Today's top news highlights:

1. Macroeconomic Outlook for Next Week: US and European PMI data to be released, global interest rate market "hawkish repricing" intensifies.

2. WeChat launches official lobster plugin.

3. Resolv Labs has officially confirmed that it was attacked by a vulnerability and has suspended all protocol functions.

4. Venus and Resolv attackers collectively provided $28.56 million in buy orders for ETH today.

5. Brother Machi has opened another long position in ETH with 25x leverage, currently valued at approximately $4.62 million.

6. Analysis: The economic pressure on Bitcoin mining is intensifying, with miners losing nearly $19,000 per BTC.

Regulation & Macro

Macroeconomic Outlook for Next Week: US and European PMI data to be released, global interest rate market sees increasingly hawkish repricing.

According to Jinshi News, over the past week, the rapid escalation of tensions between the US, Israel, and Iran has impacted energy production facilities in the Gulf region, driving up energy prices and exacerbating inflation concerns. The global interest rate market is experiencing a more pronounced "hawkish repricing." With the Federal Reserve's rate hike expectations rising sharply coupled with tight liquidity, the safe-haven appeal of precious metals has given way to the siphon effect of the US dollar. The following are key points the market will focus on in the new week (all times are Beijing time):

Tuesday at 7:30 AM, Japan's February core CPI year-on-year rate;
On Tuesday at 16:15, 16:30, 17:00, and 17:30, the preliminary March manufacturing/services PMI readings for France, Germany, the Eurozone, and the UK will be released.
At 21:45 on Tuesday, the preliminary reading of the US S&P Global Manufacturing/Services PMI for March will be released.
At 15:00 on Wednesday, the UK's February CPI month-on-month rate and the UK's February Retail Price Index month-on-month rate will be released.
On Wednesday at 17:00, Germany's March IFO Business Climate Index will be released.
On Wednesday at 20:30, the US fourth-quarter current account and the US February import price index month-on-month change will be released.
At 22:30 on Wednesday, the U.S. EIA crude oil inventory data for the week ending March 20 will be released.
At 8:30 PM on Thursday, the number of initial jobless claims in the United States for the week ending March 21 will be released.
Thursday, date to be determined, will see a meeting of G7 finance ministers, lasting until March 27.
Federal Reserve Vice Chairman Jefferson will deliver a speech at 7:00 AM on Friday.
At 22:00 on Friday, the final reading of the University of Michigan Consumer Sentiment Index for March and the final reading of the one-year inflation rate expectations will be released.
At 11:30 PM on Friday, Daly, a 2027 FOMC voting member and president of the Federal Reserve Bank of San Francisco, will deliver opening remarks at a conference on macroeconomics and monetary policy.

Tuesday's release of March manufacturing and services PMIs for Europe and the US will provide initial insights into the performance of business activity during the Iran-Iraq conflict and the impact of soaring energy prices. As a net energy exporter, the US economy is considered more resilient than many European countries. Under the shadow of soaring oil prices, the balance of the Federal Reserve's monetary policy decisions appears to be tilting back towards inflation. The UK's February CPI data, to be released on Wednesday, will be a highlight of UK economic data for the coming week. The next test for the yen may be the February national CPI data scheduled for release on Tuesday. Furthermore, driven by soaring energy prices and a shift towards a wait-and-see approach in global central bank monetary policy, rapidly rising US Treasury yields are gradually becoming a risk factor for the stock market.

OpenAI plans to increase its workforce to 8,000 by the end of 2026.

OpenAI plans to increase its workforce to 8,000 by the end of 2026 in order to narrow the gap with competitor Anthropic.

Trump: If Iran does not fully open the Strait of Hormuz within 48 hours, the United States will strike and destroy all of its power plants.

According to a report by Xinhua News Agency cited by Red Star News, US President Trump posted on social media on the 21st that if Iran does not fully open the Strait of Hormuz without any threats within 48 hours, the United States will strike and destroy all of its power plants.

The joint SEC and CFT guidance on crypto regulations will officially take effect next Monday.

