Cryptocurrency/Bitcoin

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? Charted: Bitcoin slump

Data: CoinGecko. Chart: Axios Visuals The recent blowout in bitcoin accelerated overnight — and the original cryptocurrency is now down 25% from the all-time highs it set the day President Trump was inaugurated, Axios' Ben Berkowitz writes. Why it matters: Trump was supposed to be the crypto president, ushering in a new era of deregulation and national support. Instead, the market has dropped. ? By the numbers: Bitcoin briefly broke below $80,000 overnight, a decline of nearly $30,000 from the highs it set in January. Such cycles, where bitcoin loses half its value or more over a period of a few months, are actually pretty common. Between the lines: In any market, selling sometimes begets selling, and that's especially true with cryptocurrencies, Axios' Pete Gannon and Brady Dale write. It's not just bitcoin. Trump's own official meme coin is getting crushed in the market rout — losing 80% of its value since he took office. Go deeper: The market slump ...

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₿ First-ever crypto summit

Illustration: Aïda Amer/Axios

President Trump will speak at the first-ever White House Crypto Summit next Friday. The White House says attendees will include prominent crypto founders, CEOs and investors. The summit will be chaired by White House A.I. & Crypto Czar David Sacks, and run by Bo Hines, executive director of the President's Working Group on Digital Assets. Go deeper.

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“Opportunism and Fear”: Crypto Industry Sets Its Sights on Governors’ Mansions

An industry increasingly associated with Trumpism is moving into the spotlight in Democratic gubernatorial races in New Jersey and New York.

https://theintercept.com/2025/02/27/crypto-elections-campaign-governor-nj-ny/?

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? Charted: Trump's crypto bump

Data: CoinGecko. Chart: Axios Visuals President Trump sparked a $300+ billion rally in the global crypto market yesterday with two social media posts listing the digital currencies a U.S. strategic reserve would embrace, Axios Crypto author Brady Dale writes. Why it matters: Trump's posts almost instantly reversed a weeks-long global sell-off that had threatened to dent his image as the "crypto president." ? Zoom in: "A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration," Trump wrote on Truth Social. He listed XRP, Solana (SOL) and Cardano (ADA) as three coins that would be included in a reserve. In a second post, Trump added "I also love Bitcoin and Ethereum!" and said those coins (BTC and ETH) would be in the reserve too. ? What's next: On Friday, Trump will speak at the first-ever White House Crypto Summit. Keep reading.

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? Bitcoin reserve's rough debut

Data: CoinGecko. Chart: Axios Visuals President Trump signed an executive order last night to create the long-awaited Strategic Bitcoin Reserve as a "store of value" for the nation — and the original cryptocurrency promptly dropped $5,000 in an hour, Axios' Brady Dale writes. Why it matters: It was not an auspicious warm-up for this afternoon's first-ever White House crypto summit. "Buy the rumor, sell the news" is a common practice in the crypto world. This announcement was "the news." Those hoping for a big splash may have been disappointed that the new reserve isn't actually buying bitcoin (yet). White House fact sheet on Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile. Go deeper: The crypto reserve is all about forfeited assets ...

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Crypto's quiet workhorse goes mainstream

Illustration: Maura Losch/Axios

The crypto world's most promising application — the stablecoin — is bursting into the financial mainstream. It's powered by regulation, political backing and trillions in real-world transactions, Axios Crypto author Brady Dale writes. Why it matters: Memecoins, fraudsters and crypto volatility have overshadowed the quiet success of stablecoins — digital tokens designed to hold a steady value, typically pegged to the U.S. dollar. By the numbers: Global asset manager Ark Invest estimates that stablecoin transactions hit $15.6 trillion in 2024 — basically the same as Visa cards. ? What we're watching: Stablecoins remain in a legal gray area in the U.S., but both chambers of Congress are racing to draft rules for what's become the most functional use case for blockchain technology worldwide. "We are going to keep the U.S. the dominant reserve currency in the world, and we will use stablecoins to do that," Treasury Secretary Scott Bessent vowed at a White House summit last month. Go deeper.

