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Celsius Resources Limited (“Celsius” or “CLA”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has received formal confirmation from the Philippine Department of Environment and Natural Resources (“DENR”) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”)1.

HIGHLIGHTS

  • The Philippine Department of Environment and Natural Resources (DENR has formally accepted the binding term sheet which outlines the key terms of a bridge loan facility between Maharlika Investment Corporation (MIC) and Makilala Mining Company, Inc. (MMCI) as sufficient proof of financial capability.
  • This confirmation marks MMCI’s full compliance with the remaining provisional requirements of the Mineral Production Sharing Agreement (MPSA) for the MCB Copper-Gold Project, locking the MPSA for a full 25 years, renewable for another 25.

This follows the DENR’s acceptance of the binding term sheet which outlines the key terms of a bridge loan facility of up to USD76.4 million, executed between MMCI and Maharlika Investment Corporation (“MIC”), a government-owned and controlled corporation, in February 20252 (“Binding Term Sheet”). The Binding Term Sheet was evaluated and endorsed by the Mines and Geosciences Bureau (“MGB”) which noted that:

  • The Binding Term Sheet provides a structured and credible financial mechanism for MMCI’s mining operations; and
  • The involvement of MIC significantly enhances MMCI’s financial standing and credibility, offering strong assurance of continued support.

MMCI is expected to submit all related and forthcoming financial documents to the DENR and MGB and to update its Three-Year Development/Utilisation Work Program accordingly, in line with the terms of the MPSA and DENR Administrative Order No. 2010-213.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“We are extremely pleased to have achieved this important regulatory milestone for the MCB Project. The acceptance of the Binding Term Sheet by the DENR and the MGB is not only a testament to MMCI’s commitment to responsible and well-funded development, but also reflects the strong support and credibility provided by our partnership with Maharlika Investment Corporation.

On behalf of CLA and MMCI’s management and staff, again, I would like to extend my heartfelt gratitude to MIC for their confidence and catalytic funding support to the Project, and to the DENR and MGB for their professionalism and guidance throughout the compliance process.

We remain committed to ensuring that the MCB project delivers lasting and sustainable economic benefits to our host communities, particularly in Balatoc, the Municipality of Pasil, and the Province of Kalinga, as well as meaningful contributions to national development, all while upholding environmental stewardship and shared prosperity.

Now that we have fulfilled our compliance with the conditions of the Mineral Production Sharing Agreement, we are in a strong position to proceed with mine development and construction. We remain steadfast on our commitment to sustainable development by balancing resource efficiency with environmental stewardship and social responsibility.”

MIC and MMCI will now proceed with signing the Omnibus Loan and Security Agreements (“Agreements”) reflecting the terms of the Binding Term Sheet signed with MIC in February 2025.

Click here for the full ASX Release

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Christopher Aaron, founder of iGoldAdvisor and Elite Private Placements, discusses a key signal from the Dow-to-gold ratio, saying a multi-decade trend in favor of stocks has been broken.

This is only the fourth time this situation has played out in the last 125 years.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Hamish McKenzie, the co-founder of Substack, is suddenly speaking out.

‘We are living through the most significant media disruption since the printing press, and it explains everything from why you can’t stand your neighbor to our current political tumult.’

Today, he says on his site, ‘we live in a more chaotic environment, where the narrative frenzy of social media has given rise to political movements that gain power through exploiting attention of any kind, positive or negative, from moral panics to fulminating podium-thumpers. We’ve gone from ‘Ask not what your country can do for you’ to dunk tweets and death-by-emoji.’

Obviously, it’s in McKenzie’s interest to portray a media revolution with him as the chief rebel. When Substack launched in 2017, it was viewed as an intriguing experiment, an outlet largely for those who didn’t have one.

But in the Trump era, with his constant cable appearances and Truth Social posts, there’s little question that we’re submerged in a toxic environment. The president gets this, which is why he’s done a number of podcast interviews. 

He went on Joe Rogan and Kamala, uh, did not. 

Now, with big-name journalists giving up prime television gigs in favor of the site’s independence, we are living in the Substack Era. What was once viewed as the Holy Grail – an anchoring or hosting job on a major network – is now dismissed as old-school legacy media with too many corporate constraints.

