Cryptocurrency markets might experience significant growth in the latter half of the year if U.S. lawmakers pass comprehensive market-structure legislation by midyear, according to JPMorgan. Bloomberg posted on X, highlighting that despite prevailing negative sentiment, the potential legislative approval could provide a boost to the crypto sector. The anticipated legislation aims to address various aspects of market structure, potentially offering a more stable and regulated environment for digital assets. This development comes amid ongoing discussions and debates among U.S. policymakers regarding the future of cryptocurrency regulation. The outcome of these legislative efforts could play a crucial role in shaping the trajectory of the crypto markets in the coming months.

Bitcoin mining company MARA Holdings announced a partnership with investment firm Starwood Capital Group to build large-scale data centers for AI and cloud computing customers on top of its existing mining farms in the United States. Following the announcement, the company's stock price rose approximately 17% in after-hours trading. Under the agreement, the two companies will convert some of their existing Bitcoin mining facilities into AI data centers, with Starwood Digital Ventures, a Starwood subsidiary, responsible for design, construction, and customer acquisition. The initial phase of the project is expected to provide approximately 1 gigawatt (GW) of computing power, with plans to expand to over 2.5 GW in the future, and the projects will be jointly funded and operated by both parties. This partnership marks a significant transformation for MARA's business. Due to the large-scale power access capabilities of mining farms, this type of infrastructure becomes increasingly valuable against the backdrop of rapidly growing demand for AI computing power. In recent years, under pressure from declining block rewards due to Bitcoin halvings, rising electricity costs, and intensified competition, many mining companies have begun to shift towards AI computing power infrastructure. However, MARA stated that Bitcoin will remain a core component of the company's long-term strategy. The company's management emphasized that despite short-term price uncertainties, their long-term confidence in the Bitcoin asset class remains unchanged. Financial reports show that the company's revenue in the fourth quarter was $202.3 million, a year-on-year decrease of about 6%, mainly due to a decrease of about 14% in the average mining price of Bitcoin.

Circle's stock price recently climbed above $90, reaching a new high since last year, before settling around $87. According to ChainCatcher, this surge followed the company's fourth-quarter results, which exceeded market expectations, leading to a cumulative increase of about 30% in the stock price post-earnings announcement. Bernstein analysts have maintained an 'outperform' rating for Circle, setting a target price of $190, citing the company's performance as distinctly different from the broader crypto market. The report highlights Circle's expansion in infrastructure, which is generating new revenue streams with higher profit margins, beyond just stablecoin reserve income. Analysts noted that Circle's transaction-related income continues to grow, including blockchain rewards earned as a super validator on the Canton network. Additionally, the proportion of USDC directly hosted on Circle's platform has risen to 17% of the total supply, up from 14% in the previous quarter. The company anticipates that USDC circulation will maintain an annual growth rate of about 40% and projects that revenue from non-reserve sources will reach approximately $170 million by 2026, up from about $110 million in 2025. Bernstein is also optimistic about Circle's expansion into new product areas, such as the Arc platform, Circle Payments Network, and 'automated payment' capabilities for AI agents. Meanwhile, Mizuho analysts pointed out that as stablecoins find new applications in prediction markets and other scenarios, such as the Polymarket platform, Circle's revenue structure is expected to diversify further. Overall, the market's focus is gradually shifting towards whether Circle can establish a more balanced revenue structure amid the expansion of the stablecoin ecosystem.

Benchmark analysts recently reiterated their "buy" rating on Strategy (formerly MicroStrategy) and gave it a price target of $705, representing an upside of approximately 430% from the current share price of around $130. Analysts believe the company's strategic shift to STRC preferred stock financing is poised to become a core driver of Bitcoin reserve growth. At the Strategy World 2026 conference, Executive Chairman Michael Saylor stated that the company will shift its strategy from encouraging companies to include Bitcoin on their balance sheets to focusing on promoting STRC perpetual preferred stock as the primary financing tool for future Bitcoin purchases. Benchmark analysts point out that STRC will become Strategy's "main engine" for accumulating Bitcoin and is expected to accelerate the growth rate of the company's Bitcoin holdings per share. STRC's price briefly fell to around $90 earlier this month but has since recovered to near its par value of $100. This preferred stock product offers an annualized yield of approximately 11%, pays dividends monthly, and has priority over common stockholders in dividend payouts.

Sam Bankman-Fried (SBF), the FTX founder currently serving a prison sentence, recently publicly expressed his support for the US crypto regulatory bill, the CLARITY Act. However, this statement was met with opposition from both Democratic and Republican senators. SBF stated on social media that the CLARITY Act would be a significant milestone for the crypto industry, and that he had previously pushed for similar legislation to limit the Securities and Exchange Commission's regulatory power over the crypto sector. He supported the Digital Goods Consumer Protection Act (DCCPA) in 2022, but its progress stalled after FTX's collapse and his arrest. In response, Republican Senator Cynthia Lummis publicly stated, "We don't need, and don't want, your support." Democratic Senator Elizabeth Warren also opposed SBF's statement, demonstrating a rare bipartisan consensus on this issue. Currently, SBF, sentenced to 25 years in prison for embezzlement and other charges, is appealing and continues to post comments on social media, many of which express support for the Trump administration's policies, interpreted by some as an attempt to secure a presidential pardon. However, the White House has previously stated that Trump has no plans to pardon SBF at this time. The CLARITY Act aims to establish a comprehensive regulatory framework for the crypto industry and clarify the regulatory division of labor between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Although the House of Representatives has passed the relevant bill, the Senate legislative process still faces controversy over issues such as stablecoin yield rules and potential conflicts of interest.

