Bitcoin (BTC) reclaimed the $93,000 threshold during the early hours of the Asian session on Wednesday. The show of strength came after President Trump articulated his position about Federal Reserve (Fed) chair Jerome Powell’s replacement talks.
Over the past several months, the pioneer crypto has demonstrated increased correlation with broader economic and political issues. This suggests that macroeconomics is growing in influence on Bitcoin.
The report followed Treasury Secretary Scott Bessent’s announcement that the Trump administration was planning to interview candidates to replace Jerome Powell.
“The Fed would be much better off cutting rates as US Tariffs start to transition (ease!) their way into the economy. Do the right thing,” Trump wrote on Truth Social.
On the other hand, Powell insists on a cautious approach to monetary policy decisions, rejecting further interest rate cuts. The Fed also made significant downward revisions to its 2025 economic projections.
These opposing views fanned speculation that Jerome Powell’s job as Fed chair was at risk. In a recent development, however, Trump stated that he has no plans to fire Powell.
“I have no intention of firing him…I would like to see him be a little more active in terms of his idea to lower interest rates,” Reuters reported, citing Trump telling reporters in the Oval Office on Tuesday.
In the immediate aftermath, Bitcoin shattered past the $93,000 threshold. As of this writing, BTC was trading for $93,136, representing a surge of almost 6% in the last 24 hours.
Notably, there are about 13 months left in Jerome Powell’s tenure as chair of the Federal Reserve.
Bitcoin Benefits From Eroded Trust in Government
BitMEX founder and former CEO Arthur Hayes commented on the swift reaction to this topic on the Bitcoin price chart.
“Trump says he wants to fire JAYPOW – dollar dips, BTC rips Trump says he has no intention of firing JAYPOW – dollar rips, BTC rips some more,” Hayes quipped.
In tandem, Bitcoin rallied as investors viewed it as a potential hedge against a weakening dollar and inflationary pressures.
As Trump’s stances cause market volatility, fluctuations in the dollar are bullish for Bitcoin, reflecting its appeal as a hedge against traditional financial (TradFi) instability.
BeInCrypto reported this status in a recent US Crypto News publication, citing Geoff Kendrick, the Head of Digital Asset Research at Standard Chartered.
According to Kendrick, Bitcoin is increasingly seen as a hedge against TradFi and US Treasuries risks.
“I think Bitcoin is a hedge against both TradFi and US Treasury risks. The threat to remove US Federal Reserve Chair Jerome Powell falls into Treasury risk—so the hedge is on,” Kendrick told BeInCrypto.
Meanwhile, Nate Geraci, the president of the ETF Store, says Bitcoin is benefiting from the erosion of trust in governments and politicians, which is pushing people towards alternatives.
“Bitcoin is one of the biggest winners from events over the past several weeks IMO, at least from a philosophical standpoint. Further erosion of trust in governments and politicians will push people towards alternatives. Not saying that is good or bad, but think logically,” Geraci remarked.
With the end of March, Q1 2025 is also coming to a conclusion. This quarter was not the best for the crypto market, with its excessive losses and extreme volatility, similar to how meme coins operate.
Discussing the bane of the meme coin market, Harrison Seletsky, the Director Of Business Development at Digital Identity Platform SPACE ID, talked about the role of a strong investor base.
“Hype can move the price of a memecoin up, but they also collapse just as fast if there is no interest to sustain them, which is usually the case. That’s why it’s so important to filter out the noise as much as possible,” Seletsky noted.
Thus, BeInCrypto has analyzed five meme coins that have stood the test of time and volatility and are preparing for further gains in April.
Fartcoin (FARTCOIN)
FARTCOIN has emerged as one of the top-performing meme coins this month, rising 107% to trade at $0.61. This impressive increase has allowed the meme coin to recover all the losses it faced in March and February.
To recover its January losses, FARTCOIN will need to continue its upward momentum. The key resistance level to watch is $0.69. A successful break above this level and a move toward $1.00 could signal the beginning of a sustained rally, potentially pushing the price higher in the coming days.
However, if FARTCOIN fails to hold $0.69 as support and misses the $1.00 target, it could face a sharp decline. A drop back to $0.37 would erase much of the recent gains, invalidating the bullish outlook. This pullback could shift investor sentiment towards caution, stalling further growth.
Cheems (CHEEMS)
CHEEMS has emerged as one of the top-performing meme coins this month, rising 130% since the beginning of March. Currently trading at $0.000001927, the altcoin has also posted a new all-time high (ATH) of $0.000002179.
The shift in broader market cues toward recovery has likely sparked newfound interest among CHEEMS investors. If the positive trend continues, the meme coin could push toward $0.000002500, further fueling its rally.
However, if the bullish signals begin to fade or if investors start selling their holdings, CHEEMS could face downward pressure. A fall toward the support level of $0.000001660 or lower would invalidate the bullish outlook. This potential decline could halt the altcoin’s growth and shift market sentiment.
