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▌Bakkt was class-action lawsuit by investors
The US crypto custody and trading platform Bakkt was collectively sued by investors, accusing it of making false or misleading statements without fully disclosing its revenue and making serious reliance on key customers such as Webull. The lawsuit, led by investor Guy Serge A. Franklin, was filed April 2 in the Federal Court of the Southern District of New York, seeking a jury trial. Plaintiffs said Webull contributed 74% of Bakkt's crypto services revenue between 2023 and 2024, while Bank of America accounted for 17% of its loyalty services revenue in the first three quarters of 2024. The termination of cooperation between the two companies will lead to a sharp drop in the company's overall revenue by 73%. The defendants also include former CEO of the company Gavin Michael, current CEO Andrew Main and interim CFO Karen Alexander. Investors believe that Bakkt's failure to timely disclose the risks of termination of contracts with key clients violates U.S. securities laws and leads to significant losses.
▌U.S. stocks have experienced the bloodiest week in five years, with a $3 trillion market value evaporating
According to foreign media reports, major U.S. stock indexes hit the biggest single-week decline since March 2020, after Trump announced a tariff plan that exceeded expectations, raising concerns about global economic growth. "The reason for the stock market crash today is that there is really a lack of buyers," said Carol Schleiff, chief market strategist at BMO Private Wealth. People have been watching how the initial (trade) negotiations/retaliation progressed, and don't know how to evaluate how much the decline is to be "sufficient". The Dow Jones Index is currently down 14.9% from its record closing, while the S&P 500 is down 17.4% from its record closing. The Nasdaq index fell 22.7% from the closing record set on December 16 last year, and has been confirmed to enter a bear market. The U.S. stock market today evaporated by more than US$3 trillion in market value. On Friday, Federal Reserve Chairman Powell did not give a short-term answer on how tariffs will affect the currency, saying: "We are facing a highly uncertain prospect, and the risks of unemployment and inflation are rising." In addition, other American stock markets have also been dragged down, with the Canadian Toronto stock index confirmed to enter a adjustment, closing down more than 10% from the all-time high set on January 30. Argentina's major stock indexes fell 7.4% at the initial closing. Mexico and Brazil's major stock indexes fell more than 5% and 3% respectively.
Trending as of press time, according to Coingecko dataShows:
BTC's latest transaction price is US$84,116.57, with an increase of 1.5% intraday;
ETH's latest transaction price is US$1,823.20, with an increase of 0.8% intraday;
BNB's latest transaction price is US$598.20, with an increase of 1.2% intraday;
SOL's latest transaction price is US$122.38, with an increase of 5.9% intraday;
BNB's latest transaction price is US$598.20, with an increase of 1.2% intraday;
SOL's latest transaction price is US$122.38, with an increase of 5.9% intraday;
DOGE's latest transaction price is US$0.1711, with an intraday increase of +5.9%;
XPR's latest transaction price is US$2.13, with an intraday increase of +4.0%.
▌Tether CEO: Considering creating a new compliant stablecoin registered in the United States
Tether CEO Paolo Ardoino said he didn't mind that USDT was banned in the United States due to new regulatory regulations. Tether is actively considering creating a new stablecoin registered in the United States and will comply with the upcoming U.S. stablecoin laws. “We need two products with different value propositions.” Ardoino believes that USDT is more suitable for emerging markets and says USDT may no longer dominate the United States and Europe in the future.
▌The US SEC issued guidance on stablecoins, saying that "regulated stablecoins" are not securities
The US Securities and Exchange Commission (SEC) corporate finance department has just issued guidance on stablecoins. The agency has coined a new term - "regulated stablecoins", which refers to those stablecoins that "maintain a stable value of 1:1 relative to the US dollar, which can be converted into US dollars in a 1:1 ratio (i.e., one stablecoin is exchanged for one dollar) and are backed by assets held in the reserve with low risk, high liquidity and the value of the US dollar equals or exceeds the redemption value of the stablecoins in circulation." The department said that "regulated stablecoins" are not provided or sold as investment contracts, and personnel involved in the "minting" and exchange process do not need to register transactions with the committee, and therefore do not fall under the jurisdiction of the SEC. The Block AnalystUSDT and USDC fall into the category of "regulated stablecoins". The statement does not cover algorithmic stablecoins, earnings stablecoins or stablecoins that track the value of assets outside the US dollar.
▌Federal Governor Waller: Not very supportive of the Fed's adoption of comprehensive digital currencies, and believes that there is little demand in the real world
Federal Governor Waller: The biggest friction at present is cross-border payments. It does not support the Fed's adoption of comprehensive digital currencies and believes that there is little demand in the real world. The push to the Fed's digital dollar has gradually been ignored.
▌Brazil court authorized the seizure of cryptocurrency for debt repayment
According to Cointelegraph, the third collegial panel of the Brazilian High Court unanimously ruled that the court could seize the debtor's cryptocurrency assets to repay creditors. Under the ruling, the judge can now issue a notice to the cryptocurrency exchange requiring the seizure of the account holder's assets for debt repayment. In a memorandum published on its website, the High Court stated that although cryptocurrencies are not fiat currencies, they can be used as payment and as a store of value. Judge Ricardo Villas Bôas Cueva said that while Brazil currently lacks formal regulation of cryptocurrencies, some bills have identified it as a "digital value representation."
