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▌Trump holds his first cabinet meeting: discussing tariffs, mineral agreements and "small"
On February 26, local time, US President Trump held his first cabinet meeting for his second term. Elon Musk, head of the Ministry of Efficiency, although not a member of the cabinet, also attended the meeting. Trump said that the House of Residents must be carefully selected, and the United States will cut and reduce the scale. Regarding the upcoming U.S.-Ukraine mineral agreement, Trump introduced that the United States "will cooperate with Ukraine on rare earths." The United States hopes to recoup the $350 billion allocated to Ukraine through a mineral agreement. "The United States will not provide security for Ukraine in an agreement to end the conflict between Russia and Ukraine, but Europe will do so." Trump said, adding that Ukraine "can forget" to join NATO. He plans to host Ukrainian President Zelensky's visit to the United States on the 28th, and hopes that the United States will hold more talks with Russia. Trump said most of the tariffs will continue to be implemented. The United States will impose a 25% tariff on goods imported from Mexico and non-energy goods imported from Canada starting from April 2 (original scheduled for March 4). A 25% tariff is expected to be imposed on Europe soon, covering cars and other goods.
▌BTC breaks through $84,000
The market shows that BTC breaks through $84,000 and is now at $84,108.44, with a 24-hour decline of 5.6%. The market fluctuates greatly, please do a good job in risk control.
Trending as of press time, according to Coingecko data, BTC's latest transaction price is US$84,252.35, with an intraday rise and fall -4.4%;
ETH's latest transaction price is US$2,337.99, with an intraday rise and fall -5.7%;
BNB's latest transaction price is US$610.46, with an intraday rise and fall -1.9%;
SOL's latest transaction price is US$135.97, with an intraday rise and fall -5.3%;
DOGE's latest transaction price is US$0.2038, with an intraday rise and fall -3.3%;
XPR's latest transaction price is US$2.20, with an intraday rise and fall -4.4%.
▌Former CFTC chairman recommends Congress give priority to the regulation of stablecoins and postpone market structure legislation
Former CFTC chairman Timothy Massad called on Congress to prioritize the formulation of a stablecoin regulatory framework and postpone discussions on the crypto market structure legislation for several years. He believes that the current proposed market structure plan may exacerbate regulatory confusion rather than provide clear guidance.
▌The US SEC terminated its investigation into Gemini and did not take law enforcement action
Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, issued a statement saying that the SEC terminated its investigation into Gemini and did not take law enforcement action.
Camer“While this marks another milestone in the end of the cryptocurrency war, which already includes the SEC withdrawing the Coinbase lawsuit and ending an investigation into OpenSea, Robinhood and UniSwap, it does not compensate for the damage the agency has caused to us, our industry and the United States. In terms of legal expenses alone, the SEC has spent tens of millions of dollars on our expenses, and hundreds of millions of dollars on productivity, creativity and innovation”, said on.
▌U.S. Treasury Secretary Bescent hired Galaxy Digital consultants to advise on cryptocurrencies
U.S. Treasury Secretary Scott Bescent appointed Galaxy Digital's Taylor Williams as a digital asset and blockchain consultant. Williams served as deputy assistant secretary of the Treasury and worked in financial regulation in the Senate and House of Representatives. This appointment comes as the Ministry of Finance and Commerce jointly commits to the creation of a sovereign wealth fund, which may include digital assets.
▌The U.S. Court of Appeals basically supports the 2023 ruling, rejecting the class action lawsuit against Uniswap
The U.S. Court of Appeals for the Second Circuit ruled on Wednesday, basically supporting the lower court's decision to reject the class action lawsuit against the decentralized exchange Uniswap in 2023.
In 2022, a group of investors sued Uniswap Labs and some of its venture capital investors, accusing the company of harming investors for allowing fraudulent tokens to be issued on its agreement. In 2023, New York Southern District Court judge Katherine Polk Failla supported Uniswap and rejected the case.
The plaintiff appealed Failla's ruling in September 2023, but the Second Circuit ruling Wednesday basically dismissed the appeal request. The court supported Failla to dismiss the plaintiff’s claim under the Securities Act and the Exchange Act, believing that “the drafter of the smart contract was held accountable for a third party’s abuse of the platform ‘breach of logic’”. The only part sent back to retrial is a state legal claim, with plaintiffs going to file similar charges under state law in New York, North Carolina and Idaho.
