💸 Bitdeer Technologies Reports $531.9 Million Net Loss in Q4 2024 Amid Heavy ASIC Investments

📉 Bitdeer Technologies Group faced a significant $531.9 million net loss in Q4 2024, primarily due to substantial investments in proprietary mining hardware development. This included $243.4 million paid to Taiwan Semiconductor Manufacturing Company (TSMC) as the company aims for a self-mining hashrate of 40 exahash per second (EH/s) by late 2025.

📊 The Singapore-based blockchain firm reported a 40% year-over-year decline in Q4 revenue, dropping to $69.0 million. This decrease was attributed to lower income from its cloud, hosting, and self-mining segments. Gross profit fell sharply from $27.0 million in Q4 2023 to $5.1 million, with management citing Bitcoin’s April 2024 halving event and a shift in resources towards its application-specific integrated circuit (ASIC) technology roadmap as key factors. Operating expenses rose to $42.5 million, which included $22.9 million for research and development related to its Sealminer mining chips.

💰 In Q4, Bitdeer paid TSMC $190.6 million for the mass production of its SEAL02 chips and $52.8 million for SEAL03 tapeouts. This is part of a strategy to vertically integrate its operations. The company plans to increase its self-mining capacity from the current 8.7 EH/s to 40 EH/s by Q4 2025 using its proprietary hardware.

Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy

said Chief Business Officer Matt Kong, highlighting the strong demand for its newly commercialized Sealminer machines.

📉 Operational data revealed a 64% decrease in self-mined bitcoin, dropping from 1,299 BTC in Q4 2023 to 469 BTC due to reduced mining economics post-halving. Hosting revenue also fell sharply from $25.2 million to $8.5 million as customers reduced their use of older mining rigs. Despite these challenges, Bitdeer held 594 BTC (valued at $77.5 million) as of December 31 and increased its cash reserves to $476.3 million through convertible note issuances.

⚡️ The company’s global power capacity now exceeds 2.6 gigawatts (GW), with over 1 GW expected to be activated in 2025. Ongoing projects in Norway, Ohio, and Bhutan are anticipated to support its mining and high-performance computing initiatives. Bitdeer also reported progress on its 3rd and 4th-generation ASIC bitcoin mining chips, which are expected to lead in energy efficiency.

♾ Bitdeer’s $531.9 million net loss included $479.8 million in non-cash charges from fair value adjustments on convertible notes and warrants. Adjusted EBITDA, excluding one-time items, was negative $3.8 million. Executives underscored the long-term benefits of ASIC investments, although analysts may scrutinize the company's near-term cash burn ahead of its planned expansions in 2025.

🌐 CME Group to Roll Out Solana (SOL) Futures on March 17 📢

The CME Group has announced plans to launch Solana (SOL) futures on its trading platform on March 17, which could pave the way for an ETF.

👉 Read more

📉 Bitcoin's Sharp Decline: A Look at Recent Market Movements

📉 Bitcoin (BTC) experienced a significant drop early Friday, reaching an intraday low of $78,197 per coin, marking its steepest decline in months. As of the latest update, the cryptocurrency is trading below the $80,000 mark at $79,875, indicating ongoing bearish momentum.

⚡️ The leading cryptocurrency has decreased by 7% against the U.S. dollar today and 21.9% over the past month, falling to levels not seen since early November 2024. Despite elevated trading volumes, selling activity prevails with $79.64 billion in BTC trades over the past 24 hours.

➡️ There is a notable arbitrage gap with BTC priced at $79,875 globally and $81,166 on South Korean exchanges Upbit and Bithumb. Tether (USDT) remains the dominant trading pair for BTC, followed by the U.S. dollar, USDC, FDUSD, and the Korean won. Dom Harz, co-founder of BOB (Build on Bitcoin), remarked that the current market anxiety is less intense than during the chaotic days of the FTX collapse in November 2022.

“The panic and outflows we’re seeing today don’t come close to the FTX meltdown... this is not the ‘same-old crypto’ that those outside the industry see,”

Harz stated.

