Reserve has become more pronounced. The Dow Jones, S&P 50, and Nasdaq indices all recorded declines of 2.3-2.5%. In particular, technology stocks saw significant declines, with Tesla falling 5.8% and Nvidia 4%. The dollar index, which well reflected the market atmosphere, recorded its lowest level in three years since February 2022. It is currently trading at around 98.3, down about 0.45% from the previous day. Instead of the dollar value falling, the values of the euro, yen, and Swiss franc each rose by about 1%. Euro, Yen, Swiss Franc Rise Concerns about inflation are growing significantly. Gold prices are hitting record highs day after day, reaching $3,400 per troy ounce. Long-term bond yields have also risen. The yield on 10-year U.S. Treasury bonds has risen to around 4.39%. The market sees the tension between the Federal Reserve and the Trump administration becoming increasingly clear. This is not a favorable environment for companies to perform well. Robert Haworth, chief investment strategist at Bank of America, told CNBC that if uncertainty continues in the long term, it will become more challenging for companies to make decisions and achieve results. There are ongoing criticisms that U.S. government policies are deterring investment in dollar-denominated assets. Thierry Wizman, a strategist at Macquarie, pointed out that concerns about the Federal Reserve's independence and the lack of progress in U.S. government tariff negotiations are driving investors away from dollar assets. There is also analysis that the Federal Reserve finds it more difficult to lower interest rates due to pressure from President Trump. The act of lowering interest rates itself is being politically interpreted, so even if concerns about a recession grow based on data, it must be approached with more caution. Can Powell Be Fired? The U.S. Constitution clearly stipulates that the President nominates and the Senate must consent to the appointment of important federal officials like the Federal Reserve Chairman, but there are no regulations on how to dismiss them. Therefore, precedents have served as the standard for dismissals. So far, the Supreme Court's precedent is that dismissal is only possible for justifiable reasons such as committing significant misconduct or being seriously negligent in duty. In particular, the precedent established in 1935, 90 years ago, states that political disagreement or differing opinions on policy with the President is not a valid reason for dismissal. This is known as the Humphrey's Executor v. United States case, where the Supreme Court unanimously ruled that President Roosevelt's dismissal of a Federal Trade Commission member for disagreement was wrong. The ruling stated that dismissal should not be arbitrary for reasons not specified in the Federal Trade Commission regulations. However, this does not mean that federal officials can never be dismissed. In 2020, President Trump dismissed the head of the Consumer Financial Protection Bureau and won the case in the Supreme Court. In this second term, several Democratic appointees have already been dismissed, and related lawsuits are ongoing. However, organizations like the Federal Reserve or the Federal Trade Commission, which are structured as committees or boards, are intended to operate independently from the government, which is different from government-affiliated agencies like the Consumer Financial Protection Bureau, according to legal experts. Nevertheless, there is a movement within the current Supreme Court to change existing precedents. Some justices, such as Neil Gorsuch and Clarence Thomas, have officially expressed the opinion that the 1935 precedent is a 'problematic precedent.' Therefore, if President Trump dismisses Chairman Powell for any reason and Powell contests it in court, it could become a historic precedent regarding U.S. federal government officials. Washington Correspondent Lee Sang-eun selee@hankyung.com
Circle, the issuer of the stablecoin USDC (a virtual asset pegged to the value of fiat currency), is launching a global payment network. According to CoinDesk, a cryptocurrency-focused media outlet, Circle is set to unveil new payment and cross-border remittance products at its New York headquarters on the 22nd. These products are aimed at banks, payment institutions, fintech companies, and USDC partners. Jeremy Allaire, Circle's CEO, is expected to attend the event to present his vision for Circle's next steps. An anonymous source stated, "Circle's new venture initially targets remittances but ultimately aims to launch a payment network similar to Mastercard and Visa." Meanwhile, as of 9:36 AM on the 22nd (KST), the total issuance of USDC stands at 60.93 billion, with the market capitalization ranking 7th among all virtual assets.
According to Alternative, a cryptocurrency data provider, the Cryptocurrency Fear & Greed Index recorded 47 points, up 8 points from the previous day. As of 9:16 a.m. today, Bitcoin (BTC) is trading at $87,499 on CoinMarketCap, up 2.57% from the previous day. Altcoins showed mixed trends. At the same time, Ethereum (ETH) and XRP fell by 1.03% and 0.06%, respectively, while Binance Coin (BNB) rose by 0.62%. Additionally, Solana (-1.89%), Ada (-0.05%), and Dogecoin (+2.21%) also recorded mixed results during the day. The Fear & Greed Index is an indicator that expresses market sentiment, with values closer to 0 indicating extreme fear and values closer to 100 indicating extreme greed. This index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search trends (10%).
