Gate Daily Report (March 31): Senator Introduces the “US Mining Act” for the First Time; Bitmine Re-Stakes 167,000 ETH

Bitcoin’s short-term rally is underway, with it temporarily trading around $67,660 as of March 31. A U.S. senator has introduced the “American Mining Act,” aiming to incorporate strategic Bitcoin reserves into law. Bitmine has staked an additional 167,500+ ETH again, worth about $342 million.

Macro Events & Crypto Market Hot Spots

1. U.S. Republican Senators Cynthia Lummis and Bill Cassidy have introduced the “American Mining Act,” aiming to expand the role of crypto mining in the U.S. economy and to codify President Trump’s executive order on establishing strategic Bitcoin reserves. The bill would direct the Department of Commerce to set up a voluntary certification program for mining pools and mining facilities, and require certified facilities to phase out mining equipment manufactured by companies related to foreign adversaries.

Lummis said the bill is intended to bring the mining industry back to the U.S. through forward-looking measures, ensuring the country’s financial future. Previously, Trump promised during his campaign to make the U.S. “the global hub of cryptocurrencies,” and in March of this year signed an executive order establishing strategic Bitcoin reserves funded by judicially forfeited Bitcoin.

2. According to monitoring by Onchain Lens, Bitmine newly staked 167,578 ETH, worth $342.4 million. Their current total staked ETH is 3,310,221 ETH (amounting to $6.7 billion). Bitmine currently holds nearly 4% of the ETH token supply, achieving more than 78% of its “5% alchemy” target in just 8 months.

News Updates

1. Cardano’s founder launches the privacy chain Midnight, using ZK technology and a dual-token model

2. Jack Dorsey’s Square automatically enables Bitcoin payment features for millions of U.S. merchants

3. Bitmine stakes another 167,500+ ETH again, worth about $342 million

4. U.S. Democrats urge issuing warnings to federal officials to watch for insiders betting on prediction markets

5. The U.S. Department of Labor proposes new rules allowing 401(k) retirement plans to include assets such as cryptocurrencies

6. U.S. CFTC says it will “respect the opinions of each sports league”; previously, the NFL called for stronger regulation of prediction markets

7. A U.S. senator proposes the “American Mining Act,” aiming to incorporate strategic Bitcoin reserves into law

8. Powell: Oil price shocks can be temporarily ignored, but if inflation expectations get out of control, the Fed will be patient in bringing it to a peak

9. Iran insists it has not held talks with the U.S. since the outbreak of war

10. The White House: Trump hopes to reach an agreement with Iran by April 6

Market Performance

1. Latest Bitcoin update: $BTC’s short-term rally is underway, temporarily trading around $67,660. Over the past 24 hours, $82.17 million has been liquidated, with the main liquidations on long positions;

2. U.S. stocks fell mostly on March 31, and the market was thrown into intense turbulence. Although U.S. President Trump claimed negotiations with Iran are being pursued, as more U.S. troops arrive in the Middle East, the Yemeni Houthis join the fight, and Trump threatens to strike Iran’s oil fields and seize uranium resources, hopes that the conflict will end in the short term have still been dashed. The S&P 500 and the Nasdaq both fell for three straight trading days, closing at the lowest level since early August last year. The Dow rose slightly, supported by financial stocks. The Dow Jones Industrial Average gained 49.50 points, up 0.1%, closing at 45,216.14. The S&P 500 fell 25.13 points, down 0.4%, closing at 6,343.72, less than 1% away from the correction range. The Nasdaq Composite fell 153.72 points, down 0.7%, closing at 20,794.64.

（Source: Gate）

3. In the Gate BTC/USDT liquidation map, using the current 67,142 USDT as the reference point: if it drops to around $66,171, the cumulative amount of long-position liquidation would exceed $282 million; if it rises to around $67,448, the cumulative amount of short-position liquidation would exceed $143 million. The amount liquidated for shorts is significantly lower than for longs. It is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations amid market fluctuations.

（Source: Coinglass）

4. Over the past 24 hours, BTC spot inflows were $2.33 billion, outflows were $2.27 billion, for net outflows of $0.6 billion.

（Source: Coinglass）

5. Over the past 24 hours, net outflows in derivatives trading have led in $ETH, $BTC, $SOL, $RIVER, $BNB, etc., indicating there are trading opportunities.

Selected Insights from X KOLs

Phyrex Ni (@Phyrex_Ni): “Another difficult day. Although this kind of work isn’t complicated, it’s still very frustrating—not because the price is falling, but because this kind of ‘collateral damage with no one at fault’ now makes it impossible to see when it will end. Trump previously said it could end before his visit to China, but now it seems that if it still follows the original schedule in mid-May, stopping it won’t be easy. The main reason is that Iran isn’t like Venezuela—after a decapitation, it just behaves. Even though the decapitation was successful, the trouble isn’t over.”

“Today, U.S. crude oil finally surged past $100. On March 9, it peaked at $117, but it fell back within a few hours. Now, the market not only doesn’t expect it to drop; it believes oil prices could break through $150 or higher. This indicates that short-term hopes for the war’s quick end are fading.”

“Today, Powell participated in an event and delivered remarks, expressing concerns similar to those after the FOMC meeting. The Federal Reserve is caught in a dilemma: currently, the U.S. faces both downside risks to the labor market and upside risks to inflation. This shows the Fed is being very cautious about interest rate adjustments, and the market generally expects only one rate cut at most in 2026.”

“Regarding U.S. Treasuries, Powell believes the total U.S. debt hasn’t yet reached an unsustainable level, but its current trajectory is unsustainable. Although this isn’t the Fed’s direct responsibility, if not addressed promptly, the outlook may be bleak. He also expressed concern about private credit, noting it’s only a small part of a very large asset pool, but the Fed remains attentive.”

“Looking at Bitcoin data: despite the ongoing war and rising U.S. oil prices, short-term investor sentiment continues to decline, dragging $BTC’s price down further. Iran’s war is currently Bitcoin’s biggest shackles, but even after the war ends, many other shackles remain—most originating from Trump.”

What to Watch Today

1. Japan February unemployment rate; prior: 2.7%

2. Japan February seasonally adjusted retail sales (m/m); prior: 4.1%

3. China March official manufacturing PMI; prior: 49.0

4. UK Q4 GDP final (q/q); prior: 0.1%

5. UK Q4 GDP final (y/y); prior: 1.0%

6. UK Q4 current account (billion GBP); prior: -12.1

7. France March preliminary CPI (m/m); prior: 0.6%

8. Germany March seasonally adjusted unemployment rate (official); prior: 6.3%

9. Eurozone March CPI preliminary (y/y); prior: 1.9%

10. Eurozone March CPI preliminary (m/m); prior: 0.6%

11. Canada January GDP (m/m); prior: 0.2%

12. U.S. February JOLTs job openings (thousands); prior: 694.6

13. U.S. March Conference Board consumer confidence index; prior: 91.2