According to Decrypt, JPMorgan Chase said in a report on Tuesday that Bitcoin miners continue to face challenges, and 14 listed mining companies in the field collectively experienced the worst month on record in March. The Bitcoin miners it tracks, including companies such as MARA and Core Scientific, saw their market value shrink by a total of 25%, or about $6 billion, last month. In addition, the report stated that companies with high-performance computing businesses "performed pure Bitcoin miners for the second consecutive month." JPMorgan Chase data showed that the 14 listed mining companies also performed poorly in February, when their total market value also lost more than 20%, also about $6 billion.
According to CoinDesk, Grayscale Research Director Zach Pandl said that the impact of tariffs on cryptocurrencies may have been "priced in" and the worst may be over. Pandl estimates that tariffs have reduced economic growth by 2% so far this year. But Trump's so-called "Liberation Day" may actually prevent the worst pain felt by financial markets. Pandl said: "If we see that the tariff policy announced on Wednesday is both tough and phased, and focused on the 15 countries they seem to be targeting, I expect the market to rebound on the news. Once we get through this announcement period, the cryptocurrency market may refocus on fundamentals, which are very positive." Pandl said that if institutions do not have high confidence in the digital asset field and its related policies, announcements like Circle's initial public offering (IPO) will not happen. In addition, Pandl believes that tariffs will increase demand for non-US dollar currencies. Despite the current market pessimism about prices, Pandl still believes that Bitcoin will hit a record high this year. He said: "If I don't think Bitcoin will win in the long run, I won't quit my job on Wall Street."
Elon Musk's X platform urges Supreme Court to protect Coinbase users from IRS investigation
Elon Musk's X-Platform is urging the U.S. Supreme Court to protect companies from subpoenas issued by federal law enforcement agencies "without reasonable suspicion" to avoid being forced to disclose sensitive user financial data, according to Bloomberg. X-Platform asked the judge to reconsider a lower court ruling that allowed the IRS to enforce a subpoena for Coinbase customer transaction records in a tax investigation of more than 14,000 users of the crypto exchange. X-Platform's lawyers argued in a filing last week that X-Platform stores subscription and advertising data and plans to eventually provide financial services to users, but the Constitution does not allow "warrantless searches of customer records held by third-party service providers" when these companies have signed nondisclosure agreements with users.
According to The Block, Eric Trump, the second son of the US President, revealed in an exclusive interview with Fox Business Channel that it is the three factors of "autonomy, bank blocking and boycott culture" that drive his family to continue to increase its layout in the crypto industry. Eric Trump said on Tuesday when discussing the "weaponization" of the Trump family by banks: "I never thought I would get involved in the field of cryptocurrency before every bank cancelled their business with us for no reason, just because my father was in politics. They targeted us viciously. It was not until then that I realized the importance of cryptocurrency." In addition to praising the anti-censorship characteristics of cryptocurrency, Eric Trump also pointed out that this technology is a huge improvement over the contemporary financial system. He said that cryptocurrency is "cheaper, faster and more transparent." Cryptocurrency can do "everything" that banks can do better. Eric Trump specifically pointed out that stablecoins will help support the US dollar while fundamentally changing the face of "finance and banking" in the next few decades.
IPO documents reveal Coinbase gets 50% of Circle's remaining USDC reserves
According to Decrypt, the S-1 listing document submitted by stablecoin issuer Circle shows that Coinbase, as its core partner, can obtain a 50% share of the remaining income of the USDC stablecoin reserve. In the regulatory documents submitted on Tuesday, Circle disclosed that Coinbase can obtain a 50% share of the "remaining payment base", which is directly derived from the reserve assets supporting the USDC stablecoin; Coinbase's share ratio is directly linked to the number of USDC held by its exchange. When the USDC managed by the Coinbase platform increases, its share ratio increases accordingly; otherwise, it decreases. This profit-sharing agreement confirms the industry's long-standing understanding that Circle has a symbiotic relationship with its largest distribution partner Coinbase. In 2024, the proportion of USDC held by the Coinbase platform has increased significantly from 5% in 2022 to 20%, showing its growing influence on Circle's revenue. But the document also warns that this cooperation model makes Circle's revenue subject to Coinbase's business strategy, which is not controlled by Circle. The company stressed that the distribution costs and revenue share paid to Coinbase are directly affected by the exchange operator’s business strategy and policies, which Circle can neither control nor monitor.
