Here’s a quick recap of the crypto landscape for Friday (March 7) as of 9:00 a.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$88,171.35, reflecting a 3.73 percent decrease over the past 24 hours. The day’s trading range has seen a high of US$91,500 and a low of US$87,900.
Ethereum (ETH) is priced at US$2,175.82, marking a slump of 4.35 percent over the same period. The cryptocurrency reached an intraday high of US$2,300 and a low of US$2,150.
Altcoin price update
- Solana (SOL) is currently valued at US$140.37, down 4.93 percent over the past 24 hours. SOL experienced a high of US$145 and a low of US$138 during Monday’s trading session.
- XRP is trading at US$2.48, reflecting a 1.42 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.55 and a low of US$2.45.
- Sui (SUI) is priced at US$2.70, showing a 1.48 percent decrease over the past 24 hours. It achieved a daily high of US$2.75 and a low of US$2.68.
- Cardano (ADA) is trading at US$0.8574, reflecting an 11.92 percent decrease over the past 24 hours. Its highest price on Monday was US$0.9000, with a low of US$0.8500.
Crypto news to know
Trump signs order to establish US Strategic Bitcoin Reserve
President Donald Trump has officially signed an executive order establishing a Strategic Bitcoin Reserve, marking the first time the U.S. government has formally recognized Bitcoin as a national reserve asset.
The reserve will consist of Bitcoin already held by the government, primarily from criminal seizures, rather than new purchases—a move that disappointed many in the crypto industry who had hoped for direct market acquisitions.
The announcement triggered significant market volatility, with Bitcoin initially dropping 5 percent to US$85,000 before rebounding to US$89,200 in early European trading.
White House Crypto Advisor David Sacks stated that while no immediate purchases are planned, the Commerce and Treasury Departments will explore “budget-neutral” strategies to acquire more Bitcoin in the future without burdening taxpayers.
While some view the move as a major step toward crypto legitimacy in the US, critics argue it’s largely symbolic. Andrew O’Neill of S&P Global Ratings noted that the reserve ‘only formalizes existing holdings’ and lacks a clear strategy for future acquisitions.
Beyond Bitcoin, the White House also announced the creation of a US Digital Asset Stockpile, which will include Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—but, like the Bitcoin reserve, it will only consist of tokens seized by the government. The White House has yet to clarify how these assets will be managed or utilized in the long term.
Solana co-founder slams US crypto reserve, citing decentralization risks
Solana co-founder Anatoly Yakovenko has publicly criticized the US Strategic Bitcoin Reserve, warning that a government-controlled crypto reserve could undermine decentralization and give regulators disproportionate control over digital assets.
In a post on X (formerly Twitter), Yakovenko suggested that individual state-level reserves could be a better alternative, allowing for greater decentralization and preventing a single federal authority from dominating the space.
He also called for any reserve to be based on ‘objectively measurable requirements’ rather than political or arbitrary decisions, hinting that such criteria could favor Bitcoin while excluding other assets.
His remarks come after President Trump announced that five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—would be part of the U.S. Digital Asset Stockpile.
Nebraska passes landmark crypto fraud prevention bill amid rising scams
Nebraska lawmakers have overwhelmingly approved the Controllable Electronic Record Fraud Prevention Act (LB609), a groundbreaking bill aimed at regulating cryptocurrency kiosks and curbing digital asset scams.
The legislation, which passed its final reading on March 6 and now awaits Governor Jim Pillen’s signature, introduces several consumer protection measures, including:
- Mandatory licensing for crypto kiosk operators to prevent fraudulent companies from entering the market.
- Daily transaction limits to reduce financial losses from scams.
- Fraud warning notices displayed on crypto kiosks, informing users about potential risks.
- Transparent transaction receipts to improve traceability and help law enforcement track illicit activity.
- Fee caps to prevent excessive charges on transactions.
- Refund requirements for fraudulent transactions, ensuring victims have some level of financial protection.
State officials say Nebraska residents lost US$14.6 million to crypto scams last year, though the actual figure is likely higher due to underreporting.
Governor Pillen has five days to sign or veto the bill, though insiders expect it to pass without opposition.
If enacted, Nebraska will become one of the first U.S. states to implement comprehensive regulations for cryptocurrency kiosks, setting a precedent that other states may follow.
Crypto kiosks—often found in gas stations and convenience stores—allow users to buy and send digital assets, but they’ve become a major tool for scammers who coerce victims into sending funds under false pretenses. In 2023 alone, the FBI received over 5,500 complaints related to crypto kiosk fraud, totaling US$189 million in losses, with 65 percent of victims aged 60 or older.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