The joint guidance document on crypto assets issued by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) was officially filed with the Federal Register on March 20 and is expected to take effect immediately after its official release on March 23 (next Monday), providing direct and actionable regulatory guidance for crypto market participants.

This document, with committee-level authority, will fully replace the "Analysis Framework for Digital Asset 'Investment Contracts'" released in 2019. It will also provide clear guidance for the enforcement and daily oversight work of the SEC and CFTC, marking the formal departure of the previous ambiguous stage of "enforcement instead of regulation" in US crypto regulation and the entry into a new stage of clear rules.

This joint guidance document is reportedly built upon Project Crypto, launched in 2025. This project, jointly driven by two regulatory bodies, aims to coordinate regulatory powers and establish a unified classification system for crypto assets. The guidance document is seen by the industry as a "regulatory bridge for crypto assets," providing clear guidance not only on crypto industry behavior, judicial analysis, and enforcement policies, but also offering immediate compliance clarity for entrepreneurs and investors before Congress moves forward with bipartisan market structure legislation. Its compliance basis is more stable and authoritative than previous employee-level guidance.

It is worth noting that the document divides crypto assets into five categories, clarifies the regulatory jurisdiction of different assets such as digital goods and digital securities, and clarifies the compliance boundaries of common crypto activities such as mining, staking, and airdrops, thus clearing away key obstacles for institutional entry and industry compliance innovation.

WeChat launches official lobster plugin

According to Tencent's official WeChat account, WeChat has officially launched the "ClawBot" plugin, supporting integration with OpenClaw. Users can integrate OpenClaw into WeChat by scanning a QR code or copying a command. After connection, users can quickly and efficiently interact with their "lobsters" through WeChat chat. In addition, Tencent's cloud-based "shrimp farm" Lighthouse, its self-developed shrimp platform Workbuddy, and its local shrimp platform QClaw are all available.

A gold robbery involving hundreds of millions of dollars occurred in Hong Kong; police arrested five people and recovered 73 kilograms of gold bars.

According to the Southern Daily, Hong Kong police reported a gold robbery that occurred on March 20 at the Peninsula Plaza on Chung On Street in Hung Hom, involving 73 gold bars, each weighing 1 kilogram, with a value of approximately HK$100 million. Police quickly launched an investigation after receiving the report, arresting five men and women involved and successfully recovering the 73 kilograms of stolen gold bars.

OpenClaw founder confirms in reply that 360 was the exclusive discoverer of the vulnerability.

According to Jinshi News, the 360 Security Cloud team received an official email from Peter, the founder of OpenClaw. In his reply, Peter officially confirmed the OpenClaw Gateway WebSocket unauthenticated upgrade vulnerability, which was exclusively discovered by the 360 team.

Currently, 360 has simultaneously reported this high-risk vulnerability to the National Information Security Vulnerability Sharing Platform (CNVD) to assist the entire network in cutting off the source of the risk as soon as possible. The WebSocket unauthenticated upgrade vulnerability confirmed this time is a zero-day vulnerability. Attackers can use this vulnerability to silently bypass authorization authentication through WebSocket, gain control of the smart agent gateway, and may lead to the exhaustion of target system resources or complete crash.

Project Updates

Pump.fun has conducted a "burn-style buyback" of over 30% of its circulating tokens, with a cumulative buyback value exceeding $335 million.

According to data monitoring by fees.pump.fun, Pump.fun spent 10,705.5 SOL (approximately $962,000) yesterday to repurchase 511.7 million PUMP tokens. Since starting the PUMP token buyback on July 15, the cumulative number of PUMP tokens repurchased has reached 107,892,506,947, worth approximately $335,199,973, reducing the total circulating supply by 30.478%.

The Venus attackers exchanged the stolen assets for 2257.3 ETH five hours ago.

According to on-chain analyst Yu Jin, the attackers from Venus exchanged the BNB, BTC, and CAKE they extracted from Venus a few days ago for ETH five hours ago and transferred them to the Ethereum blockchain. A total of 2,178 BNB, 20 BTC, and 1.466 million CAKE were exchanged for 22.573 million ETH (US$4.72 million). From an on-chain perspective, they used 9.92 million USDT to execute this attack and have now obtained approximately US$5 million worth of ETH. It is currently unclear whether they profited from long/short trading on Ethereum (ETH) within the centralized exchange (CEX) in conjunction with this attack.

