Bitcoin Magazine Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India Russia is turning to bitcoin and crypto to facilitate oil trades with China and India, circumventing sanctions imposed on Ukraine. This post Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.

Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India

21Shares just announced it will be liquidating two of its exchange-traded 
funds after a routine review. 21Shares has announced plans to liquidate two of 
its exchange-traded funds that invest Bitcoin (BTC) and Ethereum (ETH) 
futures. Specifically, it will liquidate the…

21Shares will liquidate two of its Bitcoin and Ethereum futures contracts ETFs

A new bill set to be introduced in Congress aims to formalize President Donald 
Trump&#8217;s executive order establishing a US Strategic Bitcoin Reserve, a move 
that could further integrate Bitcoin into the nation&#8217;s financial strategy.
Trump signed an executive order on March 7 to use Bitcoin (BTC) seized in 
government criminal cases to establish a national reserve.
The legislation, introduced by US Representative Byron Donalds, seeks to 
ensure the Bitcoin reserve becomes a permanent fixture, preventing future 
administrations from dismantling it through executive action.
_Source:__Margo Martin_
&#8220;For years, the Democrats waged war on crypto,&#8221; Donalds, a Florida Republican, 
said in a statement to Bloomberg. &#8220;Now is the time for Congressional 
Republicans to decisively end this war.&#8221;
If the bill is passed, it would ensure that the Strategic Bitcoin Reserve and 
the US Digital Asset Stockpile could not be eliminated via executive actions 
by a future administration.
The bill will require at least 60 votes in the Senate and a House majority to 
pass. With Republicans holding a Senate majority &#8212; and a generally more 
crypto-friendly stance &#8211;the bill has a chance of passing.
_US states with Bitcoin reserve bill propositions. Source:__Bitcoinlaws_
According to Bitcoinlaws data, at least 23 US states have introduced 
legislation supporting a Bitcoin reserve, reflecting growing state-level 
interest in integrating crypto into fiscal policy.
_**Related:**__**Trump turned crypto from &#8216;oppressed industry&#8217; to 
&#8216;centerpiece&#8217; of US strategy**_
## A &#8220;pivotal moment&#8221; for US crypto regulations
The introduction of the Bitcoin reserve-related bill marks a pivotal moment 
for the wider crypto industry, not just BTC.
The legislation &#8220;aims to cement the reserve as a permanent fixture, shielding 
it from reversal by future administrations,&#8221; according to Anndy Lian, author 
and intergovernmental blockchain expert.
The bill signals the US government&#8217;s intent to integrate Bitcoin into its 
financial framework, Lian told Cointelegraph, adding:
&gt; &#8220;It builds on Trump&#8217;s earlier executive action by providing a statutory 
&gt; backbone, potentially clarifying the government&#8217;s stance on digital assets. 
&gt; If passed, the bill could reduce uncertainty that has long plagued the 
&gt; crypto space, where agencies like the SEC and CFTC have often clashed over 
&gt; jurisdiction.&#8221;
&#8220;A codified reserve might encourage a more cohesive regulatory approach, 
offering businesses and investors a clearer path forward,&#8221; he added.
However, identifying the right funding mechanisms and custody solutions for 
the Bitcoin reserve is a challenging step for governmental entities that may 
delay the fund&#8217;s creation.
_**Related:**__**European lawmakers silent on US Bitcoin reserve amid digital 
euro push**_
Donalds&#8217; bill may also provide more clarity on the government&#8217;s future Bitcoin 
acquisition strategies. Although the current plan does not involve government 
Bitcoin purchases, the order does not rule them out in the future.
The order authorizes the US Treasury and Commerce secretaries to develop 
&#8220;budget-neutral strategies&#8221; to buy more Bitcoin for the reserve, provided 
there are no additional costs to taxpayers.
_**Magazine:**__**SCB tips $500K BTC, SEC delays Ether ETF options, and more: 
Hodler &#8216;s Digest, Feb. 23 -March. 1**_

