Here’s what happened in crypto today

Today in crypto, the European Union’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, a bill for the US to buy 1 million Bitcoin was reintroduced to Congress, and the EU is scrutinizing OKX for a service that could’ve helped the Bybit hackers.

EU retaliatory tariffs threaten Bitcoin correction to $75,000

The EU’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin (BTC) prices, which may drop below the critical $75,000 support level.

The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.

This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.

Announcement of retaliatory tariffs on the US. Source: European Commission

“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.

This may see Bitcoin revisit $75,000, he told Cointelegraph, adding that “given stablecoins and RWAs [real world assets] remain at all-time-highs, it has the potential to rebound.”

“I don’t believe that news will have a strong impact for now, but we’ll observe the response on the US end,” he added.

Other analysts still eye a temporary Bitcoin retracement below $72,000 as part of a “macro correction” during the current bull market cycle before Bitcoin’s next leg up.

Still, import tariffs are not the only factor influencing Bitcoin’s price, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:

“The prices are correlated with wider economic conditions but are also influenced by factors beyond trade policies. Worldwide institutional adoption, regulatory updates and high utility make it more resilient than traditional financial instruments.”

Lummis’ revamped BITCOIN Act wants US reserve to buy 1 million BTC

US Senator Cynthia Lummis’ reintroduced her BITCOIN Act on March 11 to allow the government to potentially hold more than 1 million Bitcoin in its newly established reserve.

The bill, the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025, was first introduced in a different form in July and would’ve seen the US buy 1 million BTC, split across buys of 200,000 BTC a year for five years.

The revamped bill opens the door for the US to acquire and hold in excess of 1 million BTC as long as it is acquired through lawful means other than direct purchase, such as civil or criminal forfeitures, gifts made to the US or transfers from federal agencies.

The refreshed bill also now sets a formal evaluation process for Bitcoin forked assets and airdropped assets in the reserve and directs the Secretary after the mandatory holding period to evaluate and retain the most valuable asset based on market capitalization while retaining the “dominant asset.”

US President Donald Trump signed an executive order to create a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” both of which will initially use crypto forfeited to the government.

EU watchdogs scrutinizing OKX over $100 million in Bybit laundered funds: Report

European Union regulators are reportedly looking into a service offered by crypto exchange OKX that may have played a role in the laundering of $100 million in funds from the Bybit hack, according to Bloomberg.

A March 11 Bloomberg report citing people familiar with the matter claims that national watchdogs from the EU’s member states discussed the issue during a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The issue appears to be OKX’s decentralized finance platform and wallet service.

On Jan. 27, OKX announced that it had secured a full Markets in Crypto-Assets (MiCA) license to operate across all EU member states under a unified regulatory framework. The question for EU regulators is whether two OKX services fall under the MiCA framework and, if so, whether the exchange could be penalized.

According to Bybit CEO Ben Zhou, nearly $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack had been laundered through OKX’s Web3 proxy, with a portion of the funds now untraceable.

In a statement posted to X, OKX refuted the claim there were any ongoing investigations by the EU, adding that “Bybit’s statements are spreading misinformation” and defending its Web3 wallet services.