↪️ The derivatives markets faced $955.12 million in liquidations over the past day, with $415 million linked to bullish BTC positions and $186 million to ethereum longs. Approximately 228,660 traders experienced margin calls during this downturn. This 28% retreat from recent highs reflects broader financial disturbances, including exchange-traded fund (ETF) withdrawals of $275.83 million on Thursday and macroeconomic uncertainties.

🔴 The breach below $80,000 highlights the impact of institutional flows and psychological factors on crypto valuations. Each data point illustrates the volatile and ever-changing nature of the market.

“The recent market has concentratedly released risks and negative factors, which is beneficial for the subsequent market trend,”

said Tracy Jin, COO of MEXC.

“The current drawdown process is considered a healthy risk release within a bull market... if the Federal Reserve’s rate cuts are substantial enough, there is still hope for a considerable market opportunity this year.”

➡️ As of 6 a.m. Eastern Time on Friday, BTC is trading just above the $80,000 range.

💰 Bitcoin's Volatile Response to Trump's Tariff Announcement

📉 Bitcoin (BTC) experienced a significant drop from $93,000 to below $90,000, reaching an intraday low of $86,531 on April 2. This decline coincided with former President Trump's announcement of new tariffs on imported agricultural goods.

To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!

📊 Despite a previous policy reveal that had boosted crypto assets like BTC and ether, the following day saw a sharp reversal. After starting the day just above $93,000, BTC quickly fell below $90,000. It later stabilized around $87,000 as the market reacted to Trump's tariff plans set to take effect next month.

📉 Following the announcement, cryptocurrency markets contracted by 6.81% to $2.88 trillion. BTC hovered near $87,000 after its steep decline, with over $55.74 million in BTC long positions wiped out within an hour, contributing to a daily total of $172 million lost.

⚠️ This marks the fourth time Trump's tariff rhetoric has negatively impacted BTC valuations, highlighting a recurring vulnerability in crypto markets to geopolitical fiscal changes.

🚫 JPMorgan Casts Doubt on U.S. Strategic Crypto Reserve

❌ JPMorgan has expressed skepticism regarding the establishment of a U.S. strategic crypto reserve, stating that the likelihood of approval is less than 50%. The banking giant highlighted congressional approval as a major obstacle and raised concerns about the risks and volatility associated with smaller cryptocurrencies such as XRP, SOL, and ADA.

We don’t believe an approval of a U.S. strategic crypto reserve is the most likely scenario (assuming congressional approval would be needed). So the chance is less than 50% in our mind,

said Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan. He further noted that

if a U.S. strategic crypto reserve is eventually approved, it would be difficult to include smaller tokens outside bitcoin and ethereum

due to concerns about risk and volatility.

📉 The report from JPMorgan comes in the wake of President Trump's proposal to include XRP, SOL, and ADA in a potential U.S. crypto reserve alongside bitcoin and ethereum. While this announcement initially caused a surge in crypto markets, analysts quickly expressed skepticism about the feasibility of such a move. They pointed to previous failures of similar proposals in various U.S. states where lawmakers raised concerns about risk and volatility.

🌍 Central banks around the world also remain cautious about adopting crypto reserves. This hesitance adds another layer of complexity to the discussion surrounding a U.S. strategic crypto reserve. As the White House prepares for the first-ever crypto summit on March 7, it remains to be seen how these concerns will be addressed and what the future holds for cryptocurrency regulation in the U.S.

⚠️ Kiyosaki's Warning: Market Crash and the Shift to Real Assets

🚨 Robert Kiyosaki, the author of Rich Dad Poor Dad, has issued a stark warning about a significant market crash that he believes has already begun. He emphasizes the potential devastation this could bring to the financial futures of millions, particularly baby boomers. Kiyosaki advocates for bitcoin, along with gold and silver, as essential safeguards against this impending crisis.

📉 On March 8, Kiyosaki took to social media to express his concerns, stating,

Unfortunately that crash has arrived… possibly wiping out the futures of millions of baby boomers worldwide.

He pointed out that U.S. baby boomers are especially at risk due to their reliance on Defined Contribution (DC) pension plans, such as 401(k)s and IRAs. Unlike Defined Benefit (DB) plans that guarantee a set payout, DC plans are vulnerable to market fluctuations, which can leave individuals financially exposed during downturns.