<Today's Major Economic Schedule> ▶︎22nd (Tue): △Speech by Philip Jefferson, Vice Chair of the Federal Reserve (10 PM KST, 9 AM local time) △Speech by Patrick Harker, President of the Federal Reserve Bank of Philadelphia (10:30 PM KST, 9:30 AM local time) △Speech by Neel Kashkari, President of the Federal Reserve Bank of Minneapolis (3 AM KST on the 23rd, 2 PM local time) △API Crude Oil Stock Change (5:30 AM KST on the 23rd, 4:30 PM local time) △Speech by Adriana Kugler, Federal Reserve Governor (7 AM KST on the 23rd, 6 PM local time) <Today's Major Cryptocurrency Schedule> ▶︎22nd (Tue): △Injective Lyora Mainnet Launch
In the United States, where the preparation of virtual asset (cryptocurrency) related legislation is accelerating, discussions on virtual asset taxation are in full swing. A bill for virtual asset taxation has been proposed in the US House of Representatives by the Democratic Party. According to Bloomberg News on the 21st (local time), New York State Representative Nydia Velázquez has proposed the 'Puerto Rico Digital Asset Fair Taxation Act.' The bill aims to mandate certain investors in Puerto Rico to pay local and federal taxes on capital gains, including digital assets. Puerto Rico is a country frequently visited by wealthy Americans seeking tax relief benefits. This is because residing in Puerto Rico for a certain period allows exemption from capital gains tax. It has been reported that many American investors who have made significant income through virtual asset investments have also migrated to Puerto Rico. Representative Velázquez explained about the bill, saying, "It will ensure that everyone acts according to the same rules," and added, "Cryptocurrency investors moved to Puerto Rico for tax havens, but it did not bring any benefits to Puerto Rico. It neither strengthens the local economy nor does it only raise real estate prices."
Bitcoin (BTC), the leading cryptocurrency, is on the rise, sparking interest in how far this upward trend can continue. However, some analysts suggest that Bitcoin may face additional resistance. On the 21st (local time), Julio Moreno, a senior analyst at CryptoQuant, stated on X (formerly Twitter) that "an analysis of traders' realized prices suggests that Bitcoin could face resistance at $91,000 to $92,000." Moreno explained, "While traders' realized prices act as support during bull markets, they serve as resistance during bear markets. Given that the current relative strength index is below 40, indicating a bear market, traders' realized prices are likely to act as resistance."
Coinbase Derivatives, a subsidiary of the global cryptocurrency exchange Coinbase, has started XRP futures trading. According to the cryptocurrency-focused media outlet Cointelegraph on the 21st (local time), Coinbase Derivatives will support XRP futures trading starting today. It is reported that the contract is supervised by the U.S. Commodity Futures Trading Commission (CFTC).
Vitalik Buterin, the founder of Ethereum (ETH), is reportedly set to focus on research activities to overcome the crisis surrounding Ethereum. On the 21st (local time), Tomasz Stanczak, co-director of the Ethereum Foundation, stated on X (formerly Twitter) that "discussions on the Ethereum expansion roadmap are being conducted extensively," adding, "Now, the achievement of these goals depends on us." In particular, the role of founder Vitalik in achieving the Ethereum roadmap was emphasized. Stanczak said, "Above all, we will ensure that Vitalik spends more time on research and exploration rather than routine task coordination or crisis response," adding, "This will pave the way for long-term breakthroughs." He continued, "Our foundation is also focusing on short-term goals to address user experience and scalability issues in the next two protocol upgrades," specifying that "we are concentrating on major user experience (UX) improvements, including Layer 1 expansion, Layer 2 expansion support, and interoperability in the Factra, Fusaka, and Glamssterdam upgrades." He added, "Through these initiatives, we aim to launch the project within 1 to 2 years."