Mubarak (MUBARAK)
MUBARAK launched this month and has already experienced notable volatility. The meme coin is up 95% since its launch, with the current all-time high (ATH) at $0.221. This strong early performance reflects investor optimism and a positive market reception for altcoin’s entry into the crypto space.
Currently trading at $0.145, MUBARAK is aiming to break through the resistance levels at $0.149 and $0.173. Successfully clearing these levels would likely lead to a new ATH beyond $0.221. Such a breakthrough would demonstrate continued bullish momentum and attract more investors to the altcoin.
However, if MUBARAK fails to capture sufficient investor attention, the price could dip to $0.130. A further decline could push the altcoin down to $0.118 or $0.105, invalidating the bullish outlook. Such a drop would signal weakening market sentiment and potential setbacks for MUBARAK’s growth.
Dogecoin (DOGE)
Dogecoin has not registered exceptional gains this month but managed to break out of a two-month downtrend. The altcoin rose 22% in a week, trading at $0.203. This recent upward movement signals a potential shift in market sentiment, suggesting that Dogecoin could see more positive momentum.
Given the current market conditions, Dogecoin is likely to continue its gradual uptrend. This momentum could help the altcoin breach the $0.220 resistance and move toward $0.267. If this upward trend continues, Dogecoin could see sustained growth and attract additional investor interest.
However, if Dogecoin fails to breach the $0.220 level, the price may struggle to maintain its upward movement. A failure to hold above this level could lead to a drop toward $0.176 or even $0.147, invalidating the bullish outlook and potentially extending the losses experienced by the altcoin.
Peanut The Squirrel (PNUT)
PNUT has experienced a 17% loss this month but is closer to recovering its losses. Currently trading at $0.221, the meme coin is beginning to show signs of recovery. The altcoin’s recent price movement signals that it may be positioned for potential growth if market conditions improve.
The primary target for PNUT is to breach the $0.260 resistance and flip it into a support level. If successful, this would pave the way for the meme coin to reach the next key resistance at $0.330. A move above $0.260 would signal further bullish momentum for PNUT.
However, if PNUT fails to breach $0.260 and the price struggles to hold, it could fall back to $0.219. A further drop to $0.182 would invalidate the bullish outlook, erasing recent gains and potentially setting the stage for a prolonged downtrend.
Since US President Donald Trump assumed office, the Securities and Exchange Commission (SEC) has dropped, settled, or paused lawsuits against prominent crypto entities left and right. In stark contrast to the previous administration’s leadership under Chair Gary Gensler, the SEC seems to be parting from its previous crackdown on digital assets.
In an interview with BeInCrypto, Nick Puckrin, Founder of The Coin Bureau, and Hank Huang, Chief Executive Officer at Kronos Research, highlighted the substantial election influence the crypto industry had over Trump’s candidacy as a contributing factor to the SEC’s looser stance on crypto.
The SEC’s Approach Under Trump
The SEC has experienced a clear shift in its approach to crypto lawsuits under Trump’s presidency. Its move away from the aggressive enforcement tactics of its previous leadership has largely characterized this shift.
“When President Donald Trump won the US election, the crypto industry rejoiced. Finally, the ‘regulation by enforcement’ era, which the SEC under the leadership of Gary Gensler was so famous for, was about to come to an end. And the new administration didn’t disappoint. Within just a couple of weeks of Trump’s inauguration, the revamped SEC started dropping lawsuits against crypto firms left, right and center,” Puckrin said.
Two weeks ago, the SEC officially dropped its appeal and XRP lawsuit against Ripple Labs, ending a five-year legal battle. The Commission had originally accused Ripple of conducting an unregistered securities offering worth $1.3 billion through XRP sales.
“After more than four years in limbo, the SEC has officially decided that XRP is not a security (though what it is instead remains to be seen). This case has been weighing heavily on XRP – the fourth largest cryptocurrency with a market cap of roughly $130 billion– so its resolution is a major win,” Puckrin added.
The wider crypto community celebrated the outcome, with many arguing that it will set a precedent for how digital assets are classified in the US. This prediction is warranted, given that the SEC has been on a lawsuit-dropping spree.
The SEC has also dropped several ongoing investigations against OpenSea, Robinhood, Uniswap Labs, Kraken, and Gemini. It has also asked a federal court to issue a 60-day pause over its litigation against Binance. Meanwhile, the Commission settled its investigation into ConsenSys over its Ethereum software products.
These lawsuits surfaced in parallel to a series of crypto-friendly measures meant to foster greater innovation and curb potential regulatory suffocation that had existed during the Biden era.
Will New Leadership Define Clear Crypto Regulations?
A day after Trump assumed office, SEC Acting Chairman Mark Uyeda announced the creation of a dedicated crypto task force led by Commissioner Hester Peirce. The task force was reportedly designed to resolve long-standing ambiguities in the regulatory treatment of digital assets.
In all SEC crypto lawsuits, Commissioner Uyeda has implemented a strategy prioritizing industry engagement to develop regulatory frameworks that balance innovation and investor protection.