▌Gotbit founder was extradited to the United States for suspected manipulating the cryptocurrency market
Gotbit founder and CEO and Russian citizen Aleksei Andriunin has been extradited to the United States for suspected of "manipulating the cryptocurrency market on behalf of clients' cryptocurrency companies." The Massachusetts Attorney's Office said Andriunin appeared on Wednesday and was indicted by a federal grand jury for "wire fraud and conspiracy to manipulate the market and wire fraud."
Andriunin was arrested in Portugal last October. The prosecution accused it of active trading and raising the price of specific tokens by creating cryptocurrency companies, falsely advertising tokens and conducting wash trading.
In addition, companies such as ZM Quant, CLS Global and MyTrade are also involved. Prosecutors said Andriunin admitted in a 2019 interview that it developed a code for "wash trading" to artificially increase trading volume, so that the tokens can be listed on CoinMarketCap and traded on large exchanges.
If the wire fraud is convicted, Andriunin "can be sentenced to up to 20 years in prison, up to 3 years of out-of-custody execution, up to $250,000 fine or double the total gain or loss of crime, as well as compensation and forfeiture"
▌The U.S. House Committee promotes the revocation of the IRS's tax rules on DeFi
The U.S. House Committee voted 26 to 16 to pass a resolution aimed at revoking the IRS's tax rules on decentralized finance (DeFi) platforms. The resolution is proposed under the Congressional Review Act and aims to overturn the IRS' tax report for DeFi platforms passed by the IRS in December last year.
IRS's previous requirement that the DeFi protocol comply with the reporting system for brokers has sparked strong opposition from the crypto industry. The industry believes the move will threaten how the DeFi protocol works and may cover a large number of non-broker entities.
The resolution still needs to be passed by the House and Senate majority and signed by the president before it can take effect. Supporters believe that the IRS rules are “unfair and unfeasible”, while opponents believe that the revocation of the rules will result in a reduction of the U.S. tax revenue by about $3.9 billion over the next decade.
Blockchain application
▌Ondo Finance cooperates with Mastercard to introduce RWA to MTN
According to Ondo Finance announcement, Mastercard has included Ondo Finance in its multi-token network (MTN), becoming the first real-world asset (RWA) provider on the network. Ondo's Short-term U.S. Treasury Fund (OUSG) will be the first tokenized RWA solution on MTN, enabling businesses to obtain daily earnings and flexible cash management services on-chain.
This integration allows MTN enterprise users to access OUSG directly on the public blockchain and settle through traditional banking channels without the need for additional cryptographic infrastructure. OUSG is supported by BlackRock BUIDL Fund and institutions such as Franklin Templeton and WisdomTree to provide stability and liquidity.
▌QuickNode cooperates with Google, Coinbase Ventures and others to launch the $65 million Layer2 accelerator program
Web3 infrastructure provider QuickNode is about to launch a $65 million accelerator program to help develop the next generation of layer 2 blockchain projectsObjective.
The eight-week “RollOut” program will be launched in March to provide participants with tools and funding from over 30 projects and companies, including Arbitrum, Chainlink, Coinbase Ventures, Dragonfly Capital, Fireblocks, Google and Protocol Labs.
RollOut will provide workshops and guidance from industry-leading developers and venture capital firms, and selected participants will compete for a variety of resources, such as funding from data availability providers and discount security audit services. The program's courses cover ecosystem construction, community development, token economics strategy and listing planning.
Cryptocurrency
▌Analysis: BTC has "strong support" in the $70,000-75,000 region, which may lay the foundation for the next round of rise
LMAX Group crypto strategist Joel Kruger pointed out that due to global trade tensions and the hawkish prospects of the Federal Reserve, the risk appetite in traditional markets has cooled down. "We believe that the correlation between Bitcoin and traditional risky assets may be misleading, and given that Bitcoin's properties are more in line with the nature of store of value, it is easy to generate a lot of demand as an attractive portfolio diversified asset," he said.
Analysts say BTC has “strong support” in the $70,000-75,000 region, a level that could be “a higher low point of attractiveness”, laying the foundation for the next round of sharp gains and pushing Bitcoin to a record high above $110,000.
