Rallies across the United States oppose Trump; NFT market performance remains weak

Headlines

▌****U.S. Media: Nationwide “No Kings” Rallies Against Trump

On March 29, according to The Wall Street Journal, on Saturday local time, hundreds of thousands of protesters are expected to take to the streets to participate in the nationwide “No Kings” rally, protesting against U.S. President Trump. Organizers claim that Trump’s governance style resembles that of a king rather than a president. This Saturday’s protest marks the third “No Kings” rally in less than a year, coinciding with controversies surrounding the actions of Immigration and Customs Enforcement (ICE) and debates regarding the deployment of federal troops in various U.S. cities. Organizers stated this week that the U.S. involvement in the Iran war is another factor motivating protesters to take to the streets. Videos circulating on social media show protesters gathering on the beach in San Francisco, California, forming the slogan “Trump must resign immediately!”

▌****NFT Market Remains Weak, BAYC 5278 Has Dropped Over 100 ETH from Last Transaction Price

On March 29, despite several digital art projects being showcased at Art Basel Hong Kong, the overall performance of the NFT market remains weak, showing no significant signs of recovery. Specifically, the listing price of Bored Ape #5278 from the “Bored Apes” series is currently only 7 ETH, dropping more than 100 ETH from its last transaction price, reflecting a significant pullback in the valuation of top NFT assets. Once seen as a rapidly emerging asset class, the NFT art market has cooled significantly, with liquidity and price performance continuing to face pressure.

Market Trends

As of the time of writing, according to CoinGecko data:

BTC price is $66,424.34, with a 24-hour change of +0.5%;

ETH price is $2,002.98, with a 24-hour change of +0.8%;

BNB price is $611.24, with a 24-hour change of +0.2%;

SOL price is $82.28, with a 24-hour change of -0.2%;

DOGE price is $0.09104, with a 24-hour change of +1.2%;

XRP price is $1.33, with a 24-hour change of +1.0%;

TRX price is $0.3167, with a 24-hour change of +2.2%;

WLFI price is $0.09756, with a 24-hour change of +1.2%;

HYPE price is $39.34, with a 24-hour change of +3.0%.

Policies

▌Venezuela Resumes Use of Diplomatic Mission in the U.S.

On March 29, local time on March 28, Venezuelan Deputy Foreign Minister Blanco confirmed via social media the resumption of the Venezuelan diplomatic mission in the United States. Blanco stated, “Together with the head of the mission, Plasencia, we have resumed the Venezuelan diplomatic mission in the U.S. These institutions will resume serving all Venezuelan citizens under the direction of interim president Rodríguez. This is a solid step to strengthen bilateral relations and serve the overseas diaspora.” (CCTV News)

▌Kalshi Obtains License to Provide Margin Trading Services to Institutional Investors

On March 29, prediction market platform Kalshi has been approved to provide margin trading services to professional clients, allowing customers to establish trading positions with less initial capital. This move aims to enhance Kalshi’s appeal to institutional investors; this feature may first be rolled out with new products rather than its core event contract category. Traditional prediction markets usually require full collateral for positions, while Kalshi’s introduction of margin functionality breaks this industry norm. Currently, trading volume and investment interest in the prediction market space continue to rise, and Kalshi recently completed a $1 billion financing round, against this backdrop, the feature is officially launched.

▌Canada Plans to Ban Cryptocurrency Donations in Campaigns

On March 29, Canada’s Bill C-25 will prohibit the use of cryptocurrencies, money orders, and prepaid cards for donations within the federal political system, effectively closing a fundraising channel that has seen little use since first allowing cryptocurrency donations in 2019. The Chief Electoral Officer initially leaned towards strengthening regulations but shifted to recommend a complete ban in 2024, citing that cryptocurrencies have “pseudo-anonymity” and present fundamental difficulties in verifying donor identities. This bill is a reintroduction of the previously failed Bill C-65, stipulating that illegal cryptocurrency donations must be refunded or surrendered within 30 days, and penalties will be imposed for violations: corporations may be fined up to twice the donation amount plus $100,000. The bill is currently in the first reading stage in the House of Commons.

Blockchain Applications

▌Tokenization Platform xStocks Launches New On-Chain Private Equity Fund

On March 29, the tokenized stock framework xStocks has partnered with alternative investment platform Fundrise to bring its newly launched Fundrise Innovation Fund on-chain, thereby expanding investment exposure to late-stage private market companies. According to a Friday announcement, the single tokenized asset VCXx is expected to launch on the xStocks platform in the coming days. Not long before this, the closed-end fund had just started trading on the New York Stock Exchange, with its portfolio including private equity from tech companies such as Anthropic, Databricks, and SpaceX. In early trading, the fund’s share price skyrocketed from its issuance price of $31 on March 19 to a peak of $575 per share. However, short-seller Citron Research released a critical report on Thursday, pointing out that Fundrise Advisors LLC faced SEC charges in 2023 for paid solicitation activities. Citron has called for regulators to investigate whether the company is promoting VCX through payments to influencers. The stock closed the week at $173, dropping nearly 34% on Friday, and further declining 5.9% in after-hours trading.

