Global Crypto Update: Bitcoin Drops, XRP Surges, and the U.S. Creates a Digital Reserve
Global Crypto Update: Bitcoin Drops, XRP Surges, and the U.S. Creates a Digital Reserve

Global Cryptocurrency Market Overview

As of today (March 10, 2025), the global cryptocurrency market capitalization is approximately $2.81 trillion, reflecting a slight decrease of 0.44% over the past 24 hours. ​

Bitcoin (BTC) Performance

Bitcoin is currently trading around $83,424, marking a 3.55% decrease over the past day. Analysts emphasize the importance of the $83,500 support level, suggesting that BTC's next move hinges on maintaining this threshold amid low demand.​

XRP's Surge in Activity

XRP has experienced a remarkable uptick in transaction volume, with over $5.37 billion worth transferred in the last 24 hours. This surge coincides with a 620% increase in active XRP addresses over the past week, climbing from 74,589 to 462,650.​

U.S. Establishes Strategic Cryptocurrency Reserve

In a landmark move, President Donald Trump signed an executive order to create a U.S. strategic cryptocurrency reserve, dubbed the "Digital Fort Knox." This reserve will initially include cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA), with assets sourced from government-owned tokens, including a $17 billion Bitcoin reserve obtained through legal seizures. The initiative aims to solidify the U.S. as a global leader in cryptocurrency and explores strategies for further acquisitions without burdening taxpayers.​

Read more: AI News Roundup: The Hottest Updates, New Models, and Policy Shifts

Market Reactions and Future Projections

The establishment of the U.S. crypto reserve has elicited varied responses from the market. While some investors express concerns over potential market manipulation and volatility, others view it as a step toward institutional legitimacy for cryptocurrencies. Analysts predict that Bitcoin could reach $150,000 in 2025, driven by increased institutional adoption and favorable regulatory environments. Similarly, projections for XRP suggest that if it reaches Bitcoin's current market cap, its price could surge to approximately $30 per token.​

International Developments: Argentina's Cryptocurrency Scandal

In Argentina, President Javier Milei faces political turmoil following his promotion of the cryptocurrency $LIBRA, which subsequently plummeted in value, leading to allegations of a "rug pull" scam and approximately $250 million in investor losses. Dubbed "Cryptogate," this scandal has prompted calls for Milei's impeachment and has been described as the first major scandal of his presidency.​

Pi Network's Market Position and Potential Binance Listing

Pi Network is currently trading at $1.79, experiencing a slight decrease of 0.1% compared to the previous day. Despite not being officially listed on Binance, Pi Network has built a strong community and made significant market impressions. It ranks 12th on Coingecko's leaderboard with a market capitalization of $12.95 billion, following major coins like Tron (TRX), Dogecoin (DOGE), and Cardano (ADA). Binance has introduced a new voting system allowing users to decide on projects to be listed on the exchange. In a community vote from February 17 to 27, 2025, Pi Network received substantial support with 88% of votes in favor of listing. If this mechanism is implemented, Pi Network could be officially listed on Binance soon, potentially driving its price up to $5 or even $10. ​

Read more: Who are the Founders of Pi Coin? Management, Market Debut, and Trustworthiness

Cryptocurrency Fear and Greed Index Declines

The Cryptocurrency Fear and Greed Index has decreased to 27 from the previous day's 28, indicating a persistent state of fear among investors.

Ethena's (ENA) Positive Rebound

After a prolonged decline in 2025, Ethena (ENA) has shown a positive rebound, registering a 17.40% increase recently. Currently, ENA is trading at 0.4407 USDT, marking a 6% gain in March. However, the bearish scenario remains evident, suggesting caution among investors. ​

Conclusion

The cryptocurrency sector continues to evolve rapidly, influenced by policy decisions, market dynamics, and technological advancements. Stakeholders are advised to stay informed and exercise due diligence when navigating this complex landscape.

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