Bitcoin Braces for Volatility as EU Tariffs Shake Markets, US Eyes 1 Million BTC Reserve, and OKX Faces Scrutiny

Trade War Tensions Could Push Bitcoin Below $75K, US Lawmakers Reintroduce BTC Reserve Bill, and OKX Under Investigation for Alleged Money Laundering Links

The crypto world saw major developments today, with the European Union’s latest tariffs fueling uncertainty, a fresh push in the US Congress to establish a massive Bitcoin reserve, and European regulators investigating OKX over its alleged role in laundering funds from a major hack.

EU Tariffs Spark Concerns of Bitcoin Correction to $75K

Bitcoin (BTC) could be in for a rough ride as analysts warn that the EU’s newest round of retaliatory tariffs might heighten market volatility, potentially dragging BTC below its key $75,000 support level.

The European Commission confirmed on March 12 that it will impose counter-tariffs on $28 billion (€26 billion) worth of US goods starting in April. This move is a direct response to US President Donald Trump’s recent decision to slap a 25% tariff on steel and aluminum imports.

With trade tensions escalating, market analysts fear renewed economic uncertainty could shake crypto markets. “Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” said Marcin Kazmierczak, co-founder of blockchain oracle provider RedStone. He believes Bitcoin could briefly dip to $75,000 before rebounding, given that stablecoins and real-world assets (RWAs) are still at record highs.

Other analysts predict an even deeper correction below $72,000 before Bitcoin resumes its upward trend. However, Ryan Lee, chief analyst at Bitget Research, emphasized that Bitcoin’s resilience stems from broader institutional adoption and its increasing role in the financial ecosystem, making it less vulnerable to trade policy shifts alone.

US Lawmakers Revive Bill to Build a Massive Bitcoin Reserve

In a bold move, US Senator Cynthia Lummis has reintroduced the BITCOIN Act, a bill that could see the US government amass over 1 million BTC.

The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025 aims to establish a Strategic Bitcoin Reserve, with provisions allowing the US to acquire BTC not just through purchases but also via forfeitures, donations, and inter-agency transfers.

Initially proposed in July, the bill originally outlined a plan for the government to purchase 200,000 BTC annually for five years. The revamped version introduces a framework for evaluating forked and airdropped assets, ensuring that the US retains the most valuable digital assets over time.

This push aligns with President Trump’s recent executive order establishing a Digital Asset Stockpile, which would leverage crypto assets seized in legal actions.

OKX Under Fire for Alleged Role in Laundering $100M in Bybit Hack Funds

European regulators are investigating whether crypto exchange OKX played a role in laundering $100 million in stolen funds linked to the Bybit hack, Bloomberg reported.

At a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee, EU watchdogs reportedly discussed concerns over OKX’s decentralized finance (DeFi) platform and wallet service. The key question is whether these services fall under the EU’s Markets in Crypto-Assets (MiCA) regulations, and if so, whether OKX could face penalties.

Bybit CEO Ben Zhou claimed that approximately 40,233 Ether (ETH), worth nearly $100 million, from the $1.5 billion hack had been funneled through OKX’s Web3 proxy, with some of the funds now untraceable.

OKX, however, denied any involvement, dismissing Bybit’s accusations as “misinformation” in a statement posted to X. The exchange also emphasized that it is not currently under investigation by EU authorities.

As the crypto landscape continues to shift, today’s developments highlight the increasing intersection of digital assets with global trade policies, government strategies, and regulatory oversight. Whether Bitcoin weathers the storm or faces another sharp correction remains to be seen.