Take my former Fox colleague Chris Wallace. He left for CNN (actually CNN-plus, which was euthanized in three weeks) and then launched a Saturday talk show. But Chris recently announced he’s leaving the network to go independent, which undoubtedly includes Substack.

Another ex-Fox colleague, Megyn Kelly, had a similar experience. Having been dropped by NBC after a bad experience there, she started a daily show and video podcast on Sirius XM, and now has 3.2 million subscribers on YouTube.

Chuck Todd, having been eased out of his ‘Meet the Press’ job, was given an online streaming show. But not long ago he announced he was leaving NBC to go independent. 

When Dan Abrams gave up his NewsNation show after three years, he said: ‘As much as I love this show and the mission of this network, I just can’t continue to give this show the attention it needs and deserves with all of my other professional commitments.’ The Mediaite founder later announced that he is concentrating on creating a YouTube channel for the site, working with other media folks.

McKenzie’s great insight is that he could connect writers and podcasters directly to their audience, with Substack taking a cut. They can opt for a revenue-sharing agreement. Now you might ask, what if you’re not a famous former anchor or commentator?

Turns out that niche sites do really well. They can work at other jobs at the same time. Many users report a six-figure income. 

This is especially striking in that most Substack people let you read their sites for free, or a shortened version, with the full column and special features available only for paying subscribers. The hope is that some of the freeloaders will become subscribers over time.

Not everyone winds up at Substack voluntarily. Chris Cillizza, the former Washington Post columnist, is quite candid in saying he came to Substack after being laid off at CNN. He found himself with little to do after dropping the kids at school.

‘I started this Substack — selfishly — to help me grapple with my changed life. To give me a platform where I could express myself — hopefully to an audience — about the world of politics, yes, but also how I was navigating a new reality.’

He has slowly built a following and chats with Todd once a week, which is something that Substackers do.

Casandra Campbell of Really Good Business Ideas analyzed the 29 most popular Substacks.

The first two are Letters from an American (hundreds of thousands of paid subscribers for political history) and Broken Palate. Michael Moore was No. 3, and the only other names I recognized were former candidate Allen West, the Bulwark, and ex-Labor Secretary Robert Reich.

The others had names like Dr. Mercola’s Censored Library, DeLa Soul, The Pragmatic Engineer and The Cryptonite Weekly Rap.

‘Our political culture now mirrors chaos media culture,’ McKenzie says. ‘Opponents are not just to be argued against, but humiliated.’ Good luck changing that.

Look, I subscribe to several Substack accounts. I’d like to subscribe to more but, with fees ranging from $5 to $40 a month, it gets expensive. So I read others for free and ponder whether to upgrade.

I don’t agree that this is the biggest deal since the Gutenberg press, around 1440, but it’s having an impact on the media and political culture. Substack is hot, and there are competitors, mainly because journalists and politicos crave a connection that goes beyond the craziness of the Trump age. 

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Monica Lewinsky has been welcomed with open arms by the Hollywood elite decades after her affair scandal with then President Bill Clinton in the ’90s.

Lewinsky, who has been in the public eye since 2017, attended George Clooney’s star-studded Broadway premiere of ‘Good Night, and Good Luck’ in New York City on April 3.

While smiling for pictures before the event, Lewinsky wore a strapless, asymmetrical black gown that had ruffle detailing at the bottom. She paired her look with black heels and styled her hair down.

Several A-listers attended Clooney’s big Broadway premiere. Cindy Crawford attended the show with her husband, Rande Gerber, and daughter Kaia.

Hugh Jackman, Uma Thurman, Jennifer Lopez and Julianna Margulies were also photographed at the event. 

Nearly three decades ago, Lewinsky, who was a former White House intern while Clinton was president, had an affair with the former president. Clinton subsequently had an impeachment trial that came about in December 1998.

The president was 49 at the time of the incident. Lewinsky was 22. Following the scandal, Clinton was acquitted. After a few public appearances in an attempt to reinvent herself, Lewinsky disappeared from the spotlight in the mid-2000s.

In 2017, Lewinsky emerged back into the limelight and began writing for Vanity Fair. Now, according to its website, she is a contributing editor. 

‘She is an anti-bullying social activist, global public speaker, and producer with her company, Alt Ending Productions,’ the outlet states. 

Her latest story for the outlet was on March 31, and before that was an article published before the 2024 presidential election.

