Gate Daily (March 12): Wells Fargo submits WFUSD application; Ledger reveals MediaTek chip leak of recovery phrases

Bitcoin (BTC) remains slightly upward, currently around $69,980 as of March 12. CPI data met expectations, boosting risk assets. Ledger revealed a vulnerability in MediaTek chips that can allow attackers to steal Android hot wallet seed phrases within minutes. Wells Fargo applied for the WFUSD trademark, potentially expanding into crypto-related business.

Macro Events & Crypto Hotspots

1. Wells Fargo, a major US bank, has filed a trademark application with the U.S. Patent and Trademark Office for WFUSD. The application indicates that WFUSD will offer “cryptocurrency payment processing,” “digital asset trading,” and “services featuring asset tokenization software.” The name suggests it could be a deposit token or stablecoin. In 2019, Wells Fargo announced plans to pilot an internal settlement service called “Wells Fargo Digital Cash” on its own distributed ledger platform.

2. According to Solid Intel, Ledger disclosed a security flaw in MediaTek Dimensity 7300 chips. Attackers with physical access can steal seed phrases from Android devices equipped with these chips within minutes.

News Highlights

1. Trump reinitiates trade war: launches Section 301 investigations on 16 economies.

2. VanEck, in partnership with Basic Capital, includes some crypto ETFs in US 401(k) retirement plans.

3. Pump.fun registered subdomains on Base, BSC, Monad, and Ethereum, possibly expanding to other networks.

4. Strive purchased $50 million worth of MicroStrategy perpetual preferred stock STRC, increasing Bitcoin holdings to 13,311 coins.

5. FDIC Chair: Under the GENIUS Act, stablecoins are not eligible for any form of deposit insurance.

6. Fantasy.top founder denies “soft Rug Pull” allegations after angel investors accused the team of losing contact.

7. US SEC and CFTC sign a memorandum of understanding to collaborate on crypto policies and promote new product launches.

8. Wells Fargo filed for the WFUSD trademark, possibly deepening its expansion into crypto business.

9. Ripple announced a $750 million share repurchase plan, valuing the company at approximately $50 billion.

10. Bank of England hints at possible easing of restrictions on stablecoin holdings.

Market Trends

1. Latest Bitcoin news: BTC remains slightly up, around $69,980. In the past 24 hours, liquidations totaled $60.9 million, mostly short positions.

2. US stock markets mostly declined on Wednesday, with the Dow Jones Industrial Average falling below key levels to its lowest since December last year. Despite the mild and expected CPI data for February, investors ignored this pre-war data, focusing instead on the worsening Middle East energy supply crisis. The Dow dropped 289.24 points, down 0.6%, closing at 47,417.27. The S&P 500 fell 5.68 points, down 0.1%, closing at 6,775.80. The Nasdaq rose 19.03 points, up 0.1%, closing at 22,716.14.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $70,243, if the price drops to around $68,808, total long liquidations exceed $778 million; if it rises to about $71,366, short liquidations exceed $178 million. Short positions are significantly less than longs, so traders should control leverage wisely to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $2.72 billion, outflow $2.64 billion, net inflow $0.8 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows in contracts trading for $BTC, $ETH, $PIXEL, $SOL, $HYPE, indicating trading opportunities.

Selected Opinions from X KOL

Phyrex Ni (@Phyrex_Ni): “Another day has passed, and the war shows no signs of easing. However, looking at US oil prices, market concerns about oil are beginning to decrease. The G7 has not released strategic reserves, and the Strait of Hormuz is not fully open—some oil tankers have passed, but others have been attacked. The latest news is that Trump believes there are no signs of mines in the Strait of Hormuz.”

“The US airstrikes on Iran are not fully over, and no peace talks are expected yet. Trump firmly believes that the geopolitical conflict with Iran may end soon. A ceasefire would help the current risk markets, but ongoing war could keep markets volatile.”

“Looking at Bitcoin data, turnover has slightly decreased, and trading volume is down. Investors are not strongly inclined to buy, and selling interest is also limited. Short-term investors dominate trading, and overall investor sentiment remains very stable.”

“From the chip structure, no issues are apparent. Early investors remain cautious. Today’s CPI data is good, inflation is within expectations, and it has little impact on investors.”

Today’s Outlook

1. China’s M2 money supply (YoY) at the end of February, previous 9.0%
2. Canada’s January trade balance (billion CAD), previous -1.31
3. US January new housing starts (annualized monthly rate), previous 6.2%
4. US weekly initial unemployment claims (thousands) as of 0307, previous 213
5. US January trade balance (billion USD), previous -70.3
6. Closing of China’s 14th National People’s Congress Fourth Session
7. IEA monthly oil market report
8. EU agencies hold a meeting on oil and natural gas supply amid Middle East tensions