🟢 To mitigate these risks, Kiyosaki advises moving away from paper assets and investing in real assets. He asserts,

How does an individual beat this corrupt and criminal monetary Ponzi scheme… Start by investing and taking possession of real gold, silver, and bitcoin.

He also cautions against exchange-traded funds (ETFs), describing them as

as fake as the U.S. dollar and U.S. bonds.

💰 Recently, Kiyosaki has been increasing his bitcoin investments, particularly following an executive order from President Donald Trump to create a strategic bitcoin reserve. He anticipates that other world leaders will adopt similar measures and predicts that the Trump administration will purchase BTC to stabilize the U.S. economy. Kiyosaki argues that with the U.S. facing bankruptcy and the dollar losing value, bitcoin presents a more secure investment option.

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💰 Texas Takes the Lead in Crypto Adoption with New Legislation

📈 Texas is making significant strides in cryptocurrency adoption with the introduction of a new bill that allows for up to $250 million in public funds to be invested in digital assets. This move solidifies the state's position as a leader in the integration of cryptocurrencies into financial frameworks.

🗓 On March 10, Texas Representative Ron Reynolds introduced House Bill 4258, which would enable the state's comptroller and local governments to invest in cryptocurrencies. If approved, the legislation is set to take effect on September 1, 2025. The bill places specific limits on the amount of funds that can be allocated for these investments, stating that

the comptroller may invest not more than $250 million of the economic stabilization fund balance in bitcoin or another cryptocurrency.

➡️ Local governments would also have the opportunity to invest, with the bill allowing

a municipality or county may invest not more than $10 million of its funds or funds under its control in bitcoin or another cryptocurrency.

This legislation amends the Texas Government Code to formally incorporate digital assets into the state's financial framework.

🔍 In addition to HB 4258, other legislative efforts indicate Texas's growing interest in bitcoin. On January 14, Senator Charles Schwertner introduced Senate Bill 778, which proposes the establishment of the Texas Strategic Bitcoin Reserve. This reserve would allow for up to 1% of the state’s unencumbered general revenue funds per biennium to be allocated for bitcoin acquisitions, emphasizing secure storage and regular audits.

📊 Furthermore, on March 6, the Texas Senate passed Senate Bill 21, also introduced by Schwertner. This bill permits the state comptroller to invest in cryptocurrencies with a market capitalization exceeding $500 billion over a 12-month period, a criterion that currently applies only to bitcoin.

⚖️ While these legislative measures position Texas as a frontrunner in public sector cryptocurrency investments, concerns about volatility and regulatory oversight continue to be important topics of discussion.

🟢 XRP Price Analysis: Key Levels and Potential Movements

📈 XRP is currently trading at $2.40 with a market capitalization of $140 billion and a 24-hour trade volume of $2.95 billion. The 1-hour XRP/USDC chart shows a gradual uptrend since March 11, with the price consolidating near $2.40. Immediate resistance is at $2.475 to $2.50 and support is at $2.30 to $2.35. A sustained move above $2.40 could push the price toward the next resistance at $2.50 to $2.60, while a break below $2.35 could trigger a retracement toward the $2.30 level.

🔄 On the 4-hour chart, XRP recently bounced from $1.89 and recovered to $2.40, indicating strong buying interest near the $1.90 to $2.00 range. If XRP can break above $2.50 to $2.60 with strong volume, it could rally toward $2.80 to $3.00. However, if it faces rejection at this level, a retest of the $2.20 to $2.30 range remains a possibility.

📊 The daily chart shows that XRP has been in an uptrend since December, reaching a high of $3.40 before retracing to the $2.20 to $2.30 range. The current price action suggests a potential higher low formation, which could support a move higher if $2.40 to $2.50 holds as a support zone. Major support levels are at $1.90 to $2.00, while resistance is seen at $3.00 to $3.40.

⚖️ Oscillators currently indicate mixed signals, with the relative strength index (RSI) at 50.43 and Stochastic at 38.76 signaling neutral conditions. However, momentum at -0.09685 and the moving average convergence divergence (MACD) level at -0.06898 indicate positive signals, suggesting a potential shift toward bullish sentiment.

