Bitcoin (BTC) sees a short-term rebound, temporarily around $67,660 as of March 31. A U.S. senator has proposed the “U.S. Mining Act,” which would incorporate strategic Bitcoin reserves into law. Bitmine has staked an additional 167,500+ ETH again, worth about $342 million.
Macro Events & Crypto Market Hot Topics
1, U.S. Republican Senators Cynthia Lummis and Bill Cassidy have proposed the “U.S. Mining Act,” aiming to expand the role of crypto mining in the U.S. economy and to incorporate President Trump’s executive order on establishing strategic Bitcoin reserves into law. The bill would instruct the Department of Commerce to set up a voluntary certification program for mining pools and mining facilities, and require that certified facilities phase out mining equipment manufactured by companies related to foreign adversaries.
Lummis said the bill is intended to bring the mining industry back to the U.S. through forward-looking measures to ensure the nation’s financial future. Previously, Trump promised during his campaign to make the U.S. the “global hub for cryptocurrencies,” and in March this year signed an executive order to establish strategic Bitcoin reserves funded by judicial forfeitures of Bitcoin.
2, According to Onchain Lens monitoring, Bitmine has newly staked 167,578 ETH, worth $342.4 million. Their current total amount of ETH staked is 3,310,221 ETH ($6.7 billion). Bitmine currently holds nearly 4% of the ETH token supply, completing more than 78% of its “5% alchemy” target in just 8 months.
News Updates
1, Cardano’s founder launches the privacy chain Midnight, using ZK technology and a dual-token model
2, Jack Dorsey’s Square automatically enables Bitcoin payment features for millions of U.S. merchants
3, Bitmine again stakes over 167.5k ETH, worth about $342 million
4, U.S. Democrats urge warning to federal officials to watch out for insiders betting on prediction markets
5, The U.S. Department of Labor proposes new rules allowing 401(k) retirement plans to include assets such as cryptocurrencies
6, U.S. CFTC says it will “respect the views of all sports leagues”; previously the NFL called for stronger regulation of prediction markets
7, U.S. senators propose the “U.S. Mining Act,” aiming to incorporate strategic Bitcoin reserves into law
8, Powell: You can temporarily ignore the impact of oil prices, but if inflation expectations get out of control, the Fed will be patient and stay until it tops out
9, Iran insists that since the outbreak of war it has not held talks with the United States
10, The White House: Trump wants to reach an agreement with Iran by April 6
Market Trend
1, Bitcoin latest news: $BTC’s short-term rebound is underway, temporarily around $67,660; in the past 24 hours, $82.17 million has been liquidated in long/short positions, with shorts dominating;
2, U.S. stocks were mostly lower on March 31, as the market fell into intense turbulence. Although U.S. President Trump claims he is moving forward with negotiations with Iran, with more U.S. troops arriving in the Middle East, Yemen’s Houthi forces joining the fight, and Trump threatening to strike Iran’s oil fields and seize uranium resources, hopes that the conflict would end in the short term have still been dashed. The S&P 500 Index and the Nasdaq Index fell for three consecutive trading days, closing at their lowest level since early August last year. The Dow Jones Index, supported by financial stocks, closed slightly higher. The Dow Jones Industrial Average rose 49.50 points, up 0.1%, closing at 45,216.14 points. The S&P 500 Index fell 25.13 points, down 0.4%, closing at 6,343.72 points, less than 1% away from the correction range. The Nasdaq Composite Index fell 153.72 points, down 0.7%, closing at 20,794.64 points.
(Source: Gate)
3, In the Gate BTC/USDT liquidation map, based on the current 67,142 USDT, if it drops to around $66,171, the cumulative liquidation amount for long positions will exceed $282 million; if it rises to around $67,448, the cumulative liquidation amount for short positions will exceed $143 million. The amount liquidated on the short side is significantly lower than on the long side, so it is recommended to manage leverage levels reasonably to avoid triggering large-scale liquidations amid market fluctuations.
(Source: Coinglass)
4, In the past 24 hours, BTC spot inflows were $2.33 billion, outflows were $2.27 billion, for a net outflow of $0.6 billion.
(Source: Coinglass)
5, In the past 24 hours, contract trading net outflows for $ETH, $BTC, $SOL, $RIVER, $BNB, and others have led, presenting trading opportunities.
Selected Opinions from X KOLs
Phyrex Ni (@Phyrex_Ni): “It’s another uncomfortable day. Even though doing work on days like this isn’t complicated, it’s really annoying—not because prices are dropping, but because this ‘unprovoked disaster’ now has no visible end time. Previously, Trump clearly said it could end before his visit to China, but now it looks like if it still follows the original schedule of mid-May, stopping it won’t be easy. Mainly because Iran isn’t like Venezuela—after the execution, they just became obedient. Although the execution was successful, the trouble isn’t over.”
“Today, U.S. crude oil finally pushed up over $100. On March 9, it peaked at $117, but it fell back within a few hours. Now, the market not only doesn’t think it will drop—on the contrary, people even believe oil prices have a chance to break through $150, even higher. This shows that they’re not optimistic about the end of the short-term war.”
“Today, Powell participated in an event to give remarks, saying he still has the same concerns as after the FOMC meeting. The Fed is caught in a dilemma: right now the U.S. faces both downside risk in the labor market and upside risk in inflation. This suggests the Fed is very cautious about adjusting interest rates, and the market generally believes the Fed will cut rates at most once in 2026.”
“As for Powell’s view on U.S. Treasuries: the total amount of U.S. debt hasn’t yet reached an unsustainable level, but its current trajectory is unsustainable. Although that isn’t exactly the Fed’s responsibility, if it isn’t addressed as soon as possible, the outcome may not be optimistic. He also mentioned attention to private credit, saying that private credit is only a relatively small part of a very large pool of assets, but the Fed is still monitoring it.”
“Coming back to the Bitcoin data: although the war continues and U.S. crude oil keeps rising, short-term investors’ sentiment continues to slide further, and as a result, the price of $BTC is also continuing to move downward. Iran’s war is currently the biggest shackles on BTC, but even after the war ends, there will still be many shackles waiting. And most of these shackles are caused by Trump.”
Today’s Preview
1, Japan February unemployment rate, prior value 2.7%
2, Japan February seasonally adjusted retail sales (month-over-month), prior value 4.1%
3, China March official manufacturing PMI, prior value 49.0
4, UK Q4 GDP final estimate (quarter-over-quarter), prior value 0.1%
5, UK Q4 GDP final estimate (year-over-year), prior value 1.0%
6, UK Q4 current account (billions of pounds), prior value -12.1
7, France March preliminary consumer price index (month-over-month), prior value 0.6%
8, Germany March seasonally adjusted unemployment rate (official), prior value 6.3%
9, Eurozone March preliminary CPI (year-over-year), prior value 1.9%
10, Eurozone March preliminary CPI (month-over-month), prior value 0.6%
11, Canada January GDP (month-over-month), prior value 0.2%
12, U.S. February JOLTs job openings (thousands), prior value 694.6
13, U.S. March Conference Board consumer confidence index, prior value 91.2
