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

Headlines

▌US Media: “No Kings” Rallies Erupt Across the US Opposing Trump**

On March 29, according to The Wall Street Journal, on Saturday local time, hundreds of thousands of demonstrators are expected to take to the streets for nationwide “No Kings” rallies to protest against President Trump. Organizers claim that Trump’s governance resembles that of a king rather than a president. This Saturday’s protest is the third “No Kings” rally in less than a year, coinciding with controversies over the actions of U.S. Immigration and Customs Enforcement (ICE) and the debate on deploying federal troops in cities across the country. Organizers stated this week that the U.S. involvement in the war with Iran 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 Still Shows Weakness, BAYC 5278 Down Over 100 ETH From Last Sale**

On March 29, despite several digital art projects debuting at Art Basel Hong Kong, the NFT market as a whole continues to show weakness with no clear signs of recovery. Specifically, the current listing price for Bored Ape #5278 from the “Bored Apes” series is only 7 ETH, down over 100 ETH from its last sale, reflecting a significant pullback in the valuations of top NFT assets. Once regarded as a rapidly rising asset class, the NFT art market has cooled significantly, with both liquidity and price performance remaining under pressure.

Market Updates

As of publishing, according to CoinGecko data:

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

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

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

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

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

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

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

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

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

Policies

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

On March 29, on March 28 local time, Venezuela’s Deputy Foreign Minister Blanco, responsible for European and North American affairs, confirmed via social media the resumption of operations for Venezuela’s diplomatic mission in the U.S. Blanco stated, “Together with the head of the mission, Plasencia, we have resumed Venezuela’s diplomatic mission in the United States. These institutions will provide services to all Venezuelan citizens under the direction of the interim president Rodriguez. This is a solid step to strengthen bilateral relations and serve our diaspora.” (CCTV News)

▌Kalshi Obtains License to Offer 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 them to establish trading positions with less initial capital. This move aims to enhance Kalshi’s appeal to institutional investors; this feature may be first rolled out with new products rather than its core event contract category. Traditional prediction markets typically require full collateralization of positions, while Kalshi’s margin feature breaks this industry norm. Currently, trading volume and investor interest in the prediction market sector continue to rise, and Kalshi recently completed $1 billion in funding, providing a backdrop for the official launch of this feature.

▌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 this fundraising channel that has been largely unused since it was first allowed in 2019. The Chief Electoral Officer initially favored tightening regulations but later recommended a complete ban in 2024, citing that cryptocurrencies have “pseudo-anonymity” and pose fundamental challenges in verifying donor identities. The bill is a reintroduced version of the previously failed Bill C-65, stipulating that illegal crypto donations must be refunded or forfeited within 30 days, and imposing penalties for violations: businesses can be fined up to twice the amount of the donation plus $100,000. The bill has now entered 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 exposure to late-stage private market companies. According to a Friday announcement, the single tokenized asset VCXx is expected to go live on the xStocks platform in the coming days. Shortly before this, the closed-end fund had just begun trading on the New York Stock Exchange, with its portfolio including private equity stakes in tech companies such as Anthropic, Databricks, and SpaceX. In early trading, the fund’s share price surged from an issue price of $31 on March 19 to a peak of $575 per share. However, short-selling firm Citron Research released a critical report on Thursday, stating that Fundrise Advisors LLC faced SEC charges in 2023 for paid solicitation activities. Citron is calling on 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, with an additional 5.9% decline in after-hours trading.

Cryptocurrency

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

On March 29, since Bitcoin reached an all-time high of $127,000 in October 2025, the first quarter of 2026 has started off tumultuously, with Bitcoin plummeting to a low of $60,000 in less than five months. Although this volatility is painful, the reality is not as dire as it seems: the market is undergoing necessary adjustments to lay the groundwork for a stronger next cycle. When the macro environment, geopolitical tensions, and traditional markets weaken, the crypto market often bears the brunt of sell-off pressure. Currently, multiple factors are converging to create immense pressure on the crypto market: rising counterparty risks, tightening global liquidity, weak technical trends, reduced ETF inflows, and increasing overall stress on the credit and banking systems. However, such phases are not anomalies in the digital asset market; they are part of a larger cycle—and also signal future opportunities for those willing to recognize trends.

