Author: 行政

The Supreme Court’s Feb. 20 decision striking down President Donald Trump’s IEEPA-based tariff program as illegal creates a massive fiscal overhang that could function as an unintended liquidity injection.The Court ruled 6-3 that the International Emergency Economic Powers Act does not authorize the President to impose tariffs, invalidating a program that collected at least $133.5 billion through Dec. 14, 2025, with Penn-Wharton Budget Model estimates suggesting total receipts reached approximately $179 billion by the ruling date.Markets reacted immediately: stocks jumped, the dollar weakened, and Treasury yields edged higher as traders began pricing what could become one of the largest unplanned…

Bitcoin just got ~15% harder to mine as hashrate falls—pushing miner revenue back into the $30 stress zoneBitcoin’s mining economy has tightened again, but its undertones could pave the way for a price recovery in the top crypto.Over the past weeks, the network difficulty jumped, while the hashrate has shown signs of softening. At the same time, BTC miner margins have come under increased pressure as their revenue slipped back toward stress levels.That combination has repeatedly materialized near major inflection points in previous market cycles.While market analysts caution that this is not a magic buy signal for investors, the structural…

Stablecoin supply is crypto’s deployable cash. With a total stablecoin market cap of around $307.92 billion and down -1.13% in the past 30 days, the pool has stopped growing month over month.When supply stalls, price moves get sharper, and Bitcoin feels it first in thin depth and bigger wicks.Stablecoins sit in a strange middle ground in the crypto market. They behave like cash, yet they arrive there through private issuers, reserve portfolios, and redemption rails that look more like a money-market complex than a payment app.For trading, though, they play one role so consistently that it earns a macro comparison:…

European Central Bank President, Christine Lagarde, runs an institution that trades in certainty, and she does it in a moment that rewards ambiguity.Earlier this week, the story around her took on a familiar European shape: official silence wrapped around very specific timing.The FT reported Lagarde is expected to step down before her term ends in October 2027, with the timetable linked to France’s April 2027 presidential election and the succession politics that follow. Markets watch those puzzles closely because the next name at the microphone can change the texture of every decision.The ECB, via a spokesperson, kept the public line…

Pi Coin remains under pressure after losing over 90% from its peak. Migration delays and locked balances continue to hurt user confidence. Traders are watching the resistance at $0.18 and the support at $0.15 support closely. Pi Coin is marking a difficult anniversary as selling pressure continues to weigh on the price. The past year has been one of big promises, uneven delivery, and fading market confidence. As the open mainnet clocks its first birthday, many holders are still waiting for clarity. The token’s price action reflects that uncertainty. A one-year milestone filled with mixed signals The first year of…

Bitcoin’s current bear market could worsen over the next year if the flagship digital asset fails to address concerns about quantum computing.In a Feb. 20 report, Charles Edwards, Capriole founder, claimed that Bitcoin’s market value should already be discounted for quantum risk and warned that the discount could deepen quickly if the network does not move toward quantum-resistant code.According to him:“Bitcoin will be worth half as much in little over a year if we do not progress an upgrade to quantum proof Bitcoin. Without progress, Bitcoin’s Quantum Discount Factor jumps to 75% in 2029.”This projection implies that Bitcoin’s price could…

$56.9M have exited Arbitrum, pressuring ARB near key support levels. Arbitrum Network activity remains steady despite the token price decline. Critical levels to watch are the support around $0.093–$0.095 and the resistance around $0.100–$0.105. Arbitrum has found itself under renewed pressure after a sharp wave of capital outflows unsettled market confidence. In the last 24 hours, roughly $56.9 million exited the Arbitrum ecosystem, according to Artemis, raising concerns about whether the recent attempt at a price rebound can survive. Arbitrum capital outflow | Source: Artemis Arbitrum capital outflow against ARB’s price decline The outflow comes at a time when ARB…

Bitcoin has until the end of the year to recover, or the Power Law will be invalidated.The Power Law model isn’t a prophecy. It’s a time-based regression that treats Bitcoin’s long-run price path as a power curve, and the “deadline” talk centers on a rising floor. Better yet, a lower band that rises every day, regardless of the price.If Bitcoin chops sideways or sells off through the fall, that floor eventually catches up to price, creating the first headline break of a model that’s held for the asset’s entire history.As of mid-February 2026, Newhedge’s live Power Law tracker shows the…

Ethereum’s new roadmap lands in a market that is less interested in vision and more interested in evidence.That is the core tension behind the Ethereum Foundation’s Protocol Priorities Update for 2026, which breaks the network’s next phase into three tracks, including Scale, Improve UX, and Harden the L1.The roadmap is technical, but the market question is not. Investors want to know whether these priorities can help ETH recover in this bear market, and whether they can do so by changing risk and economics rather than just developer sentiment.That is why the Foundation’s framing matters. It is not selling one upgrade.…

AZTEC has surged nearly 80% after listing on major Korean exchanges. AZTEC has gained traction as a privacy-focused Ethereum Layer 2 solution. Key levels to watch are the support at $0.0188 and the resistance at $0.0371. The Ethereum-based privacy token AZTEC has seen a dramatic surge in its price over the last 24 hours. The current price of AZTEC is around $0.035, representing an impressive increase of nearly 80% in a single day. Source: Coingecko Trading volumes have also spiked, reflecting heightened market activity and strong investor interest. Exchange listings fuel the rally One of the main drivers behind AZTEC’s…