Trump Imposes Additional Taxes; China, Mexico and Canada Targeted
US President Donald Trump announced that he will impose an additional 10% customs duty on goods coming from China. This move further escalates the US trade wars. Products imported from China are already subject to at least a 10% customs duty. Trump also stated that he will implement additional 25% duties on imports from Mexico and Canada, which are scheduled to go into effect on March 4. Canadian Prime Minister Justin Trudeau said that they will give a strong response to the US customs duties, while Mexican President Claudia Sheinbaum expressed that negotiations are ongoing and that she hopes for an agreement by March 4.
China, Mexico and Canada are the three largest trading partners of the US, accounting for more than 40% of total imports. Additional taxes are expected to increase prices and escalate economic tensions.
Consensys and SEC Agree to Drop MetaMask Case
MetaMask developer Consensys has reached an agreement in principle with the U.S. Securities and Exchange Commission (SEC), allowing the case filed in June 2024 to be dropped. The SEC had sued the company for unregistered securities sales and staking services. However, with the new administration’s more conciliatory approach, the case is nearing closing. Consensys founder Joseph Lubin said that this process is a critical struggle for blockchain developers and that they will now focus entirely on technology development.
SEC Does Not Consider Memecoins as Securities
The U.S. Securities and Exchange Commission (SEC) announced that memecoins are not subject to federal securities laws. The agency stated that memecoins are not considered securities because they do not provide income or entitle a business to profits or assets. Therefore, it was stated that memecoin transactions do not require SEC registration. However, it was emphasized that projects involving fraud and manipulation still carry the risk of legal action.
The SEC has adopted a more positive stance towards crypto after Gary Gensler’s departure and has dropped its cases against many crypto companies, including Coinbase, Gemini, MetaMask and OpenSea in recent weeks. At the same time, Representative Sam Liccardo introduced a bill that would ban state officials from issuing memecoins. The memecoin market continues its volatile course following these developments.
US Treasury Official Supports Stablecoin Regulation
Tyler Williams, the new crypto advisor to US Treasury Secretary Scott Bessent, stated that working to pass stablecoin regulation through Congress would be an important step. Williams, a former Galaxy Digital lawyer, emphasized in his speech at the Chainlink event that establishing a legal framework for stablecoins would create a strong foundation for the industry.
Williams said that the industry should support its allies in Congress, while stating that creating a common framework for states and banking regulators would yield a positive result in Washington. Williams, who stated that he started his new position weeks ago, said that this position at the Treasury Department is a promising sign for the industry.
BlackRock Moves $441 Million Worth of Bitcoin to Coinbase
BlackRock transferred 5,100 Bitcoin ($441 million) and 30,000 Ethereum ($71 million) to Coinbase Prime. This move shows that BlackRock continued Bitcoin and Ethereum transfers this week.
IBIT had a negative performance for three consecutive days, while the total weekly outflow reached $741 million. Spot Bitcoin ETFs in the U.S. saw single-day outflows of more than $1 billion on Tuesday. While the price of Bitcoin has recovered to $86,000 after falling to as low as $83,000, concerns are growing that hedge funds could sell IBIT, pushing the price of Bitcoin as low as $70,000.
SEC Officially Drops Coinbase Case
The U.S. Securities and Exchange Commission (SEC) has announced that it has formally dropped its lawsuit against Coinbase. The lawsuit, which was filed in June 2023, alleged that Coinbase violated U.S. securities laws by offering its exchange, broker, and clearing services without registration. However, the SEC dropped the case so that it cannot be reopened. Coinbase Chief Legal Officer Paul Grewal said the decision was “a correction of a major mistake.”
Democrats Want to Ban Presidential Memecoins
Democrats in the US House of Representatives are preparing to introduce the MEME Act, which aims to ban presidential memecoins. The bill, prepared under the leadership of California Representative Sam Liccardo, aims to prevent public officials from profiting from digital assets. The bill will cover the president, vice president, members of Congress and senior government officials. Liccardo stated that public offices should protect the interests of the public and opposed officials using their political authority for personal gain.
Trump and Melania Trump’s memecoin projects experienced major losses in value shortly after their launches. The TRUMP token fell 82% from its peak, while the MELANIA token fell 93%. SEC official Hester Peirce said that most memecoins do not fall under the SEC’s jurisdiction and that regulation should be handled by Congress or the CFTC.
