Market update
Cointree Crypto Market Update - March 12th 2025
Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$131,775 moving -6.3% at the time of writing. Meanwhile, Ethereum ends at AU$3,085.61 moving -11.0% week-on-week. On the Altcoin side, Solana -11.7%, Dogecoin -16.9%, and XRP -12.7% change.
🗞 What’s happening in the news?
🪙European Lawmakers Silent Amid US Bitcoin Reserve and Looming Digital Euro
On the 7th of March, President Donald Trump signed an executive order outlining plans to form a Bitcoin reserve using seized cryptocurrency, rather than purchasing it outright. While US lawmakers have praised the move, European officials remain tight-lipped, instead focusing on the European Central Bank’s digital euro rollout, scheduled for October 2025. Historically, the ECB has voiced concerns about Bitcoin’s volatility and perceived lack of oversight. “The ECB historically and currently is very critical of BTC as a reserve asset,” said Anastasija Plotnikova, CEO of Fideum. Analysts believe the EU’s silence could signal complex approval processes ahead. Meanwhile, ECB President Christine Lagarde confirmed, “We are working to ensure that the digital euro coexists with cash, addressing privacy concerns by making it pseudonymous and cash-like in nature.”
🔧 Ethereum Developers Delay Pectra Upgrade After Buggy Tests
Ethereum’s long-awaited Pectra upgrade was postponed after two buggy tests on Ethereum’s primary test networks Holesky and Sepolia. ‘It seems like we need more information before we can really set a concrete date’ said Ethereum Foundation researcher Alex Stokes. The issues stemmed from misconfigured tests, not from Pectra itself. A temporary Holesky ‘shadow fork’ will allow developers and validators to experiment further, offering ‘vital data’ before Pectra goes live. Once 67% of Holesky’s validators come online again, the network can finalise blocks properly. Developers anticipate clearer timelines for Pectra’s release by late March.
🌏Pakistan Explores Blockchain for Multibillion Remittances From Abroad
Overseas Pakistanis transferred over AU$49 billion in remittances, incurring fees that can exceed 5%. The Pakistan Crypto Council (PCC) is exploring ways they could harness blockchain to streamline these cross-border flows, improving speed and lowering transaction costs. ‘The PCC will investigate blockchain-based remittance solutions to reduce costs and delays,’ said PCC adviser Bilal bin Saqib. Critics note that illegal crypto outflows remain a concern, so Saqib advocates a ‘robust, transparent regulatory framework’ to comply with global anti-money-laundering rules. By leveraging new technologies, Pakistan looks to expand financial inclusion and improve the efficiency of its financial system.
📖 What we’ve been reading
Crypto needs policy change more than Bitcoin reserve — Execs
Crypto executives are still waiting for detailed guidance from the White House on issues like securities regulation and taxation.
Thailand regulator approves USDT, USDC stablecoins
Thailand’s SEC had previously approved Bitcoin, Ether, XRP, XLM and certain tokens used for settlement by the central bank.
Nasdaq stock exchange to offer 24-hour trading 5 days a week
The tech-focused stock exchange is seeking trading hours that more accurately reflect the global nature of capital markets.
*Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.*