According to the Token Mindshare (a metric quantifying the influence of specific tokens in the virtual asset market) top gainers on the AI-based Web3 search platform Kaito, the top 5 virtual assets that people are most interested in as of the 21st are Bitcoin (BTC), Bitget Token (BGB), Tether (USDT), Ethereum (ETH), and Voxies (VOXEL). On this day, the leading virtual asset, Bitcoin, announced its return to $87,000, attracting investors' attention. Currently, Bitcoin is trading at $87,397, up 2.60% from the previous day according to CoinMarketCap. Analysts suggest that the backdrop of Bitcoin's rise includes the precarious balancing act between President Donald Trump and the Federal Reserve (Fed). President Trump's harsh remarks towards the Fed led to a decline in the dollar's value, which in turn increased demand for safe assets like gold and digital gold, Bitcoin. Bitget Token took the second spot. The previous day, abnormal futures trading of Voxies (ranked 5th on this day) was detected on the global virtual asset exchange Bitget. It is reported that the explosion in Voxies futures trading was at one point overwhelming the Bitcoin market. Bitget stated, "We have identified the abnormal trading circumstances," and "We plan to suspend all related trading accounts and recover the funds." The third spot was taken by the stablecoin (a virtual asset pegged to the value of fiat currency) Tether. The rebound in the virtual asset market led to a surge in demand for the stablecoin Tether. Lastly, Ethereum took the fourth spot. Ethereum also recorded a rebound on this day, capturing investors' interest. At the same time, Ethereum is trading at $1,638.36, up 1.48% from the previous day according to CoinMarketCap. Additionally, there is interest in Bitensor (TAO), OKB, AIXBT, FTT, and Pepe (PEPE).
As President Donald Trump continues to comment on the Federal Reserve (Fed), gold, considered a safe asset, and digital gold Bitcoin (BTC) are showing strength during the day. On the 21st (local time), the cryptocurrency specialized media CoinDesk noted that Bitcoin recorded a higher growth rate compared to other altcoins, reporting that President Trump's remarks about dismissing Jerome Powell, the Fed Chair, triggered this. As of 1:16 PM on the 21st (KST), Bitcoin is trading at $87,234, up 2.53% from the previous day. This is a higher rate than major altcoins such as Ethereum (+1.50%), XRP (+1.68%), Binance Coin (+1.69%), and Solana (-0.88%) at the same time. Markus Thielen, founder of 10x Research, analyzed that Bitcoin's rise to $87,000 was triggered by the sharp decline in the value of the US dollar and the rise in gold prices, stating, "All of this is due to President Trump's move to replace the Fed Chair. The main catalyst can be seen as the possibility of Fed independence." Previously, on the 17th, President Trump announced through his social media (SNS) channel, Truth Social, "The dismissal of Chair Powell cannot be delayed," and "The Fed must implement a rate cut."
The Bank of Korea has stated that if stablecoins (virtual assets linked to the value of legal tender) were to replace legal currency, it could negatively affect the central bank's policy execution in areas such as monetary policy, financial stability, and payment systems, thus necessitating a separate regulatory framework. In the '2024 Payment and Settlement Report' released on the 21st, the Bank of Korea noted that the Virtual Asset User Protection Act was enacted and implemented in July last year, and in November of the same year, the Virtual Asset Committee was launched to discuss expanding corporate market participation and establishing a regulatory framework for stablecoins. Specifically, the Bank of Korea sees the need for regulation as stablecoins, which are actively being discussed recently, inherently possess payment instrument characteristics unlike general virtual assets (cryptocurrencies). Lee Byung-mok, Director General of the Bank of Korea's Financial Settlement Bureau, pointed out, "Currently, stablecoins based on the US dollar are typically linked one-to-one with the value of legal tender, but if unexpected shocks occur and the value becomes unstable, redemption demands will follow." He added, "To respond to this, issuing institutions may have no choice but to resort to large-scale deposit withdrawals or selling government bonds." He further stated, "In the case of the United States, while stablecoins have provided a demand base for the government bond market, there are concerns that events could cause turmoil," adding, "The Bank of Korea holds a similar view."
Japan's Metaplanet, which has incorporated Bitcoin (BTC) as a major financial asset, announced on the 21st that it has made an additional purchase of Bitcoin. On this day, Metaplanet announced through its official X (formerly Twitter) that it purchased 330 Bitcoins at an average price of 12.18 million yen. As a result, Metaplanet's total Bitcoin holdings have increased to 4,855.