In January, Lewinsky launched her own podcast, ‘Reclaiming with Monica Lewinsky.’ 

The synopsis of her show states, ‘Every week, I’ll draw from my own unique experiences (like say, surviving a global scandal at 24 years old), and delve into the personal and often messy ways people find their way back to themselves.’

Since launching, Lewinsky has had Olivia Munn, ‘Wicked’ director Jon M. Chu and Tony Hawk on her podcast.

At the 2025 Vanity Fair Oscar party, Lewinsky posed with Munn and her husband, John Mulaney, for a photo.

A month after launching her own podcast, Lewinsky was a guest on the ‘Call Her Daddy’ podcast, which was then topping the charts.

During the appearance in February, podcast host Alex Cooper asked Lewinsky how she thought the media should have covered her scandal in the ’90s.

‘I think that the right way to handle a situation like that would have been to probably say it was nobody’s business and to resign, or to find a way of staying in office that was not lying and not throwing a young person who is just starting out in the world under the bus,’ Lewinsky said.

Beyond her own life falling apart, Lewinsky explained how her scandal affected women everywhere.

‘I think there was so much collateral damage for women of my generation to watch a young woman be pilloried on a world stage, to be torn apart for my sexuality, for my mistakes, for my everything,’ Lewinsky said.

‘I think there was so much collateral damage for women of my generation to watch a young woman be pilloried on a world stage, to be torn apart for my sexuality, for my mistakes, for my everything.’

— Monica Lewinsky

In 2021, Lewinsky told People magazine that she has found the courage to examine what occurred ‘between the most powerful man in the world and an unpaid intern less than half his age.’

‘For me, at 22, there was this combination of the awe of being at the White House, the awe of the presidency and the awe of this man who had an amazing energy and charisma was paying attention to me,’ she explained. ‘I was enamored with him, like many others. He had a charisma to him, and it was a lethal charm, and I was intoxicated.’

‘I think there are a lot of people who might find themselves in these situations,’ she continued. ‘It might be a professor or a boss, your immediate supervisor at your job. We think we’re on his terra firma in our early 20s, and yet we’re really on this quicksand. [You think], I’m an adult now. It didn’t matter that I couldn’t get a rental car without a parental signature.’

At the time, Lewinsky was a producer of ’15 Minutes of Shame’ on HBO Max, which explored cancel culture. Lewinsky insisted she no longer needed an apology from Clinton.

‘If I had been asked five years ago, there would have been a part of me that needed something, that still wanted something,’ she said. ‘Not any kind of relationship, but a sense of closure or maybe understanding. And I feel incredibly grateful not to need any of that.’

Lewinsky told the outlet at the time that she hoped her story would spark discussion about the dynamics between men in power and those without it.

‘As we all came to see, it wasn’t just about losing a job but about the power to be believed, the power to be inoculated from the press, the power to have others smear someone’s reputation in all the ways that work, the power to understand consequence having held many important jobs where this was my first out of college,’ she said.

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The Trump administration has sacked a senior NATO official who was recommended by a conservative research group to be fired as part of a broader effort to purge wokeness from the Pentagon.

Navy Vice Admiral Shoshana Chatfield, the only woman on NATO’s military committee, was dismissed from the alliance over the weekend without explanation, according to multiple reports. She is one of only a handful of female Navy three-star officers and was the first woman to lead the Naval War College, a job she held until 2023.

Chatfield reportedly got a call from Adm. Christopher Grady, the acting chairman of the Joint Chiefs of Staff, and was told the administration wanted to go in a different direction with the job, according to the Associated Press, citing officials. The officials said they believe the decision was made last week by Defense Secretary Pete Hegseth, but it was unclear whether he received any direction from President Donald Trump. Reuters was first to report on her termination.  

It was unclear if her firing was related to any U.S. policy direction on the North Atlantic Treaty Organization.

Trump and Hegseth have been vocal in their insistence that so-called woke policies are dead and have vigorously sought to remove leaders who promoted diversity, equity and inclusion and to erase DEI programs and online content. The U.S. Naval Academy in Annapolis, Maryland, is ditching almost 400 books from its library with DEI content.

