₿ULLISH: White House Aims to Acquire as Much Bitcoin as Possible🚀

Russian Oil Firms Use Crypto to Bypass Sanctions and Facilitate Trade

Some Russian oil companies are increasingly using Bitcoin, Ethereum, and stablecoins like Tether to convert Chinese yuan and Indian rupees into Russian roubles. This growing practice helps circumvent sanctions and streamline payments in a market worth $192 billion annually. Similar to Iran and Venezuela, Russia is leveraging crypto to maintain oil trade despite restrictions. Transactions often involve offshore intermediaries who convert funds into digital assets before transferring them to Russia. While traditional currencies still dominate, crypto remains a valuable tool for avoiding payment delays.

3AC Liquidators Allowed to Expand $1.53 Billion Claim Against FTX Amid Legal Battle

A U.S. bankruptcy court has ruled in favor of Three Arrows Capital (3AC) liquidators, allowing them to increase their claim against FTX to $1.53 billion. The court rejected objections from FTX’s debtors, who argued the amendment was untimely and unfair. Judge John T. Dorsey stated that delays in filing were partly due to FTX’s failure to provide relevant records. 3AC, once a major crypto hedge fund, collapsed in 2022 after heavy losses tied to the TerraUSD crash, triggering widespread market fallout.

Ethereum Developers to Launch Hoodi Testnet Ahead of Pectra Upgrade

Ethereum developers will launch a new long-lived testnet called Hoodi on March 17 to address issues from recent Holesky and Sepolia hard forks. The testnet will support research for the upcoming Pectra upgrade, which aims to enhance Ethereum’s scalability, staking, and smart contract functionality. Holesky recently faced finality issues during Pectra activation, prompting the decision to create Hoodi instead of modifying existing networks. If testing proceeds smoothly, Pectra could go live on Ethereum’s mainnet by April 25.

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White House Aims to Acquire as Much Bitcoin as Possible, Says Official at Crypto Roundtable

At a private roundtable with crypto industry leaders, Bo Hines, executive director of the Presidential Working Group on Digital Assets, revealed that the White House is focused on acquiring as much Bitcoin as it can, without taxpayer cost. The meeting, which included top Bitcoin figures and U.S. senators, also touched on the Bitcoin Act, a bill advocating for the U.S. government to purchase up to one million BTC. While not officially endorsing any specific legislation, Hines signaled strong support for creating a Strategic Bitcoin Reserve. The U.S. government already holds nearly 200,000 BTC, mainly from forfeitures.

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Representative Byron Donalds to Introduce Bill Codifying Strategic Bitcoin Reserve and US Digital Asset Stockpile

Representative Byron Donalds will introduce legislation on Friday aimed at codifying an executive order signed by President Donald Trump earlier this month, which establishes a strategic Bitcoin reserve and a US digital asset stockpile. The bill’s passage would make these initiatives permanent, ensuring they cannot be undone by future executive orders. This move aligns with Trump’s pro-crypto stance, which he championed during his 2024 campaign and plans to continue in his second term. The legislation aims to solidify the US’s commitment to digital asset policies and protect the nation’s growing role in the cryptocurrency space.

Resources:

Reuters

Bloomberg

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