In the past hour, total liquidations across the network reached $43.20 million, with $37.80 million from long positions, with $5.40 million from short positions. BTC liquidation $24.17 million, ETH liquidation $12.40 million.

Odaily Planet Daily reports that the U.S. Internal Revenue Service (IRS) proposed new rules on Thursday to allow cryptocurrency exchanges such as Coinbase and Kraken to submit tax forms electronically, such as the 1099-DA form reporting total revenue from digital asset trading. Previously, exchanges were required to offer paper forms. Under the new tax filing system implemented this year, cryptocurrency exchanges are required to report total revenue and cost basis. The IRS will automatically obtain detailed profit and loss data, thereby strengthening compliance oversight of cryptocurrency holders. The new rules also allow exchanges to terminate business relationships with customers who refuse to receive tax forms electronically. The proposal has not yet been finalized and is currently open for public comment. It is understood that cryptocurrency tax software platforms such as CoinLedger have reported a significant increase in the number of warning letters received by U.S. users, reminding them that cryptocurrency transactions may be subject to taxation and required reporting. (The Block)

Odaily Planet Daily reports that Bit Digital CEO Sam Tabar stated in an article on the X platform that Ethereum's recent pullback was more like a "value reset." The market experienced a rapid revaluation after a significant influx of leverage, with a wave of liquidations leaving clear traces of liquidation. The combined pressure from both long and short positions amplified volatility. Now that the market has stabilized, Ethereum's price has returned to the structural support range of $1,800 to $2,100. Currently, Ethereum's fundamentals have not changed substantially: stablecoin settlements are active, rollups remain pegged to the mainnet, and Ethereum remains the preferred choice in programmable settlement scenarios requiring institutional risk vetting. Market bottoms are usually only confirmed in hindsight, but this event demonstrates how leverage can quickly distort market movements, while Ethereum's long-term value and fundamentals remain solid.

According to Huoxun Finance on March 5, based on Bybit data, at the opening of the US stock market, the Dow Jones Industrial Average fell 0.74%, the S&P 500 fell 0.47%, and the Nasdaq fell 0.44%.

Huoxun Finance News, March 5th - Coinbase plans to launch the Opinion (OPN) perpetual contract trading pair OPN-PERP on March 5th, provided that liquidity conditions are met and the trading is supported in the relevant region. OPN perpetual contracts will be available to retail investors in specific jurisdictions through Coinbase Advanced, while institutional clients can participate directly in perpetual contract trading in compliant regions through Coinbase International Exchange.