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David Sacks will lead the White House crypto summit, with Bo Hines administering, as announced by the White House.
Quick Take President Trump, on Truth Social, directed his crypto working group to “move forward” on a Crypto Strategic Reserve that includes SOL, XRP, and ADA. His announcement notably excludes Ethereum and Bitcoin, the two largest cryptocurrencies by market cap; the federal government already holds at least $17 billion in BTC, according to Arkham.
Quick Take A trader who used $6 million to open a 50x leveraged long position on both BTC and ETH made $7 million in 24 hours after Trump’s crypto reserve announcement caused crypto prices to pump. Notably, the trader closed their position before Trump’s announcement clarifying BTC and ETH would be included in the reserve, missing out on even more gains. At one point early Sunday morning, the price of ETH had to fall just $54 more to liquidate the trader’s long position.
Quick Take In a new Truth Social post, Trump said his planned U.S. Crypto Reserve will include Bitcoin and Ethereum “at the heart of the Reserve.” Trump announced Sunday morning that the Reserve would also include Cardano, Solana, and XRP. Trump’s crypto executive order signed in January referred only to the creation of a digital assets “stockpile,” which would have key differences to a reserve.
Quick Take President Trump’s announcement regarding a U.S. Crypto Strategic Reserve sent prices soaring across the crypto industry, boosting the total industry market cap by nearly 20% since its recent lows on Friday. Cardano, XRP, Trump’s memecoin, and Solana were the best performing coins over the past 24 hours; BNB rose the least out of the top 10 cryptocurrencies by market cap.
- 22:27A whale unpledges 7.69 million OMs for a potential profit of up to 197xOn 11 March, The Data Nerd monitored that whale 0x6F8 unpledged 7.69 million OM (~$48.38 million) and deposited 5 million OM (~$30.78 million) into CEX. last year, he bought tokens at an average price of $0.031, and if he sold them all at the current price he would make a profit of about $30.62 million, a 197x return on his investment. If he sold all of them at the current price, he would have made about $30.62 million, a return on investment of 197 times. Currently, he still owns 2.69 million OM (approximately $16.63 million).
- 22:25Musk: ‘Huge difficulty’ in balancing DOGE with other businessesMusk says there are ‘huge difficulties’ in balancing the Department of Government Efficiency (DOGE) with other businesses; if we're not stopped, we'll be able to save $1 trillion. The Department of Government Efficiency is ‘adding capacity’ to federal spending controls, and DOGE currently has more than 100 team members and could reach 200; most team members have technology and finance backgrounds.
- 22:22S&P 500 officially has worst day since 2022The S&P 500 officially had its worst day since 2022, evaporating $1.4 trillion in market value.