BlackRock receives FCA approval to register as crypto asset firm
According to DL News, BlackRock, a global asset management giant, has been approved by the UK Financial Conduct Authority (FCA) to officially become a registered crypto asset company. This means that the company will be able to operate its newly launched European Bitcoin exchange-traded product (ETP) as a UK entity. According to the list updated on the FCA official website on April 1, BlackRock became the 51st company to obtain this qualification, alongside companies such as Coinbase, PayPal and Revolut. It is worth noting that the FCA's approval rate for crypto companies is only about 14%, and the agency has clearly stated that it will reject applications that "lack key assessment elements or substandard material quality." This approval paves the way for BlackRock to promote iShares Bitcoin ETP in Europe.
The Binance APP page shows that Binance Alpha has added PUMP.
Coinbase to Delist Media Network (MEDIA)
Coinbase Assets said on the X platform that the platform regularly monitors the exchange's assets to ensure that they meet listing standards. Based on the recent review, trading in Media Network (MEDIA) will be suspended at approximately 02:00 Beijing time on April 16, 2025. MEDIA trading will be suspended on Coinbase.com (simple and advanced trading), Coinbase Exchange, and Coinbase Prime. The MEDIA order book has been moved to limit mode. Limit orders can be placed and canceled, and matching may occur.
According to Beincrypto, French Hill, chairman of the U.S. House Financial Services Committee, rejected a proposal to allow stablecoins to pay interest, even though Coinbase CEO Brian Armstrong publicly called for support for the policy yesterday. As the main promoter of stablecoin regulation, Hill told reporters today: "While I understand this point of view, there is no consensus between the two parties in Congress on the payment of interest to holders by dollar-collateralized payment stablecoins." The crypto industry saw this as a major victory when the Republican congressman was previously appointed chairman of the Financial Services Committee. Given that Armstrong only publicly issued this call yesterday, Hill's quick rejection of his vision for stablecoins is really remarkable. Obviously, Armstrong's political influence has been rising, he played a prominent role in Trump's cryptocurrency summit, and the U.S. SEC also withdrew its lawsuit against Coinbase. This is an important fact that the U.S. cryptocurrency industry needs to realize: no matter how fast its influence grows, it is still a new thing for most people.
Ethereum weekly blob fees hit 2025 low
According to Cointelegraph, the main source of income for the Ethereum network from the Layer2 extension chain - "Blob fees" - has fallen to the lowest weekly level this year. Etherscan pointed out in an article on the X platform that in the week ending March 30, Ethereum only earned 3.18 ETH (about $6,000 based on the price of April 1) through Blob fees. This figure is a 73% drop from the previous week and a more than 95% drop from the peak of 84 ETH in the week of March 16.
Bill authorizing Texas comptroller to invest $250 million in Bitcoin enters committee review
According to Bitcoin Magazine, Texas House Bill 4258 (HB 4258) was submitted to the Executive Committee on Government Efficiency for review today. The bill authorizes the state comptroller to invest up to $250 million in Bitcoin, and also authorizes municipalities or counties to invest up to $10 million of their funds or funds under their control in Bitcoin and/or other cryptocurrencies. If the bill becomes law, it will take effect on September 1, 2025, which will allow time for state and local government officials to develop investment strategies and develop custody plans. According to Bitcoin Laws, HB 4258 is one of eight currently valid Bitcoin or cryptocurrency-related bills submitted to the Texas Senate or State House of Representatives. Among the eight bills, it is the fifth bill to enter the committee review stage. Four of the bills (including the current one) would authorize the state to include Bitcoin in its balance sheet in some way. The other three bills - HB 1598, Senate Bill (SB) 21, and SB 778 - all call for Texas to establish a strategic Bitcoin reserve (SBR). All three SBR bills have entered the committee stage, with SB 21 currently in its second round of committee review.
