Gate Daily (March 4): Trump accuses banks of blocking the GENIUS Act; Mizuho raises Circle's target price to $100

Bitcoin (BTC) failed to sustain its rebound trend, temporarily trading around $68,040 on March 4. The United States threatened to deploy ground troops, which extended uncertainties regarding the Iran conflict. Trump stated that the Stablecoin Legislation “GENIUS Act” is under threat and disruption by banks. Mizuho analysts raised Circle’s target stock price from $90 to $100 while maintaining a “Neutral” rating.

Macro Events & Crypto Hotspots

1. U.S. President Trump posted on Truth Social that the Stablecoin Legislation “GENIUS Act” is under threat and disruption by banks. Trump said the U.S. needs to pass market structure legislation quickly, and Americans should let their money earn more. He pointed out that banks are recording record profits and should not be allowed to undermine the strong crypto agenda, or it will flow to other countries. Trump explicitly stated that banks should not attempt to weaken the “GENIUS Act” or hijack the “CLARITY Act.” They need to reach good agreements with the crypto industry, as this is in the best interest of the American people. The “CLARITY Act” is currently under review in Congress, which will clarify the specific responsibilities of the SEC and CFTC in crypto regulation. The bill was supported bipartisan in the House last year and has now been submitted to the Senate, with different legislative proposals pushed by the Banking and Agriculture Committees.

2. Mizuho Securities analysts Dan Dolev and Alexander Jenkins raised Circle’s target stock price from $90 to $100, maintaining a “Neutral” rating. They believe that recent surges in oil prices may reduce the likelihood of rate cuts in 2026. Mizuho Bank stated that changes expected from the Federal Reserve could have a greater impact on Circle’s valuation multiples rather than on its recent revenue, which the company slightly increased its outlook for. Analysts warn that clearer stablecoin regulation may intensify competition over time, even in a high-interest environment, potentially compressing profit margins.

News Highlights

1. Pudgy Penguins team deposited 450 million PENGU tokens, worth about $3.12 million, into exchanges.

2. FATF warns that stablecoins are a primary tool for illegal transactions and calls for increased regulation of issuers.

3. 1inch Network upgraded its platform, reducing median execution time for Swap transactions to 14 seconds.

4. Circle minted 1 billion USDC on Solana in nearly 10 hours.

5. US media: Son of Iran’s Supreme Leader, Khamenei, may be announced on Wednesday.

6. a16z Crypto updated Jolt zkVM to natively support zero-knowledge proofs and questioned the misuse of the “ZK” label.

7. Vitalik: Ethereum’s goal should be to build “shelter technology,” not to imitate Apple or Google.

8. Indiana governor signed a Bitcoin rights bill allowing digital assets in state retirement plans.

9. Trump: Due to Congress’s delay in passing market structure legislation, the “GENIUS” stablecoin bill is under threat from the banking sector.

10. U.S. government transferred 0.0378 BTC, worth about $2,520.

Market Trends

1. Latest Bitcoin news: BTC failed to extend its rebound, temporarily around $68,040. Over the past 24 hours, $144 million in liquidations, mainly long positions.

2. U.S. stock markets closed lower on March 4 amid ongoing Middle East conflicts. Concerns over geopolitical turmoil pushing inflation and economic uncertainty. Early trading saw a drop of over 2%. President Trump announced insurance guarantees and naval escort for ships passing through the Strait of Hormuz. Major indices narrowed losses, with the S&P 500 closing below its 100-day moving average for the first time since November last year. Dow down 403.51 points (0.8%) to 48,501.27; S&P down 64.99 points (0.9%) to 6,816.63; Nasdaq down 232.17 points (1%) to 22,516.69.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $68,132.30, if it drops near $65,920, total long liquidations exceed $745 million; if it rises near $69,556, total short liquidations exceed $562 million. Short liquidations are lower than long ones; investors should control leverage wisely to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $3.24 billion, outflow $3.26 billion, net outflow $0.2 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led by contracts trading in $SOL, $ADA, $BTC, $DOT, $PHA, indicating trading opportunities.

Selected Insights from X KOL

Phyrex Ni (@Phyrex_Ni): “Recent operations are not difficult; mainly about the geopolitical conflict between the US and Iran. Yesterday Trump said ‘big’ things haven’t come yet; today he mentioned a strike three times the previous supply, which should be big. Qatar is also involved in the attack sequence, likely retaliating against attacks on Dubai and the UAE. The situation is quite clear now; ending the war sooner is better for risk markets.”

“Heads up, Iran’s retaliation is ongoing. The blockade of the Strait of Hormuz pushed US oil prices to a high of $78 today, causing a collective dip in risk markets. But BTC has shown resilience; the VIX hit a new high since 2026, yet Bitcoin still maintains around $68,000, which is not easy. Trump just said if needed, the US Navy will escort oil tankers through the Strait of Hormuz, aiding oil transportation. Oil prices have returned to around $72. Hope the war ends soon.”

“Looking at Bitcoin data, volume is decent, turnover rate is low, investors are still interested at current prices, probably betting on the war ending. With two months until Powell’s departure, the market’s focus remains on geopolitical conflicts. The Fed’s presence is relatively low lately, with attention mainly on the second half of the year. The chip structure remains normal; early investors haven’t changed much, even those at a loss are very calm. Without further negative news, things should stabilize.”

Today’s Outlook

1. China February Official Manufacturing PMI, previous 49.3

2. China February S&P Global Composite PMI, previous 51.6

3. China February S&P Global Services PMI, previous 52.3

4. Eurozone January Unemployment Rate, previous 6.2%

5. Eurozone January Producer Price Index (YoY), previous -2.1%

6. US February ADP Employment Change (thousand), previous 22.0

7. US Weekly EIA Crude Oil Inventory Change (10,000 barrels), previous 1598.9