In December, the American Accountability Foundation (AAF), a conservative research group, sent a letter to Hegseth with a list of 20 general officers or senior admirals whom it said were excessively focused on Diversity, Equity and Inclusion (DEI) and other similar left-wing initiatives. AAF wrote that focusing on such policies is an impediment to national security and Chatfield was one of eight women who made the list. 

Chatfield made the list due in part to a 2015 speech where she bemoaned that lawmakers in the House of Representatives at the time were 80% males, proclaiming that ‘our diversity is our strength.’ The group said she also quoted a slide from a presentation by the Defense Equal Opportunity Management Institute highlighting ‘Investing in gender equality and women’s empowerment can unlock human potential on a transformational scale.’

Chatfield, a Navy helicopter pilot who also commanded a joint reconstruction team in Afghanistan, had been serving as one of the 32 representatives on NATO’s military committee. The panel is the primary source of military advice to the North Atlantic Council and NATO’s Nuclear Planning Group, according to NATO. It serves as the link between the political decision-makers and NATO’s military structure.

Sen. Mark Warner, D-Va., vice chairman of the Senate Select Committee on Intelligence, said that he was ‘deeply disturbed’ by her sacking while blasting President Donald Trump. 

‘Trump’s relentless attacks on our alliances and his careless dismissal of decorated military officials make us less safe and weaken our position across the world,’ Warner wrote on X.

Senator Jack Reed, D-R.I., the ranking member of the Senate Armed Services Committee, also sounded off on the president for the firing of Chatfield, describing it as ‘disgraceful.’

Admiral Chatfield is among the finest military officers our nation has to offer, and she has distinguished herself as the U.S. Military Representative to NATO. Her 38-year career as a Navy pilot, foreign policy expert, and preeminent military educator—including as President of the Naval War College—will leave a lasting legacy on the Navy and throughout the military. Admiral Chatfield’s record of selfless service is unblemished by President Trump’s behavior.

Reed also called out Republicans for not voicing their displeasure at her sacking, noting that Trump has fired 10 generals and admirals since taking office. It follows Thursday’s removal of General Timothy Haugh, the head of the National Security Agency and U.S. Cyber Command. 

For the Navy, it follows the firing of its top officer, Admiral Lisa Franchetti, the first woman to become Chief of Naval Operations.

‘I cannot fathom how anyone could stand silently by while the President causes great harm to our military and our nation,’ Reed said.

‘I will continue to call out this unconscionable behavior and sound the alarm about the dangers of firing military officers as a political loyalty test. I urge my Republican colleagues to join me in demanding an explanation from President Trump and Secretary Hegseth.’

Reuters and The Associated Press contributed to this report. 

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A conservative energy group has debuted its latest ad as part of a seven-figure campaign supporting President Donald Trump’s ‘all-of-the-above energy’ agenda.

‘You voted for it, you got it, America is booming,’ the 30-second ad from The Restoring Energy Dominance Coalition, a conservative nonprofit organization headed up by former U.S. Secretary of Energy Dan Brouillette and former U.S. Secretary of the Interior David Bernhardt, says.

‘Meeting a quickly growing energy demand with an all-of-the-above approach will make good on President Trump’s promise to restore American energy dominance,’ the ad continues. 

‘Solar and storage, wind, nuclear, oil and gas. All forms of energy, all across the country.’

The ad then cuts to Trump, who says, ‘All forms of energy, yep’, before the ad says, ‘And that means more jobs and higher wages for you.’

‘In America, we show up, we get to work, we win.’

The RED Coalition ad is supported by a six-figure ad buy that will air on broadcast, cable TV and digital platforms. 

This ad is the fourth major television ad launched by the group since the start of this year as part of a broader seven-figure campaign to ‘support the administration’s energy priorities.’

Last month, RED Coalition, along with Trump pollster Tony Fabrizio, put out a polling memo stating that 51% of registered voters are in favor of Trump’s ‘All-of-the-Above Energy agenda,’ as well as 65% of GOP voters.

Trump has vowed to use his second White House term to re-exit the Paris Climate Accord, undo strict emissions standards for vehicles and power plants, and bolster production of U.S. oil and gas, including through fracking, which is the controversial technology by which pressurized fluids are used to extract natural gas from shale rock.

In the days after his victory, industry groups representing the nation’s biggest oil and gas producers told Fox News Digital they have little doubt Trump will make good on these promises in a second term.