▌Today’s Fear and Greed Index Falls to 9, Still in Extreme Fear

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

Important Economic Dynamics

▌Next Week’s Macro Outlook: US-Iran Conflict Faces Critical Turning Point, Japan and US Central Banks May Signal Rate Hikes

On March 29, the US-Iran conflict has persisted for a whole month, and the upcoming week is expected to be filled with uncertainties and black swan events, with every small step toward negotiations or escalation of conflict affecting the market’s tense nerves. In addition to geopolitical conflicts, the Bank of Japan and the Federal Reserve will present their rate hike expectations to the market, and the U.S. nonfarm payroll data will also significantly influence market liquidity expectations, as detailed below: Monday 07:50, the Bank of Japan publishes a summary of opinions from the March monetary policy meeting; Tuesday 04:00, New York Fed President Williams delivers a speech; Wednesday 00:00, Chicago Fed President Goolsbee gives an opening address at an event hosted by the bank; Wednesday 23:00, 2026 FOMC voter, Dallas Fed President Logan speaks; Thursday 20:30, U.S. initial jobless claims for the week ending March 28, U.S. February trade balance; Friday 20:30, U.S. March unemployment rate, U.S. March seasonally adjusted nonfarm employment, U.S. March average hourly earnings year-on-year, U.S. March average hourly earnings month-on-month; Friday 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 for the entire day; trading in precious metals and U.S. crude oil futures will be suspended for the entire day; index futures will end early (21:15 Beijing time); forex and U.S. Treasury futures will also end early (23:15 Beijing time); Brent crude oil futures will be suspended for the entire day.

▌Market News: Alarms Sound Across Israel Following Joint Attacks by Hezbollah and Iran

On March 29, market news: alarms sounded across Israel following joint attacks by Hezbollah and Iran. (Jin Shi)

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

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

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

On March 29, the U.S. job situation may improve in March after the country experienced one of the largest declines in employment data since the pandemic. Economists estimate that after a drop of 92,000 jobs, the country added 60,000 jobs this month. The unemployment rate is expected to remain at 4.4%. Since May of last year, employment numbers have not seen growth for several months, indicating a lack of significant hiring momentum in the labor market but also showing no signs of concerning deterioration. In this context of limited job opportunities, the ongoing war in the Middle East has rekindled American concerns over inflation due to a significant rise in gasoline prices. Economists point out that after disappointing employment data in February—where job numbers in construction and leisure and hospitality sectors likely decreased due to weather conditions—March is expected to see a rebound in employment numbers. With over 30,000 employees from Kaiser Permanente ending their strike, job numbers in the healthcare sector may also see an increase. (Jin Shi)

▌2,500 U.S. Marine Expeditionary Soldiers Arrive in the Middle East Aboard USS Tripoli

On March 29, U.S. officials: 2,500 U.S. Marine Expeditionary soldiers 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?

With each geopolitical crisis, gold prices rise while Bitcoin prices fall. After six tests, the claim of “digital gold” has never been substantiated by data. Countries stockpile gold but exclude Bitcoin from reserves. For investors, Bitcoin presents asymmetry: it falls when stocks drop but does not rise alongside them. Three structural asymmetries prevent Bitcoin from gaining safe-haven status: an excess of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavior records (behavior accumulation).

Bitcoin is not a safe-haven asset, but it is a “useful asset in crises” that can indeed be effective under border closures and bank failures. If these three asymmetries shrink, Bitcoin may no longer be a replica of gold but could become a new “next-generation gold.” Intergenerational change and the widespread application of algorithms are key factors that may accelerate this process.