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? Crypto meltdown

Everyone will try to claim victory from the historic crypto legislation that stalled out in the Senate today. They may all be right. Democrats are proud they stuck together to try to force Republicans to make changes. When Democrats asked for more time — and Senate Majority Leader John Thune didn't give it to them — they held the line. But Republicans seemed willing to accept a short-term setback to prove a broader point: Democrats aren't serious about crypto, they said. Donors can expect to hear all about it. Zoom in: The debate presented Senate Minority Leader Chuck Schumer with the familiar predicament of convincing his colleagues to stay together on a procedural vote to extract policy changes. He didn't lose a single Democratic senator in today's 49-48 vote. It needed 60 to pass. Even Sens. Ruben Gallego (D-Ariz.) and Elissa Slotkin (D-Mich.) — who both received millions of dollars in crypto industry donations — voted "no." Democrats were suspicious that Republicans wanted them to vote yes on the procedural vote without allowing them to read the new bill text. The other side: Republicans accused Democrats of moving the goalposts. They argued the vote would have simply started the real debate, with another round requiring 60 votes for Democrats to get their changes into the bill. "I don't know what more they want," Thune said on the floor, insisting the bill had already been litigated in committee, where it received five Democratic votes. But Democrats insisted they were negotiating in good faith and even abandoned a provision that looked suspiciously anti-Trump. — Stef Kight and Hans Nichols

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Get Ready To Pay In ZuckBucks

The GENIUS Act isn’t just a crypto giveaway — it could turn tech giants into unregulated banks.

https://www.levernews.com/get-ready-to-pay-in-zuckbucks/?

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Why ‘wrench attacks’ on wealthy crypto holders are on the rise

The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets.

https://apnews.com/article/crypto-bitcoin-kidnapping-wrench-attack-ddc7263c25ba590f85648e1682576971?

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Cryptocurrency

After months of negotiations, the Senate passed the GENIUS Act, a bipartisan piece of legislation that aims to create a framework for regulating stablecoins, a specific type of cryptocurrency. Stablecoins are tied to the value of another asset, such as the US dollar or gold, so 1 stablecoin would be worth $1. Despite the bill’s passage, some Democrats remain concerned that it does not place sufficient guardrails on stablecoins, particularly since World Liberty Financial, a company tied to the Trump family, has issued its own stablecoin. GOP Sen. Bill Hagerty, one of the lead co-sponsors of the bill, insists that “this legislation is agnostic as to company, it’s agnostic as to person.” The bill will now move to the House for consideration.

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Bitcoin, 101

Bitcoin is a digital cash alternative introduced in 2009 that has rapidly grown in popularity and now boasts a global user base. The decentralized currency—meaning it is not created or controlled by any central government—is valued at roughly $103K per single bitcoin (see current price), with a total market value of more than $2T.

 

Bitcoin’s conceptual origins lay in a now-famous white paper written by an inventor using the pen name Satoshi Nakamoto. The pseudonymous author has reached near-mythical status, with their identity never revealed and supposedly holding a stash of bitcoin worth more than $120B.

 

Like most cryptocurrencies, bitcoin relies on blockchain technology. Blockchains are the digital equivalent of public ledgers—every transaction is recorded and bundled into “blocks,” which are added to a long “chain” of blocks viewable by anyone.
 

In principle, digital currencies have a variety of uses—paying for goods and services (see where it's accepted), instantly sending money around the globe, and more. Currently, bitcoin is primarily used as a store of value, similar to investing in gold or other assets.
 

... Read our full deep dive on bitcoin here.

 

Also, check out ... 

> The value of your investment if you had bought bitcoin years ago. (More)

> Why the anonymous founder of bitcoin is shrouded in mystery. (More)

> The story behind "Bitcoin Pizza Day." (More)

 

ps:I've always wondered how according to the Bible, we would not be able to "buy or sell?" Well I thought maybe you wouldn't be able to use your CCds, but than you'd have cash to pay for stuff!! But now we have Cryptocurrency!! The government could very easily only allow this form of paying for stuff only?? Anyway just a thought!!

