The first quarter of the year was eventful in the crypto markets. Notable developments such as Bitcoin breaking records and the signing of an executive order in the US for the establishment of a Strategic Bitcoin Reserve drew attention. Cryptocurrencies experienced a volatile trend over the three-month period. Bitcoin, the cryptocurrency with the highest market value, pushed its price record above $109,000 in January. However, the price of Bitcoin quickly dropped thereafter, falling below $80,000 in March. During this time, many altcoin projects also saw a value decrease of over 50%.

TRUMP EFFECTS IN THE MARKETS
Certain actions by US President Donald Trump played a defining role in the volatility of the crypto market in the first quarter of the year. Approaching the ecosystem positively during his candidacy period, Trump appointed “crypto-friendly” figures to manage the economy after assuming office on January 20th. In March, Trump also signed an executive order for the establishment of a “Strategic Bitcoin Reserve”, providing Bitcoin a place in US reserves alongside assets like gold and oil. President Trump announced that along with Bitcoin, he would also add projects like Ethereum, Ripple, Solana, and Cardano to the reserves.

CRYPTO SUMMIT AT THE WHITE HOUSE
Last month, the White House hosted its first cryptocurrency summit. Donald Trump, at the summit on March 7th, stated that they are working to make the US: “the world’s Bitcoin superpower” and “the planet’s crypto capital.” The summit saw the participation of leading figures in the crypto market, top executives, and investors alongside White House Artificial Intelligence and Crypto Czar David Sacks, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent. Trump, in the following days, became the first US President to attend a private crypto event, showing support for the ecosystem.

CRYPTO MOVES FROM HEADS OF STATES
US President Donald Trump further expressed his interest in the crypto market in the first quarter of the year by launching a crypto project named “Trump”. Sharing the crypto project, named after himself, on his social media account, the asset quickly rose in value, reaching a market capitalization of $15 billion. Following “Trump”, a project named “Melania” was also launched in the name of First Lady Melania Trump. Following these cryptocurrencies, the President of Argentina, Javier Milei, shared a post on social media regarding a project called “Libra”. However, over time, the prices of all these assets rapidly declined, resulting in significant losses for many investors.

ALT COIN ETF APPLICATIONS CONTINUED
With the approval of Bitcoin exchange-traded funds (ETFs) last year, individual and institutional investors in the traditional financial system gained access to these assets. By the end of March, the total value of Bitcoin ETFs, which saw significant demand from institutional investors, exceeded $100 billion. In the first quarter of the year, entities including large US-based investment companies like BlackRock and VanEck submitted ETF applications for altcoin projects like Solana, Ripple, Cardano, Litecoin, Dogecoin, and Hedera.

NEW REGULATIONS IMPLEMENTED IN TURKEY
While the initial legal framework for crypto assets in Turkey was established in July 2025, secondary regulations went into effect last month. The secondary regulations set out procedures and principles regarding the establishment and operation of crypto asset service providers known as crypto exchanges. The minimum capital requirement for exchanges was set at 150 million Turkish Liras, and the capital requirement for companies providing crypto asset custodial services was determined to be 500 million Turkish Liras. The regulations also paved the way for exchanges to insure customer assets. A requirement was introduced for exchanges to establish a three-person listing committee to list crypto assets, with a deadline for compliance set for June 30th.