Headlines

▌Goldman Sachs acknowledged the importance of cryptocurrencies in its shareholder letter for the first time

Goldman Sachs mentioned the popularity of cryptocurrencies for the first time in its shareholder letter in 2024, calling it one of the important trends in the financial technology field. "The growth of electronic transactions and the introduction of new products and technologies, including cryptocurrencies and distributed ledger technology (DLT) and artificial intelligence technology, have intensified industry competition," the letter said. Goldman Sachs acknowledged that competitors may offer financial products, including cryptocurrencies, which may be more popular with customers, although Goldman Sachs currently chooses not to provide related services. Since launching the cryptocurrency trading platform in 2021, Goldman Sachs has continued to explore the application of blockchain technology and launched a digital asset platform in 2022. In addition, Goldman Sachs is one of the few banks involved in testing the Canton Network, a blockchain communications system, showing growing interest in blockchain technology among traditional financial institutions. However, Goldman Sachs also warned that distributed ledger technology and cryptocurrencies are still in their early stages, with potential cybersecurity risks and other potential weaknesses. Goldman Sachs CEO David Solomon has repeatedly stated that Bitcoin is a "speculative asset", but he also acknowledged that blockchain technology has the potential and may bring about changes to the financial system. In the fourth quarter of 2024, Goldman Sachs significantly increased its holdings of two major Bitcoin spot ETFs, showing that its attention to the cryptocurrency market continues to increase.

▌U.S. tariffs will harm American companies

According to US media reports on the 14th, US electric vehicle manufacturer Tesla recently wrote to the Office of the U.S. Trade Representative, warning that the high tariffs in the United States will harm American companies. Tesla said in the letter that excessive tariffs will push up the cost of necessary imports from the United States. The trade dispute will also face retaliatory measures, resulting in an increase in tariffs on US electric vehicles exporting, and U.S. exporters will inevitably be disproportionately affected. Tesla believes that even if the localization of the supply chain is actively promoted, "the procurement of certain parts in the United States will still be difficult or impossible."

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Trending the press, according to Coingecko data, BTC's latest transaction price is 84,309.52 US dollars, with an increase of 3.7% intraday rise and fall;

ETH's latest transaction price is 1,915.96 US dollars, with an increase of 2.5% intraday rise and fall;

BNB's latest transaction price is US$591.37, with an intraday increase of +1.8%;

SOL's latest transaction price is US$133.73, with an intraday increase of +7.9%;

DOGE's latest transaction price is US$0.1727, with an intraday increase of +3.9%;

XPR's latest transaction price is US$2.38, with an intraday increase of +5.4%.

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▌Brazil plans to propose to use "cryptocurrency" for BRICS trade

On March 14, Brazil plans to simplify international financial transactions of import and export contracts between BRICS member states by utilizing blockchain technology. This issue will become one of the priority issues during the term of Brazil's rotating presidency. Brazil's rotating presidency will be one of the ones for one year from January 2025. The proposal is different from the previous idea of ​​creating a common currency for BRICS. Sources said the move is not intended to create a foreign trade standard transaction currency that competes with the US dollar. The focus this time is on improving the efficiency of international transactions, which can be achieved through a technology closer to the immediacy and programmability of cryptocurrencies. Stablecoins have been widely used in informal occasions.

▌British Columbia Court upheld the power limit for Bitcoin mining

On March 14, the British Columbia Court of Appeals in Canada upheld the province's decision to limit the electricity use of Bitcoin mining business, and rejected the attempt of Bitcoin mining custody service provider Conifex Timber to strive for unlimited electricity use. The court supported BC Hydro (British Columbia Hydro), emphasizing that it prioritized the public interest, protected the province's electricity supply and prevented consumer electricity prices from rising. Concern about the impact of cryptocurrency mining on energy consumption has led to restrictions on the industry in several Canadian provinces.

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Blockchain application

▌VanEck submitted the S-1 file of its Avalanche ETF

According to market information, VanEck has submitted the S-1 file of its Avalanche ETF to the SEC.

