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BTC holding in tight range, but COIN, CRCL, IREN and RIOT enjoying gains

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BTC holding in tight range, but COIN, CRCL, IREN and RIOT enjoying gains

Bitcoin can’t seem to pick a direction, wildly swinging in the early hours of the Wednesday U.S. session with dips quickly bought and bounces erased just as fast.

Losing its overnight push above $68,500, BTC dumped below $67,000 at the start of U.S. trading. Buyers quickly stepped in, driving a sharp rebound to $68,300, but the bounce proved fleeting with prices quickly falling back to $67,000. Ether (ETH) followed a similar path, dipping back below $2,000 and down roughly 1% over the past 24 hours.

Part of the crosscurrents came from traditional markets. On one hand, a steadier tone in risk assets came as concerns around artificial intelligence disruption in the tech sector cooled. The iShares Expanded Tech-Software ETF (IGV), a proxy for the software sector that had been under pressure over the past weeks, bounced 1.9% in morning trading, suggesting some relief.

The broader Nasdaq was higher by 1.3% and the S&P 500 by 0.85%>

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On the other hand, geopolitical jitters are back as traders increasingly brace for potential escalation between the U.S. and Iran. Traders on the prediction market Polymarket now assign more than 50% odds that the U.S. will launch strikes against Iran before March 15, up from about 30% just a day ago.

Gold climbed 2.5% to reclaim the $5,000 level, while silver surged 6%. U.S. crude oil jumped more than 3% to above $64 a barrel, underscoring heightened supply risks.

Despite the choppy crypto price action, crypto-related equities were bouncing. Exchange giant Coinbase (COIN), stablecoin issuer Circle (CRCL) and digital asset investment firm Galaxy (GLXY) were all 3%-5% higher.

Miners and AI-linked data center plays such as Riot Platforms (RIOT) and IREN (IREN) outperformed further, with each posting gains of 5.5%.

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Crypto World

Ledn raises $188m with first BTC backed bond sale in asset backed market

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What next as bitcoin drops to $78,000 and Saylor’s bet faces pressure

Ledn, a crypto lending company, has completed the first asset-backed securities (ABS) deal backed by bitcoin collateral, raising $188 million for crypto credit markets.

Asset-backed securities are bonds backed by pools of underlying loans, with investors receiving payments from the cash flows generated by those loans.

Bloomberg reported that the bonds are secured by a pool of more than 5,400 consumer loans issued by the firm, each backed by borrowers’ bitcoin holdings. The loans carry a weighted average interest rate of 11.8%.

The deal includes two tranches, with the investment-grade portion priced at 335 basis points over the benchmark rate. Jefferies served as sole structuring agent and bookrunner, according to Bloomberg.

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Bitcoin’s volatility has been in focus, with the largest cryptocurrency by market capitalization falling as much as 50% over the past four months to as low as $60,000.

The structure employs automated collateral liquidation when thresholds are breached, a feature designed to protect investors during sharp market declines.

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Crypto World

Crypto, TradFi Execs Mingle At Trump Crypto Event

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Crypto, TradFi Execs Mingle At Trump Crypto Event

Trump family-owned Mar-a-Lago was home to traditional finance giants, US government officials and crypto executives in a crypto forum on Wednesday, hosted by the family’s sprawling crypto company.

Coinbase CEO Brian Armstrong and Binance co-founder Changpeng Zhao, who Donald Trump pardoned last year, were at the exclusive World Liberty Forum event alongside Goldman Sachs CEO David Solomon and the heads of the Nasdaq and New York Stock Exchange.

The event saw traditional finance executives and US regulators embrace crypto, with Solomon, a long-time crypto skeptic, saying on stage that he now owns “a little Bitcoin, very little,” according to one of the attendees.

Donald Trump Jr. (left) and Eric Trump (middle) appeared on stage at World Liberty Financial’s event in Mar-a-Lago, Florida. Source: Richard Sieler

“The great irony is this whole world has gone full circle,” Bloomberg reported Eric Trump as saying at the event.

“There’s people in this room that were probably on the opposite side of us, that were canceling bank accounts for us, that were kicking us out of their big banks for no reason other than the fact that my father was wearing a hat that said, ‘Make America Great Again.’”

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Commodity Futures Trading Commission chair Mike Selig, the head of an agency that is pushing to regulate the crypto industry, was also in attendance, along with Republican senators Ashley Moody and Bernie Moreno.

World Liberty announces tokenization tie-up for Trump hotel

World Liberty announced at the event that it has partnered with tokenization firm Securitize, with plans to tokenize loan revenue interests in an upcoming Trump-branded resort in the Maldives.

The company said it was part of a “broader strategy to design, structure, and distribute [World Liberty]-branded tokenized real-world asset offerings.”

Related: Warren warns crypto bailout would enrich Trump family biz: Report

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The Trump Organization said in November that it would tokenize the development of the project, which is being built by real estate developer DarGlobal. The resort is set to be completed in 2030 and feature 100 luxury villas.