According to The Block, Uniswap DAO has decided to continue its "Treasury Delegation Program" through a preliminary governance vote, which may allocate up to 18 million UNI tokens (about $113.4 million at current prices) to selected representatives. This proposal, which has been approved incidentally, will improve the specific details and will eventually take effect through an on-chain vote. Uniswap's first treasury delegation program, called "Delegating UNI tokens to active but underrepresented representatives," was launched in December 2023. The purpose of the program is to support "active but underrepresented representatives" who vote on behalf of UNI token holders. The Tane representative platform wrote in its proposal: "The program is critical to maintaining the health of governance and retaining active and capable representatives. After the launch of the program, all representatives will participate in all votes, which makes the DAO healthier." If the new representative funding plan is passed, approximately 12 selected representatives will each receive 1 million UNI tokens to incentivize them to participate in governance. Another 1 million tokens will be awarded to "top" representatives, who will be determined based on "objective criteria," including maintaining at least 80% voting participation in the past three months. Although the vote passed the “interim check,” the Uniswap community did not fully agree on the plan. Only 60% of the voting power supported the plan, while nearly 30% of voters chose to abstain. Tane’s proposal includes a plan to conduct a rolling assessment of the effectiveness of the plan every three months.
According to Bloomberg, American Bitcoin Corp, a crypto mining company jointly established by listed mining company Hut 8 and the Trump family investment group, plans to launch an IPO after seeking private financing. The joint venture was officially established this week, and investors include two sons of US President Trump. "In the long run, this will form two listed sister companies, one focusing on energy infrastructure and data centers, and the other focusing on Bitcoin mining machines and reserves, which together form a vertically integrated top business model," said Asher Genoot, CEO of Hut 8, in an interview. Hut 8 has transferred almost all of its mining equipment to the newly established American Bitcoin. Although the new company specializes in Bitcoin mining, Hut 8 will focus on expanding its data center business to support the construction of infrastructure for artificial intelligence applications. Eric Trump declared in a conference call on Tuesday: "We will build the world's strongest Bitcoin mining company, right here in the United States." Genoot revealed that the new entity will consider introducing private investment before going public. It is worth noting that American Bitcoin is working with mining machine manufacturer Bitmain, which will help it obtain the latest mining machine technology and expand its operations in the future as new equipment is deployed. Eric Trump emphasized in the interview: “There is no conflict of interest because I have no working relationship with the White House and I am always in the private sector. We founded World Financial Liberty long before my father entered the White House. This is the encryption business we have believed in for a long time.”
US SEC and Winklevoss' Gemini Trust to discuss litigation "solution"
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) told the New York federal court that it hopes to "explore potential solutions" to settle its lawsuit against Gemini Trust, a crypto exchange owned by the Winklevoss twins. The SEC and Gemini Trust jointly requested on Tuesday to postpone the civil lawsuit for 60 days. Before Trump took office in January this year, Gemini agreed to pay $5 million to settle with the U.S. Commodity Futures Trading Commission (CFTC). The SEC sued Gemini in 2023, accusing the exchange and crypto lending institution Genesis Global Capital of illegally raising billions of dollars in crypto assets through the "Gemini Earn" project. Last year, Gemini agreed to return at least $1.1 billion to customers in another settlement with New York state regulators. The Trump administration has now withdrawn its enforcement actions against several crypto companies.
GameStop Raises $1.5 Billion in Convertible Bonds to Buy Bitcoin
According to The Block, video game retailer GameStop announced on Tuesday that it raised $1.5 billion through a private placement of convertible bonds and planned to use the proceeds to purchase Bitcoin. The company's filing with the U.S. Securities and Exchange Commission (SEC) showed that it had completed the issuance of $1.5 billion of senior convertible bonds with a coupon rate of 0.00% and due in 2030, including the underwriters' full exercise of the $200 million over-allotment option. This move is exactly the same as Strategy's strategy of turning to Bitcoin acquisitions in August 2020.
