Crypto Daily | Bitcoin Struggles to Hold $70,000 Mark; Winklevosses Say Job Cuts at Gemini Exchange Reach 30%

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Bitcoin Struggles to Hold $70,000 as Oil Surge Jolts Risk Assets

Bitcoin slipped below $70,000 for the first time in more than a week, pressured by a broader market selloff amid renewed attacks on Middle East energy infrastructure.

The world’s largest cryptocurrency fell as much as 3.4% to $68,799 on Thursday before paring some of the loss. Bitcoin extended a decline from the previous day, when it saw its largest drop in three weeks. Other cryptocurrencies such as Ether, Solana and XRP also declined.

South Korea Opposition Moves to Abolish Crypto Tax Amid $110B Capital Flight

South Korea is not just delaying its crypto tax anymore. It wants to kill it entirely.

The People Power Party has introduced a bill to strike digital asset taxation from the Income Tax Act completely, ahead of its rescheduled 2027 implementation. The opposition Democratic Party, which holds the legislative majority and previously only agreed to a delay, is now reviewing full abolition.

The reason is hard to ignore. $110 billion in capital flight. Traders moved funds offshore specifically to escape the planned 22% levy.

Winklevosses Say Job Cuts at Gemini Exchange Reach 30%

Gemini Space Station Inc.’s workforce reduction has reached roughly 30% since the start of the year following layoffs, with the crypto exchange saying Thursday it is deploying artificial intelligence tools to increase productivity. The firm lost more than $500 million last year.

As of March 1, the company, founded by billionaires twins Tyler and Cameron Winklevoss, employed about 445 people, Gemini said in a shareholder letter. The New York-based firm said it wasn’t providing an operating outlook for 2026 while releasing fourth-quarter results.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $90.19 million. The total net asset value of Bitcoin spot ETFs is $90.83 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.44%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on March 19 was iShares Bitcoin Trust, with a net outflow of $38.25 million, according to SoSoValue.

Source: SoSoValue