Meanwhile, Trump strategically nominated Paul Atkins, a crypto-curious, regulation-light candidate, to replace Gensler as head of the SEC. Just this week, the Senate Banking Committee voted to advance Atkins’ nomination to the full Senate.
Now, only a stone’s throw away from becoming SEC Chair, Atkins is expected to loosen regulatory oversight on crypto.
“With the establishment of a new Task Force and key appointees like Paul Atkins fostering innovation, Trump’s strategic move to create a Bitcoin reserve within the government further underscores his commitment to supporting the industry. The future of crypto regulations will be focused on less oversight and the beginning of a delicate but promising thaw in the regulatory landscape,” Huang added.
Though some say Trump’s handling of crypto affairs has resulted in a never-before-seen triumph, others are weary that his increasing involvement in the industry has turned out to be a recipe for disaster.
The Impact of Crypto Donations on Regulations
Several industry leaders went to great lengths to ensure that Trump became America’s 47th president. Millions of dollars in donations from crypto firms throughout Trump’s campaign illustrated these efforts.
According to a Public Citizen report, over $119 million from crypto corporations went into influencing the 2024 federal elections, largely through Fairshake, a non-partisan super PAC backing pro-crypto candidates and opposing skeptics.
Crypto corporations donated over $119 million to the 2024 federal elections. Source: Public Citizen
Coinbase and Ripple, among others who stand to profit, directly provided over half of Fairshake’s funding. The remaining funds mostly came from billionaire crypto executives and venture capitalists. Notable contributions included $44 million from the founders of Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong.
So far, big crypto’s spending strategy is paying off with a more favorable environment.
Without a clear framework to guide the crypto industry following these dropped lawsuits, this lax approach risks being short-lived. Ultimately, this could tarnish long-term crypto adoption.
“Somehow, all these victories feel somewhat hollow after the reputation of the crypto industry has been tarnished by the billions of dollars in combined losses from meme coin scams. Meanwhile, Hayden Davis, the mastermind behind LIBRA, continues to launch fraudulent meme tokens, despite being on the Interpol wanted list,” he said.
A 2024 report by Web3 intelligence platform Merkle Science revealed that meme coin rug pulls cost investors over $500 million. The February LIBRA incident showed how this trend was carried over to 2025. Nansen data revealed that 86% of investors lost $251 million, while insiders pocketed $180 million in profits.
Though crypto scammers may be charged with related crimes like wire fraud or money laundering, rug pulling is legal. Better said, it’s unaccounted for. No regulation holds crypto insiders responsible for meme coin scams.
“As crypto becomes an ever more mainstream asset class, consumers need to be protected against those who choose to use it for nefarious purposes. One way to do this is through education, and that’s our job as an industry. But deterring scams and extractive behavior is the job of the regulators. And it’s time they stepped up to the task,” Puckrin told BeInCrypto.
If the SEC doesn’t take advantage of this opportunity to curb the consequences that meme coin scams can produce, it will result in an enormous setback for the industry.
Comprehensive Regulation Beyond Dropped Lawsuits
Puckrin illustrated the need for heightened regulatory clarity in crypto by drawing attention to the way the SEC penalizes insider trading in the context of traditional investing.
“In traditional investing, insider trading is a serious crime. In the US, it’s punishable by fines of up to $5 million for individuals and prison sentences up to 20 years. Similarly, federal penalties for engaging with illegal gambling activities include up to five years in prison. Perpetrators of memecoin scams must be punished with the same level of severity, because the result is the same: manipulating markets and cheating unsuspecting investors out of their savings,” he said.
Puckrin clarified, however, that the issue isn’t solely about penalizing fraudsters. Just as the SEC’s past overregulation hindered the industry, the current lack of meme coin rules creates an environment where new scams and exploitative schemes can easily flourish.
“Yes, the removal of lawsuits is great news for blockchain innovation, but something needs to replace it. Indeed, serious cryptocurrency firms have never advocated for an unregulated Wild West. What they want is clarity and rules that are fit for the nascent blockchain industry – not just a copy-and-paste of existing financial regulations that simply don’t work for crypto,” he said.
Although the Trump administration has only been in place for four months, the clock is ticking, and meaningful change takes time.
Unanswered Questions Loom
Puckrin expressed concern over the current administration’s prioritization of lawsuit dismissals instead of working faster to implement transcendental crypto regulation.
“My concern is that regulators will keep kicking the can down the road with crypto regulation, having gained the approval of the industry for dropping the many lawsuits that were stifling its growth. And this is incredibly dangerous,” he told BeInCrypto.
Meanwhile, critical questions that only the SEC can define remain unanswered.
“What are memecoins and who will ensure another LIBRA fiasco doesn’t happen? Are utility altcoins now commodities and if so, will the Commodities Futures Trading Commission (CFTC) regulate them? And, importantly, what do we do about compensating investors who have lost billions to crypto fraud?” Puckrin concluded.
The SEC’s current direction promises a regulated renaissance or a breeding ground for future crises.
With billions lost and critical questions unanswered, the future of crypto hinges on whether the regulatory body will translate its recent shift into a lasting framework that fosters innovation without sacrificing investor protection.