Blockchain application
▌EigenLayer plans to launch the Slashing mechanism on April 17
EigenLayer issues a statement on the X platform that it plans to officially launch the main network Slashing mechanism on April 17. Slashing allows AVS to set conditions that operators must abide by. If the operator fails to meet the requirements, AVS can punish it, otherwise it will be rewarded. Slashing will be implemented in phases, and operators and stakeholders need to choose whether to accept the Slashing standard.
Cryptocurrency
▌Solana led Ethereum and BNB Chain in the first quarter with $370 million on-chain fees
Solana led all L1 blockchains in the first quarter with $370 million on-chain fees, surpassing Ethereum, TRON, BNB Chain andOther blockchains.
▌USDC Treasury destroyed another 50 million USDC on the Ethereum chain
According to WhaleAlert monitoring, USDC Treasury destroyed another 50 million USDC on the Ethereum chain 2 minutes ago. USDC Treasury destroyed a total of approximately 150 million USDCs on the Ethereum chain today, of which: 22:28, USDC Treasury destroyed 50.353 million USDCs on the Ethereum chain; 21:11, USDC Treasury destroyed 50 million USDCs on the Ethereum chain.
▌Most DeFi protocol revenue on Solana, Ethereum and BNB Chain fell by more than 50% in March
According to Theblock, the revenue of most major DeFi protocols on Solana, Ethereum and BNB Chain fell by more than 50% in March, with a general decline in on-chain activity and transaction volume.
▌Bitcoin escapes the trade war and is showing signs of getting rid of the gravity of tech stocks
Amid financial market turmoil in the past few days, Bitcoin is showing signs of getting rid of the gravity of tech stocks. Bitcoin has remained highly positively correlated with the Nasdaq 100 since the pandemic, and the trend is usually synchronized with the benchmark index. But on Friday, Bitcoin actually rose about 1% to around $83,300, while the Nasdaq 100 fell for the second consecutive day due to Trump’s tariff problems. "We believe Trump's radical moves accelerate a reexamination of Bitcoin's long-term value in the portfolio, as the resetting of the global order has a significant medium-term impact on the United States as a capital destination," said Augustine Fan, partner at SignalPlus, cryptocurrency trading solutions platform. "Bitcoin is not a target in the global trade war, coupled with the effective forced de-dollarization in the United States, and I think we may counterintuitively see that volatility in the Bitcoin space will be weaker than everything else."
▌BlackRock IBIT increases its holdings of 300 BTC, which is approximately $25 million.According to Arkham monitoring, 10 minutes ago, BlackRock IBIT address received 300 BTC from Coinbase Prime address, which is about $25 million.
Important economic trends
▌JPMorgan warns that under the heavy pressure of Trump tariffs, the US real GDP will shrink and the economy may enter a recession. Michael Ferroly, the bank's chief economist of the bank, pointed out in its latest report that JPMorgan Chase has lowered its annual real GDP growth forecast from the previous growth of 1.3% to a contraction of 0.3%, and expects continuous economic contraction in the third and fourth quarters of this year. "The recession of economic activity is expected to push the unemployment rate to 5.3%," Ferroly stressed in the report. "If the forecast comes true, our stagflation forecast will put the Fed's decision-makers in a difficult situation." This warning highlights that the downside risks facing the U.S. economy are accelerating as trade tensions continue to escalate.
▌Barclays: Lower the Fed's expectation of the number of interest rate cuts in 2026 from three to two, each time at 25 basis points. Economist Marc Giannoni and others still expect that FOMC will cut interest rates by 25 basis points in June and September this year, but such interest rate path is very uncertain.
▌Trump's tariff shock spread to the US stock IPO market, and the listing of many companies has changed. According to the Wall Street Journal, the glimmer of hope for the U.S. IPO recovery has disappeared. Ticketing market StubHub and fintech company Klarna delayed an IPO roadshow that was scheduled to start next week, according to people familiar with the matter. Some of them said another fintech company, Chime, is delaying the filing of public financial reports to regulators and also postponed its IPO. Virtual physical therapy company Hinge Health is focusing on the market and is expected to go public at the end of April, people familiar with the matter said. Cryptocurrency company Circle is approaching the next step of its listing, but is now anxiously watching before deciding what to do. In addition, there are reports that medical technology company Medline delayed its IPO in the United States. Stock markets plummeted Thursday and Friday, closing down companies waiting to go publicThe door was closed. The U.S. IPO market has experienced a difficult period in the past three years, but many bankers and lawyers hope that 2025 will be a year for IPOs to return to normal pace. Instead, the global trade war is stirring up stock markets, disturbing investors and executives.
Golden Encyclopedia
▌What is an address poisoning attack in cryptocurrency?
Address poisoning attacks are malicious means used by attackers. Attackers can rerout traffic, interrupt services, or access sensitive data by inserting fake data or changing routing tables. These attacks exploit flaws in network protocols that seriously threaten the integrity of data and network security.
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