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Cryptocurrency▌White House officials say Trump wants to acquire as much bitcoin as possible

According to several attendees, Bo Hines, executive director of the President's Digital Assets Working Group, told attendees that the White House intends to acquire as much bitcoin as possible. When someone in the room asked how much bitcoin the U.S. might end up buying, Hines joked that the question was like asking a person how much dollars they wanted. A White House official confirmed Hines did make a statement about buying as much bitcoin as possible, but added that any such acquisition would be "in a budget neutral way and would not cost taxpayers a penny." A White House official stressed that Hines did not support any specific legislation during the event.

▌Bitcoin/gold exchange rate fell below the support level that it had maintained for 12 years

The current exchange rate of Bitcoin against gold fell below the uptrend line, which has previously maintained for more than 12 years. Famous analyst NorthStar said that if Bitcoin lasts for a week or even a month below the gold trend line, such a breakthrough could herald the end of Bitcoin’s 12-year bull market. Gold hit a new high, while Bitcoin’s uptrend cooled. The BTC/XAU ratio breaks below the BTC/XAU ratio comes as spot gold prices hit a new high above $3,000 per ounce on March 14, and has risen about 12.80% this year to date. By comparison, Bitcoin, often called digital gold, has fallen 11% so far in 2025. According to the World Gold Council, as of March 14, the U.S. spot gold ETF has attracted more than $6.48 billion inflows so far this year. Globally, gold ETF inflows reached US$23.18 billion. And the US spot Bitcoin ETF has seen nearly $1.46 billion in capital outflows so far this year.

▌Russia is using cryptocurrency in its oil trade with India to circumvent Western sanctions

According to four sources with knowledge of the situation, Russia is using cryptocurrency in its oil trade with India to circumvent Western sanctions. Although Russia publicly encourages the use of cryptocurrencies and passed a law last summer that allows payments using digital currencies in international trade, there have been no reports that it uses cryptocurrencies in oil trade. Sources say some Russian oil companies are using stablecoins such as Bitcoin, Ether and Tether to promote the exchange of Indian rupees to Russian rubles.process. They also added that this portion of cryptocurrency transactions, although small, accounted for a small proportion of Russia's total oil trade worth $192 billion last year (according to the International Energy Agency). Cryptocurrencies have previously helped U.S. sanctions like Iran and Venezuela keep the economy running while avoiding the use of the US dollar, the preferred currency for global oil market transactions.

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Important economic trends

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively. The Dow Jones Industrial Average rose 1.65%, down 3.07% this week, down the largest single-week decline since March 2023; the Nasdaq rose 2.61%, down 2.43% this week; the S&P 500 rose 2.13%, down 2.27% this week. Large technology stocks generally rose, Nvidia rose by more than 5%, Tesla and Meta rose by more than 3%, and Microsoft, Amazon and Broadcom rose by more than 2%. The semiconductor, cryptocurrency, and computer hardware sectors ranked among the top gainers, with Strategy rising 13%, Ultramicrocomputers rising nearly 8%, Micron Technology rising more than 6%, ARM rising more than 5%, and Coinbase and Dell Technology rising more than 3%.

▌Barclays: The Bank of England's March meeting is expected to keep interest rates unchanged and may cut interest rates in May

Barclays chief British economist Jack Meaning said in a report that in the upcoming interest rate decision on March 20, the Bank of England may keep interest rates unchanged at 4.50%, and reiterate that future interest rate cuts will be gradual. "Since February, nothing in the data will substantially change the perspective of the (Bank of England) Monetary Commission." He said the Bank of England may keep its guidance unchanged at its March meeting, with a 25 basis point cut in May.

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Golden Encyclopedia

▌What is a cold wallet?

Cold wallet is a cryptocurrency storage method that stays offline and disconnects from the Internet. This setup makes it more difficult for hackers to access funds remotely. Examples include: hardware wallets (such as Ledger, Trezor), paper wallets, isolated computers (devices that have never been connected to the internet).

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.