Nasdaq Files for Grayscale’s Hedera ETF
Nasdaq has filed a 19b-4 application with the SEC to list Grayscale’s spot Hedera ETF. This is the second step in the crypto ETF approval process, and the SEC’s review process will begin after it is published in the Federal Register. Bloomberg analyst Eric Balchunas said the Hedera and Litecoin ETF applications are among the most likely to be approved.
In the U.S., applications for ETFs for altcoins other than Bitcoin and Ethereum have increased following Trump’s re-election. Spot ETF applications have also been filed for crypto assets such as Solana, XRP, Cardano, Litecoin, and Dogecoin. In addition, the New York Stock Exchange has filed a 19b-4 application for Bitwise’s Dogecoin ETF. According to Bloomberg, the probability of Dogecoin ETFs getting approval is evaluated as 75%.
SEC Closes NFT Investigation into Yuga Labs
The US Securities and Exchange Commission (SEC) has officially closed its investigation into NFT company Yuga Labs, which has been ongoing since 2022. The company celebrated this development by saying that “NFTs are not securities,” and evaluated it as a positive development for other creators in the sector. Yuga Labs is known as the name behind popular NFT collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club.
The SEC’s decision reinforced comments that the institution had begun to take a more moderate stance towards the crypto sector under the Trump administration. However, prices in the NFT market are still down more than 90% from their 2022 peaks.
First Crypto Working Group Formed in the US Congress
US House Majority Leader Tom Emmer has announced the formation of the first official Crypto Working Group in Congress, which will provide a unified platform for crypto-friendly lawmakers. The bipartisan initiative was led by Emmer and Democratic Rep. Ritchie Torres. The working group aims to advocate for open, permissionless, and private innovation in the US.
The move comes just after President Donald Trump announced plans to create a federal reserve that considers crypto a strategic asset. The US is taking steps to ban CBDC, a government-backed digital currency, as it takes a more active policy on crypto regulation. The newly formed task force aims to make crypto a permanent interest group in Washington in the long term by representing the industry more strongly in Congress.
SEC’s Crypto Task Force Holds First Meeting This Month
The U.S. Securities and Exchange Commission (SEC) has moved to clarify the regulatory framework with its newly formed crypto task force. The meeting, to be held in Washington, D.C. on March 21, will be titled “How We Got Here and How We’ll Get Out – Defining Security Status” and will be part of the “Spring Sprint Towards Crypto Openness” series.
The SEC has made a significant policy shift in crypto regulation compared to the period under former Chairman Gary Gensler. Gensler increased pressure on the industry by treating the vast majority of crypto assets as securities, while the new administration has dropped many lawsuits and investigations. Commissioner Hester Peirce, who leads the task force, said she would prioritize determining the “non-security” status of certain tokens.
Trump’s Crypto Reserve Sparks Controversy Over Inclusion of ADA and XRP
The national Crypto Strategic Reserve announced by US President Donald Trump has sparked controversy in the industry due to its inclusion of Ethereum, XRP, Solana, and Cardano, in addition to Bitcoin. While Bitcoin maximalists and some market experts argue that only Bitcoin should be included in the reserve, they argue that adding altcoins carries political risks and could disrupt market balances. Coinbase CEO Brian Armstrong stated that it would be a more robust strategy for the reserve to include only Bitcoin.
On the other hand, Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson welcomed Trump’s multi-chain approach. Garlinghouse argued that Bitcoin maximalism is damaging the industry and that crypto should grow through collaboration, while Hoskinson said that Cardano deserves to be included in this reserve with its long-term security and decentralization approach. As the discussions continue, how the government will manage and distribute the reserve assets remains a matter of curiosity.
Strategy Shares Hit 10-Month Low as Bitcoin Drops
Shares of Strategy (formerly MicroStrategy), which is seen as a leveraged investment in Bitcoin, have fallen more than 40% since November. The company said in an SEC filing that it did not increase its 499,096 Bitcoin holdings and did not make any new purchases despite the price fluctuations last week. The firm, one of Bitcoin’s largest institutional investors, purchased a total of $5.3 billion worth of Bitcoin in 2024.
Strategy, which has borrowed to buy Bitcoin in the past, did not raise new funds this time and did not buy BTC by selling shares. However, the company announced that it will pay a dividend of $1.24 for STRK shares.
Record $2.9 Billion Outflow from Global Crypto Funds
Last week, there was a record $2.9 billion outflow from global crypto investment funds. According to CoinShares; The Bybit hack, the Fed’s hawkish stance, and the weakening of market sentiment were the main reasons for these outflows. While $2.87 billion was outflowed from US-based funds, funds in Switzerland and Canada also experienced declines. However, investors based in Germany bucked this trend by making an inflow of $55.3 million.
