Crypto News Today, 7th March : Crypto Reserve USA, Crypto Summit, XRP News , Pi Network News

Decentralized exchange aggregator 1inch confirmed that a $5M hack occurred when resolvers using outdated Fusion v1 contracts were exploited. On March 5, the vulnerability was leveraged by hackers who stole 2.4M USDC and 1276 WETH, according to blockchain security firm SlowMist. 1inch assured users that the hack only affected the resolvers and that end-user funds remain safe. The platform is working with affected parties to update contracts and has launched bug bounty programs to address further vulnerabilities.

A high-profile crypto summit is set to take place at the White House on Friday, March 7, 2025. The roundtable discussion, scheduled from 6:30 PM to 10:30 PM UTC, will be led by U.S. President Donald Trump alongside David Sacks, the newly appointed AI and Crypto Czar.

March 7, 2025, is set to be a crucial day for financial markets, with key events including the U.S. Nonfarm Payrolls report (Forecast: 159K), Unemployment Rate (4.0%), and Fed Monetary Policy Report at 11 AM ET. Fed Chair Jerome Powell speaks at 12:30 PM ET, potentially signaling future rate decisions. President Trump’s speech at 1:30 PM ET could also impact markets. Investors are watching closely for insights on inflation, interest rates, and economic trends.

Bitcoin traders should exercise caution over the next 24 hours as major events could bring volatility. The ongoing Crypto Summit, U.S. labor market data release, and a speech from Federal Reserve Chair Jerome Powell could all impact market sentiment. Currently, Bitcoin’s chart isn’t providing clear signals, as it sits just below previous range lows with no strong confluence for direction. With uncertainty high, it’s best to let the news drive the market before making any big trading moves.

MicroStrategy (MSTR) is down nearly $1 billion on its latest Bitcoin purchases, with BTC struggling below $94,000. A $1.11 billion buy at $105,596 per BTC on Jan. 27, 2025, is now down over 16%. While MSTR’s long-term Bitcoin holdings show a 37.71% gain, its aggressive dollar-cost averaging exposes it to short-term volatility. Investor concerns grow as Bitcoin’s failure to reclaim $100K raises questions about the sustainability of MicroStrategy’s strategy.

South Korea’s ruling party is reviewing the approval of spot crypto ETFs after revisions. People Power Party leader Kweon Seong-dong stressed the need for system improvements and global trend analysis before allowing these investment products. The Financial Services Commission (FSC) has been in discussions since last year but remains cautious. Some officials warn that delays could cause South Korea to lag behind global markets. Industry leaders urge quick adoption, highlighting the potential value of cryptocurrency ETFs in the financial sector

Bitcoin saw a sharp 4.9% drop after the U.S. Strategic Bitcoin Reserve documents were signed, following the classic “buy the rumor, sell the news” trend. Despite this, Max Keiser remains highly optimistic, predicting Bitcoin will reach $100K in hours and $120K by March. His long-term target stands at $220K. While some doubt his forecast, market volatility is expected to rise. The crypto community remains divided, but the market will ultimately decide.

President Donald Trump signed an executive order for a crypto strategic reserve, confirming the US will not purchase XRP or other altcoins. Initially, his March 2 statement suggested Bitcoin, Ethereum, and XRP might be included. However, the final order prioritizes Bitcoin, creating a Strategic Bitcoin Reserve, prohibiting its sale, and positioning it as a protected financial resource, akin to gold

Bitcoin tumbled to $84,900 today, dragging major altcoins down ahead of Donald Trump’s Crypto Summit. Ethereum (ETH) fell 4%, while XRP plunged 8% from $2.60 to $2.40 before rebounding to $2.50. Market volatility remains high, with Bitcoin recovering to $88,500, as the global crypto market cap sits at $2.9 trillion, per CoinMarketCap.

XRP’s open interest has jumped 5.6%, according to CryptoQuant, as speculation over its inclusion in the U.S. Strategic Crypto Reserve grows. However, rising leverage has raised concerns about potential volatility. Following the announcement, XRP briefly surged toward $3 before pulling back to $2.60. Despite market excitement, JPMorgan remains skeptical about adding XRP and other altcoins to the reserve. Analysts warn that the rapid rise in leveraged positions could present a shorting opportunity.

