Texas could become the first state to have a strategic Bitcoin (BTC) reserve following the passage of a new bill that allows it to invest in and manage crypto assets. On Thursday, the Texas Senate voted 25-5 to pass Senate Bill 21, or the Texas Strategic Bitcoin Reserve and Investment Act.

Former White House Communications Director Anthony Scaramucci says institutional entities and potentially countries will likely be gobbling up Bitcoin (BTC) in the coming months.

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Bitcoin (CRYPTO: BTC) has fallen below $79,000 on Monday, raising concerns among analysts who believe the downturn may not be over. With XRP (CRYPTO: XRP), Ethereum (CRYPTO: ETH) and other altcoins also under pressure, experts suggest that market expectations have been reset, and further corrections remain a possibility.

TL;DR Bitcoin's perpetual funding rate has fluctuated between positive and negative, reflecting significant market uncertainty. Recently, the rate reached a negative value of -0.006%, indicating pessimism, which has coincided with major BTC drops in the past. BTC futures are trading at a discount, and short-term yields have fallen to negative levels, signaling weak demand.

Bitcoin has broken below the key 200-day moving average of $83K, exhibiting a notable bearish sign. However, the price encounters buyers' last defence line at $80K, with a potential breakout leading to a substantial decline toward $75K.

Crypto and equities are plummeting on the weekly open amid President Trump's tariffs and refusal to rule out a recession this year. Earlier this month, the Federal Reserve Bank of Atlanta predicted a 2.8% contraction in GDP for the first quarter of 2025, sparking new economic uncertainty and recession talks.

Bitcoin's price has entered a volatile trading range between $78,000 and $82,000 as bullish momentum fades and traders react to shifting macroeconomic conditions.

Exclusive remarks disclosed to The Pavlovic Today illuminate an ambitious federal endeavor: Bo Hines, occupying the helm of the President's Council of Advisers on Digital Assets, divulged plans for the U.S. government to systematically procure bitcoin (BTC) as part of its freshly minted Strategic Bitcoin Reserve.

Shiba Inu (SHIB) price remains steady above $0.000012 despite recent market fluctuations. The token has experienced a downward trend, breaking several resistance levels.

On Monday, Bitcoin's price sharply fell below $80,000, influenced by ongoing sell-offs in the equities market. Over the weekend, Bitcoin faced strong downward pressure, breaking through key support levels.

Analysts warn of an impending U.S. stock market correction as bitcoin's safe haven status remains unproven.

“Many of the recent liquidations likely stem from inexperienced traders who entered the market during the “extreme greed” phase," an analyst said.

Ripple emails from 2018, submitted in the ongoing case with the US Securities and Exchange Commission (SEC), are making rounds of social media. The emails reveal that the blockchain firm's team actively discussed promoting the narrative that Bitcoin is a China-controlled currency.

Futures expiring on Friday have slipped into a discount, reflecting demand weakness.

Strategy, formerly known as MicroStrategy, has announced its plans to raise up to $21 billion in fresh capital to buy more of the number one cryptocurrency. The company intends to sell a special type of stock called perpetual strike preferred stock for Bitcoin purchases.

BitMEX founder Arthur Hayes predicted that BTC could see a drop to $78,000, and breaking this support level could extend its slide to $75K.

SGX will launch Bitcoin perpetual futures in H2 2025 for institutional clients. The offering is pending approval from the Monetary Authority of Singapore.

Bitcoin, often seen as a safe haven against the failures of traditional currencies, is experiencing a striking paradox. While the US dollar is eroding at an unprecedented rate over the last 12 years, the crypto king stumbles.

Despite the news, however, the company's shares fell about 5% on Monday, mirroring bitcoin's price decline.

Bitcoin, Ether, and XRP plunge over 6%, dragging the total crypto market cap to $2.71T.

Bitcoin's (CRYPTO: BTC) drop below $80,000 has traders questioning whether this is a healthy correction or a prime buying opportunity. What Happened: In a detailed X post on Monday, crypto trader Stockmoney Lizards posited that traders are rushing to buy the dip, but technical analysis suggests Bitcoin's pullback may not be over yet.

