In a week marked by significant movements in the cryptocurrency sector, Coinbase faces backlash over its alleged lobbying efforts against a proposed Bitcoin tax exemption in the U.S. Meanwhile, Cardano whales have accumulated $35 million in ADA, BlackRock has launched its staked Ethereum ETF, and the Pi token experienced a substantial rally following a major exchange listing.
Coinbase Under Fire for Lobbying Efforts
Coinbase, one of the leading cryptocurrency exchanges, is currently under scrutiny for allegedly lobbying against a proposed "de minimis" tax exemption for Bitcoin transactions in the United States. This exemption seeks to eliminate tax liabilities on small cryptocurrency payments, which could facilitate greater adoption of digital assets for everyday purchases. Learn more on Investopedia.
Critics argue that Coinbase's stance is counterproductive, claiming the company contended that Bitcoin is not widely utilized for daily transactions. The exchange reportedly suggested that any exemption should be confined to regulated dollar-pegged stablecoins, such as USD Coin (USDC), which it co-founded. Coinbase is anticipating that it will generate approximately $1.35 billion in stablecoin-related revenue by 2025, primarily from interest accrued on reserves held in U.S. Treasury bonds that back USDC.
Cardano Whales Increase Holdings Amid Market Fluctuations
In another notable development, significant accumulation activity has been observed among Cardano whales. Recent blockchain data indicates that wallets holding between 100 million and 1 billion ADA tokens have ramped up their holdings from 2.57 billion to 2.68 billion ADA as of March 9, 2026. This comes amidst a challenging market, with ADA experiencing a 22% decline since the start of the year.
Additionally, another cohort of wallets holding between 10 million and 100 million ADA has also resumed purchasing activity since March 11, contributing to a total accumulation of around 140 million ADA tokens. The overall total value locked (TVL) in Cardano's decentralized finance (DeFi) ecosystem has seen a rise from approximately $115 million to about $140 million, marking a 22% increase in DeFi capital.
BlackRock Launches Staked Ethereum ETF with Strong Debut
BlackRock has made a significant stride in the cryptocurrency investment landscape with the launch of its iShares Staked Ethereum Trust ETF (ETHB), which recorded over $15.5 million in trading volume on its first day. According to Bloomberg, the ETF debuted with over $100 million in assets under management, introducing an innovative structure that allows the fund to stake between 70% and 95% of its Ethereum holdings.
The ETF is designed to distribute approximately 82% of staking rewards to its holders each month, while the remaining 18% will be allocated to the fund's sponsor and execution agent. Furthermore, it carries an annual sponsor fee of 0.25%, which has been temporarily reduced to 0.12% for the first $2.5 billion in assets during its inaugural year. This move is seen as a pivotal moment for institutional investors looking to gain exposure to Ethereum's staking potential.
Pi Token Experiences Notable Surge Following Exchange Listing
Adding to the week's excitement, the Pi Network has seen its token surge by over 30% following its listing announcement on the Kraken exchange. The Pi token's rally is indicative of growing interest in emerging altcoins, which have been gaining traction in an increasingly competitive crypto market. As more exchanges come online, the visibility and accessibility of lesser-known tokens like Pi are likely to enhance their appeal and drive trading volumes.
In a related incident, a crypto whale suffered a substantial loss of nearly $50 million when attempting to swap $50 million worth of USDT for AAVE tokens in a single transaction. This transaction encountered extreme slippage due to the reliance of decentralized exchanges on liquidity pools, resulting in the trader receiving only 324 AAVE tokens, valued at approximately $50,000.
As these developments unfold, the cryptocurrency market remains dynamic, with regulatory scrutiny, institutional investment strategies, and emerging altcoins shaping its future trajectory. Investors and stakeholders alike will be keenly observing how these factors interact and influence market conditions moving forward.
Originally reported by Analytics And Insight. View original.