Bitcoin

Switzerland’s central bank has made it clear—Bitcoin will not be part of its national reserves anytime soon. Martin Schlegel, President of the Swiss National Bank (SNB), dismissed the idea, citing volatility, liquidity concerns, and security risks as key reasons against adding BTC to Switzerland’s financial reserves. His remarks come in response to a growing movement within the country advocating for Bitcoin and gold-backed reserves to secure the Swiss economy. However, Schlegel pushed back, arguing that Bitcoin’s price swings make it an unreliable asset for a national treasury. Why the SNB Says No to Bitcoin 1️⃣ Volatility Risks: Schlegel emphasized that Bitcoin’s extreme price fluctuations make it unsuitable for long-term reserves. A central bank must prioritize stability, which Bitcoin cannot guarantee. 2️⃣ Liquidity Concerns: According to Schlegel, the SNB requires assets that can be easily converted into cash to facilitate monetary policy actions. While gold and foreign currency reserves serve this role effectively, Bitcoin, with its unpredictable market movements, does not. 3️⃣ Security Issues: Bitcoin is built on software, which, despite its decentralized nature, is still vulnerable to hacks, bugs, and other cybersecurity threats. Schlegel pointed out that a national reserve cannot rely on an asset that carries such technological risks. Crypto’s Role in Global Finance Despite Bitcoin’s growing adoption worldwide, Schlegel also downplayed its broader financial influence. He noted that the total market capitalization of all cryptocurrencies, currently around $2.8 trillion, remains relatively small compared to traditional financial markets. This stance aligns Switzerland with other major economies that remain cautious about using crypto as a national financial instrument. However, Switzerland remains a leading hub for blockchain innovation, with its Crypto Valley in Zug being home to major blockchain firms, including Ethereum. What’s Next? The rejection doesn’t mean the conversation is over. With crypto advocates in Switzerland pushing for Bitcoin and gold reserves, the debate over crypto’s role in traditional finance is far from settled. For now, the Swiss National Bank is standing firm in its position—Bitcoin is not ready to be a national reserve asset. However, as the crypto market matures and adoption grows, Switzerland’s stance may evolve in the years to come.

Authorities in Kent have issued a warning following a sophisticated cryptocurrency scam that resulted in nine victims losing a total of £1 million. The fraudsters exploited personal details leaked online, using the stolen information to manipulate victims into handing over their crypto wallet credentials. How the Scam Worked According to police, the scammers used a two-step deception tactic. First, they contacted victims, posing as police officers investigating fraudulent activity linked to their accounts. The fraudsters reassured victims that their case was being handled and that they should expect a follow-up call from their crypto wallet provider. Shortly after, another scammer, pretending to be a “security officer” from the crypto wallet company, reached out to the victims. Under the guise of helping secure their funds, the fraudster requested their seed phrase—a highly sensitive 12 or 24-word key used to access and manage cryptocurrency wallets. Once the victims shared their seed phrases, the scammers drained their wallets, transferring the funds out of reach within moments. Authorities Urge Vigilance Detective Sergeant Darryll Paulson urged the public to remain cautious, warning that scammers are becoming increasingly deceptive. “These fraudsters use urgent and convincing tactics to pressure victims into making hasty decisions. If someone claiming to be from the police or a crypto platform contacts you unexpectedly and asks for personal details—especially your seed phrase—do not provide any information.” Paulson also emphasized that no legitimate company or law enforcement officer would ever request a seed phrase. How to Stay Safe The Kent police continue to investigate the case, and authorities are urging anyone who believes they have been targeted to come forward.

After a rough period of uncertainty, the cryptocurrency market has staged a strong comeback, sparking debate over whether this marks the beginning of a sustained rally or a deceptive bull trap. With Bitcoin reclaiming ground and altcoins surging, investor confidence appears to be recovering, though caution still looms. Market Overview The overall crypto market capitalization jumped 7.19% in the last 24 hours, reaching $2.84 trillion. This spike follows recent news about Donald Trump hosting the first-ever crypto summit at the White House on March 7—an event that many believe could further shape the regulatory and investment landscape of digital assets. Despite the bullish momentum, trading volumes remain stagnant at $149.17 billion, suggesting that investors are still cautious. This is reflected in the Fear & Greed Index, which remains in the “Fear” zone with a score of 20, signaling that market participants are hesitant about whether this recovery is genuine. Bitcoin’s Rapid Climb Bitcoin (BTC) has seen an impressive 7.76% jump, now trading at $85,820 with a market cap of $1.7 trillion. The price recovery has reignited discussions on whether BTC is truly bouncing back or if another correction is looming. BTC dominance remains high at 60.06%, reinforcing its influence over the broader market. Altcoins Rally, Led by Solana Ethereum (ETH) and several major altcoins mirrored Bitcoin’s upward movement, with ETH gaining 6.87% and XRP rising by 9.07%. However, the standout performer was Solana (SOL), which surged 14.44%, signaling renewed investor interest in high-performance blockchain networks. Biggest Winners & Losers Among the top gainers, TIA (+22.61%), HBAR (+21.33%), and TRUMP (+20.29%) recorded the most significant gains. Meanwhile, NEXO (-0.95%) and XAUt (-0.26%) were among the few assets that ended the day in the red. What’s Next? While the market’s sharp recovery is encouraging, the lingering fear and stable trading volume indicate that investors are still waiting for confirmation of a longer-term trend. With the upcoming crypto summit at the White House, regulatory developments, and macroeconomic shifts, the market could either continue this bullish streak or face another period of uncertainty. Is this the start of a sustained rally or just a bull trap? Investors are watching closely, and the next few days will be crucial in determining where the market is headed.