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₿ Charted: Bitcoin's big spike

Data: CoinGecko. Chart: Axios Visuals The whole crypto market is going up, with bitcoin setting new all-time highs almost every other day, Axios Crypto author Brady Dale writes. Why it matters: Investors who have conviction about bitcoin or another cryptocurrency have a decent shot at doing well, provided they have the nerve to ride out some drops and stick around a while. Bitcoin has been periodically setting new all-time highs ever since spot ETFs were approved in early 2024. It first broke $100,000 late last year. Go deeper: Why investors lose money when bitcoin rises.

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? Crypto gambling debt for all. The Justice Department and the Commodities Futures Trading Commission have reportedly dropped their respective investigations against cryptocurrency-based betting platform Polymarket over allegations that the platform took bets from U.S. gamblers despite previously agreeing not to accept U.S.-based bets. That leaves the gambling site’s regulatory slate clean, just as billionaire venture capitalist and longtime MAGA bankroller Peter Thiel leads a $200 million investment charge to take Polymarket to a $1 billion valuation.

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? Hot biz strategy: Buy crypto

Illustration: Annelise Capossela/Axios

It's the latest crypto craze: Public companies are raising money and investing it in bitcoin. Why it matters: It's yet another sign — along with the reemergence of meme stocks and a string of stock market records — that the market is getting frothy. ? Since the start of June, 98 companies have announced plans to raise a total of $43 billion so they can buy cryptocurrencies, The Wall Street Journal reports (gift link), citing crypto advisory firm Architect Partners. ?️ The big picture: President Trump's promise to be the "first crypto president" helped send crypto prices soaring. Software company Strategy (previously MicroStrategy), the first to pioneer the bitcoin-buying approach, has seen its stock more than double over the last year. Other companies, like e-bike maker Volcon and chip maker Sequans Communications, saw massive spikes when they announced their own crypto-buying plans, according to the Journal. ? Reality check: Crypto prices tend to tank from time to time, especially after buyers get swept up in hype around a trade that seems too good to be true, writes Axios' Brady Dale. A crypto downturn could set off a vicious selling cycle by firms caught chasing the hype. Go deeper ...

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Crypto boom

This summer has been one to remember for cryptocurrency. A growing number of enthusiastic investors are embracing it — spurred in large part by White House support and sweeping legislative changes in Washington.

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Crypto fraud

Americans are losing millions of dollars to scammers at crypto ATMs, which turn cash into cryptocurrency. Companies often fail to refund money to victims and aggressively fight police to claw back what was seized from the machines. Here’s how it works.

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₿ Charted: Bitcoin's brutal stretch

Data: CoinGecko. Chart: Axios Visuals Bitcoin is down nearly 32% from its all-time high of $126,080 in October, Axios' Pete Gannon and Madison Mills write. Why it matters: Crypto is proving to be the ultimate risk-on asset — a term for assets that attract investment when confidence is high. It has fallen hard at any sign of market trouble. ⚡ Bitcoin briefly dipped below $85,000 in yesterday's crypto rout. Early today, it was trading around $86,650.

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⚡ Crypto's banner year

Illustration: Brendan Lynch/Axios

The crypto industry notched major legislative and regulatory wins this year, under President Trump's crypto-friendly second administration: The SEC scrapped strict accounting rules and dropped Biden-era lawsuits against Coinbase, Binance and others. Trump signed a landmark bill creating federal rules for dollar-pegged crypto tokens. A top bank regulator eased rules on banks' crypto dealings and gave conditional approval for crypto firms to become banks. ? But the party may not continue into 2026, Reuters reports. A central crypto industry goal is to get legal clarity on when tokens are securities, commodities or otherwise. Long-term, the industry can't rely on pro-crypto administrations. Go deeper.