‘Energy was on the ballot’ in the 2024 elections, American Petroleum Institute President and CEO Mike Sommers said in a statement.

Fox News Digital’s Breanne Deppisch contributed to this report.

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President Donald Trump on Monday said the situation with Iran is entering ‘dangerous territory’ as he announced his administration would be talking to Iran on Saturday.

While it’s not yet known what the talks will achieve, experts continue to warn that time is running out to not only block Iran’s nuclear program but to utilize existing tools to counter Tehran’s dismissal of international law, a mechanism known as ‘snapback’ sanctions.

‘This is the one time that we have the ability to sort of put new sanctions on Iran where we don’t need Russia and China’s help, and we can just do it unilaterally,’ Gabriel Noronha of the Jewish Institute for National Security of America told Fox News Digital. Noronha is an Iran expert and former special advisor for the Iran Action Group at the State Department.

The ability to employ snapback sanctions on Iran expires Oct. 18, 2025, which coincides with when Russia will lead the United Nations Security Council (UNSC) presidency for its rotational one-month stint. 

The provision for snapback sanctions was enacted under UNSC Resolution 2231, which was agreed to just days after the Joint Comprehensive Plan of Action (JCPOA) was signed in 2015 as a way to ensure that if Iran was found to be violating the nuclear deal, stiff international sanctions could once again be reimposed. 

The JCPOA has increasingly been considered a collapsed agreement after the U.S. withdrew in 2018 under the first Trump administration, followed by increasingly flagrant violations by Iran of the nuclear deal.

This has culminated in the rapid expansion of Tehran’s nuclear program and the assessment by the U.N. nuclear watchdog earlier this year that Tehran had amassed enough near-weapons-grade uranium to develop five nuclear weapons if it were to be further enriched. 

European nations for years have refused to enact snapback sanctions in a move to try and encourage Tehran to come back to the negotiating table and diplomatically find a solution to end its nuclear program. 

Any participant in the JCPOA can unilaterally call up snapback sanctions if Iran is found to have violated the terms of the agreement. But the U.S., which has been calling for snapbacks since 2018, was found by the U.N. and all JCPOA members to no longer be legally eligible to utilize the sanction mechanism after its withdrawal from the international agreement. 

But as Iran continues to develop its nuclear program, the tone among European leaders has also become increasingly frustrated. 

France’s foreign minister last week suggested that if Iran did not agree to a nuclear deal and halt its program, then military intervention appeared ‘almost inevitable.’

‘Iran must never acquire nuclear weapons,’ Foreign Minister Jean-Noel Barrot reportedly told France’s Parliament on Wednesday.

‘Our priority is to reach an agreement that verifiably and durably constrains the Iranian nuclear program,’ he added.

It remains unclear how much longer European nations will attempt to hold out for discussions with Iran, as Trump has said he is becoming fed up with Tehran and has threatened direct military confrontation, even while he has made clear his administration’s willingness to discuss a deal with Tehran.

With France serving as UNSC president in April and the bureaucratic red tape Russia could employ, UNSC members supportive of blocking Iran’s nuclear program must immediately call up snapback sanctions, Noronha said.

‘It takes about six weeks to actually be implemented properly,’ said Noronha, author of ‘Iran Sanctions, U.N. Security Council Resolution 2231, and the Path to Snapback,’ which was released last week. ‘And second, because the distribution of the presidencies and leadership of the U.N. Security Council is weighted towards more favorable leaders right now in the spring before it goes to pretty adversarial leadership in the summer and fall.’

The expert said this is a rare moment for the UNSC, which in recent years has become increasingly ineffective in accomplishing major geopolitical wins because it is generally divided between the U.S., U.K. and France on one side and Russia and China on the other.

A single veto is enough to block a resolution being enacted, and progress in the council has become stagnant following Russia’s invasion of Ukraine. 

But even if Russia objects to reimposing sanctions on Iran, as Tehran has become a close ally of Moscow’s, it actually has very few options for blocking the snapback mechanism that it previously agreed to, so long as at least one other nation actually calls for the sanction tool. 

‘This is the only time this has ever happened at the U.N. before,’ Noronha said. ‘They basically said, when we invoke snapback, what it does is it says U.N. sanctions will automatically return unless there’s a vote by the council to unanimously allow sanctions relief to remain on the books.’

