JPMorgan: Bitcoin to Remain Under Pressure in the Short Term

On March 7th, the Texas State Senate approved the Strategic Bitcoin Reserve Bill SB 21 by a vote of 25 in support and 5 against. Subsequently, SB 21 will be sent to the Texas House of Representatives. There, the bill will be assigned to relevant committees for review, amendments, and hearings. If the House makes amendments to SB 21, the Senate must concur with those changes. Otherwise, a conference committee will be established to reconcile a final version that both chambers agree upon. This final version, once agreed upon by both, will then need to be voted on again. After passing through both the House and the Senate, the bill will be sent to the Texas Governor for signature. The Governor has the option to sign the bill into law.

On March 7th: The S&P 500 index briefly dipped below its 200-day moving average. This was the first occurrence since November 1st, 2023, and the index is now down by 1.8%. (Oriental Fortune Network)

On March 7th, the US stock market continued to decline. The S&P 500 index extended its drop to 2%. The Nasdaq fell by 2.5%, and the Dow dropped by 1.3%. (FX168)

On March 7th, the President of Mexico declared that Mexico would not impose tariffs on goods imported from the United States, and Trump's retaliatory tariffs would not take effect starting from April 2nd. (Xinhua)

On March 7th. U.S. Treasury Secretary Yellen declared that tariffs can serve as a one-time price adjustment. The retaliatory tariffs imposed by Trump in April will be "path-dependent," "depending on our trading partners." The new tariff revenue will not be taken into account for legislative purposes, yet it will be rather substantial. (FX686)

On March 7th. Possibly due to the "Jito Foundation Contributor Launches Discussion on Token Buyback and Reward," JTO experienced a significant surge of over 7% in a short span and temporarily reached $2.66.