At the moment in crypto, the European Union’s newest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast elevated volatility for Bitcoin costs, a invoice for the US to purchase 1 million Bitcoin was reintroduced to Congress, and the EU is scrutinizing OKX for a service that might’ve helped the Bybit hackers.
EU retaliatory tariffs threaten Bitcoin correction to $75,000
The EU’s newest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast elevated volatility for Bitcoin (BTC) costs, which can drop under the vital $75,000 help stage.
The EU will impose counter-tariffs on 26 billion euros ($28 billion) price of US items beginning in April, the European Fee introduced on March 12, responding to US President Donald Trump’s current transfer to impose 25% tariffs on metal and aluminum imports.
This transfer is the newest retaliatory tariff announcement in response to US import tariffs, which can set off renewed commerce conflict considerations and market volatility within the close to time period.
Announcement of retaliatory tariffs on the US. Supply: European Fee
“Counter tariffs aren’t a constructive sign as they counsel a possible bounce again from the opposite aspect once more,” in keeping with Marcin Kazmierczak, co-founder and chief working officer of blockchain oracle resolution agency, RedStone.
This may occasionally see Bitcoin revisit $75,000, he instructed Cointelegraph, including that “given stablecoins and RWAs [real world assets] stay at all-time-highs, it has the potential to rebound.”
“I don’t imagine that information could have a robust impression for now, however we’ll observe the response on the US finish,” he added.
Associated: Bitcoin reserve backlash alerts unrealistic business expectations
Different analysts nonetheless eye a short lived Bitcoin retracement under $72,000 as a part of a “macro correction” through the present bull market cycle earlier than Bitcoin’s subsequent leg up.
Nonetheless, import tariffs will not be the one issue influencing Bitcoin’s worth, Ryan Lee, chief analyst at Bitget Analysis, instructed Cointelegraph, including:
“The costs are correlated with wider financial situations however are additionally influenced by components past commerce insurance policies. Worldwide institutional adoption, regulatory updates and excessive utility make it extra resilient than conventional monetary devices.”
Lummis’ revamped BITCOIN Act desires US reserve to purchase 1 million BTC
US Senator Cynthia Lummis’ reintroduced her BITCOIN Act on March 11 to permit the federal government to doubtlessly maintain greater than 1 million Bitcoin in its newly established reserve.
The invoice, the Boosting Innovation, Expertise, and Competitiveness by means of Optimized Funding Nationwide (BITCOIN) Act of 2025, was first launched in a distinct kind in July and would’ve seen the US purchase 1 million BTC, break up throughout buys of 200,000 BTC a 12 months for 5 years.
The revamped invoice opens the door for the US to amass and maintain in extra of 1 million BTC so long as it’s acquired by means of lawful means apart from direct buy, resembling civil or legal forfeitures, presents made to the US or transfers from federal businesses.
The refreshed invoice additionally now units a proper analysis course of for Bitcoin forked property and airdropped property within the reserve and directs the Secretary after the obligatory holding interval to judge and retain probably the most helpful asset primarily based on market capitalization whereas retaining the “dominant asset.”
US President Donald Trump signed an govt order to create a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” each of which is able to initially use crypto forfeited to the federal government.
EU watchdogs scrutinizing OKX over $100 million in Bybit laundered funds: Report
European Union regulators are reportedly trying right into a service provided by crypto change OKX that will have performed a job within the laundering of $100 million in funds from the Bybit hack, in keeping with Bloomberg.
A March 11 Bloomberg report citing individuals aware of the matter claims that nationwide watchdogs from the EU’s member states mentioned the difficulty throughout a March 6 assembly hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The difficulty seems to be OKX’s decentralized finance platform and pockets service.
On Jan. 27, OKX introduced that it had secured a full Markets in Crypto-Belongings (MiCA) license to function throughout all EU member states underneath a unified regulatory framework. The query for EU regulators is whether or not two OKX providers fall underneath the MiCA framework and, if that’s the case, whether or not the change might be penalized.
In keeping with Bybit CEO Ben Zhou, almost $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack had been laundered by means of OKX’s Web3 proxy, with a portion of the funds now untraceable.
In a press release posted to X, OKX refuted the declare there have been any ongoing investigations by the EU, including that “Bybit’s statements are spreading misinformation” and defending its Web3 pockets providers.
Supply: OKX
