Proposed change could save Ethereum from L2 ‘roadmap to hell’

Bitcoin needs to close above the key $81,000 weekly level to avoid more downside volatility ahead of next week’s Federal Open Market Committee (FOMC) meeting, which will offer investors more cues on the Federal Reserve’s monetary policy for 2025.Bitcoin (BTC) price fell over 3% during the past week, to trade above $83,748 as of 9:33 a.m. in UTC, Cointelegraph Markets Pro data shows.Bitcoin price continues to risk significant downside volatility due to growing macroeconomic uncertainty around global trade tariffs,  according to Ryan Lee, chief analyst at Bitget Research.BTC/USD, 1-year chart. Source: CointelegraphClosing the week above $81,000 will be key to avoid more Bitcoin downside, the analyst told Cointelegraph, adding:“The key level to watch for the weekly close is $81,000 range, holding above that would signal resilience, but if we see a drop below $76,000, it could invite more short-term selling pressure.”The analyst’s comments come days ahead of the next FOMC meeting scheduled for March 19. Markets are currently pricing in a 98% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.Source: CME Group’s FedWatch toolThe outcome of the meeting may significantly impact Bitcoin investor sentiment, said Lee, adding:“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets.”“Even a dovish surprise, like a rate cut, might not be the immediate boost some are hoping for, as investors are still weighing macro uncertainties,” added the analyst.Related: US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserveBitcoin close above $85k may reignite investor optimism for more upside: analystOther analysts are seeing a silver lining in Bitcoin’s stagnant price action.A weekly close above $85,000 may inspire more investor confidence and lead to the next breakout, according to Enmanuel Cardozo, market analyst at Brickken real-world asset tokenization platform.The market analyst told Cointelegraph:“Traders and investors alike are keeping a close eye on the $80,000 support and the $85,000–$90,000 resistance, with a break above the latter potentially sparking a strong upward movement.”While Bitcoin’s short-term momentum may be limited by the upcoming economic releases, the regulatory developments around Trump’s Bitcoin reserve plan may gradually bring more market optimism and mass adoption, added the analyst.Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspensionTrump’s Bitcoin reserve came one step closer to fruition on March 14, after US Representative Byron Donalds introduced a bill that seeks to ensure the Bitcoin reserve becomes a permanent fixture, preventing future administrations from dismantling it through executive action.If the bill is passed, it would ensure that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile could not be eliminated via executive actions by a future administration.The bill will require at least 60 votes in the Senate and a House majority to pass. With Republicans holding a Senate majority — and amid a generally more crypto-friendly environment — the bill has a chance of passing.Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

David Sacks and his venture capital firm offloaded over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, a White House memorandum disclosed.“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” said the memorandum dated March 5.Crypto sell-off in an effort to prevent conflict of interestThe memorandum said the “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL) before US President Donald Trump’s inauguration on Jan. 20.The memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump’s inauguration. Source: The White HouseSacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.Additionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.Sen. Warren urged Sacks to prove he no longer holds cryptoThe memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks’ claim in an X post that he sold off all his crypto.“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren said.Since Sacks started the White House crypto role, he has been a vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.Related: Bitcoin panic selling costs new investors $100M in 6 weeks — ResearchSacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.“That’s always how taxes start. They are described as being very modest,” Sacks said.“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

The agency responsible for conducting criminal prosecutions in England and Wales announced that a National Crime Agency (NCA) officer was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.In a March 14 notice, the Crown Prosecution Service said it had authorized the Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the alleged Bitcoin (BTC) theft “during an investigation into online organized crime.” Authorities said Chowles could face one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.The 50 Bitcoin, worth roughly $75,000 before the December 2017 bull run, was valued at more than $4.2 million at the time of publication at a BTC price of $84,541. The NCA officer is expected to appear at the Liverpool Magistrates’ Court on April 25.Related: British man sues council for $647M over lost Bitcoin in landfillIn April 2024, amendments to the UK’s Economic Crime and Corporate Transparency Act authorized NCA officers and local police to seize crypto from suspected criminals without arresting them. The Crown Prosecution Service did not mention how Chowles allegedly stole the Bitcoin or whether the funds were connected to illicit activities.Crypto policies across the pondThe NCA said in December 2024 that it had seized roughly $26 million in cash and crypto and arrested 84 people as part of a global campaign to fight money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at the time “showed regular exposure to Garantex.” The founder of the Russian crypto exchange was arrested in India in March and is expected to be extradited to the US to face criminal charges. The UK government is expected to move forward on creating a comprehensive regulatory framework for digital assets in 2025 following the Labour government’s election victory. The country remains a significant market for crypto users, with Coinbase securing approval to operate from the financial regulatory body in February.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why