US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserve

Bitcoin&#8217;s price appears to be still struggling below key levels. So far, the 
asset still trades below $82,000 marking a slight uptick of 0.3% in the past 
day and a roughly 24.3% decrease away from its all-time high (ATH) above 
$109,000 registered in January. Amid this price performance, key price levels, 
particularly those that impact short-term holders (STHs)—investors who have 
held Bitcoin for less than six months have emerged. Related Reading: Bitcoin 
Investors Shift To Strong Distribution As Demand Fades, Glassnode Reveals 
Short-Term Holder Realized Price: A Key Market Indicator CryptoQuant analyst 
Yonsei Dent has identified a critical resistance zone between $86K and $90K, 
where many STHs remain in a loss position. The ability of Bitcoin to break 
through these levels will determine whether it can regain momentum or continue 
its downward trend. Yonsei Dent emphasizes the importance of Realized Price, 
which represents the average acquisition cost of Bitcoin holders. This metric 
helps identify support and resistance zones by showing at what price level 
investors are likely to break even or sell at a loss. Currently, Bitcoin is 
struggling to reclaim the $83,000 resistance, as the weighted average Realized 
Price for 1W–6M STHs stands at $91.800. This means that many recent buyers are 
still holding at a loss, creating selling pressure as they attempt to exit at 
break-even levels. Additionally, the 3–6M STH Realized Price sits at $86.100, 
making it a major resistance zone. Since this group holds the largest share of 
Realized Cap among short-term holders, their trading activity could 
significantly impact Bitcoin’s price movements. What This Means for Bitcoin’s 
Price Action As Bitcoin trades in the $86,000 to $90,000 range, short-term 
holders selling at break-even could lead to increased market volatility. If 
Bitcoin is unable to break past this resistance, it could face renewed 
downward pressure. On the downside, Bitcoin’s 6–12M Long-Term Holder (LTH) 
Realized Price sits at $63.700, with $64,000 being a strong historical support 
level. Yonsei Dent notes that if buying demand is strong enough to absorb 
selling pressure, Bitcoin may break out of this range and establish a more 
bullish trend. Related Reading: Bitcoin’s Mining Difficulty Rises Despite 
Market Drop—What Does It Mean? However, if selling from short-term holders 
intensifies, Bitcoin could retest lower support levels before making any 
significant recovery. The analyst noted: As Bitcoin navigates the $86K → $90K 
range, STHs looking to exit at break-even may increase market turbulence. The 
key question is whether buying demand will be strong enough to absorb this 
pressure. Let’s see how the market responds. Featured image created with 
DALL-E, Chart from TradingView

Bitcoin’s Price at a Crossroads—Will It Break $86K or Drop to $64K Support?

Newly revealed court documents show that FTX secretly liquidated $1.53 billion 
in Three Arrows Capital (3AC) assets just two weeks before the hedge fund 
collapsed in 2022. The disclosure challenged previous narratives that 3AC&#8217;s 
downfall was solely market-driven.
Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of 
leveraged directional trades turned sour. The hedge fund had borrowed from 
over 20 large institutions before the May 2022 crypto crash, which saw Bitcoin 
(BTC) fall to $16,000.
However, recently-discovered evidence shows that the FTX exchange liquidated 
$1.53 billion worth of 3AC&#8217;s assets just two weeks ahead of the hedge fund&#8217;s 
collapse.
3AC &#8220;asked a bankruptcy court to let it increase its claim against FTX from 
$120 million to $1.53 billion,&#8221; according to &#8220;Mbottjer,&#8221; the pseudonymous co- 
founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.
&#8220;3AC says it only recently discovered evidence that FTX liquidated $1.53B of 
3AC&#8217;s assets just two weeks before 3AC itself went into liquidation, much more 
than the $120M originally claimed,&#8221; they stated.
_Source:__Mbottjer_
The crypto hedge fund claims it was never notified of these liquidations due 
to FTX&#8217;s own bankruptcy proceedings. A court ruled that 3AC acted in good 
faith, allowing it to pursue its full $1.53 billion claim in FTX&#8217;s bankruptcy 
case.
On Dec. 21, 2023, a British Virgin Islands court froze $1.14 billion worth of 
3AC co-founder Kyle Davies and Su Zhu&#8217;s assets. Teneo has since estimated that 
3AC creditors are still owed roughly $3.3 billion following the hedge fund&#8217;s 
collapse in 2022.
Davies claimed that allegations from Teneo &#8212; the firm in charge of 3AC&#8217;s 
liquidation &#8212; that he and co-founder Su Zhu were &#8220;not cooperating&#8221; were 
exaggerated.
_**Related:**__**US court gives Three Arrows nod to increase its FTX claim to 
$1.53B**_
## Missing $1.5 billion not enough to avoid 3AC collapse
While the $1.53 billion sum is significantly larger than FTX&#8217;s previously 
disclosed liquidations, it may not have been enough to save 3AC from 
bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:
&gt; &#8220;From what I can see, even if they in 2022 had the additional $1.5 billion 
&gt; they still would not have been able to meet creditor claims/debt 
&gt; repayments.&#8221;
_**&#8221;**_ Without being a legal expert, it seems to me that 3AC, while being 
allowed to pursue a much larger amount, likely won&#8217;t get the full $1.53 
billion claim. It seems realistic that they will get more, but how much is 
uncertain,&#8221; the analyst added.
_**Related:**__**3AC liquidators file $1.3B claim against Terraform Labs**_
Binance co-founder and former CEO Changpeng Zhao called the revelations an 
&#8220;interesting turn of events.&#8221;
_Source:__CZ BNB_
&#8220;I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 
2022,&#8221; Zhao said in a March 14 X post.
The collapse of 3AC occurred a month after that of Terraform Labs&#8217; Terra 
(LUNC) and TerraClassicUSD (USTC) tokens and shortly before crypto lender 
Celsius paused all user withdrawals after its native token Celsius (CEL) 
dropped 90%.
_**Magazine:**__**&#8217; Hong Kong&#8217;s FTX&#8217; victims win lawsuit, bankers bash 
stablecoins: Asia Express**_

FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

2021 is where everyone was talking about NFTs and it seemed like the next big 
thing. Fast forward to 2025 and people are speculating on whether NFTs can 
ever reclaim their past glory. There was truly a time when a…