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Bitcoin blues

The world’s most famous cryptocurrency has tumbled 44% from its peak in October. That decline is actually not unusual — what’s strange is the timing of the four-month slump.   📉 Bitcoin nosedives as investors lose faith   Data: CoinGecko. Chart: Axios Visuals Bitcoin plummeted to $60,000 yesterday as a weeklong selloff accelerated, Axios' Pete Gannon and Madison Mills report. The plunge is testing both Wall Street's newfound crypto confidence and the resolve of new retail investors who bought near the top. Many new investors are already underwater. 🥊 The OG cryptocurrency is being hit from multiple angles. Investor sentiment is turning, after institutions and retail traders poured billions of dollars into the market. Economist cover package: "Greenback danger ... The age of a treacherous, falling dollar." 😨 Zoom out ... Big shift in Wall Street mood: The "headlong rush into the most popular trades, from tech stocks to gold to cryptocurrencies, has given way to a sudden retreat from risk," Bloomberg reports (gift link). "Investors are pulling back, with the S&P 500 and Nasdaq 100 declining, and assets like silver, Bitcoin, and tech stocks experiencing significant drops, while U.S. Treasuries rallied as a haven of last resort."

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💰 Scoop: Crypto cash infusion

Illustration: Sarah Grillo/Axios

Two crypto groups are launching $1.5 million in ad spending to boost GOP Senate candidates in Michigan and Iowa, we've learned. Why it matters: It's a preview of what could be coming. 🗓️ With fewer than 100 days until the midterms, there's more than $125 million in crypto cash sitting on the sidelines. Fairshake, the industry's biggest super PAC, is staying neutral as negotiators make an eleventh-hour push to find the 60 votes necessary to pass a market-structure bill this summer. 😡 That is frustrating some GOP operatives, who think it's high time to put the CLARITY Act on the floor and force Democrats to go on the record. 🚗 Driving the news: Enter First Principles Digital. The new PAC is placing an $800,000 ad buy to bolster former Rep. Mike Rogers ahead of his Senate primary in Michigan next week, while a related organization, America First Digital, is spending another $750,000 in favor of Rep. Ashley Hinson in Iowa. "Mike Rogers has spent his career doing the work," Jason Thielman, executive director of both FPD and AFD, said in a statement first provided to us. "Now he's ready to fight to lower the cost of living and protect the American Dream for Michigan families." 📺 The TV and cable ad will focus on the Detroit media market. Last cycle, crypto groups spent some $10 million against Rogers in favor of now-Sen. Elissa Slotkin (D-Mich.) "Rep. Ashley Hinson has built a record of taking on tough challenges and delivering meaningful results for working Iowans," Thielman said in another statement. Senate Majority Leader John Thune (R-S.D.) has indicated there will be a procedural vote on the CLARITY Act before the Senate leaves town. 🤔 The intrigue: Sen. Kirsten Gillibrand (D-N.Y.), one of the key Democrats negotiating the CLARITY Act, also chairs the Democratic Senatorial Campaign Committee. 🎯 If the crypto industry starts targeting her candidates, that could complicate — if not derail — negotiations over the bill. — Stef W. Kight and Hans Nichols

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Dark Horse (Camilo Freedman / Bloomberg / Getty)