➡️ Key Fibonacci retracement levels highlight potential areas of support and resistance. On the daily timeframe, the 0.382 Fibonacci level at $2.43 is currently being tested, while the 0.5 level at $2.23 serves as a strong support zone. A break above $2.73 would confirm bullish continuation toward $3.00.

📉 Bull Verdict: If XRP maintains support above $2.40 and breaks through the $2.50 to $2.60 resistance zone with strong volume, a rally toward $2.80 to $3.00 is likely.

A sustained uptrend supported by key Fibonacci levels and moving averages could pave the way for higher highs, making $3.00 a realistic near-term target.

🐻 Bear Verdict: If XRP fails to hold $2.35 and breaks below the critical $2.30 support level, a deeper retracement toward $2.20 to $2.00 is likely.

A failure to reclaim $2.50 would weaken bullish momentum and increase the risk of a return to lower support zones.

📊 Bitcoin Holdings on Centralized Exchanges: A March 2025 Overview

🗓 As of March 18, 2025, approximately 19.83 million bitcoins were in circulation, with a significant portion held on established cryptocurrency platforms. Coinbase leads the pack, holding 5.66% of the world's circulating BTC.

🏆 The analysis highlights the top custodians of bitcoin among the 253 centralized spot exchanges. Coinbase, founded in June 2012 by Brian Armstrong and Fred Ehrsam, boasts an inventory of 1,123,540.12 BTC, valued at $92.7 billion.

📉 Following Coinbase is Binance, launched in July 2017 by Changpeng Zhao (CZ), with 679,690.64 BTC worth $56 billion. Bitfinex, established in 2012 by Raphael Nicolle and Giancarlo Devasini, holds 356,938.05 BTC ($29.4 billion), while Upbit, a South Korean platform founded in October 2017 by Dunamu Inc., manages 175,200.89 BTC ($14.4 billion).

📊 Other notable exchanges include Kraken (171,679.10 BTC), Robinhood (156,090.10 BTC), and OKX (135,030.11 BTC). Bitstamp, acquired by Robinhood last year, holds 95,228.73 BTC, while Gemini and Bybit round out the top ten with 71,366.89 BTC and 58,028.32 BTC respectively.

💰 Together, these ten exchanges control 3,022,792.95 BTC, representing 15.24% of the total circulating supply, valued at $249.43 billion on the reporting date.

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🟢 Coinbase CEO Supports Treasury's Crypto Regulation Shift

💬 Brian Armstrong, CEO of Coinbase, has publicly backed the U.S. Department of the Treasury's recent decision to lift sanctions on Tornado Cash, a decentralized privacy protocol. He views this move as a significant advancement for privacy rights and free speech. Armstrong emphasized the importance of privacy for law-abiding citizens, stating,

No one wants to see bad folks use crypto. But privacy is an important feature for many law abiding citizens, and you can’t sanction open source code (it’s a free speech issue).

🔄 The Treasury had previously blacklisted Tornado Cash in 2022 due to its alleged involvement in laundering cryptocurrency linked to North Korean hackers. However, in its updated stance, the Treasury recognized the complexities of applying financial sanctions to open-source technologies that operate without centralized control. While lifting the sanctions, officials reiterated their commitment to combating the use of digital assets by the Democratic People’s Republic of Korea (DPRK).

🗣 Treasury Secretary Scott Bessent remarked,

Digital assets present enormous opportunities for innovation and value creation for the American people. Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion.

⚖️ This legal reversal is a pivotal moment in the ongoing discussion about regulating emerging financial technologies while respecting constitutional protections. Armstrong's comments highlight Coinbase's stance that open-source software should not be criminalized and that targeted enforcement can coexist with innovation. His call for collaboration with the Treasury suggests a proactive approach to reducing crime without compromising civil liberties.

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🌟 Is Solaxy (SOLX) the Next Big Crypto?

🚀 The Solaxy (SOLX) presale is creating a buzz, having raised over $27 million. Analysts predict 10x gains for early investors, making it one of the most discussed crypto presales of 2025.

