Several events have happened in the past seven days, with Bitcoin’s latest price action at the center of discussion. Here is a roundup of crypto stories this week.
Bitcoin Loses 2.3% of Its Value
BTC, the largest coin by market cap, has come under selling pressure since the start of March as US President Donald Trump continues to impose tariffs on imports from various countries. The selloff escalated on Monday after American investment bank JPMorgan announced that the recession risk in 2025 had risen to 40% following Trump’s ‘extreme policies.’
The fear of recession has caused investors to sell their Bitcoin as they plan to shift their focus to low-risk investments. Meanwhile, the US President has insisted that the country’s economy is currently in a ‘transitioning phase’ and dismissed concerns over recession.
FTX Founder Sent to Solitary Confinement Following His Interview With Tucker Carlson
Sam Bankman-Fried, the founder of the now-collapsed crypto exchange FTX, was reportedly sent to solitary confinement on Friday after he was interviewed by political journalist Tucker Carlson.
The statement from the US Bureau of Prisons indicated that Bankman-Fried participated in an interview that wasn’t approved by relevant authorities. The FTX founder, once named the ‘crypto golden boy,’ is being held at Brooklyn’s Metropolitan Detention Center.
OCC Eases Its Rules on Crypto Banking
A few days after Trump promised to end the previous regime’s Operation Chokepoint 2.0, the American OCC (Office of the Comptroller of the Currency) has revised its rules on how US banks can participate in crypto.
Under former US President Joe Biden, the OCC limited banks from engaging in crypto. However, the latest rules will allow these institutions to be custodians of digital assets and participate in node verification networks and specific stablecoin activities.
OCC boss Rodney E. Hood says the new guidelines are in line with Trump’s mission to make the United States the world’s crypto hub.
FDIC Participated in Operation Chokepoint 2.0, Says Coinbase Legal Officer
At the start of the week, Coinbase senior legal officer Paul Grewal accused the US FDIC (Federal Deposit Insurance Corporation) of participating in Biden’s Operation Chokepoint 2.0, in which crypto players were denied access to banking services.
According to Grewal, the FDIC pressured financial institutions to cut ties with crypto companies, making it challenging to process customer deposits and withdrawals.
US Treasury Secretary Explains the Importance of Stablecoins
During the Crypto Summit at the White House on March 7th, US Treasury Secretary Scott Bessent told the attendees that Trump’s administration will use USD-backed stablecoins to retain the global dominance of the country’s currency.
A stablecoin bill is already in Congress. If approved, stablecoin issuers will have much-needed regulatory guidelines, which they lacked during the previous administration.
Bitcoin Could Hit New All-Time High by June, Swan Bitcoin CEO Predicts
According to Swan Bitcoin boss Cory Klippsten, the chances of BTC crossing $109,000 to set a record all-time high by June are improving. However, he says that investors must first adapt to Trump’s policies and the rising uncertainty over inflation. Despite the current massive downtrend, Klippsten insists that the bull run isn’t over.
Solana Records $480 Million in Outflows
Data from Binance Research indicates that Solana processed outflows worth over $480 million in February, reflecting rising uncertainty in the digital asset space. Analysts from the research firm say investors are seeking ‘safety’ as the US government adopts monetary policies that many believe do not favor cryptocurrencies.
Are Meme Coins Dead?
Following a series of poor launches, meme coin enthusiasts appear to have backed away from the market in the past 30 days, according to Bobby Ong, the founder of CoinGecko. The crypto guru notes that since the LIBRA rug pull, popular token launchpad PumpFun has seen a decrease in traffic and a reduced number of newly created meme coins. Furthermore, the number of tokens ‘graduating’ to decentralized exchanges is down 92%.