US lawmakers have recently reignited discussions about stablecoin yield mechanisms, with some concerned that the yields offered by stablecoins could lead to an outflow of bank deposits and blur the lines between crypto products and traditional bank deposits. At a Senate Banking Committee hearing, Senator Angela Alsobrooks stated that while she supports financial innovation, stablecoin yield mechanisms could create products similar to bank deposits, lacking corresponding regulatory and protective measures, potentially triggering future deposit outflows. The issue of stablecoin yields has been a core topic in crypto market legislative negotiations. The GENIUS Stablecoin Act, passed in 2025, prohibits stablecoin issuers from directly paying interest to holders, but does not prohibit third-party platforms like Coinbase from offering rewards to users for holding stablecoins. Bankers believe that allowing stablecoins to offer yields would weaken the deposit base of the traditional banking system. A previous study by the Independent Community Bankers Association estimated that if stablecoin yield mechanisms were fully implemented, bank deposits could decrease by approximately $1.3 trillion, leading to a decrease of approximately $850 billion in community bank lending. The crypto industry counters that restricting stablecoin yields would stifle innovation. Some industry insiders say there is currently no evidence to suggest a significant link between the adoption of stablecoins and the outflow of bank deposits. Senator Thom Tillis stated that he will request regulators to conduct an independent assessment of the potential deposit outflow risks posed by stablecoins. Meanwhile, the White House has recently organized several meetings between banks and crypto companies, hoping to reach a solution to the stablecoin yield issue by the end of this month.

CoreWeave, a company specializing in AI data centers, has reported a loss greater than expected, raising concerns about its spending on infrastructure. Bloomberg posted on X, highlighting the financial challenges faced by the company as it invests heavily in expanding its data center capabilities. The unexpected financial results have prompted analysts to question the sustainability of CoreWeave's current investment strategy. The company's focus on infrastructure development has been a key part of its growth plan, but the recent losses suggest that this approach may need reevaluation. As CoreWeave continues to navigate the complexities of the AI data center market, stakeholders are closely monitoring its financial performance and strategic decisions.

Shares of stablecoin issuer Circle rose to above $90, a new high since November last year, before falling back to around $87. This followed the company's fourth-quarter results, which exceeded market expectations, driving the stock price up by approximately 30% after the earnings release. Bernstein analysts maintained their "outperform" rating on Circle and gave it a $190 price target, believing that the company's performance shows a growth trend that is "clearly different from the crypto market." The report points out that Circle's expansion in the infrastructure sector is generating new revenue streams with higher profit margins, rather than relying solely on stablecoin reserve returns. Analysts stated that Circle's transaction-related revenue continues to grow, including blockchain rewards earned as a supervalidator on the Canton network. Meanwhile, the proportion of USDC directly custodied on the Circle platform has risen to 17% of the total supply, up from 14% in the previous quarter. The company anticipates that USDC circulation will continue to grow at an annual rate of approximately 40%, and expects revenue from other businesses besides reserve income to reach approximately $170 million in 2026, up from approximately $110 million in 2025. Bernstein is also optimistic about Circle's expansion into new product areas, including the Arc platform, Circle Payments Network, and "automated payment" capabilities for AI agents. Meanwhile, Mizuho analysts point out that as stablecoins are increasingly used in new scenarios such as prediction markets and the Polymarket platform, Circle's revenue structure is expected to become more diversified. Overall, market attention is gradually shifting towards whether Circle can establish a more balanced revenue stream structure during the expansion of the stablecoin ecosystem.

Venezuelan President Nicolás Maduro is reportedly planning to file a motion to dismiss U.S. criminal charges against him, citing violations of due process during his arrest. According to Jin10, the motion argues that the procedures followed in apprehending Maduro were not in accordance with legal standards, potentially undermining the legitimacy of the charges. This development comes amid ongoing geopolitical tensions between Venezuela and the United States, with Maduro's administration frequently challenging U.S. actions and policies. The motion, if successful, could have significant implications for diplomatic relations and the legal proceedings against Maduro.

The Baker Hughes Rig Count is set to be released tomorrow at 1:00 PM. Bespoke Investment Group posted on X, highlighting the light event calendar for the day. The Rig Count is a key indicator in the oil and gas industry, providing insights into the number of active drilling rigs. This data is closely watched by industry analysts and investors for trends in energy production and exploration activities. The release of the Rig Count can influence market dynamics and investment decisions in the energy sector.

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