🔗 Solaxy aims to be the first Layer-2 solution for Solana, addressing congestion issues during high-traffic periods. While Solana is known for its speed, it can still experience slowdowns, especially during meme coin trading. Solaxy plans to enhance Solana's performance for developers and traders. Interestingly, its presale launched on Ethereum, with plans for a cross-chain bridge connecting both blockchain communities.

💰 The SOLX token is central to Solaxy's offerings. Currently in its presale phase, which started in December 2024, SOLX is priced at just $0.00167. Notable analyst ClayBro from 99Bitcoins endorses Solaxy, highlighting its Layer-2 setup and staking protocol. He predicts a potential 10x price increase post-launch, emphasizing Solaxy's value in mitigating Solana's congestion during meme coin surges.

📈 Looking ahead, Solaxy's success is tied to the Solana blockchain. Upcoming developments, like a potential spot Solana ETF and the "Firedancer" upgrade, could drive SOL prices up and increase the demand for scaling solutions like Solaxy. Additionally, Solaxy is building a strong community on platforms like X (Twitter) and Telegram, which is vital for any crypto project's success.

🌐 In summary, if Solana performs well in 2025, Solaxy is likely to benefit significantly, making it a project to watch for potential investors.

📈 Bitcoin ETFs Continue Winning Streak; Ether ETFs Face Challenges

📊 Bitcoin ETFs have achieved their tenth consecutive day of inflows, adding $89 million to their total net assets, which now stand at $98.29 billion. Fidelity’s FBTC led the inflow surge with a contribution of $97.14 million, followed by Blackrock’s IBIT with $3.97 million. However, Invesco’s BTCO and Wisdomtree’s BTCW experienced outflows of $6.95 million and $5.09 million respectively, slightly offsetting the day's total.

💪 Investor confidence in Bitcoin remains robust, as evidenced by a significant increase in trading volume, which reached $2.02 billion. This momentum indicates a sustained belief in BTC's price stability and long-term potential.

📉 In contrast, ether ETFs are struggling with ongoing outflows, losing $4.22 million and extending their recent downturn. Fidelity’s FETH saw an exit of $2.01 million while Vaneck’s ETHV lost $2.21 million. Despite these challenges, total net assets for ether ETFs have stabilized at $6.8 billion with a trading volume of $142.47 million.

🔄 As Bitcoin ETFs continue to attract institutional capital with their impressive inflow streak, ether ETFs are struggling to regain investor confidence amidst a trend of persistent outflows.

🚀 Is Solaxy (SOLX) the Next Big Crypto?

💰 The Solaxy presale is making waves, having raised over $27 million. Analysts predict 10x gains for early investors, positioning Solaxy as a hot topic in crypto presales for 2025.

🔗 Solaxy aims to be the first Layer-2 solution for Solana, addressing congestion issues during high-traffic events like meme coin trading. It promises to enhance transaction speed and reduce costs for developers and traders. Interestingly, its presale launched on Ethereum, with plans for a cross-chain bridge connecting both blockchain communities.

📈 Central to Solaxy's offering is the SOLX token, currently available for $0.00167 during its presale phase. This initiative started in December 2024 and has gained significant traction. Notable crypto influencer ClayBro from 99Bitcoins endorses SOLX, highlighting its Layer-2 infrastructure and staking protocol. He predicts a potential 10x price increase post-launch, emphasizing Solaxy's value in mitigating Solana's congestion during meme coin surges.

📊 Looking ahead, Solaxy's success is intertwined with Solana's performance. A potential spot Solana ETF could attract traditional investors, increasing demand for scaling solutions like Solaxy. Additionally, the upcoming "Firedancer" upgrade aims to enhance Solana's speed and reliability, which could indirectly benefit Layer-2 projects.

➡️ Beyond technical advancements, Solaxy is cultivating a robust community on platforms like X (Twitter) and Telegram. This early support is vital for any crypto venture. If Solana experiences a surge in 2025, Solaxy is poised to reap the rewards, aligning with analysts' optimistic outlook on SOLX.

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