Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Crypto Market Recap: US Unveils Bitcoin Reserve, Solana Co-Founder Warns of Centralization Risks

by admin March 8, 2025
March 8, 2025
Crypto Market Recap: US Unveils Bitcoin Reserve, Solana Co-Founder Warns of Centralization Risks

Here’s a quick recap of the crypto landscape for Friday (March 7) as of 9:00 a.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$88,171.35, reflecting a 3.73 percent decrease over the past 24 hours. The day’s trading range has seen a high of US$91,500 and a low of US$87,900.

Ethereum (ETH) is priced at US$2,175.82, marking a slump of 4.35 percent over the same period. The cryptocurrency reached an intraday high of US$2,300 and a low of US$2,150.

Altcoin price update

  • Solana (SOL) is currently valued at US$140.37, down 4.93 percent over the past 24 hours. SOL experienced a high of US$145 and a low of US$138 during Monday’s trading session.
  • XRP is trading at US$2.48, reflecting a 1.42 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.55 and a low of US$2.45.
  • Sui (SUI) is priced at US$2.70, showing a 1.48 percent decrease over the past 24 hours. It achieved a daily high of US$2.75 and a low of US$2.68.
  • Cardano (ADA) is trading at US$0.8574, reflecting an 11.92 percent decrease over the past 24 hours. Its highest price on Monday was US$0.9000, with a low of US$0.8500.

Crypto news to know

Trump signs order to establish US Strategic Bitcoin Reserve

President Donald Trump has officially signed an executive order establishing a Strategic Bitcoin Reserve, marking the first time the U.S. government has formally recognized Bitcoin as a national reserve asset.

The reserve will consist of Bitcoin already held by the government, primarily from criminal seizures, rather than new purchases—a move that disappointed many in the crypto industry who had hoped for direct market acquisitions.

The announcement triggered significant market volatility, with Bitcoin initially dropping 5 percent to US$85,000 before rebounding to US$89,200 in early European trading.

White House Crypto Advisor David Sacks stated that while no immediate purchases are planned, the Commerce and Treasury Departments will explore “budget-neutral” strategies to acquire more Bitcoin in the future without burdening taxpayers.

While some view the move as a major step toward crypto legitimacy in the US, critics argue it’s largely symbolic. Andrew O’Neill of S&P Global Ratings noted that the reserve ‘only formalizes existing holdings’ and lacks a clear strategy for future acquisitions.

Beyond Bitcoin, the White House also announced the creation of a US Digital Asset Stockpile, which will include Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—but, like the Bitcoin reserve, it will only consist of tokens seized by the government. The White House has yet to clarify how these assets will be managed or utilized in the long term.

Solana co-founder slams US crypto reserve, citing decentralization risks

Solana co-founder Anatoly Yakovenko has publicly criticized the US Strategic Bitcoin Reserve, warning that a government-controlled crypto reserve could undermine decentralization and give regulators disproportionate control over digital assets.

In a post on X (formerly Twitter), Yakovenko suggested that individual state-level reserves could be a better alternative, allowing for greater decentralization and preventing a single federal authority from dominating the space.

He also called for any reserve to be based on ‘objectively measurable requirements’ rather than political or arbitrary decisions, hinting that such criteria could favor Bitcoin while excluding other assets.

His remarks come after President Trump announced that five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—would be part of the U.S. Digital Asset Stockpile.

Nebraska passes landmark crypto fraud prevention bill amid rising scams

Nebraska lawmakers have overwhelmingly approved the Controllable Electronic Record Fraud Prevention Act (LB609), a groundbreaking bill aimed at regulating cryptocurrency kiosks and curbing digital asset scams.

The legislation, which passed its final reading on March 6 and now awaits Governor Jim Pillen’s signature, introduces several consumer protection measures, including:

  • Mandatory licensing for crypto kiosk operators to prevent fraudulent companies from entering the market.
  • Daily transaction limits to reduce financial losses from scams.
  • Fraud warning notices displayed on crypto kiosks, informing users about potential risks.
  • Transparent transaction receipts to improve traceability and help law enforcement track illicit activity.
  • Fee caps to prevent excessive charges on transactions.
  • Refund requirements for fraudulent transactions, ensuring victims have some level of financial protection.

State officials say Nebraska residents lost US$14.6 million to crypto scams last year, though the actual figure is likely higher due to underreporting.

Governor Pillen has five days to sign or veto the bill, though insiders expect it to pass without opposition.

If enacted, Nebraska will become one of the first U.S. states to implement comprehensive regulations for cryptocurrency kiosks, setting a precedent that other states may follow.

Crypto kiosks—often found in gas stations and convenience stores—allow users to buy and send digital assets, but they’ve become a major tool for scammers who coerce victims into sending funds under false pretenses. In 2023 alone, the FBI received over 5,500 complaints related to crypto kiosk fraud, totaling US$189 million in losses, with 65 percent of victims aged 60 or older.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
E-Power Samples 29% Cg on the Tetepisca Flake Graphite Property
next post
UN draft report on children in conflict zones raises eyebrows with framing of Israelis

You may also like

Black Swans, White Swans and Trump’s Clash with...

December 10, 2024

Experts: Canada at Crypto Crossroads as Opportunity Meets...

May 30, 2025

Mawson Finland Limited Further Expands the Known Mineralized...

October 3, 2024

Gary Wagner: Gold’s Next Price Target is US$2,700,...

August 28, 2024

CEOL Application Process Update

April 5, 2025

CNN Fear and Greed Index Plunges to Lowest...

April 12, 2025

Andy Schectman: BRICS, Trump and Gold — What...

February 6, 2025

Westgold Resources Shares Maiden Ore Reserve for South...

August 16, 2024

ARR advances permitting at Cowboy State Mine

May 28, 2025

Historical Gold Mineralisation identified at Flicka Lake

October 30, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.