USDC issuer Circle submits IPO prospectus to US SEC
According to The Block, Circle Internet Financial, the issuer of the US stablecoin USDC, submitted an initial public offering (IPO) prospectus to the US Securities and Exchange Commission (SEC) on Tuesday. The document shows that the company had secretly submitted a draft S-1 registration statement to the SEC the day before, which is a standard process for companies planning to go public. The prospectus did not disclose the specific number of shares issued and the target price range. Circle CEO Jeremy Allaire said in the prospectus: "Listing on the New York Stock Exchange is a natural extension of Circle's pursuit of the highest transparency and accountability." The filing coincided with the US House of Representatives Financial Services Committee's plan to review the stablecoin regulatory bill. The Senate version of the "GENIUS Act" was approved in March. Last week, World Liberty Financial, which was supported by former President Trump, also announced that it would launch a stablecoin.
Market News: VANECK BNB ETF Registered in Delaware
VANECK has registered the VANECK BNB ETF in Delaware, which indicates that the company may launch a BNB-based investment product in the United States.
According to Binance’s announcement, three VIP users and one non-VIP user sold more than 1.05 million USDT of ACT tokens in the spot market, causing a sharp drop in the price of ACT, causing some users’ futures positions to be liquidated, and affecting the prices of other low-market-value tokens. No account has been found to have profited from this, and Binance is investigating further. Because ACT is fully circulated, the platform cannot restrict trading behavior. To prevent risks, the leverage of ACTUSDT contracts has been reduced. Binance reminds users to do a good job of risk management. According to previous news, ACT plummeted by about 50% in half an hour.
US think tank proposes issuing "BitBonds" to support Trump's Bitcoin reserve plan
According to The Block, the US think tank Bitcoin Policy Institute proposed to issue "BitBonds" (Bitcoin-enhanced US bonds) to support President Trump's executive order to establish a strategic Bitcoin reserve. The annual interest rate of the bonds is only 1%, but 10% of the issuance proceeds will be used to purchase Bitcoin, which can both ease the federal debt burden and expand the strategic Bitcoin reserve. The think tank estimates that the plan may save up to $700 billion in interest expenses over ten years.
PumpBTC releases PUMP token model, 9% for initial claim
According to the announcement of PumpBTC, its newly launched governance token PUMP will serve as the core of the BTCFi ecosystem, enabling governance, staking rewards and fee discounts. The total supply of PUMP is 1 billion, 38% of which is allocated to the community ecosystem, 9% for initial claims, and 5% for ID0. The project adopts the ve-token mechanism, and users can obtain vePUMP in the form of NFT by locking PUMP to participate in governance and revenue sharing. 30% of the protocol revenue will be used for repurchase and destruction, and 70% will be allocated to vePUMP holders.
Binance Wallet will launch the seventh TGE project PumpBTC (PUMP)
According to Binance Wallet’s announcement, the seventh exclusive TGE project will be PumpBTC (PUMP), and the subscription will be open on PancakeSwap from 00:00 to 00:45 Beijing time on April 2, with a price of 0.0000247905 BNB/PUMP, and the target fundraising is 1239.52 BNB. In addition, 10 million PUMP will be used for subsequent marketing activities.
Binance Alpha Launches GRASS, ATH, MEW, and BIGTIME
The Binance APP page shows that Binance Alpha has added GRASS, ATH, MEW and BIGTIME. The introduction of each project is as follows:
He Yi responded to the "ACT plunge" incident and said the team is preparing a detailed response
He Yi, co-founder of Binance, said during an interaction on the X platform that whether the ACT plunge was caused by Binance's modification of the contract rules, He Yi responded that "the team is preparing to respond with details", and has not yet made a clear statement, but confirmed that the internal preparations have begun.
Mastercard Creates Multi-Token Network to Become Crypto Venmo in Blockchain
According to Business Insider, Mastercard is developing a "Multi-Token Network" with the goal of replicating the success of its traditional payment network and providing digital asset trading infrastructure for consumers, merchants and financial institutions. This system will integrate on-chain and off-chain asset flows to ensure compliance and optimize user experience. Mastercard has cooperated with JPMorgan Chase, Standard Chartered and others to explore scenarios such as cross-border payments and carbon credit tokenization, and has applied for more than 250 blockchain-related patents since 2015.