Eleanor Terrett has shared an updated list of confirmed attendees for the White House Digital Asset Summit. While more names may emerge, the following industry leaders have been personally confirmed:

• Chris Dixon, General Partner at a16z
• Frederick Thiel CEO of MARA Holdings
• Mike Belshe CEO of BitGo
• Brad Garlinghouse CEO of Ripple
• J. Christopher Giancarlo former CFTC Chairman & Senior Counsel at Willkie Farr
• Raghu Yarlagadda, CEO of FalconX
• Nathan McCauley, CEO of **Anchorage
• Kris Marszalek, CEO of Crypto.com
• Cameron & Tyler Winklevoss, founders of Gemini
• Vlad Tenev, CEO of Robinhood
• Arjun Sethi, CEO of Kraken
• Michael Saylor, Founder & Executive Chairman of MicroStrategy
• Brian Armstrong, CEO of Coinbase
• Sergey Nazarov, co-founder of Chainlink
• Kyle Samani, Managing Partner at Multicoin Capital
• Zach Witkoff, co-founder of World Liberty Finance
• JP Richardson, CEO of Exodus
• Matt Huang, co-founder of Paradigm
• David Bailey, CEO of Bitcoin Magazine

This list represents key figures in the crypto industry, with potential for additional attendees to be confirmed.

President Trump signed an executive order creating a U.S. Strategic Bitcoin Reserve, ensuring seized BTC will be permanently held instead of sold. The reserve will be funded with Bitcoin already forfeited to the government, while future acquisitions will follow budget-neutral strategies. A separate U.S. Digital Asset Stockpile will store other seized cryptocurrencies, with selective sales allowed. The move aims to streamline crypto asset management and prevent further losses, as past BTC sales reportedly cost taxpayers $17 billion.

The market expected bullish news from the White House Crypto Summit, but Trump surprised everyone by signing an Executive Order creating the U.S. Strategic Bitcoin Reserve. BTC initially dropped from $90K to $85K as no new funds were allocated for purchases. The reserve will start with BTC already held by the government, with future acquisitions under review. While not an immediate boost, it signals long-term U.S. crypto commitment. Attention now shifts to tonight’s jobs report (NFP).

Pi Network price slipped over 8% today amid a broader crypto downturn. Concerns mount ahead of a significant token unlock on March 17, when unlocked Pi coins are expected to surge to 23.13 million—worth roughly $46.27 million—potentially adding selling pressure. Despite this, the community remains hopeful as Pi Day nears, with anticipation for major ecosystem announcements and a possible Binance listing to help sustain momentum.

President Trump’s March 6 executive order established a Strategic Bitcoin Reserve, initially funded by approximately 198,109 Bitcoin valued at $17.7 billion that was seized or forfeited in criminal cases. The reserve, built from high-profile seizures including Silk Road and Bitfinex, will hold these assets permanently without selling. Federal agencies are auditing their holdings, while officials plan future acquisitions at no cost to US taxpayers. This move marks major policy change.

Elon Musk’s AI robot Grok, prompted by leading questions, suggested the name “GrokCoin” for its memecoin and provided a contract address. According to GMGN, GrokCoin’s market cap has reached $12 million, with a trading volume of $51.9 million. This development highlights the growing impact of AI in the crypto space and the continued popularity of memecoins in attracting investor attention.

Over $3 billion in BTC and ETH options expire today at 8:00 UTC on Deribit, with Bitcoin’s maximum pain at $89K and Ethereum’s at $2,300. Traders expect heightened volatility and sharp price swings as liquidations and bearish sentiment drive risk management. Although prices may deviate significantly in the short term, markets typically stabilize post-expiration, leaving the ultimate price reaction to follow technical trends and market sentiment.

Canary Capital has filed to establish a Delaware trust for its proposed Canary SUI ETF, indicating a potential SEC filing. This follows World Liberty Financial’s partnership with the Sui blockchain and plans to add SUI to its Macro Strategy reserve. SUI surged over 10% to $3 after the announcement. Canary filed an S-1 for its AXL ETF, aiming to be the first US asset manager to launch a Sui-based ETF.

The Indian Income Tax Department now has permission to monitor your digital footprint—social media, emails, and crypto holdings—from April 2026. Under a new proposed Income Tax Bill, authorities will target traders trying to bypass a 30% crypto tax by using foreign or decentralized exchanges. With expanded access to your digital data, including passwords, tax officials are on the hunt for hidden assets.

Despite U.S. President Trump’s strategic Bitcoin reserve announcement, market sentiment turned negative. Bitcoin price retraced to a $84K low intraday, dragging ETH, SOL, and XRP down by 1-6%. Meme coins traded in the red. Overall, the global market cap dropped nearly 4% to $2.88 trillion amid heavy liquidations and declining futures interest. Traders await clarity at the White House crypto summit as volatility remains high.

Bitcoin dropped 5.7% in under an hour on Thursday as investors reacted to President Trump’s executive order establishing a Strategic Bitcoin Reserve using seized assets. The move reversed a recent rally above $92,000, with traders taking profits and reassessing the market impact of the new crypto policy. This sell-off raises regulatory concerns.

US President Donald Trump signed an executive order to create a government Bitcoin reserve, marking a seismic shift in crypto policy. The reserve, intended to serve like traditional gold reserves, could stabilize national finances and clarify regulations. Critics warn the move may conflict with Bitcoin’s decentralized nature. With growing institutional interest in digital assets, market participants will closely monitor its impact on the financial system and the broader crypto ecosystem.