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The cryptocurrency market saw significant shifts today, with notable events impacting Bitcoin mining, NFT platforms, and digital asset regulations. On March 31, 2025, three major stories emerged, reflecting the evolving landscape of crypto. The Trump family entered the Bitcoin mining sector, NFT marketplace X2Y2 closed its doors to focus on AI, and California introduced new Bitcoin rights in a legislative overhaul.
These developments highlight the dynamic nature of the crypto industry. Investors and enthusiasts alike tracked the news, which ranged from business pivots to regulatory advancements. Here’s what happened in the crypto market today.
Donald Trump Jr. and Eric Trump, sons of U.S. President Donald Trump, partnered with Hut 8 to establish American Bitcoin, a new mining operation. Announced on March 31, Hut 8 acquired a majority stake in American Bitcoin, previously known as American Data Center. The venture aims to create the world’s largest and most efficient Bitcoin mining firm, incorporating a strategic Bitcoin reserve.
Hut 8 will transfer its mining hardware to American Bitcoin, which will operate under its own brand. Donald Trump Jr. emphasized the economic potential of mining Bitcoin efficiently. The move aligns with the Trump family’s growing involvement in crypto, following the launch of a memecoin and a DeFi protocol. Meanwhile, Hut 8’s CEO, Asher Genoot, described the shift as a strategic evolution, separating mining operations to optimize capital and growth.
NFT marketplace X2Y2 shut down after three years, with its team announcing a pivot to an AI-driven crypto project on March 31. The platform will cease operations on April 30, redirecting efforts toward a utility-focused initiative. Over the past year, X2Y2 recorded $53.6 million in trading volume, ranking fourth among NFT exchanges, behind leaders like Blur and OpenSea.
The members of the team showed optimism about how AI technology might transform crypto procedures despite having minimal information about the upcoming project. The market transition according to Charu Sethi from Unique Network does not reflect a decrease in NFT market activity. The expert indicated that NFT utility was increasing for both gaming platforms and verifying content authenticity. According to Rarible's Alexander Salnikov NFTs are essential because their upcoming expansion depends on practical usage instead of just market speculation.
California amended its Assembly Bill 1052 on March 28, renaming it “Digital Assets” and introducing Bitcoin and crypto investor protections. Democrat Avelino Valencia spearheaded the changes, ensuring self-custody rights for the state’s 39.4 million residents. The bill, announced today, also recognizes digital assets as legal payment methods in private transactions and limits public entities from restricting their use.
The legislation prohibits public officials from engaging in digital asset transactions that conflict with their duties. Now in the desk process, the bill awaits its first reading. Dennis Porter of the Satoshi Action Fund praised the move, suggesting California could set a national precedent. Alongside this, a separate stablecoin bill in California aims to clarify collateral and security standards.