▌U.S. listed mining company Core Scientific is planning to expand its data center in Denton, Texas for $1.2 billion for $1.2 billion.
U.S. listed mining company Core Scientific (CORZ), after the market on Wednesday, rose more than 11% after the market closed, as the data center and Bitcoin mining company said it is planning to expand its data center in Denton, Texas for $1.2 billion to support artificial intelligence (AI) and high-performance cloud computing (HPC).
"The statement said: "The 70 megawatts (megawatts) contract power added to the Denton Data Center will increase all critical IT loads to approximately 260 megawatts.
▌Berachain has appointed former Polygon Labs CTO as new chief technology officer
Berachain Foundation announced that Berachain officially appoints Paul O’Leary as chief technology officer (CTO). O’Leary served as the CTO of Polygon Labs and has 20 years of entrepreneurial and executive experience in the fields of blockchain and big data. O’Leary has joined Ber since early this yearachain, the team has led to promote the launch of the main network. He will use his extensive experience in engineering management to promote Berachain.
▌MARA Holdings announced its Q4 2024 financial report, with revenue increasing by 37% year-on-year.
Bitcoin mining company MARA Holdings announced its Q4 2024 financial report, with revenue reaching US$214.4 million in the quarter, a year-on-year increase of 37%, and annual revenue reaching US$656.4 million, a year-on-year increase of 69%. Net profit increased by 248% year-on-year to US$528.3 million, and net profit increased by 107% to US$541 million.
• Direct energy costs are $28,801 per Bitcoin and $0.039 per kilowatt-hour.
• Total hash rate increased by 115% year-on-year to 53.2 EH/s.
• Bitcoin holdings rose 197% to 44,893 BTC (approximately US$4.6 billion), of which 10,374 BTC were lent or used as a loan guarantee.
• A total of 2,492 BTC was mined in Q4 and 15,574 BTC was purchased through zero-interest convertible premium notes.
• The company did not sell any bitcoins on Q4.
Important Economic Dynamics
▌Musk and his businesses have reportedly received at least $38 billion in financial support in recent years
A analysis found that over the years, Musk and his businesses have received at least $38 billion in contracts, loans, subsidies and tax relief. These payments date back more than 20 years. In 2008, Musk soon fought for a low-interest loan from the U.S. Department of Energy.
▌The yield on the 10-year U.S. Treasury fell to 4.24%
At the end of New York on Wednesday (February 26), the yield on the 10-year U.S. Treasury fell 4.59 basis points to 4.2486%. Beijing time 14:50 (latest Asia-Pacific) hit a new daily high and then fluctuated downward, 03:55, hitting the daily low as 4.2448%, approaching the bottom of 4.1992% on December 11, 2024, and reached 4.8069% on January 14, 2025. The yield on the two-year U.S. Treasury fell 2.26 basis points to 4.0716%, and the intraday trading range was 4.1312%-4.0634%. The yield on the three-year U.S. Treasury fell 4.52 basis points, the yield on the five-year U.S. Treasury fell 5.43 basis points, and the yield on the seven-year U.S. Treasury fell 5.22 basis points. The yield on the 20-year U.S. Treasury fell 4.62 basis points, while the yield on the 30-year U.S. Treasury fell 4.65 basis points. The 2/10-year U.S. Treasury yield spread fell by 1.922 basis points to +17.698 basis points.
Golden Encyclopedia
▌What is Fractal Bitcoin
Fractal Bitcoin is an innovative blockchain expansion solution. It is based on recursive virtualization technology to enhance the scalability of Bitcoin by creating a multi-layer network structure, andMaintain secure connection to the main network. The creative background of fractal Bitcoin originated from the emergence of the Ordinals protocol and related applications in 2023. For security reasons, Bitcoin imposes restrictions on opcode and block storage space in its iteration. When the Bitcoin chain ecosystem is developing rapidly, there are limitations in on-chain computing power and block space, so the developers proposed the concept of fractal Bitcoin, hoping to solve the shortcomings of the Bitcoin network.
Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is for information reference only and is not used as actual investment advice. Please establish the correct investment philosophy and be sure to improve your risk awareness.
