The first quarter of the year was eventful in the cryptocurrency markets. Significant developments such as Bitcoin breaking records and the signing of a decree in the US to establish a strategic Bitcoin reserve garnered attention. Cryptocurrencies saw volatile movements over the three-month period. Bitcoin, the cryptocurrency with the highest market value, shot above $109,000 in price in January, breaking a record. However, later on, the price of Bitcoin quickly dropped, falling below $80,000 in March. During this period, many altcoin projects also suffered value declines of over 50%. TRUMP EFFECT IN MARKETS Some actions by US President Donald Trump were decisive in the volatility observed in the cryptocurrency market during the first quarter of the year. Trump, who had a positive stance towards the ecosystem during his candidacy, established an economic administration post-inauguration consisting of “crypto-friendly” figures. In March, Trump also signed a decree for the establishment of a “Strategic Bitcoin Reserve.” Consequently, Bitcoin secured a place in US reserves alongside assets like gold and oil. During this period, US President Trump announced the addition of Ethereum, Ripple, Solana, and Cardano projects to the reserves. FIRST CRYPTO SUMMIT AT THE WHITE HOUSE The White House hosted its first cryptocurrency summit in history last month. Donald Trump, during the summit on March 7th, stated that they were working towards making the US the “world’s Bitcoin superpower” and the “planet’s crypto capital.” The summit was attended by leading figures, top executives, and investors from the cryptocurrency market, alongside White House AI and Crypto Czar David Sacks, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent. In the following days, Trump sent messages of support towards the ecosystem and became the first US President to attend a private cryptocurrency event. CRYPTO MOVES FROM HEADS OF STATE US President Donald Trump further increased his interest in the cryptocurrency market during the first quarter of the year by launching a cryptocurrency project named “Trump.” With Trump sharing the cryptocurrency project bearing his own name via his social media account, the asset quickly rose and reached a market value of $15 billion. Following “Trump,” a project named “Melania” was released on behalf of the US President’s wife, Melania Trump. Subsequently, Argentine President Javier Milei mentioned a project named “Libra” via his social media account. However, the prices of all these assets rapidly declined over time, resulting in losses for many investors. In March, one of the biggest cyber-attacks on the cryptocurrency market also took place, where assets worth around $1.5 billion were stolen from the targeted Bybit exchange. ALTCOIN ETF APPLICATIONS CONTINUE With Bitcoin exchange-traded funds (ETFs) being approved last year, individual and institutional investors in the traditional finance system gained access to these assets. As of the end of March, the total value of Bitcoin ETFs, which were in high demand on the institutional side, surpassed $100 billion. Following Bitcoin and Ethereum, organizations including major US-based investment firms like BlackRock and VanEck applied for ETFs in altcoin projects such as Solana, Ripple, Cardano, Litecoin, Dogecoin, and Hedera during the first quarter of the year. NEW REGULATIONS IN TURKEY IMPLEMENTED The first legal framework for crypto assets was established in Turkey in July 2025, with secondary regulations coming into effect last month. With the secondary regulations, procedures and principles regarding the establishment and operation of crypto asset service providers known as cryptocurrency exchanges were determined. The minimum capital limit for exchanges was set at 150 million Turkish Lira, and the capital limit for entities providing crypto asset custody services was set at 500 million Turkish Lira. The regulations also opened the way for exchanges to insure customer assets. A mandatory three-person listing committee was introduced for exchanges to list crypto assets, with a deadline set until June 30 for compliance with these regulations.