Crypto Morning Brief: Bitcoin Breaks $70,000; Kraken Approved to Access the Federal Reserve’s Core Payment System
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Crypto Morning Brief: Bitcoin Breaks $70,000; Kraken Approved to Access the Federal Reserve’s Core Payment System
Backpack announced the launch of its on-chain IPO subscription service, built on Solana.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
U.S. February ADP Employment Change: +63,000 vs. expected +50,000 and prior +22,000
According to JIN10 Data, U.S. ADP employment increased by 63,000 in February—the largest gain since November 2025—exceeding expectations of 50,000 and the previous reading of 22,000.
U.S. President Nominates Kevin Warsh for Federal Reserve Chair
The U.S. President has formally submitted a nomination to the Senate to appoint Kevin Warsh as Chair of the Board of Governors of the Federal Reserve System for a four-year term. He is also nominated to serve as a member of the Federal Reserve Board for a 14-year term, effective February 1, 2026. Warsh has previously stated that Bitcoin’s price volatility renders it unsuitable as a unit of account or medium of exchange, though it may function as a store of value akin to gold. He views cryptocurrencies more as software technologies than as genuine currencies.
Major U.S. Regulators Submit Cryptocurrency Regulatory Plan to the White House
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly submitted a regulatory plan for the cryptocurrency industry and prediction markets to the White House. While specific details remain undisclosed, this move is viewed as one of the Trump administration’s key initiatives in financial market regulation.
This administrative step follows months of public statements by regulators and political maneuvering in Congress, and is expected to exert long-term influence across broader financial markets.
White House to Review CFTC’s Proposed New Prediction Market Measures
According to JIN10 Data, the White House will review the CFTC’s newly proposed measures governing prediction markets.
Coinbase Officially Launches Stock Trading Functionality
Per an official announcement, Coinbase announced on social media that its stock trading functionality has officially launched, thanking Nasdaq for its support. Eligible stocks offer extended trading hours 24/5. Equity securities are provided by Coinbase Capital Markets (a FINRA member and SIPC member), while digital asset services are offered by Coinbase Inc. and its affiliates.
Backpack Launches On-Chain IPO Subscription Service Built on Solana
According to an official announcement, Backpack has launched an on-chain IPO allocation service, enabling users to directly acquire IPO shares via the platform. The service is powered by infrastructure partner Superstate and operates on the Solana blockchain. Users will hold real equities directly. A waitlist is now open.
Sui-Native Stablecoin USDsui Goes Live, Committing Asset Yields to the Sui Ecosystem
According to CoinDesk, Sui Dollar (USDsui), the native stablecoin of the Sui blockchain, has officially launched today. Issued by Bridge—a stablecoin firm acquired last year by payments giant Stripe—the yields generated from its underlying assets will be returned to the Sui ecosystem.
Adeniyi Abiodun, Co-Founder of Mysten Labs, stated that yields derived from bonds and liquidity assets backing USDsui will either be used to repurchase and burn SUI tokens or deployed into decentralized finance (DeFi) protocols and automated market makers (AMMs) to incentivize trading—contrasting sharply with mainstream stablecoin issuers like Tether and Circle, which retain all yield internally.
The Wall Street Journal: Kraken Becomes First Crypto Firm Approved to Access the Fed’s Core Payment System
According to The Wall Street Journal, Kraken has become the first cryptocurrency company approved to access the Federal Reserve’s core payment system.
MARA Holdings Clarifies Bitcoin Reserve Strategy, Denies Large-Scale Liquidation Plans
Robert Samuels, Vice President of Investor Relations at MARA Holdings, clarified today that the company has no plans to sell the majority of its Bitcoin reserves. Earlier, Jacob King, Founder of SwanDesk, erroneously claimed that MARA intended to liquidate its Bitcoin holdings. Samuels emphasized that MARA has merely expanded its financial strategy to allow flexible buying and selling based on market conditions and capital allocation priorities—not to liquidate its reserves. MARA currently holds 53,822 BTC, valued at approximately $4.7 billion, making it the largest publicly traded Bitcoin mining company.
Jiu Zi New Energy Announces $1-Billion Plan to Acquire 10,000 Bitcoins Despite $1.18-Million Market Cap
According to GlobeNewswire, Jiu Zi New Energy (Nasdaq: JZXN), a U.S.-listed Chinese company, announced a $1-billion initiative to acquire 10,000 bitcoins from strategic investors to strengthen its global cryptocurrency partnerships.
Notably, TradingView data shows the company’s market capitalization stands at just $1.18 million.
a16z Plans to Raise $2 Billion for Its Fifth Crypto-Focused Fund
According to The Block, venture capital giant Andreessen Horowitz (a16z) is planning to raise $2 billion for its fifth dedicated cryptocurrency fund, targeting completion by the end of Q1 2026. The firm has previously raised over $7.6 billion across four crypto funds—including its $4.5-billion “Crypto Fund 4” launched in 2022.
Market Price Updates
Recommended Reading
This article delves into several hot topics in today’s markets, including the development of artificial intelligence (AI) and its impact on markets and society, performance and future outlooks for gold and cryptocurrencies, the tug-of-war between retail and institutional investors, and shifts in Federal Reserve policy and the global economic landscape. Through a dialogue format, it incorporates insights from multiple financial experts to analyze current market opportunities and risks—and explores the profound implications of technological transformation for society and financial systems.
This article details the sharp market volatility recently experienced by South Korea’s stock market amid escalating Middle East tensions, analyzing structural weaknesses in the Korean equity market and how energy dependency affects its economy and stock performance. It also examines the so-called “Korea discount,” foreign investor outflows and domestic retail investor absorption, and highlights how Korea’s heavy reliance on the semiconductor industry makes it especially vulnerable to external shocks.
Market Recap for March 4: U.S. Equities Plunge; Cryptocurrencies Show Resilience
This article analyzes global market performance against the backdrop of geopolitical conflict—including steep U.S. equity losses, turmoil in energy markets, declines in gold as a safe-haven asset, and the unexpected resilience shown by cryptocurrencies. It examines Bitcoin’s performance in the current environment and its potential as “digital gold,” while also assessing possible future market trajectories.
This article reports that SpaceX—led by Elon Musk—may go public in June 2026, with a projected valuation of $1.75 trillion. Investor interest in SpaceX has grown steadily, but post-IPO share price volatility is expected to surpass even Tesla’s. Starlink is anticipated to become the primary revenue driver, with SpaceX projected to generate $150 billion in annual revenue by 2040. Though Musk’s timelines often slip, investors remain confident in his vision. SpaceX’s listing may face heightened volatility and pronounced dependence on Musk himself.
Turning Probability into Assets: A Forward-Looking Perspective on Prediction Market Agents
This article provides an in-depth examination of prediction market agents—from their current state of development and architectural design, to strategy selection, risk-control logic, and business models. It analyzes industry trends in prediction markets and posits that such agents may emerge as a new product category. The article offers detailed recommendations on ideal architecture, strategic frameworks, and commercialization pathways.
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