Crypto markets face heightened volatility, with Bitcoin dropping below $80,000 amid uncertainty over Trump's strategic Bitcoin reserve plan.

The Trump Administration's Crypto Czar says the US could gobble up more Bitcoin (BTC) to add to its upcoming strategic reserve.

Richard Byworth, managing partner at alternatives investment firm Syz Capital, says the United States' creation of a strategic Bitcoin reserve is historic for the entire crypto market.

Bitcoin ETFs experienced a net weekly outflow of $799 million, marking the fourth consecutive week of outflows. Ether ETFs also faced challenges, recording a net outflow of $120 million. Crypto ETFs Continue to Experience Significant Outflows In the week spanning Mar. 3 to Mar.

According to experts BTC could be heading for a deeper correction.

Strategy (formerly known as MicroStrategy) has unveiled plans to raise $21 billion through its Series A preferred stock (STRK) to acquire more Bitcoin. According to a March 10 statement, the company had entered a sales agreement to issue and sell shares of its 8.00% Series A perpetual strike preferred stock at the market (ATM).

The IMF said to slow down. El Salvador said no.

Bitcoin (BTC) bulls tried to push the price above $85,000, but the bears held their ground. A minor positive is that larger investors seem to be accumulating at lower levels.

Bitcoin miner CleanSpark will join an important benchmark for US small-cap stocks, underscoring the company's recent string of profitability despite industry volatility following the April 2024 halving. Beginning March 24, CleanSpark's stock will be included in the S&P SmallCap 600 Index.

President Donald Trump signed an executive order creating a strategic Bitcoin reserve and an additional stockpile of other digital assets. He held a high-profile summit on March 7 at the White House with industry executives.

CNBC's Tanaya Macheel reports on the recent price action in cryptocurrencies.

Bitcoin (BTC -4.72%) took a steep price cut over the weekend. As measured from Friday's market close, the cryptocurrency's price was down 8.9% by 10:45 a.m.

The move follows Strategy co-founder and Executive Chairman Michael Saylor's visit to the White House last week.

Large Bitcoin wallets paused accumulation during holidays, dumped mid-February, but are now re-accumulating as the market looks for direction.

The potential DOJ sell-off and economic concerns could exacerbate market volatility, impacting Bitcoin's stability and investor confidence. The post Bitcoin's price drop sparks speculation over DOJ's possible sell-off appeared first on Crypto Briefing.

Bitcoin perpetual funding rates turned slightly negative, reaching an annualized rate of -2%.

Bitdeer Technologies Group (NASDAQ: BTDR) has announced the success of the tests on its new chip for Bitcoin mining, SEAL03.

Following its recent decline, XRP has been finding it difficult to stay afloat, but there are indications that a reversal may be imminent. In order to stop further declines, the asset has reached a critical support level at about $2.14, where buying interest may rise.

Bitcoin begins a crucial week following a significant drop that has shaken the market. Amid macroeconomic uncertainties, tensions over interest rates, and technical indicators under pressure, investors are closely monitoring the upcoming movements.

Thailand's financial regulator, the Securities and Exchange Commission (SEC), has expanded its list of approved cryptocurrencies. The country has now allowed the use of Tether (USDT) and Circle's USD Coin (USDC) on licensed digital asset exchanges. This decision follows a growing demand for stablecoins in crypto trading and payments worldwide.

RLinda, a TradingView crypto analyst who predicted Bitcoin's previous crash from $91,000, has shared another bearish forecast for the pioneer cryptocurrency. According to the analyst, more pain may be on the horizon for Bitcoin, as it is expected to plummet as low as $73,000.

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The exchange is also developing a "first of its kind perpetual-style futures contract with long dated expirations," the company announced.

When Michael Saylor recently cheered up the cryptocurrency market by announcing a $21 billion stock offering to allegedly buy more Bitcoin, many digital assets showed up with the color green in their quotes. Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, was no exception, and its price also went into up mode.

The exchange is also working on launching perpetual-style futures in the U.S. with long-dated expirations.

Coinbase Derivatives, a CFTC-regulated futures exchange, is preparing to introduce 24/7 Bitcoin and Ethereum futures trading for U.S. traders. This marks the first time crypto futures will be available around the clock in the U.S.