Market Update - Thursday, March 5

- U.S. stocks rebound, Bitcoin reaches $74K before dropping to $72K. Nearly $600 million in liquidations occurred in 24 hours, with 80% from short positions.

- The U.S. Senate voted 53-47 to reject a proposal limiting President Trump's authority to strike Iran, highlighting partisan divisions.

- The February ADP private employment report exceeded expectations, influencing the Federal Reserve to maintain interest rates.

ETF Spot Update as of March 4:
- Bitcoin is up $155.3 million; BlackRock has no data available.
- Ethereum is up $130.1 million; BlackRock has no data available.
- Solana is up $19.1 million.

- The SEC has submitted crypto classification guidelines to the White House, while the CFTC has sent regulations regarding prediction markets.

- President Trump met privately with Coinbase CEO to discuss crypto market structure legislation.

- Morgan Stanley has selected Coinbase and Bank of New York (BNY) as Bitcoin custodians for its ETF.

- Chinese electric vehicle company Jiuzi Holdings has approved a plan to reserve up to $1 billion in crypto, including Bitcoin, Ethereum, and BNB.

- Sui has launched its own stablecoin, USDsui, with profits from reserves to be used for token buybacks and burns.

- Optimism will discontinue support for op-geth after May 31. Nodes must transition to op-reth before the Karst hard fork to avoid network separation.

- The a16z crypto fund is raising its fifth fund with a target of $2 billion, expected to close in the first half of 2026.