Bitcoin Breaks $66K Barrier in Crypto Rally: Hong Kong Stablecoin Licenses Issued, Meta’s Stablecoin Revival, and Key Market Shifts

The crypto market is showing signs of life again. as traders shake off recent lows, sparking hope for a broader rebound. Ethereum and other majors are climbing too, while big news from regulators and tech giants adds fuel to the fire. In this daily update, we dive into the latest moves, from Hong Kong’s stablecoin push to Meta’s potential comeback and expert takes on what’s next.

Market Snapshot: Bitcoin and Ethereum Lead the Charge

The cryptocurrency market bounced back strong. Bitcoin surged over 1.45%, touching before settling around $64,900. Ethereum jumped 2.18% to $1,887, with a solid 3% gain in the last 24 hours. This rebound comes after weeks of pressure, hinting at shifting sentiment amid global economic worries.

But not all is smooth. Spot Bitcoin and Ethereum ETFs saw outflows of $203.8 million and $49.5 million. Risk aversion is high due to AI concerns, tariffs, and tight liquidity. Still, accumulation in the $60K-$70K range for Bitcoin—over 400,000 BTC—builds a strong support zone, per on-chain data.

Hong Kong Steps Up: Stablecoin Licenses and Digital Asset Push

Hong Kong is doubling down on crypto. Financial Secretary Paul Chan announced a licensing regime for fiat-backed stablecoin issuers. The first batch of licenses drops in March. This fits into a bigger plan: a draft law for digital asset trading and custody coming this year.

The Securities and Futures Commission (SFC) will boost liquidity, protect investors, and offer more products to pros. An accelerator program will speed up innovation. This move positions Hong Kong as a compliant crypto hub, balancing growth with safety.

Coinbase Expands: Stock Trading for All US Users and Yahoo Tie-Up

Coinbase rolled out stock trading to every US user after a pilot. Partnering with Yahoo Finance, they added a ‘Trade on Coinbase’ button on stock and crypto pages. Users get a free month of Coinbase One Basic—no fees, plus USDC rewards.

Looking ahead, Coinbase teases tokenized stocks and perpetuals for non-US traders via its Bermuda arm, pending approval. This blends traditional finance with crypto, widening access.

Meta’s Stablecoin Ambitions: Relaunch in Sight?

Meta Platforms, with 3 billion users across Facebook, WhatsApp, and Instagram, eyes a stablecoin return in late 2026. Plans hinge on partnering with firms for USD-pegged token payments and a new wallet. Stripe is a rumored collaborator—its CEO sits on Meta’s board.

A spokesperson clarified: no stablecoin yet, but focus is on easy payments. Meta already handles 50+ currencies, wallets, cards, and local methods in 100+ countries. This could supercharge crypto adoption if it lands.

Michael Saylor’s Take: Bitcoin’s ‘Valley of Despair’

MicroStrategy’s Michael Saylor sees Bitcoin’s 45% drop as a normal phase, like Apple’s 2013 slump. It took Apple years to recover, backed by big investors. Saylor says tech winners endure this ‘valley of despair’—Bitcoin’s dip has lasted 137 days, but could stretch longer.

Meanwhile, MicroStrategy holds 717,722 BTC at an average $76K cost. At $66K, that’s $7B in paper losses. It’s now the most shorted US large-cap stock, yet 94% of analysts rate it a strong buy.

Institutional Power Plays: Acquisitions, ETFs, and Tokenization

• Bitwise Buys Chorus One: Adds staking across 30+ PoS chains like Solana, Avalanche, Sui. Manages $22B staked assets, grows team to 200, $15B AUM.
• 21Shares Spot SUI ETF: Live on Nasdaq, spot structure. Joins leveraged version and others from Canary, Grayscale.
• BNP Paribas Tokenizes MMF on Ethereum: Permissioned access for regs, integrates bank units for issuance, custody, tokenization.
• WisdomTree 24/7 Tokenized Fund: Instant settlement approved by SEC exemptions—first for US regs.
• Binance + Ondo Finance: Lists tokenized US stocks/ETFs like AAPL, TSLA on non-US platforms.

Regulatory Ripples: Russia, UK, and Beyond

Russia’s Digital Currency Law hits July 1. Licensed exchanges only, investor tests, $3.3K cap for non-quals, data sharing with authorities. Fines for offshore use from 2027.

Coinbase CEO Brian Armstrong slams UK’s stablecoin caps ($26K personal, $12.7M business) as innovation killers, risking London’s hub status.

Bhutan offers Solana-backed nomad visa: $10K in TER tokens + $2.8K for 36 months residency.

Market Warnings: Downside Risks Loom

Bearish signals flash. Coinbase research flags negative gamma at $60K-$70K—could speed drops. Positive gamma at $85K-$90K may slow ups. Glassnode’s profit-loss ratio under 1 signals months of losses, potentially to $44K.

Analysts eye $55K washout amid outflows, geopolitics. Bitcoin could see first 6-week drop streak since 2022. FG Nexus dumped 7,550 ETH ($14M), total losses $87M.

Bullish Voices: Bitcoin as Digital Gold

Not all doom. Cathie Wood calls Bitcoin superior to gold—hedges inflation/deflation, digital edge. Emirates NBD eyes BTC allocation, fair value $100K in 12 months.

Glassnode notes $60K-$70K as cost basis stronghold. ‘1011 Insider Whale’: Long winter ahead, but not just crypto.

Innovations Heating Up

MoonPay’s Agents let AI handle wallets, trades non-custodially. Stripe eyes PayPal buy.

What’s Next for Crypto?

This rebound tests resolve amid mixed signals. Support at $60K holds key; breaks could mean pain. But regs like Hong Kong’s, Meta’s push, and institutional buys signal maturity. Stay tuned—volatility is crypto’s middle name.

Track prices, watch regs, diversify smart. The market evolves fast.