The snapback mechanism would legally enforce all 15 UNSC member nations to reimpose sanctions on Iran, including Russia and any nation that may be sympathetic to Tehran.

If the snapback mechanism expires come October, the U.N.’s hands will likely be tied when it comes to countering Iran’s nuclear program, as it is unlikely any new resolutions on the issue will be able to pass through the council given the current geopolitical climate between the West and Russia.

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The first quarter of 2025 proved challenging for the cryptocurrency market.

Bitcoin, the bellwether of the sector world, suffered its worst first quarter performance in seven years, characterized by significant volatility and a prevailing downward trend. The top cryptocurrency’s lackluster movement was similar to price activity seen from other major coins, such as Ethereum, which also recorded substantial losses.

However, Q1 began with optimism following the results of the US presidential election.

President Donald Trump’s anticipated crypto-friendly policies initially boosted sentiment, and Bitcoin rose to its current all-time high of US$108,786 on January 20, the day he was inaugurated.

Crypto positivity was also reflected in options trading, where open interest outpaced the Bitcoin spot price.

Total Bitcoin options open interest vs. the Bitcoin price, January 2 to March 31, 2025.

Chart via Coinglass.

However, low volume provided insufficient support for high prices, foreshadowing the volatility to come.

Q1 data from Coinglass shows that Bitcoin fell 11.82 percent and Ethereum dropped 45.41 percent for the period, with February seeing the largest losses at 17.39 percent for Bitcoin and 31.95 percent for Ethereum.

Bitcoin’s price at the end of the Q1 was around US$80,000, while Ethereum — which has struggled to retake US$2,000 after dipping below that threshold mid-March — closed at around US$1,800.

Proposed economic policies, an impending trade war and poor economic data have acted as major catalysts, resulting in a turn from risky assets like crypto and tech stocks toward traditional safe havens like bonds and gold.

Institutional momentum, Stablecoin growth signal crypto’s next chapter

Despite market fluctuations, some areas of the crypto sector experienced notable growth and development in Q1.

Speaking at Benzinga’s Fintech & FODA Event in December 2024, Venable partner Chris O’Brien said that Sam Bankman-Fried’s conviction marked the end of an initial highly speculative phase for cryptocurrencies.

While cryptocurrencies and blockchain technology will persist, their future hinges on moving beyond mere speculation and focusing on practical applications that address real-world problems.

A defining feature, identified early in the quarter by Bitwise’s Matthew Hougan, is the continued and increasing involvement of institutional players in the crypto market. This trend manifested in strategic investments from companies like Strategy (NASDAQ:MSTR) and BlackRock, both of which accumulated substantial portions of Bitcoin’s supply in Q1.

Major banks like BNY Mellon, which have incorporated cryptocurrency services to allow transactions between certain clients using Circle’s USDC, also began expanding their crypto services.

Earlier this year, Bank of America (NYSE:BAC) CEO Brian Moynihan told CNBC’s Andrew Ross Sorkin that the US banking industry is eager to integrate crypto into traditional banking if — or, more likely, when — regulation allows for it.

Alongside institutional interest, stablecoins saw significant growth in Q1. The total market cap for stablecoins surged past US$200 billion, outpacing Bitcoin’s price trajectory for the period.

Total stablecoin market cap vs. the Bitcoin price, Q1 2025.

Chart via Coinglass.

A key crossover occurred in February after the US announced tariffs targeting Canada and Mexico. The move resulted in a downturn in both cryptocurrencies and traditional markets.

Amid these developments, lawmakers turned their focus to passing stablecoin legislation, specifically Senator Bill Hagerty’s (R-Tenn.) GENIUS Act, which is currently awaiting a full House vote. Kristin Smith, CEO of the Blockchain Association, said during Blockworks’ 2025 Digital Asset Summit in New York that lawmakers are on pace to pass legislation establishing rules for stablecoins and cryptocurrency market structure by August.

Divestitures into altcoins continued from Q4 2024, although momentum slowed comparatively, a shift exacerbated by speculative meme coin trading and the controversies surrounding projects like TRUMP, MELANIA and LIBRA.

