Let’s start a little differently. Imagine if the crypto market had emotions. Over the past few weeks, it would be experiencing something like cognitive dissonance – that strange internal conflict where facts pull you one way, but your beliefs pull you another. One great piece of news follows another. The US president hosts a crypto summit. BlackRock and Fidelity go all-in. Ripple wins its case against the SEC. And yet... prices swing back and forth, and the market struggles to find a clear direction.

Let’s take a look at what actually happened in March 2025 – and why it all feels more like a psychological thriller than a typical investment month.

What is the concept of cognitive dissonance?

Wikipedia defines this term as a state of mind that arises from a conflict between two cognitions, for example, between attitudes (knowledge, beliefs, behaviors) and the actual state of affairs.

People who are fans of Donald Trump while holding cryptocurrencies are experiencing this right now. On the one hand they like Donald Trump because he is supposed to have a positive impact on the price of cryptocurrencies (Attitude). But on the other hand, his actions are sinking cryptocurrency prices (Reality). Well, this inconsistency can create an internal contradiction in these people.

If the cryptocurrency market had emotions, it would be experiencing something similar.

On the one hand, we have one positive news from the crypto world after another (as you'll see in today's article) and you'd be hard pressed to find something really big that's negative. And because of this, so ancestors must conclude that cryptocurrencies must thrive and nothing stands in their way. From all reports, that's what it looks like.

But on the other hand, cryptocurrencies are trading against the backdrop of a global market where the outlook is very different. Throughout March, the media was dominated by news about the situation regarding the war in Ukraine, which is not yet over. And the other, perhaps even bigger, topic was the tariffs from the US, which most economists do not consider a pro-growth measure. At least not in the short term. After all, from the perspective of global markets, not even in the long term.

What about our portfolio?

Well, the market is dealing with this uncertainty as you would expect. The whole of March has been sharply volatile and unstable, but because of the two conflicting aspects mentioned above, it has not yet chosen a clear direction. Instead, it is floundering from extreme to extreme depending on how Donald Trump is currently tweeting.

In a market with such a vaguely defined sentiment, we have chosen to stand rather on the sidelines with our Probinex portfolio. After all, the main purpose of our equity is to secure the running of the business. Building excess earnings is secondary. It would be irresponsible to expose ourselves to risk for the sake of profit and, in an extreme case, even jeopardize the company's operations.

For this reason, we have not focused much on trading futures and other derivatives. Our spot portfolio currently consists of bitcoin and a couple of more resilient altcoins, although it must be said here that these positions are relatively bleeding in the current market situation.

However, we don't consider the current state of the market to be a pronounced bearmarket, we are also looking at it from a technical analysis perspective.

We try to buy bitcoin on spot when our limit orders are hit, waiting at price levels that occur during market capitulations. The goal is to buy bitcoins at a discount and dilute the average purchase price. That way when the market goes up again (even just within the range where it is currently moving) we can close out the profit or on a break-even.

Since we didn't close any spot positions and we didn't participate in the futures market either, StayKing isn't allocating any PBX this month.

Trump Hosts Crypto Summit and unveils Bitcoin Reserve

U.S. President Donald Trump rolled out the red carpet for crypto at a first-of-its-kind White House summit in early March. Surrounded by industry bigwigs (like Coinbase’s CEO and the Winklevoss twins), Trump announced a plan to build a Strategic Bitcoin Reserve – basically a government stockpile of Bitcoin.

In a move he likened to creating a “digital Fort Knox” for crypto, the administration said it will use seized bitcoins (from past criminal cases) to fill the reserve.

Trump stressed that no taxpayer money will be spent on this stash, instructing officials to find “budget-neutral” ways to grow it. This marked the first time the U.S. government formally recognized Bitcoin as part of its reserves, a symbolic leap for crypto acceptance.

Why does this matter?

For crypto newcomers, seeing a U.S. president not only host a crypto summit but also treat Bitcoin like a strategic asset is a big deal. It signals a sharp turn from previous administrations – Trump even joked about the old crypto adage “never sell your Bitcoin,” suggesting the U.S. plans to hold its BTC for the long run. This high-profile endorsement could boost mainstream confidence in digital assets. Plus, it shows the government taking crypto more seriously (even comparing Bitcoin to gold), which could pave the way for clearer regulations and broader adoption in the future.

BlackRock & Fidelity Double Down on Crypto

Two of the world’s financial giants, BlackRock and Fidelity, spent March doubling down on their crypto bets. BlackRock – the largest asset manager – launched its first Bitcoin fund in Europe, after seeing huge success with a similar product in the U.S. that drew in over $50 billion. This new European Bitcoin ETP (exchange-traded product) lets investors buy into Bitcoin easily on stock exchanges, and BlackRock even cut fees to attract more interest. In short, BlackRock is expanding Bitcoin access globally, reinforcing that it sees crypto as a big part of the future.

Not to be outdone, Fidelity made its own crypto power moves. The $5 trillion asset manager is testing a stablecoin – essentially a crypto version of the dollar – to facilitate digital transactions.

Fidelity’s digital assets division hinted that this token (pegged 1:1 to USD) could streamline trading by serving as cash within crypto markets. The firm also filed to tokenize a money market fund on Ethereum, blending traditional finance with blockchain. For everyday investors, these developments mean that trusted household names are embracing crypto tech more than ever. When giants like BlackRock and Fidelity deepen their crypto involvement, it adds credibility and convenience – think easier Bitcoin investing through your brokerage or using a Fidelity digital dollar – which could help bridge the gap between Wall Street and the crypto world.