Metaplanet Increases Bitcoin Purchases
Japanese Bitcoin investment firm Metaplanet is continuing its strategy of increasing its BTC reserves by issuing 2 billion yen ($13.4 million) worth of non-interest-bearing bonds. According to a statement made on February 27, this is the seventh bond the company has issued for Bitcoin purchases. The bonds mature on August 26, 2025.
Since May 2024, Metaplanet has purchased Bitcoin 17 times and accumulated a total of 2,235 BTC. The company’s strategy has been likened to MicroStrategy’s Bitcoin investments. Metaplanet’s Bitcoin move has seen its shares rise by 3,225%, from 200 yen to 6,650 yen. The company aims to reach 10,000 BTC by the last quarter of 2025 and 21,000 BTC by the end of 2026.
Robinhood CEO Says Tokenization Will Strengthen Crypto Revolution
Robinhood CEO Vlad Tenev said tokenization will unlock the true potential of the crypto revolution. Tenev stated that thanks to blockchain technology, real-world assets can be tokenized, providing more liquidity and transparency. Robinhood plans to list more crypto assets, invest in a non-custodial wallet, and open up to the institutional market with Bitstamp integration.
In the US, the SEC’s pressure on the crypto sector seems to have eased with the Trump administration. While cases against major companies such as Coinbase, Uniswap, and Gemini were withdrawn, the investigation into Robinhood Crypto was also closed. The company aims to list more tokens as the new regulatory framework removes uncertainties while launching its Ethereum staking service in Europe.
——————————————————————————————
BITCOIN (BTC)
BTC is priced at $80,100 as of the morning hours, gaining 5.44% in value. It is seen that selling pressure has increased, especially with the loss of the 95,717 and 96,060 levels. Although the price briefly reacted to the support area around 86,000, the downward momentum has accelerated with the downward break of this area. For now, the price is approaching a psychologically important area, and whether the 80,000 level can be maintained is of critical importance. If buyers fail to gain strength at this level, a pullback to the 78,000 and 76,000 levels may occur. On the other hand, if the price manages to react from this region, a recovery towards the 86,000 USDT level can be expected first.
ETHEREUM (ETH)
ETH is priced at $ 2122 as of the morning hours with a 7.96% loss in value. It is seen that the selling pressure increased especially with the breakdown of the support at 2,338.99 and the price rapidly declined to 2,168.07. The price is currently below this support area and has the potential for a decline towards 2,100. If buyers cannot gain strength at current levels, the 2,000 psychological support may become a critical point. On the other hand, if the price shows a recovery from here, a movement towards the 2,338.99 level may be observed first. Above, the 2,461.59 and 2,562.51 resistance levels stand out as strong barriers.
RIPPLE (XRP)
XRP is priced at $ 2,029 as of the morning hours, losing 7.73% in value. With the loss of the 2.7220 level, it is seen that the selling pressure increased and the price rapidly declined to lower levels. In the current situation, the price has approached a psychologically important support zone, and how strongly the buyers will react here is of critical importance. If the price cannot hold at the current levels, the support zone at 1.9000 levels below can be tested. However, if the price shows a recovery from this area, a movement towards the resistance area at 2.3000 – 2.4000 levels may be observed first. In a stronger recovery scenario, 2.7220 and 2.8716 levels stand out as important resistance points.
AVALANCHE (AVAX)
AVAX is trading at $ 20.45 as of the morning hours with a 2.24% loss in value. It is noteworthy that with the breakdown of the support at 21.88, the selling pressure increased and the price moved towards lower levels. In the current situation, the price has approached a psychologically important region and whether the 20.00 level can be maintained is of critical importance. If the price drops below this level, a decline down to 18.00 levels may occur. On the other hand, if the price rebounds from current levels, 21.88 can be followed as the first resistance point. In a stronger bullish scenario, 28.77 stands out as an important resistance point.
SOLANA (SOL)
SOL is priced at $127 levels with a 7.29% loss in value as of the morning hours. With the loss of the 176.27 level, it is seen that the selling pressure increased and the price rapidly declined to 128.00 levels. For now, the price is trying to hold on to this area, which previously worked as support. If there is a recovery from the current levels, the 176.27 level can be followed as the first resistance point. In a stronger bullish scenario, the 201.83 and 229.30 levels stand out as important resistance areas. However, if the price drops below this critical support level, the decline could deepen and a pullback to 120.00 levels could occur.