Bitcoin retook its dominant position, but notable interest in SOL and XRP remained, as multiple firms sought to offer spot ETFs; their approval is all but guaranteed by former US Securities and Exchange Commission (SEC) Chair Gary Gensler’s exit. Applications have also been filed to offer ETFs tracking SUI, AVA and DOGE.

Ethereum’s Q1 presented a complex picture, marked by both progress and setbacks.

The network increased its gas limit to enhance throughput and enable complex DeFi applications; however, competition from other blockchains — particularly Solana — caused it to underperform. Additionally, the upcoming Pectra upgrade ran into testing issues on the Holesky and Sepolia testnets, causing delays.

Declining network activity contributed to price suppression, but the tripling in total value for BlackRock’s BUIDL fund in the weeks leading up to the end of Q2 signaled continued confidence in Ethereum’s long-term potential and a broader trend toward tokenization, mirrored in the growth of the real-world asset (RWA) market.

The market cap of RWAs grew by approximately US$5 billion in Q1 to reach almost US$20 billion as tokenization was applied to diverse assets and expanded across various blockchains.

Trump admin takes positive crypto steps

Q1 brought various developments in cryptocurrency regulation and policy in the US.

After taking office, Trump signed an executive order establishing the President’s Working Group on Digital Asset Markets to establish criteria for a national stockpile of digital assets and develop a dollar-backed stablecoin; meanwhile, working groups in both chambers of Congress have focused on developing regulatory frameworks for digital assets.

While key aspects of regulation are still under negotiation, lawmakers and regulators signaled a more collaborative approach to cryptocurrencies under the Trump administration in Q1. The SEC dropped several longstanding cases against crypto exchange facilitators, formed a crypto-focused taskforce led by Commissioner Hester Peirce and repealed SAB 121, allowing banks to hold crypto for their customers without assets to balance liabilities.

Industry leaders also convened at the White House on March 7 for the inaugural Digital Asset Summit, a federal initiative aimed at gathering feedback on proposed regulations for the cryptocurrency sector.

Ahead of the summit, Trump signed an executive order to establish a Bitcoin reserve of around 200,000 Bitcoin (BTC). The US government currently holds 213,246 BTC. Bills that would allow the US government to acquire and hold Bitcoin in reserve have been introduced in both the House of Representatives and the Senate.The executive order also established a separate reserve for altcoins, although some industry analysts have questioned this strategy.

Transform Ventures CEO and Bitcoin Supercycle author Michael Terpin argued against holding anything other than Bitcoin, the only truly decentralized and consistently performing digital asset.

He likened adding other cryptos to adding stocks to traditional reserves.

State-level initiatives to establish Bitcoin reserves in Arizona, Oklahoma, Texas and Utah also advanced alongside similar measures to allow pension fund investments in digital assets in North Carolina and other states.

Volatility, manipulation, hacks create crypto headwinds

The first quarter of the year was marked by market volatility and corrections, with both Bitcoin and altcoins experiencing significant price swings that were not only driven by typical market data, but were also heavily influenced by current events, evolving policies and even speculative social media trends.

Another challenge for the crypto market was opposition to proposed legislation in the US; insider trading and market manipulation concerns also arose, particularly around meme coin launches.

Suspiciously timed trades occurred before Trump’s strategic crypto reserve executive order: a large deposit was made to Hyperliquid, followed by highly leveraged trades on Bitcoin and Ethereum, resulting in profits exceeding US$6.8 million. This led many, including a prominent crypto analyst, to believe it was a case of insider trading.

Analysis by Material Indicators on March 20 also identifies a manipulatory device known as spoofing by one or more whales, which it cites as a reason for Bitcoin’s failure to sustain a rally past US$87,500 in March.

Despite efforts to improve regulation and security, the crypto industry continues to grapple with hacking incidents as well. A major hack of the Bybit exchange on February 23 led to losses of US$195 million, although the firm managed to fully replenish its reserves within 72 hours thanks to a mix of loans and large deposits from other industry players.

Glassnode Insights analysts said the correction following the hack and subsequent US$5.7 billion withdrawal from user wallets pushed Bitcoin’s monthly performance down by 13.6 percent. Altcoins and meme coins suffered even steeper losses, resetting market momentum to April 2024 levels.

2025 Bitcoin price predictions

Moderate Bitcoin growth and price appreciation are expected in mid- to late 2025, tied to stablecoin and DeFi growth.