View in browser The crypto industry has always moved in cycles: booms and busts; bull markets and harsh, unforgiving “winters.” We’re in something of a lull right now: Bitcoin, the original cryptocurrency, is worth about two-thirds of what it was last fall. Meanwhile, investors are turning their attention to flashier innovations in artificial intelligence. About half of Americans now use AI chatbots, whereas just about a fifth of the country has ever used or invested in crypto. But the crypto industry isn’t dead—as of today, the combined value of all digital currencies is still more than $2.7 trillion—and neither are its political ambitions. Crypto companies have so far put $206 million toward this year’s midterm elections, more than any other corporate sector, including the AI industry, according to a Public Citizen analysis of OpenSecrets and Federal Election Commission data. Fairshake, the industry’s foremost super PAC, has a giant war chest and a reputation for backing winners from both parties (Senate Minority Leader Chuck Schumer has reportedly warned of the risks of crossing it). Crypto is much further from the spotlight now than it was during its 2024 election-spending spree; back then, the industry was flush with cash, but its reputation was still recovering from the crash of two years prior and from the spectacle of Sam Bankman-Fried’s fraud trial. Even as Americans continue to distrust crypto, they’re now reserving their outrage for other corners of the tech industry, such as data centers and surveillance cameras. Although crypto is no longer as central to the public conversation, it’s still finding ways to flex its power. Fairshake first established itself as a major force during the 2024 election cycle, spending about $133 million in support of its chosen candidates. It started 2026 with a reported $193 million in the bank and has so far spent close to $70 million elevating politicians with an industry-friendly agenda. Fairshake’s record this year has been incredibly strong. Despite a few fairly significant losses, 50 of the 54 candidates it backed ended up winning their race. Not all of them won entirely because of Fairshake’s intervention: Some were incumbents who didn’t have a serious challenger. But an endorsement from Fairshake and its affiliate PACs tends to come with major financial support. The group spent more than $12 million to get a pro-crypto Republican into the general election for Alabama’s open Senate seat—it was “by far the biggest spender” in the primary, per The New York Times. And Protect Progress, Fairshake’s Democrat-focused PAC, spent more than $5 million to make another pro-crypto politician the party’s nominee for the House in Maryland’s Fifth District. Some candidates have incorporated these extreme interventions into their campaign strategy, accusing crypto-backed opponents of being in the industry’s pocket. Minnesota’s Peggy Flanagan, who won the state’s Democratic primary for the Senate, bashed her opponent for being pro-crypto and for being “funded by crypto and AIPAC and health-insurance companies.” In Florida’s Twenty-Fourth District, Fairshake spent more than $2 million trying to defeat Oliver Gilbert’s bid for the House, but Gilbert won his primary anyway. “Trump and his crypto con-artist billionaires just put a target on my back,” he said in one ad. Bloomberg reports that political candidates have purchased more ads mentioning the word crypto this year than they have in any of the past five years, and that the majority of these candidates are anti-crypto. Voters have never been all that passionate about crypto, and the Americans who do care about the tech are still disinclined to trust it. But the country’s attention has been elsewhere lately. Three-quarters of Americans say they’d oppose the construction of a data center in their community. Local governments across the country are now canceling contracts for Flock’s AI-enabled license-plate readers over rising fears of improper surveillance. In a bipartisan effort, 47 states, plus Washington, D.C., and U.S. territories, recently took Meta to trial for allegedly damaging “the mental and physical wellbeing of America’s youth” with its social-media platforms (the company just settled and will pay up to $17.1 billion). Although Fairshake’s spending spree has drawn attention to the role of crypto in politics, there’s been no equivalent public movement this year against the sector. When Politico asked Cynthia Lummis, arguably the country’s most pro-crypto senator, whether voters care about crypto, she replied, “No.” To get a sense of how much the industry’s public profile has shifted, it’s useful to think back on the past six years. Permit me a short history lesson. During the coronavirus pandemic, a speculative bubble massively boosted the industry’s profile. Then, in 2022, everything melted down. Bitcoin lost more than 60 percent of its value, and a series of high-profile corporate implosions created chaos throughout the sector. Executives from several major crypto companies were charged with fraud, but it was FTX’s Bankman-Fried who became, at least for a while, the industry’s criminal mascot. Last year, crypto ended up with a new mascot in the form of Donald Trump. Once in office, he threw his support behind the industry, implementing a deregulatory agenda and signing a major crypto bill into law. As cryptocurrencies soared, he also personally made $1.4 billion from his family’s businesses in the sector, leading to widespread allegations of corruption. As digital currencies have come back down to earth, they have started to feel more mundane. Crypto persists in partnerships with major financial institutions, in exchange-trading funds, and in the payment apps you may already have on your phone. None of this is particularly exciting—we’re unlikely to see an NFT at the Met Gala next year, as we did in 2021, or at the upcoming MTV Video Music Awards, as we did in 2022—yet it’s still a massive industry. Without that same level of visibility, crypto interests aren’t necessarily a public “target the way they were with the fallout of FTX, but on the other hand, they’ve had to struggle to stay relevant,” Mark Hays, an associate director at Americans for Financial Reform (a crypto-critical watchdog), told me; one of their strategies is to “continue to spend heavily to show that they still have clout.” The industry has plenty of battles left to fight, though—and plenty of cash to put toward winning them. Related: Crypto is a victim of its own success. What the crypto crash reveals about Trump’s power