Cryptocurrency

▌The Crypto Industry Needs a “Reset” Before the Next Bull Market

On March 29, since Bitcoin hit a historic high of $127,000 in October 2025, the first quarter of 2026 has started tumultuously, with Bitcoin dropping to a low of $60,000 in less than five months. Although this dramatic volatility is painful, the reality is not as grim as it seems: the market is undergoing the necessary adjustments to lay the groundwork for the next stronger cycle. When the macro environment, geopolitical tensions, and traditional markets weaken, the crypto market often bears the brunt of the selling pressure. Currently, multiple factors are converging, exerting significant pressure on the crypto market: increased counterparty risk, tightening global liquidity, weak technical trends, reduced ETF inflows, and overall pressure on the credit and banking systems. However, such phases are not anomalies in the digital asset market; they are part of a larger cycle—also a signal of future opportunities for those willing to see the trends.

****▌Today’s Fear and Greed Index Drops to 9, Remains in Extreme Fear

On March 29, today’s Fear and Greed Index dropped to 9 (from 12 yesterday), remaining in the extreme fear category. Note: The Fear Index threshold is 0-100 and includes indicators: volatility (25%) + market trading volume (25%) + social media heat (15%) + market surveys (15%) + Bitcoin’s proportion in the overall market (10%) + Google Trends analysis (10%).

Important Economic Dynamics

▌Next Week’s Macroeconomic Outlook: U.S.-Iran Conflict to Reach Critical Turning Point, Japan and U.S. Central Banks May Signal Rate Hikes

On March 29, the U.S.-Iran conflict has lasted a whole month, and the upcoming week will be filled with uncertainties and black swan events. Whether peace talks or escalation of conflict, each small step will tighten the market’s nerves. In addition to geopolitical conflicts, the Bank of Japan and the Federal Reserve will reveal their rate hike expectations to the market, and U.S. non-farm employment data will also significantly impact market liquidity expectations, as follows: Monday at 07:50, the Bank of Japan will publish a summary of opinions from the March monetary policy meeting; Tuesday at 04:00, New York Fed President Williams will speak; Wednesday at 00:00, Chicago Fed President Goolsbee will give an opening speech at an event hosted by the bank; Wednesday at 23:00, 2026 FOMC voting member and Dallas Fed President Logan will speak; Thursday at 20:30, U.S. initial jobless claims for the week ending March 28, U.S. February trade balance; Friday at 20:30, U.S. March unemployment rate, U.S. March seasonally adjusted non-farm payrolls, U.S. March average hourly wage year-on-year rate, U.S. March average hourly wage month-on-month rate; Friday at 21:45, U.S. March S&P Global Services PMI final value. Finally, on April 3 (Friday), the New York Stock Exchange (NYSE) and Nasdaq will be closed all day; trading in precious metals and U.S. crude oil futures will be suspended all day; stock index futures will end early (Beijing time 21:15); foreign exchange and U.S. Treasury futures will end early (Beijing time 23:15); Brent crude oil futures will be suspended all day.

****▌Market News: Air Raid Sirens Sound Across Israel Following Joint Attack by Hezbollah and Iran

On March 29, market news: air raid sirens sounded across Israel following a joint attack by Hezbollah and Iran. (Jin Ten)

****▌Israeli Military Completes Another Round of Large-Scale Airstrikes on Iranian Capital

On March 29, according to CCTV News, local time on March 28, the Israel Defense Forces stated that the Israeli Air Force recently completed another round of large-scale airstrikes on Tehran, the capital of Iran. (Zhitong Finance)

****▌Institutions: U.S. Job Market May Gradually Warm Up This Month After February’s Slump

On March 29, the employment situation in the U.S. may improve in March, following one of the largest declines in employment data since the pandemic. Economists estimate that after experiencing a reduction of 92,000 jobs, 60,000 new jobs were added this month. The unemployment rate is expected to remain at 4.4%. Since May of last year, there has been no growth in employment numbers for several months, indicating a lack of significant hiring momentum in the labor market but showing no signs of alarming deterioration. In this context of limited job opportunities, the war in the Middle East has again raised Americans’ concerns about inflation due to rising gasoline prices. Economists point out that after disappointing employment data in February—where employment in construction and leisure/hospitality sectors may have declined due to weather conditions—employment numbers are expected to rebound in March. With over 30,000 employees of Kaiser Permanente ending their strike, employment in the healthcare sector may also see growth. (Jin Ten)

****▌2,500 U.S. Marines from the Expeditionary Force Have Arrived in the Middle East Aboard the USS Tripoli

On March 29, U.S. officials: 2,500 U.S. Marines from the 31st Marine Expeditionary Unit, along with 2,500 sailors, have arrived in the Middle East aboard the USS Tripoli. (Sina Finance)

Golden Encyclopedia

▌Can Bitcoin Still Be Called “Digital Gold” Amid Geopolitical Crises?

In every geopolitical crisis, gold prices rise, while Bitcoin prices plummet. After six tests, the claim of “digital gold” has never been substantiated by data. Countries stockpile gold but exclude Bitcoin from their reserves. For investors, Bitcoin has asymmetry: it falls with stocks but does not rise with them. Three structural asymmetries prevent Bitcoin from achieving a safe-haven status: excess derivatives (market structure), dominance of leveraged traders (participant composition), and lack of repeatable behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a “useful asset in a crisis,” as it can indeed play a role when borders close and banks collapse. If these three asymmetries are reduced, Bitcoin may no longer be a replica of gold but could become a new “next-generation gold.” Intergenerational changes and the widespread application of algorithms are key factors that may accelerate this process.