It has been revealed that President Donald Trump's election had a significant impact on the domestic virtual asset (cryptocurrency) market. After President Trump's re-election, the market capitalization of virtual assets held by the top five exchanges surpassed 100 trillion won for the first time. According to the payment settlement report published by the Bank of Korea on the 21st, the amount of domestic virtual assets held at the end of December last year was tallied at 104.1 trillion won, an increase of 1.4 trillion won compared to the previous month (102.6 trillion won). This is the largest scale ever recorded. The increase is even more pronounced when compared to before the U.S. presidential election. As of the end of October last year, the amount of virtual assets held by domestic exchanges was 58 trillion won. The holdings surged 2.2 times between October and December. This is analyzed as the effect of President Trump actively expressing a favorable stance on virtual assets during the election period. Meanwhile, the average daily transaction amount of domestic virtual assets at the end of last year was tallied at 17.2 trillion won. This is five times the level of October (3.4 trillion won) before Trump's re-election. Deposits also increased 2.3 times from 4.7 trillion won to 10.7 trillion won during the same period. The Bank of Korea explained that the approval of virtual asset spot ETFs in the U.S. and Hong Kong, and the resolution of regulatory uncertainties following the implementation of the EU's crypto-asset regulation law (MiCA), also contributed to this result. The Bank of Korea stated, "Discussions on virtual asset policies and systems are taking place at the Virtual Asset Committee, which was launched last November," and "We plan to discuss major issues such as the expansion of corporate participation in the virtual asset market, the establishment of a stablecoin regulatory framework, and the second phase of legislation for the Virtual Asset User Protection Act."
On this day, Bitcoin (BTC) announced its return to the $87,000 level, but opinions were raised urging caution in investment. According to NewsBTC on the 20th (local time), cryptocurrency analyst Xanrox said, "Bitcoin is trading at a much lower level than the 20-day, 50-day, 100-day, and 200-day moving averages on a daily basis. It is also noteworthy that it is moving within a neat descending wedge structure," explaining that "this is not a trend reversal but a clear downtrend." He continued, "The current Bitcoin price is favorable for large investors, including institutions and banks," warning that "they can intentionally raise the price to secure trading volume and then dump their holdings when enough individual investors are attracted."
On the 21st (local time), the People's Bank of China announced that it has kept the Loan Prime Rate (LPR), which is effectively treated as the benchmark interest rate, unchanged at 3.1% for a one-year term and 3.6% for a five-year term. This marks the sixth consecutive month of no change.
Binance co-founder He Yi warned against projects claiming her involvement. On the 20th (local time), He Yi stated on her X (formerly Twitter), "Any project claiming that I (He Yi) am involved in investment or communication is false," and "The only project I participated in is Binance Coin (BNB)." She also cautioned, "Artificial Intelligence (AI) can forge both voice and video," urging for special caution.
According to Alternative, a virtual asset (cryptocurrency) data provider, the Virtual Asset Fear & Greed Index recorded 39 points, up 2 points from the previous day. As of 9:16 a.m. today, Bitcoin (BTC) is trading at $85,390 on CoinMarketCap, up 0.19% from the previous day. Altcoins showed mixed trends. At the same time, Ethereum (ETH) and Ripple (XRP) fell by 1.25% and 0.24%, respectively, while Binance Coin (BNB) rose by 0.12%. Meanwhile, Solana (-1.44%), Ada (-1.08%), and Dogecoin (-1.22%) showed weakness during the day. The Fear & Greed Index is an indicator that expresses market sentiment, with a score closer to 0 indicating extreme fear and closer to 100 indicating extreme greed. This index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search trends (10%).
<Today's Major Economic Schedule> ▶︎21st (Mon): △US March Conference Board (CB) Leading Economic Index (Korean time 23:00, local time 10:00) <Today's Major Cryptocurrency Schedule> ▶︎21st (Mon): △Binance opBNB Mainnet Launch
Michael Saylor, CEO of Saylor Strategy (formerly MicroStrategy), hinted at the possibility of additional Bitcoin (BTC) purchases. On the 20th (local time), CEO Saylor posted the Saylor Tracker chart on X (formerly Twitter), stating "We're short on oranges." The Saylor Tracker chart tracks Bitcoin purchases according to the price of Strategy's stock. CEO Saylor has always posted this chart on X before Strategy buys Bitcoin. Meanwhile, CEO Saylor also reported that Strategy's stock is gaining attention worldwide. He stated, "As of the first quarter of this year, 13,000 companies hold Strategy stock, and a total of 814,000 individual investors hold Strategy stock." He added, "If you expand the scope to include ETFs, mutual funds, pensions, and insurance products, a total of 55 million people hold Strategy."
Abnormal futures trading has reportedly occurred at the cryptocurrency exchange Bitget. On the 20th (local time), Bitget announced through a notice that "abnormal trading was detected in Voxies (VOXEL) futures trading" and "some accounts suspected of market manipulation were immediately suspended." It also explained that "manipulated profits will be confiscated through procedures, and compensation measures for affected users will also be implemented." Previously, on the 20th at 17:00 (Korean time), abnormal trading was observed at Bitget, where the futures trading volume of Voxies exceeded that of Bitcoin (BTC), causing the price of Voxies to surge by more than 200%.
