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BTC $74,113.41 +1.74%
ETH $2,311.79 +3.12%
BNB $613.26 +1.19%
XRP $1.36 +0.79%
SOL $84.03 +0.66%
TRX $0.3234 +1.11%
DOGE $0.0927 +0.34%
ADA $0.2401 -0.04%
BCH $434.83 +1.93%
LINK $8.97 +0.56%
HYPE $43.25 -1.28%
AAVE $97.77 +1.92%
SUI $0.9282 +0.22%
XLM $0.1543 +1.36%
ZEC $347.27 -3.85%

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Analysis: Bitcoin has fallen back to $71,000, and the renewed tensions in Hormuz are suppressing risk appetite

According to The Block, after the rebound driven by the ceasefire in the Middle East faded, Bitcoin hovered around $71,000, while Ethereum was around $2,190, and the overall cryptocurrency market weakened simultaneously. Analysts pointed out that the breakdown of US-Iran negotiations and the escalation of tensions around the Strait of Hormuz have caused the market to revert to the macro trading logic of "rising oil prices - increasing inflation expectations - declining risk appetite."Institutions believe that Bitcoin faces significant resistance around $74,000, compounded by crude oil returning above $100, putting pressure on capital risk appetite. However, most opinions suggest that the current pullback has not yet evolved into panic selling. Data shows that last week, the spot Bitcoin ETF still recorded nearly $1 billion in net inflows, and the scale of forced liquidations was significantly lower than the levels in the first quarter, indicating that the market's ability to absorb shocks has improved.Structurally, there is still strong selling pressure in the $70,000 to $80,000 range, with about 13.5 million addresses in a state of unrealized losses, limiting upside potential. At the same time, the scale of open futures contracts has decreased by more than 50% from the peak in 2025, showing that the previous excessive leverage has been somewhat cleared, and the market structure is becoming healthier. Bitcoin currently resembles a macro asset rather than an independent market, with its movements still highly dependent on inflation and liquidity conditions. In the context of rising inflation in the US and cautious monetary policy, Bitcoin may maintain a volatile pattern in the short term.

Tether's associated Super PAC's first advertising expenditure went to Tether's U.S. CEO co-founded company, raising questions about conflicts of interest

According to CoinDesk, documents submitted to the Federal Election Commission (FEC) by the Super Political Action Committee (Super PAC) Fellowship, which is associated with Tether, show that its first expenditure of $300,000 went to Nxum Group, a company co-founded by Tether's U.S. CEO, former Trump administration crypto advisor Bo Hines, along with his father Todd Hines and third-party partners.This expenditure was used to purchase campaign advertisements for Georgia Republican House candidate Clay Fuller, coinciding with Fuller winning a special election to replace Marjorie Taylor Greene as a congressman. Notably, Fellowship did not publicly announce this expenditure nor include Fuller in its public endorsement list.On April 1 of this year, Fellowship appointed Jesse Spiro, Tether's U.S. Vice President of Regulatory Affairs, as the committee chair, officially reactivating its presence in the political arena. When the committee was announced last year, it had received a total funding commitment of $100 million, but its FEC disclosure documents currently show a zero account balance, and related donations have not been made public. Tether International responded that there is no association or regulatory relationship with Fellowship PAC, while Tether U.S. declined to comment.In terms of conflicts of interest, Michael Beckel from the political reform organization Issue One stated that it is not illegal for Super PACs to pay founder-associated companies under U.S. campaign finance rules, provided that services are genuinely rendered and rates are in line with market prices. Fellowship's CFO Mitchell Nobel currently works at Cantor Fitzgerald, which manages Tether's global business assets, and its former chairman is current Commerce Secretary Howard Lutnick.Currently, Fellowship's expenditure scale is still vastly different from that of the leading crypto industry Super PAC Fairshake. Fairshake has invested millions in several primary elections, while the candidates currently supported by Fellowship are almost all deep-red state Republicans.

Xiao Feng: Supporting the implementation of compliant stablecoins, Hong Kong's digital financial system enters a new stage

HashKey Group Chairman Xiao Feng previously stated in an exclusive interview with Hong Kong Wen Wei Po that the issuance of the first batch of stablecoin licenses in Hong Kong is an important step for the local digital asset market. He pointed out that this move marks a further acceleration of Hong Kong's process of tokenizing fiat currency and fills a critical gap in the clearing and payment infrastructure of the digital financial system.In addition to serving cross-border payments and trade settlements, Hong Kong stablecoins will also play a core role as a medium for digital asset transactions. Xiao Feng suggested that, in the long run, their greater value lies in supporting micro, cross-border, and programmable payments between AI entities, and creating synergies with scenarios involving real-world assets (RWA) and on-chain clearing, helping Hong Kong occupy a more critical position in the global evolution of digital assets and digital financial systems.He also stated that HashKey's trading platform will adhere to the principles of openness and compliance, supporting stablecoin issuers and related products that meet regulatory requirements, and jointly promoting the healthy development of the ecosystem. Currently, HashKey is actively engaging in substantive cooperation discussions with licensed stablecoin issuers and welcomes stablecoin institutions planning to issue in compliance in Hong Kong to establish partnerships with them.As a core participant in Hong Kong's digital asset market, HashKey will leverage its existing licensed compliance system, fiat channels, and industry resources to support the trading launch of compliant stablecoins, liquidity support, payment scenario expansion, and the implementation of related application scenarios, promoting the orderly development of the industry ecosystem.

Bitget launches US stock IPO subscription service, initially supporting stablecoin subscriptions for SpaceX

Bitget has launched the US stock IPO subscription service IPO Prime, further extending the UEX boundary into the primary market, aiming to break the traditional private equity investment threshold and provide global users with a new channel to participate in the potential economic benefits before unicorn companies go public. The first asset launched is preSPAX, a digital token issued by the regulated issuer Republic, designed to mirror the economic performance of SpaceX after its IPO on a 1:1 basis. SpaceX (Space Exploration Technologies Corp.) was founded by Elon Musk in 2002.Bitget IPO Prime adopts a subscription model, allowing users to obtain corresponding subscription quotas based on their VIP levels. After the token allocation is completed, users can trade in the upcoming over-the-counter market; they can also exchange for stock tokens or USDT, as instructed by the issuer, referencing the market price of the underlying company's stock after the lock-up period of the preSPAX underlying debt asset ends.Details of IPO Prime:Implied valuation of SpaceX: $1.5 trillionTotal subscription amount for IPO Prime: 94,000Total subscription value: $61,100,000Subscription price: 1 preSPAX = $650Investment currencies: USDT or USDGOTotal investment pool cap: $1,000,000,000Individual investment range: $1,000-$300,000Investment period: April 18, 14:00:00 to April 21, 14:00:00 (UTC+8)Allocation time: April 21, 14:00:00 to April 21, 18:00:00 (UTC+8)Over-the-counter trading opening time: April 21, 20:00:00 (UTC+8)
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