Bitcoin investment products suffered the biggest loss with an outflow of $2.59 billion, while there was a small inflow to short Bitcoin funds. On Friday, Bitcoin ETFs saw an inflow of $94 million, ending an eight-day outflow streak. Although the impact of the Crypto Strategic Reserve announced by Trump on Sunday has not yet been fully felt on the market, it is expected to accelerate the recovery.
Metaplanet Increases Bitcoin Purchases
Metaplanet increased its total Bitcoin holdings by purchasing 156 more BTC, bringing its total Bitcoin holdings to 2,391 BTC. The company spent $13.4 million for this purchase, setting the average Bitcoin cost as $82,100. Metaplanet, which has made a 31.8% return on its BTC strategy since the beginning of the year, currently holds a total of $196.3 million worth of Bitcoin.
Metaplanet shares rose 20% on Monday to trade at 4,010 yen. CEO Simon Gerovich said the company was invited by the NYSE and Nasdaq to consider the best way to make its shares more accessible to global investors. The move is seen as part of a strategy to capitalize on market declines, similar to Bitdeer Technologies’ Bitcoin purchase.
Colombia Aims to Attract Investment with Crypto Regulation
Colombia has filed a new regulatory bill to align its crypto market with global standards. The bill, introduced to Congress on March 3 by Senator Gustavo Moreno and Representative Julian Lopez, aims to oversee the crypto sector, increase investor protection and prevent money laundering. One of the most important steps will be the introduction of a formal licensing system for crypto service providers.
Colombia stands out as one of the largest crypto markets in Latin America. In 2024, $6.7 billion worth of crypto assets were in circulation, while more than five million Colombians actively trade crypto. However, concerns about fraud and illegal financial activities persist. Although the country is set to launch central bank digital currency (CBDC) tests in 2023, the future of the process remains uncertain.
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BITCOIN (BTC)
BTC is priced at $84,150 as of the morning hours, down 2.38%. Closing yesterday with a 8.57% drop, BTC seems to have given back all of its gains on Sunday. After losing the intermediate support at $86,500, the price is showing a downtrend towards the strong support area of $82,400. Maintaining this level is critical for a recovery movement in the short term. However, if $82,400 is broken, the $78,400 support area may come into play. In order for the price to re-enter the uptrend, it will be important for it to break the levels of 86,500 and 89,250 respectively. A daily close above the $92,500 resistance seems critical.
ETHEREUM (ETH)
ETH is priced at $ 2,065 with a 3.95% loss in value as of the morning hours. Yesterday, ETH, which closed with a 14.70% daily decline, seems to have quickly returned its increases. ETH, which lost its support area with this decline, is currently trading below the support level of $ 2,153 and is showing a tendency to retreat towards the strong support area of $ 1,983. If this level cannot be maintained, the levels of $ 1,908 and $ 1,763 stand out as the next support points. In possible upward reactions, the levels of $ 2,153 and $ 2,355 can be followed as resistance. A sustained move above the $2,355 level will be critical for Ethereum to recover.
RIPPLE (XRP)
XRP is priced at $ 2.28 as of the morning hours, losing 4%. Closing yesterday with a 18.82% decrease, XRP, like other assets, seems to have taken back what it gave. It retreated after experiencing a sharp rejection from the strong resistance at $ 2.9009. The price is having difficulty breaking through the resistance zone at $2.3797 and is under downward pressure again from here.
Currently, $2.2567, $2.1974 and $2.1317 should be monitored as support levels. If these levels are broken, the price may deepen towards the green zone around $2.00. In the upward movements, $ 2.3797 and $ 2.4665 levels stand out as resistance.
AVALANCHE (AVAX)
AVAX is trading at $20 levels with a 4.63% loss in value as of the morning hours. AVAX, which closed yesterday with a 16.14% decrease, is also moving below the critical support level. In the current situation, if it remains below the critical support level of 20.32, other support levels stand out as $18.96 and $17.34. If these levels are lost, selling pressure may increase and the price may decline to deeper levels. In upward recoveries, $21.03 and $21.83 levels can be followed as resistance.
SOLANA (SOL)
SOL is priced at $ 136 levels with a 3.94% loss in value as of the morning hours. SOL closed yesterday with a 20.51% decrease. After starting the new week negatively, it is moving just above the support level and is trying to hold on to the $ 135.47 support. If it cannot stay at this level, the decline is likely to continue to $ 125.22. In upward movements, the $ 147.06 level stands out as a critical resistance point. If this level is breached, a rally towards the $155.25 and $160.80 levels is possible. However, the current price action shows that the market is cautious and buyers should step in at a strong support level.