According to the official announcement of Upcx, unauthorized activities occurred in its management account, and the platform's UPC recharge and withdrawal operations have been urgently suspended. The official said that user assets were not affected, and they are actively investigating the cause of the incident and promised to continue to update the progress. According to Cyvers Alerts monitoring, the attacker is suspected of controlling the address 0x4C...3583E, and transferred 18.4 million UPC (about 70 million US dollars) from three management accounts by upgrading the ProxyAdmin contract and executing the withdrawByAdmin function. The funds are still at the 0xFf7...334 address and have not been redeemed.
USDC Treasury mints 250 million new USDC on Solana chain
According to Whale Alert monitoring, at 20:20 Beijing time, the USDC official treasury (USDC Treasury) minted 250 million USDC (approximately US$249,978,750) on the Solana chain.
Cambrian Network Completes $5.9 Million Seed Round, Led by a16z CSX
Cambrian Network, an AI infrastructure protocol, announced that it has completed a $5.9 million seed round led by a16z Crypto Startup Accelerator (CSX) and participated by BB Fund. Cambrian aims to build an intelligent infrastructure for AI financial agents, enabling AI agents to make smarter market predictions and financial decisions by integrating on-chain and off-chain data. The project was founded by former members of The Graph and Semiotic Labs, and has now started private testing and plans to launch a testnet.
According to the analysis of @CnmdRain, co-founder of BlockCred.AI, the recent plunge in Meme coins such as ACT was not caused by Wintermute's abandonment, but by Binance's adjustment of the upper limit of contract positions and leverage multiples, which triggered a chain reaction. Market makers were forced to close long positions due to high leverage restrictions, contract prices fell, and arbitrage robots magnified the price difference, causing a sharp increase in selling pressure in the spot market, which ultimately led to a double kill in the spot and contract markets and market panic.
Bybit will officially shut down NFT, inscription and ID0 services on April 8
According to Bybit's announcement, in order to optimize the product structure, Bybit Web3 will officially close the NFT market, inscription market and ID0 page from 24:00 Beijing time on April 8. Users need to properly manage related assets before then and transfer the airdrop tokens from the Web3 cloud wallet to the seed phrase or private key wallet.
ACT has plunged by about 50% in the past half hour and is now trading at around $0.1
OKX market shows that ACT has plunged 49.52% in the past half hour and is now trading at about $0.0957. According to @Web3Tinkle's disclosure on the X platform, $ACT's concentrated holdings of about $100 million on Binance were sold off in just 15 minutes, indicating that the main funds are suspected of selling out in large quantities. The coin only has $8 million in holdings on Bybit, showing that it is highly centralized. The market has long been concerned about such a structure.
Grayscale formally submits digital large-cap fund ETF registration application to SEC
U.S. SEC documents show that Grayscale has submitted an S-3 registration statement, intending to transform its Grayscale Digital Large Cap Fund LLC, which is registered in the Cayman Islands, into a publicly tradable exchange-traded fund (ETF).
An IC0 address in 2015 was suspected of selling 1,000 ETH, and the cost was only $0.31 that year
According to @ai_9684xtpa, an OG address that participated in the 2015 IC0 sold 1,000 ETH half an hour ago, worth about $1.88 million, at a cost of only $0.31. Currently, the address still holds 34,000 ETH, scattered in three wallets, with a floating profit of $63.91 million; its suspected associated account 0xF5E…Ee940 has sold 5,000 ETH in the past three weeks, making a profit of about $9.4 million.
OpenAI CEO: ChatGPT image generation function is now open to free users
OpenAI CEO Sam Altman posted on the X platform that ChatGPT's image generation function is now fully open to all free users.
PUMP may be the new ID0 token that will be launched on Binance Wallet
According to Aunt Ai @ai_9684xtpa, on-chain data shows that $PUMP may be a new ID0 token that will be launched on Binance Wallet. The evidence includes: $PUMP's on-chain TOP3 multi-signature address 0xeCc…2aa9E currently holds 50 million $PUMP, and previously received the same amount of $KILO, $PARTI and $BR before the corresponding new coin IDO; in addition, the contract 0xe0C…8fB86 related to the Binance IDO deployment also performed similar operations after receiving tokens at this address, and the process is highly consistent.
