Weekly Economic Calendar:
| History | Hour | Foreign currency | Event | Expectation | Data Released in the Previous Month |
| Monday, March 10 | USD | China’s imposition of additional tariffs on the United States | |||
| Wednesday, March 12 | 15:30 | USD | U.S. Consumer Price Index (CPI) (Monthly Data) | 0,3% | 0,5% |
| Wednesday, March 12 | 15:30 | USD | U.S. Consumer Price Index (CPI) (Annual Data) | 3,0% |
Fluctuating Course in Bitcoin
Last week, news that the U.S. may announce a partial reduction in tariffs on Canada and Mexico sent Bitcoin above $87,000, creating relief in the markets. U.S. Secretary of Commerce Howard Lutnick announced that the Trump administration is working on a compromise model that includes certain concessions rather than completely eliminating tariffs. It was stated that Canada and Mexico could be given a partial reduction in tariffs in exchange for compliance with USMCA rules.
However, Trump’s recent statements on economic policies have increased uncertainty in the market. Over the weekend, Bitcoin fell to the $80,000 level. This decline is thought to be connected with Trump’s statements in an interview with Fox News. In his speech, Trump acknowledged that tariffs and budget cuts could lead to economic fluctuations in the short term, and drew attention to the difference in economic approach between the US and China. While the price of Bitcoin has been in a downtrend in recent days, weak spot demand in the market and short position pressure in futures are among the main reasons for this decline. According to CryptoQuant analyst Julio Moreno, Bitcoin’s spot demand growth is experiencing its biggest decline since July 2024.
Bitcoin Spot Demand Decline
Demand for Bitcoin in the cryptocurrency market has fallen to its lowest levels in the last eight months. This suggests that the inflow of new investors into the market is decreasing, and existing investors are also inclined to sell their assets. This weakness in spot demand is considered one of the major factors driving the decline in the price of Bitcoin.
Increase in Short Positions in Futures Puts Pressure on the Market
In futures markets, the increase in short positions is noteworthy. Traders are trying to profit by opening short positions in anticipation of a decline in the price of Bitcoin. According to the latest data, it is seen that short positions are intensifying in the futures market and long positions are making profit realization. This increases the downward pressure on the price of Bitcoin.
What Is Expected Next for Bitcoin Price?
In order for the market to recover, there needs to be a renewed increase in spot demand and a balanced distribution of positions in the futures market . However, the current picture suggests that investors are cautious in the short term and that volatility in the price of Bitcoin may continue.
Crypto Authorization for U.S. Federal Banks: New Regulation from OCC
The U.S. Central Banking Regulator, the OCC, has authorized federal banks to custody crypto assets, conduct stablecoin transactions, and use blockchain technology.
Interpretive Letter 1183, published on March 7, clarified new regulations that would expand banks’ roles in payment systems. This regulation allows financial institutions to act as validators (nodes) in decentralized finance (DeFi) protocols, while relaxing some licensing requirements.
The OCC’s move aims to bridge the gap between traditional finance and the digital economy and enable banks to more actively adopt blockchain-based innovations.
BBVA Launches Bitcoin and Ethereum Trading Service
BBVA, Spain’s second-largest bank, is set to offer Bitcoin (BTC) and Ethereum (ETH) trading services to its customers following approval from financial regulators.
Having completed official permits following long-standing regulatory processes, BBVA will provide its customers with the opportunity to buy and sell cryptocurrencies. The Markets in Crypto-Assets Regulation (MiCA), which came into force throughout the European Union, played a decisive role in the bank’s move.
Turkey’s Important Role in BBVA’s Crypto Journey
BBVA started the process of stepping into the crypto world much earlier. The bank, which has been working on providing digital asset services since 2020, first determined Switzerland as its operation center due to regulatory uncertainties in Europe. The fact that Switzerland offers a clear framework for cryptocurrency regulations has shaped BBVA’s choice in this direction. However, the bank’s first concrete step in the crypto sector came in Turkey. In January 2024, it began offering crypto trading services to users through its subsidiary Garanti BBVA Crypto platform in Turkey. Now, it is rolling out a similar service for its customers in Spain. BBVA’s move shows the acceleration of integration between traditional banking and the crypto world, and stands out as a concrete example of the impact of MiCA regulations in Europe.
David Sacks Opposes Crypto Transaction Tax
David Sacks, the White House’s advisor on crypto and artificial intelligence, has spoken out against the idea of imposing a 0.01% tax on crypto transactions in order to fund the United States’ strategic Bitcoin reserve.Speaking on the All In Podcast, Sacks said, “Taxes always start small, but they expand over time. Income tax also initially covered only a small number of people.” He emphasized that such an arrangement could become a greater financial burden in the future. While tax policies have yet to be clarified at the White House Crypto Summit, the Trump administration is continuing its plan to abolish the current income tax and replace it with import tariffs. This has led to discussions about potential tax implications for the crypto industry.
BTC:
IntoTheBlock(ITB) Bitcoin(BTC) Analytics & Predictions EgeMoney
For Bitcoin, we see that the proportion of those who make money at the market price is 49% profit, 48% loss, and 3% neutral. Compared to last week, we see a serious decrease in the rate of winners and an increase in losers. There is a serious decline in the trading volumes of whales. It has fallen from $170.33 billion to $45 billion. ITB analysis shows us that there is a “3 neutral”, “0 bullish” and “1 bear” market expectation for Bitcoin.
“The investment information and comments contained in this research report do not constitute investment advice.”
Research Specialist at EgeMoney
My areas of expertise include fundamental and technical analysis, portfolio management, risk analysis, and market research. Adapting to rapidly changing market conditions and producing reports are among my top priorities. Through my research on the EgeMoney platform, I aim to shape your financial future and add value to your decision-making processes.