Bitcoin price performance post-halving.

Chart via IntoTheBlock.

Price targets for Bitcoin this year vary. Network economist Timothy Peterson has predicted that Bitcoin could peak around US$126,000 in the latter half of 2025. A meta-analysis of Polymarket estimates posted by X user Ashwin on March 26 identifies a bull target price of US$138,617 and a bear price of US$59,040.

The potential for a supply shock due to diminishing Bitcoin reserves on exchanges could fuel a rally. Factors like a weakening US dollar and an end quantitative tightening from the US Federal Reserve are seen as positive catalysts. Historical data shows April is often a turning point for the market.

Stablecoins and RWAs are expected to continue their role in the convergence of DeFi with traditional finance. Furthermore, initiatives like the Digital Chamber’s US Blockchain Roadmap, which proposes BitBonds (Bitcoin-backed US Treasuries), could revitalize debt markets and attract global capital.

Key industry figures like Galaxy Digital’s Mike Novogratz and 10T Holdings’ Dan Tapiero, anticipate new crypto companies listing on major exchanges like the NYSE and Nasdaq in the second quarter. This sentiment is supported by reports of initial public offering filings from companies like eToro, Circle, Gemini, Bullish and BitGo.

However, this positive outlook is set against a turbulent economic backdrop, including a possible slowdown in US growth and uncertainty around inflation and trade policies, which could influence sentiment and capital flows.

Speaking virtually at the Digital Asset Summit in New York on March 18, Cathie Wood, CEO of ARK Invest, expressed concerns about a potential recession, citing a significant slowdown in the velocity of money.

“I think what’s happening, though, is that if we do have a recession, declining GDP, that this is going to give the president and the Fed many more degrees of freedom to do what they want in terms of tax cuts and monetary policy,” she said.

However, Wood also said she believes that ‘long-term innovation wins,’ despite the recent market correction, describing crypto assets as a pillar of ARK’s investment approach.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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The Trump administration is slashing millions of dollars in DEI grants from a library and museum system as part of its overall Department of Government Efficiency (DOGE) push to rid the government of waste, fraud and abuse.

The administration is cutting $15 million from the Institute of Museum and Library Services (IMLS) in the form of diversity, equity and inclusion (DEI) grants in a move the agency says is aligned with both DOGE and President Donald Trump’s executive orders aimed at eliminating DEI from the federal government. 

The grants include $6.7 million to the California State Library to enhance equitable library programs and $4 million to the Washington State Library for diverse staff development and incarcerated support. 

A $1.5M DEI grant to the Connecticut State Library system to ‘integrate social justice, diversity, equity, and inclusion’ into their daily operations is also being cut along with $700,000 for a Washington, D.C.-based nonprofit to study ‘post-pandemic DEI practices’ in American children’s museums that would formulate ‘enhanced equity-focused strategies.’

Additionally, a DEI grant of $265,000 going to Queens College in New York to conduct a research project on why ‘BIPOC’ teens read Japanese comic books will be cut along with $250,000 to fund the ‘Gay Ohio History Initiative’ to erect 10 ‘LGBTQ+ historical markers’ will be cut.

‘In keeping with the vision of the President’s executive orders, we are taking action to end taxpayer funding for discriminatory DEI initiatives in our nation’s museums and libraries,’ Acting IMLS Director Keith Sonderling told Fox News Digital in a statement.

‘Our cultural institutions should bring Americans together—not promote divisive ideologies. Moving forward, we must champion programs that uphold our founding ideals and reaffirm that the American Dream is within reach for all, through hard work and determination, not identity politics.’

The grant cuts come after IMLS reportedly cut 80% of its staff in a move aimed at slashing the bloated federal government while saving taxpayers additional millions. 

A recent study by the American Academy of Arts & Sciences found that federal funds represent only 0.3% of the total operating revenue for public libraries. The vast majority of funding comes from state and local sources.

The Institute of Museum and Library Services was one of seven government agencies targeted in Trump’s ‘Continuing the Reduction of the Federal Bureaucracy’ executive order last month.

Trump’s DOGE efforts have saved the American taxpayer $140 billion, according to its website, which represents almost $900 saved per taxpayer.

The Trump administration says it has slashed hundreds of millions of dollars in DEI contracts, including at least $100 million at the Department of Education. 

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