Clapp Weekly: Fed unease, TON surge, Trump's $390M payday
Price dynamics
BTC price
The Bitcoin price succumbed to Monday's selling pressure, losing its hold on the $84.5k level. Analysts attribute the sell-off to the ongoing Federal Open Market Committee (FOMC) meeting, as the rate-setting event often acts as a market reset.
After climbing to $84k last Wednesday, March 12, BTC dipped to a low of $80,117.84 the following day. It then rebounded to a high of $84,727.83 on Friday before experiencing volatile swings and eventually slipping below $81.3k yesterday.
Currently, Bitcoin is showing signs of recovery, trading at $83,253.00 at press time. This marks a 0.7% increase over the past 24 hours and a 1.6% gain over the past seven days.
ETH price
Ethereum is facing headwinds as DEX volumes dropped 34% in a single week, with competitors like Solana and Tron gaining market share. The altcoin has underperformed the broader market, declining 14% in March compared to the 4% overall loss.
Similar to BTC, ETH experienced a choppy week after falling from the $1.9k level. It hit a seven-day low of $1,877.70 on Thursday, March 13, before climbing to a high of $1,949.59 on Sunday. However, another descent saw it drop to $1.87k yesterday.
At press time, ETH is trading at $1,938.95, reflecting a 2.2% increase over the past 24 hours and a 3.3% gain over the past seven days.
Seven-day altcoin dynamics
Crypto volatility has surged as traders brace for the Federal Reserve's interest rate decision, scheduled for today at 2:30 PM ET. Historically, market participants tend to de-risk and reduce leverage ahead of the Fed chair's press conference, contributing to heightened uncertainty.
Despite a 99% certainty that the FOMC will keep the rates unchanged, any bullish undertones in Jerome Powell's remarks could ignite a market rally. Hints at future easing measures might provide the catalyst Bitcoin needs to break through the $84k level, potentially lifting altcoins in tandem.
Yesterday's market was largely uninspired and directionless. Prices are weighed down not only by anticipation of the Fed's decision but also by concerns over the tariff dispute between the US and its major trading partners.
Winners & losers
TON (+37.1%) is leading the charge, surging after Telegram's founder received temporary permission to leave France amid an ongoing investigation. The runner-up, EOS (+28.8%), spiked as the network announced a rebrand to "Vaulta," marking a strategic shift toward Web3 banking. This shift is scheduled for late May 2025.
Meanwhile, OKB (+27.6%) is supported by a scarcity mechanism, as a strategic burn of 31.15 million tokens has boosted demand for the remaining supply.
Weekly losses are led by PI (-22.3%), sinking sharply ahead of a looming unlock of roughly 129 million tokens worth around $175 million. MOVE (-7.3%) has also reversed its recent gains, slipping after a rally sparked by the launch of its Mainnet Beta and ETF filings.
Similarly, HBAR (-6.9%) slipped back into a downtrend after failing to break out of its trading range. With no strong catalysts in sight, price action will likely remain range-bound in the near term.
Cryptocurrency news
TON rallies 29% as Telegram founder allowed to leave France
The Open Network’s token, Toncoin (TON), is the week’s top performer among high-cap assets — outpacing BTC and surpassing XLM in market cap. Its price rocketed 29% after Telegram founder Pavel Durov was granted temporary permission to leave France.
Durov, who remains under investigation for alleged criminal activity facilitated on Telegram, was allowed to return to his home in Dubai. According to Wu Blockchain, the TON Foundation confirmed his passport had been returned. Durov shared the update with his 11.9 million Telegram channel subscribers, expressing relief at being back.
French authorities imposed the travel ban in August 2024, when Durov was indicted on allegations that the messenger was used by criminals. Following Durov’s arrest, TON faced a sharp decline amid protests from the TON community.
While Telegram and TON operate independently, they share a common origin — Durov and his brother Nikolai initially developed TON as the Telegram Open Network. Regulatory challenges forced them to abandon the project in 2020, but external developers continued its growth.
Recently, the two entities have deepened their collaboration, with Telegram integrating TON for features like ad revenue sharing and requiring its mini apps to use TON for crypto-related functions. This partnership has driven massive adoption — in June 2024, Telegram’s monthly active users surpassed 950 million.
Despite its recent gains, TON remains 56.6% below its all-time high of $8.25, set in June 2023. Yet the latest developments reflect renewed optimism for its future, as the network continues to solidify its position in the crypto space.
Trump and associates net $390M from World Liberty token sale
President Donald Trump and his business partners at DT Marks DEFI LLC have secured a $390 million payday from the sale of World Liberty Financial’s (WLFI) governance tokens. The Ethereum-based decentralized finance (DeFi) project announced Monday that it raised $550 million from two rounds of sales.
Trump and his partners are entitled to 75% of the net revenue — after deducting $30 million in operating costs. Formally, the president only serves as a promoter, lending his name and likeness to World Liberty. This arrangement is laid out in the project’s gold paper.
WLFI has forged relationships with leading protocols and institutions, such as Ondo Finance, Ethena, Chainlink, Sui and Aave. Over the last six months, it has pursued a “Macro Strategy,” acquiring a diverse mix of cryptocurrencies for its strategic reserve – BTC, ETH, TRX, LINK, SUI, and ONDO.
This stockpile is designed to "enable WLFI to fund innovative projects, support ecosystem growth, and create new opportunities within the rapidly evolving DeFi landscape." Meanwhile, connections with well-established projects have helped accelerate the deployment of "its upcoming platform which is being purpose-built to democratize finance for millions."
The token sale initially struggled to gain traction, raising less than $15 million by the eve of the 2024 election. Interest surged after Trump’s re-election, with high-profile figures like Tron founder Justin Sun purchasing tens of millions of dollars worth of WLFI and joining the project as an advisor.
This boost in credibility helped the project surpass its $300 million goal, ultimately reaching $550 million in total sales. Yet despite the financial windfall, questions remain about potential conflicts of interest.
Trump’s administration is poised to shape crypto regulation, and his personal investments in World Liberty and the TRUMP meme coin — which could be worth over $9 billion at current prices — have raised concerns. David Sacks, Trump’s AI and crypto czar, has downplayed these projects as “irrelevant” to regulatory efforts, but critics argue they could influence policy decisions.
As President Trump and his partners continue profiting from crypto ventures, the intersection of politics, finance, and regulation remains a contentious issue in DeFi.