The ENS domain defi.eth was sold for 15 ETH, a drop of over 60% compared to 2022.

According to Opensea data, the ENS domain name defi.eth was sold about 16 hours ago for 15 ETH (approximately US$32,337.55).

The buyer's address is 0x5716...0fdd, and the seller's address is 0x57b7...9e62. This domain was last sold on February 17, 2022, for 40 ETH. This sale price represents a decrease of approximately 62.5% compared to the previous transaction.

Resolv Labs has officially confirmed that it was attacked by a vulnerability and has suspended all protocol functions.

Resolv Labs confirmed on its X platform that it suffered a vulnerability attack. Attackers exploited the vulnerability to mint 50 million unsecured stablecoins USR. All protocol functions have been suspended to prevent further malicious activity, and efforts to restore service are underway.

The Resolv attackers have exchanged a large portion of 80 million USR for ETH, leaving the remaining USR worth only $2.04 million.

According to on-chain analyst Ember, the attacker who minted 80 million USR using 200,000 USDC through a minting vulnerability in the Resolv stablecoin USR has now exchanged most of the USR for ETH.

Currently, 43.26 million USR has been sold and converted into USDC and USDT, which has been used to buy 11,437 ETH (US$23.84 million). The remaining 36.74 million USR is still being sold off, but because the price of USR has fallen by 88%, it is now only worth US$2.04 million.

Euler Labs: Received information about the USR attack and immediately disabled RLP collateral functionality.

Euler Labs stated on the X platform that it is aware of the security incident reported by Resolv regarding the unauthorized issuance of USR. The team is actively investigating, and as a precaution, the RLP collateral function in the Euler Yield vault on Arbitrum has been disabled. Euler Earn USDC (Arbitrum) has also stopped allocating funds to Euler Yield. Euler Labs stated that these measures are intended to isolate potential risk exposure, and the impact of the incident is still being assessed. Further updates will be disclosed in due course.

Aave founder: Zero exposure to USR; Resolv is merely a protocol liquidity provider.

Aave founder Stani.eth confirmed in a post on the X platform that his protocol has no exposure to the Resolv Labs stablecoin USR. Resolv only provides liquidity to the Aave protocol by supplying its backing assets. All related assets are currently safe and the backing assets themselves have not been affected. Resolv can exit smoothly and has begun to repay its debts. At the same time, this event has no adverse impact on Aave liquidity providers (LPs) or the protocol itself.

Opinions & Analysis

Institutions: The core of the current gold price trend lies in the renewed constraint that rising energy prices are placing on interest rate expectations.

Cinda Futures points out that, from the current driving force, the core of gold's price movement lies in the renewed constraint of rising energy prices on interest rate expectations. With the ongoing conflict in the Middle East, oil prices remain high, with Brent crude futures previously stabilizing above $100, significantly increasing market concerns about the stickiness of inflation. Against this backdrop, the market's assessment of the path of inflation decline has become more cautious, thus weakening the pricing of interest rate cuts and pushing the dollar stronger in the short term, putting downward pressure on gold. Meanwhile, although previous employment data was weak, energy-driven inflation expectations are offsetting this positive factor, making gold's financial attributes bearish in the short term. On the policy front, the market generally expects the Federal Reserve to keep interest rates unchanged for the second consecutive meeting, but the key lies in the forward guidance on the interest rate path, especially Powell's assessment of the impact of inflation and geopolitical conflicts, which will directly affect the market's judgment on the subsequent pace of easing.

Analysis: With gold prices falling below the $4,500 mark, institutions are generally giving cautious advice on "buying the dip in gold."

