Gate News reported that on March 12, U.S. Senate Majority Leader John Thune stated that the Senate plans to advance cryptocurrency market structure legislation and licensing-related legislation after completing debate on the (voter identification provisions) of the Save America Act. John Thune said that senators are pushing forward this long-awaited cryptocurrency market structure legislation and indicated that if there is bipartisan willingness to cooperate, the Senate can make progress on multiple issues of shared concern between the two parties. The Save America Act is expected to undergo partisan debate in the Senate next week.

On March 12, Bitcoin's ratio against gold displayed bullish divergence, indicating weakened selling pressure and potentially serving as a reference point for Bitcoin's long-term trend bottom. Bitcoin ETF net inflows reached approximately $906 million, while gold ETF experienced single-day outflows of $3 billion, forming a notable divergence. Despite ETF trading volume being lower than US equities, there remains significant room for institutional capital entry. Historically, Bitcoin has often rebounded following geopolitical turmoil.

Over the past 24 hours, the total liquidation amount in the cryptocurrency market reached $174 million, involving long positions of $92.23 million and short positions of $81.54 million. BTC and ETH saw liquidations of $60.80 million and $47.73 million respectively, with a total of 75,190 traders liquidated. The largest single liquidation was $4.24 million.

U.S. SEC Chair Paul S. Atkins stated at a conference that the Commission will issue guidance on equity security tokenization, believing it will help improve settlement efficiency and reduce risk. He disclosed that the SEC will consider an "innovation exemption" mechanism that would allow specific tokenized securities transactions, providing practical foundations for a long-term regulatory framework.

Iran's Supreme Leader announced that the Strait of Hormuz will remain closed, causing geopolitical tensions and raising international oil prices. U.S. oil stocks and crude oil ETFs surged significantly. Whale address neoyokio.eth opened a 4x leveraged long position on crude oil on the Hyperliquid platform, investing 5.2 million dollars, with current unrealized gains of 32,000 dollars.

Monex Europe analyst report indicates that the Iran conflict is driving safe-haven flows toward the US dollar, and the dollar may continue to be supported in the short term due to rising oil prices and the Federal Reserve maintaining a tight monetary policy. However, in the long term, receding energy price concerns could expose the dollar to downside risks.

Germany's long-term Bitcoin holding tax-exemption policy, which has been in effect since 2009 through 2026, encourages investors to hold for over one year to avoid capital gains tax. This policy reduces the tax burden and attracts global investors to build Bitcoin investment portfolios in Germany, driving market attention.

The Bitcoin market is undergoing structural changes, with short-term holders selling off due to financial pressures, while long-term investors remain dormant, indicating potential supply shocks. Currently, Bitcoin is priced at $69,446, and although some holdings are at a loss, the stability of long-term holders could support the market. Analysts advise paying attention to on-chain indicators and whale activity to evaluate future price trends and liquidity risks.

Gate News report: On March 12, according to Hyperinsight monitoring, "麻吉大哥" closed part of its ETH long positions during the rebound market on March 12, reducing holdings by a total of 118 ETH. The address currently holds 5850 ETH long positions with 25x leverage, with the current position valued at 11.97 million USD, unrealized gains of 176,000 USD, average entry price of 2016 USD, and liquidation price of 1963 USD.

Ripple announces a $750 million XRP buyback program to boost market confidence in XRP price. On-chain data shows exchange XRP reserves have fallen to a 10-month low, suggesting long-term holding by investors. Technical analysis indicates XRP has modest upside potential, and the buyback program combined with supply tightening may serve as price support factors. Investors should pay attention to broader market changes.