Ripple’s 4-Year Fight with the SEC Ends in Settlement

In a landmark moment for the crypto industry, Ripple Labs finally put its drawn-out battle with the U.S. SEC to rest. After four years of courtroom drama over whether Ripple’s XRP token was sold as an unregistered security, the company settled with the SEC in late March.

Ripple agreed to pay a $50 million fine (a steep drop from the $125 million originally imposed) without admitting wrongdoing. This deal effectively ends one of the SEC’s highest-profile crypto cases, as regulators have started dialing back their heavy-handed oversight in the Trump era.

Why is this important?

For one, it lifts a huge cloud of uncertainty that hung over XRP and other cryptocurrencies. Back in 2020, the SEC’s lawsuit cast doubt on whether tokens like XRP could legally be traded – spooking many exchanges and investors. Now, with the case closed and the SEC even dropping its appeals, it feels like a victory for the crypto camp. The outcome suggests that U.S. regulators might be taking a more crypto-friendly stance (indeed, the SEC has recently pulled back on actions against other exchanges too).

For beginners, the takeaway is that a major legal threat to crypto has been resolved, potentially opening the door for innovation and clearer guidelines. It’s a sign that the rules of the game for crypto in the U.S. are settling down, which could encourage more people and businesses to get involved without fear of sudden crackdowns.

Binance Gets a $2 Billion Boost from Abu Dhabi

Binance, the world’s largest crypto exchange, just got a hefty vote of confidence (and cash) from the Middle East. In mid-March, an Abu Dhabi–backed fund called MGX poured a staggering $2 billion into Binance, becoming a minority owner of the company. Notably, this investment was paid in stablecoins (crypto tied to the dollar), making it one of the biggest crypto investments ever and Binance’s first major outside funding. The deal tightens Binance’s links to the United Arab Emirates, where it already has a large presence and a friendly regulatory environment. Binance’s new CEO, Richard Teng, is a former Abu Dhabi financial official – so this partnership seems like a natural fit.

This money can help Binance improve its services, comply with regulations, and expand, all while having a powerful ally in the Middle East. For everyday crypto holders, a more secure Binance with big backing could mean a safer and more stable platform to trade on, as well as broader adoption of crypto in new regions (the UAE is eager to be a global crypto hub).

GameStop Buys Bitcoin

GameStop, the famed meme-stock retailer, is jumping on the Bitcoin bandwagon. In March, the company announced that its board approved adding Bitcoin to its treasury reserves – essentially saying GameStop will start holding Bitcoin as an asset on its balance sheet. This move mirrors the strategy of MicroStrategy (now rebranded as “Strategy”), the firm known for hoarding BTC. GameStop’s decision didn’t come out of the blue; rumors had swirled for months, and it arrives just after President Trump’s pro-crypto moves (like the Bitcoin reserve order).

The company signaled it may use a chunk of its cash and even raise new funds (about $1.3 billion via bonds) to buy Bitcoin for the long term.

In true GameStop fashion, the news initially sent its stock soaring as Reddit traders cheered the crypto pivot.

So why is this noteworthy?

So why is this noteworthy? GameStop is a household name – remember the 2021 saga when Redditors sent its stock to the moon? Now it’s embracing the original meme asset, Bitcoin. This is a big psychological boost for crypto: it shows that even struggling traditional companies see BTC as a viable reserve asset or turnaround strategy.

It puts Bitcoin in the same conversation as corporate treasury investments, which used to be reserved for things like cash or gold. For beginners, it’s another sign of mainstream adoption: if GameStop stores value in Bitcoin, it might encourage other mid-sized companies to consider doing the same. However, not everyone is convinced. Some investors are wary, as GameStop’s core business (video game retail) is still shaky – its stock actually fell 15% the day after, when the initial hype gave way to questions about the plan.

The takeaway is that while adding Bitcoin could give GameStop a new strategic angle (and aligns with the internet culture that lifted it up), it’s not a magic fix. It does, though, mark another chapter in Bitcoin’s evolution from a fringe idea to something even brick-and-mortar companies treat as a serious asset. In the long run, moves like this could further normalize holding crypto as part of corporate strategy, especially if GameStop and others benefit from their bet.

HyperLiquid’s JELLY Short Squeeze Saga

A wild trading drama unfolded on HyperLiquid, a newer crypto trading platform, and it had the community buzzing. It involved a meme coin aptly named JELLY (or “JellyJelly”) and a classic short squeeze – that’s when a rapid price spike crushes traders who bet against the asset. In late March, a whale (mega trader) manipulated JELLY’s price, causing it to skyrocket by over 5x in hours. This trapped HyperLiquid’s liquidity system on the losing side of a bet, putting the platform on the hook for a jaw-dropping $230 million in potential losses. In response, HyperLiquid’s team took emergency action: they delisted JELLY perpetual contracts entirely to stop the bleeding and even planned to compensate affected users. Crisis averted? Not without controversy – the saga raised serious questions about market manipulation and risk controls on trading platforms.

The plot thickened because major exchanges like Binance and OKX had suddenly listed JELLY derivatives around the same time, which some saw as fishy. In fact, HyperLiquid supporters accused those bigger exchanges of possibly facilitating the attack (or at least capitalizing on it). The rumor mill went into overdrive. While there’s no hard evidence of Binance or OKX colluding in the JELLY incident, the whole episode highlighted a stark contrast: a “small exchange” struggling with a rogue trade versus big exchanges with checkered reputations in the backdrop. For crypto newcomers, this is a cautionary tale. It shows how volatile and unregulated corners of the market can get, with meme coins and leveraged bets leading to chaos. The silver lining is that HyperLiquid’s quick action prevented a total collapse. In crypto, if something’s pumping crazily, there might be more than meets the eye.