XRP is hovering near $2, with analysis indicating a lack of bullish momentum. As of 7:06 AM on the 21st, XRP is trading at $2.07, down 0.68% from the previous day according to CoinMarketCap, a cryptocurrency market data provider. XRP has maintained a price level around $2 since March. Compared to 30 days ago, the current price is approximately 13% lower. In this trend, there are evaluations that XRP lacks bullish momentum. Cryptocurrency specialist media BeInCrypto analyzed, "XRP's Relative Strength Index (RSI) remains at a neutral level of 40-50," and "It is judged that the bullish momentum is lacking as the RSI does not exceed 70." There is also analysis that XRP may not hold the $2 level. BeInCrypto projected, "The key support level for XRP is $2.05," and "If the $2.05 support level collapses, there is a possibility of a sharp drop to $1.61."
Amid increasing macroeconomic uncertainty due to Donald Trump's tariff policies, it has been observed that the trading volume of virtual asset (cryptocurrency) investors has plummeted. On the 20th (local time), The Block, a media outlet specializing in virtual assets, reported that the trading volume of virtual asset investors hit a six-month low, citing data from Binance, Coinbase, and Bitfinex. According to the data, the 7-day moving average trading volume of exchanges such as Binance, Coinbase, and Bitfinex was only $32 billion on the 19th. This is the lowest level since mid-October 2024 and represents a sharp decline of about 75% compared to early December (132 billion dollars). During this period, as spot trading volume plummeted, the 'spot to futures ratio' recorded 0.19. This means that spot trading volume accounted for 19% of futures trading volume during the same period. The Block evaluated this by stating, "It can be seen that speculative investment demand using leverage is greater than the demand to use actual tokens among current investors."
Official circulation is 100 billion Transactions exceeding 1.8 trillion detected "False disclosure" vs "Test" A controversy over false disclosure of circulation regarding Pi Network (PI), also known as Pi Coin, has erupted, centered around the community. This is because a transaction of Pi Coin exceeding the total supply of Pi Coin was recently detected. According to Pi Explorer, which allows real-time transaction tracking of Pi Network, about three weeks ago, two transactions were made from a Pi Network wallet address (GDZ5ZJCL2KERJNNJGV6T337H6WO47SWYFI25XJUZGHZPZBWXXYFYXLEL), transferring 922.337 billion and 888.888 billion Pi Network tokens. The total of these two transactions amounts to about 1.8112 trillion. The problem is that this scale significantly exceeds the official total supply of Pi Coin. According to the white paper and the virtual asset information platform CoinMarketCap, the total supply of Pi Coin is around 100 billion. The transaction volume confirmed this time is about 10 times the official supply, leading investors to raise the possibility of manipulation of Pi Coin's circulation. One investor criticized, "Pi Network is not a real blockchain. It is highly centralized and vulnerable to manipulation," and "It is making those who buy tokens victims." Another investor pointed out, "In extremely centralized projects, there is no limit to the total amount," and "Pi Network falsely disclosed the circulation." On the other hand, some investors took a cautious stance. The actual balance of the address in question appears to be less than 10, suggesting that it may be an internal test by the core team or developers. Kim Beom-jun, a researcher at Dispread Blockchain, also stated, "The actual holdings do not match the transaction history," and "It is premature to conclude it as false disclosure of circulation at this point. We should wait for the official position of the project team." Despite the spread of such controversy, the Pi Core Team operating the Pi Network has not issued any official position on this matter. Bloomingbit requested confirmation on this issue but did not receive a response. Meanwhile, as of 4:51 PM on the same day, Pi Network is recording $0.6112, up 1.27% from the previous day according to CoinMarketCap.
Sky (formerly MakerDAO) announced on X (formerly Twitter) on the 17th that "the Agent Framework will open the next stage of decentralized finance (DeFi)." The Agent Framework is a solution introduced by Sky last March to address the passive governance, processes, and top-down decision-making that were pointed out as improvements in existing DeFi. At that time, Sky introduced the Agent Framework, stating that it "supports initial operating funds, liquidity networks, and plug-and-play infrastructure for ecosystem projects." Specifically, DeFi projects within the Sky ecosystem can build their own Star (a decentralized project operating independently within the Sky ecosystem) through the Agent Framework. They can also receive support for Sky Primitives, a module for developing DeFi protocols. Sky stated, "Through Primitives, Stars can access Sky's liquidity and security," adding that "in this case, Stars can use Sky's dollar-pegged stablecoin (a virtual asset pegged to the value of fiat currency) USDS as collateral and also earn USDS referral incentives."