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Trading Desk Insights
BTC's price action has been relatively muted in recent days. Following the peak on February 3rd, the price has retraced approximately 6%, landing at the 61.8% Fibonacci level, a common zone for potential rebounds. On both the 4-hour and daily timeframes, the RSI is facing resistance from a descending trend line, indicating a lack of bullish momentum. A clean break above this level is necessary for any meaningful recovery and a return to positive price action.
Meanwhile, large-cap altcoins have seen some positive movement since Monday, though ETH continues to face bearish pressure. The cryptocurrency has dropped 15% this month alone, reaching its lowest point in four years against BTC. The broader market seems to be losing confidence in ETH, with Solana's expanding ecosystem offering superior throughput and performance, further undermining Ethereum's historical premium. ETH’s Layer 2 solutions, initially seen as a key driver for adoption, have failed to generate the sustained momentum needed to turn sentiment around.
On the macroeconomic side, market participants are shifting their focus toward gold and U.S. Treasury notes, driven by concerns over a potential trade war. Gold has surged to a fresh high of $2,900 per ounce, marking a 10% gain year-to-date. As a result, the Bitcoin-Gold ratio has dipped to its lowest level since November, as physical gold deliveries in the U.S. continue to rise.
Additionally, U.S. lawmakers are introducing new legislation aimed at establishing a clearer regulatory framework for stablecoins, with David Sacks, President Trump's Crypto Czar, asserting that stablecoins could play a pivotal role in maintaining U.S. dollar dominance globally. Sacks also mentioned ongoing discussions regarding a Bitcoin Reserve.
In another development, Ondo Finance has launched Ondo Global Markets, a platform designed to tokenize stocks, bonds, and ETFs, offering the potential to bring institutional-grade financial markets on-chain.
The News Room
Trump’s IEEPA Tariff Orders May Boost Bitcoin and Speed Up Global De-Dollarization
President Trump’s invocation of the International Emergency Economic Powers Act (IEEPA) to impose tariffs on Mexico, Canada, and China has raised concerns over the long-term dominance of the U.S. dollar. Analysts suggest the move may push investors toward Bitcoin as a hedge against economic instability, with CoinShares’ James Butterfill noting Bitcoin’s appeal as a non-governmental asset amid rising trade tensions. Critics argue that Trump’s use of IEEPA could accelerate global de-dollarization, weaken confidence in U.S. economic policy, and increase demand for self-sovereign digital assets like Bitcoin.
Ondo Finance Unveils Tokenization Platform for Onchain Access to US Securities
Ondo Finance has introduced Ondo Global Markets, a platform enabling onchain exposure to U.S. securities such as stocks, bonds, and ETFs. The platform aims to enhance accessibility, reduce fees, and improve interoperability in traditional financial markets. Backed 1:1 by underlying assets, tokenized securities will be freely transferable outside the U.S., similar to stablecoins. Ondo GM will provide access to over 1,000 securities from NYSE and NASDAQ, benefiting investors, issuers, and asset managers by creating a global distribution channel. The launch follows Ondo Finance’s growth, with over $650 million total value locked in its ecosystem.
US SEC Reduces Crypto Enforcement Unit as Task Force Expands Efforts
The U.S. Securities and Exchange Commission (SEC) is scaling down its crypto enforcement unit, reassigning some staff to other departments, according to reports. While enforcement efforts are being reduced, the agency has launched a new crypto task force to clarify regulations, including the classification of digital assets as securities. The initiative follows Gary Gensler’s departure and President Trump’s appointment of Mark T. Uyeda as acting SEC chair, with Paul Atkins nominated to lead the agency. The shift signals a potential move away from “regulation by enforcement” toward a more structured approach under a crypto-friendly administration.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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