According to Yicai, institutions generally offer cautious advice to investors eager to "buy the dip." "Technical analysis indicates that gold prices have clearly broken through the key support level of the 60-day moving average, meaning that further downside potential may be unlocked," the aforementioned trader advised. Given that negative factors such as the Federal Reserve's monetary policy and the dollar's performance are still unfolding, the short-term downward trend has not yet ended, and ordinary investors should not blindly try to catch a falling knife. They should wait for gold prices to consolidate and stabilize within the $4400-$4600/ounce range before gradually accumulating positions for medium- to long-term holding.

Furthermore, Huaxia Fund analyzed that gold, considered a safe-haven asset, has been declining since March because its safe-haven appeal stems from the collapse of the US dollar's credit and runaway inflation, rather than the risks of liquidity depletion and deflation. Currently, the market is concerned about marginal deterioration in liquidity, while the impact of geopolitical conflicts has significantly weakened. The institution believes that the monetary tightening impact on gold is more temporary, and the long-term logic of geopolitical conflicts and central bank gold purchases has not been shaken or reversed. Gold's medium- to long-term upward momentum continues, but in the short term, it still needs to wait for the release of risks. Luo Zhiheng, chief economist at Yuekai Securities, pointed out that the current plunge in gold is not a signal of the end of the bull market, but rather a deep correction during an upward trend. In the long run, the normalization of global geopolitical risks, strong gold purchase demand from non-US central banks, and the risk that the global economy may shift from "inflation" to "stagnation" will all provide solid support for gold prices.

Analysis: The economic pressure on Bitcoin mining is intensifying, with miners losing nearly $19,000 per BTC.

Data shows that the Bitcoin mining economy is under increasing pressure. The current average production cost per BTC is about $88,000, while the price of Bitcoin is about $69,200, which means that miners are losing nearly $19,000 per BTC, resulting in an overall loss of about 21%. At the same time, the network mining difficulty has decreased by about 7.8%, the second largest decrease in 2026, reflecting the exit of computing power and the increase in network pressure. The hash rate has fallen back to about 920 EH/s, and the average block time has increased to more than 12 minutes.

Analysts believe that rising energy prices coupled with tensions in the Middle East are further increasing mining costs, putting continued pressure on electricity costs. If miners are forced to sell Bitcoin to maintain operations, this could create additional selling pressure on the market. If the price of Bitcoin remains below the cost line and the mining difficulty continues to decrease, the process of miners exiting the market may continue, putting pressure on the spot market structure in the short term.

Important data

Brother Machi's 5,250 ETH (Ethereum) long positions were all liquidated, leaving his account with only $158,000 remaining.

According to Lookonchain monitoring, due to the sharp drop in the crypto market this morning, Machi Dage's 5,250 ETH long positions in Ethereum have been completely liquidated, worth approximately $11.06 million. Machi Dage's total loss has reached $30.22 million, and his account currently has only $158,000 left.

Brother Machi has opened another long position in ETH with 25x leverage, currently valued at approximately $4.62 million.

According to on-chain data monitoring, after the crypto market crash this morning caused all Ethereum long positions to be liquidated, Machi Brother Huang Licheng opened a new Ethereum long position with 25x leverage just one hour ago. He currently holds 2,200 ETH, worth approximately $4.62 million, with an entry price of $2,091 and a liquidation price of $2,061.

The USR has decoupled further and fallen to the $0.05 range, with a 24-hour drop widening to 95%.

OKX data shows that the depegging of Resolv Labs' stablecoin USR has intensified, and it has now fallen to the $0.05 range, currently trading at $0.053782, with a 24-hour drop of 95%.

Resolv Labs previously stated that it is currently investigating the incident, and that its collateral pool remains intact with no loss of underlying assets; the issue appears to be limited to the USR issuance mechanism.

Venus and Resolv attackers collectively bought $28.56 million worth of ETH today.

According to on-chain analyst Ember, attackers from two DeFi protocols provided $28.56 million worth of buying power for ETH today. The Venus THE attacker exchanged BNB, BTC, and CAKE extracted from Venus for 2257.3 ETH ($4.72 million). The Resolv USR attacker sold over-minted USR and bought 11,437 ETH ($23.84 million).

Venus and Resolv attackers collectively bought $28.56 million worth of ETH today.

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