Gate Daily Report (March 19): SEC Approves Nasdaq Tokenized Stock Trading Pilot Program; Algorand Foundation Cuts 25% of Workforce

Bitcoin (BTC) has pulled back from this week’s high, currently around $70,990 as of March 19. The Federal Reserve maintained interest rates, with Chair Powell not ruling out the possibility of rate hikes. The US SEC approved a Nasdaq rule change allowing support for tokenized stock trading. Algorand Foundation announced a 25% layoff due to macroeconomic uncertainty and a sluggish crypto market.

Macro Events & Crypto Highlights

1. The US SEC has approved a Nasdaq rule change supporting tokenized stock trading. According to the approval documents, qualified participants can settle trades in a pilot program operated by a trust company using tokenized forms. Tokenized stocks will share the same order book and execution priority as traditional stocks and must provide shareholders with the same rights and privileges as regular trading stocks.

This move is the latest example of traditional finance integrating with cryptocurrencies, marking an important step toward on-chain market infrastructure. Previously, most tokenized stocks were only available to non-US users. SEC Chair stated that in the coming weeks, public comments will be solicited on rules including proposed innovation exemptions. The pilot period has not yet been announced.

2. Algorand Foundation announced a 25% layoff, citing global macroeconomic uncertainty and a sluggish crypto market. The foundation stated on X that this decision was not made lightly but is a response to the uncertain global macro environment and broader crypto market downturn.

According to LinkedIn, the nonprofit has fewer than 200 employees. Its latest financial report shows the foundation holds approximately $38 million in USD assets and 1.1 million ALGO tokens. The foundation believes that current resources are better aligned with long-term protocol priorities and will continue focusing on its mission of financial empowerment. The ongoing layoffs and restructuring reflect the broader industry trend amid recent crypto sector layoffs and project shutdowns.

News Highlights

1. Sky Union has used 20x leverage to short the S&P 500 and increased its long position in Brent Oil.

2. American Bitcoin holdings increased to 6,899 BTC, ranking 16th among corporate Bitcoin treasuries.

3. The Federal Reserve still expects to cut rates once in 2026.

4. Algorand Foundation announced a 25% layoff due to macroeconomic uncertainty and a sluggish crypto market.

5. Visa Crypto Labs launched a command-line tool for AI robot payments.

6. FTX will redistribute $2.2 billion to creditors starting March 31.

7. Foreign media reports: Trump is reportedly considering increasing troops in the Middle East and evaluating ground operations.

8. US SEC approved a Nasdaq pilot project for tokenized stock trading.

9. US media: Department of Defense seeks $200 billion in funding for the Iran war.

10. Powell does not rule out rate hikes, but the likelihood remains low at present.

11. Powell: Will not leave the Fed before the DOJ concludes its investigation; may serve as interim chair.

12. The Fed announced interest rates unchanged, in line with market expectations.

Market Trends

1. Latest Bitcoin news: BTC retraced from this week’s high, currently around $70,990, with $152 million in liquidations over the past 24 hours, mostly longs.

2. US stocks declined on March 18, with the Dow dropping 768 points, breaking below the 200-day moving average for the first time since last summer. Fed Chair Powell stated that conflicts in the Middle East have caused energy prices to surge, becoming a new inflation factor, which puts policymakers in a “difficult position.” The Dow fell 768.11 points, down 1.6%, closing at 46,225.15. The S&P 500 dropped 91.93 points, down 1.4%, closing at 6,624.70. The Nasdaq declined 327.27 points, down 1.5%, closing at 22,152.42.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $71,005, if the price drops to around $70,616, total long liquidations exceed $125 million; if it rises to around $72,066, total short liquidations exceed $183 million. Short liquidations are higher than longs, so traders should control leverage to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $2.55 billion, outflow $2.62 billion, resulting in a net outflow of $0.07 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led by contracts in $SIREN, $RIVER, $AIN, $ENJ, $DEGO, indicating potential trading opportunities.

Selected Insights from X Influencers

Phyrex Ni (@Phyrex_Ni): “Today’s analysis is a bit challenging. On one hand, tensions between the US and Iran are escalating; on the other, Powell’s hawkish comments. Starting with the conflict—although the IEA released oil to lower prices, Iran is preparing to escalate the war, which worries markets about impacts on industry and energy. Oil prices are rising again, with US crude back to $99, possibly hitting $100 tomorrow, though Powell hasn’t explicitly linked this to oil prices.”

“He also acknowledged that rising oil prices could push inflation higher, which the Fed has already anticipated, but investors remain concerned. Iran’s resilience may surpass Trump’s expectations. Trump keeps saying the war will end soon, but no signs of that yet, especially in the Strait of Hormuz.”

“While Powell denies the possibility of short-term rate hikes, he generally agrees that a rate cut could happen once this year. He also mentioned that AI has increased data center demand and inflation, which is another reason for not cutting rates soon. Tariffs are also a factor, with some believing war impacts might be short-lived. The focus is on the second half of the year; the first half is truly painful.”

“Looking at Bitcoin data, under pressure from oil prices and Powell today, BTC still experienced downward volatility—quite interesting. Yesterday, some bullish traders said a bull run was coming, but now others say a bear market. The main narrative remains war-driven volatility: escalation pushes oil prices up and markets down; easing tensions can revive market vitality.”

“Order book structure remains stable. Despite poor prices, most investors are not interested in trading. In the short term, we wait to see the war’s outcome.”

Today’s Outlook

1. Japan Uncollateralized Overnight Call Rate, previous 0.75%

2. UK January Unemployment Rate, previous 4.4%

3. UK February Unemployment Rate, previous 4.4%

4. UK January 3-Month ILO Unemployment Rate, previous 5.2%

5. UK February 3-Month ILO Unemployment Rate, previous 4.4%

6. Sweden Repo Rate, previous 1.75%

7. Switzerland Policy Rate, previous 0.00%

8. Bank of England Official Bank Rate, previous 3.75%

9. US Initial Jobless Claims (seasonally adjusted, thousands) for week ending 0314, previous 213

10. Eurozone ECB Refinancing Rate, previous 2.15%

11. US January New Home Sales (annualized monthly rate), previous -1.7%

12. European Central Bank Interest Rate Decision