Coin overview
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
Illinois Senate approves crypto fraud prevention bill
The Illinois Senate has passed Senate Bill 1797, also known as the Digital Assets and Consumer Protection Act, to address cryptocurrency fraud and protect investors from deceptive practices. The bill, introduced by Senator Mark Walker in February, was approved on April 10 with a vote of 39 to 17. Under the legislation, the Illinois Department of Financial and Professional Regulation (IDFPR) will oversee digital asset business activity within the state. Entities engaging in crypto-related activities with Illinois residents must register with the IDFPR and provide full disclosure of fees and charges. “A person shall not engage in digital asset business activity, or hold itself out as being able to engage in digital asset business activity, with or on behalf of a resident unless the person is registered in this State by the Department,” the bill states. Senator Walker emphasised the need for regulatory standards to curb fraudulent activities and ensure credible actors operate within the crypto industry. “The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud, and deceptive practices,” Walker said. Illinois’ move follows a wave of high-profile memecoin scams that have caused significant financial losses for investors. One notable case involved the collapse of the Libra token, which insiders allegedly drained of $107 million in liquidity, leading to a 94% price crash. The legislation aims to promote responsible innovation while protecting consumers from scams like rug pulls and misleading fee structures. If signed into law, SB1797 could serve as a model for other states seeking to regulate the growing cryptocurrency market effectively. The bill now moves to the Illinois House of Representatives for further consideration before potentially reaching Governor J.B. Pritzker for final approval.
Trump signs bill revoking controversial IRS DeFi broker rule into law
President Donald Trump has officially signed into law a resolution repealing the IRS DeFi Broker Rule established by the Biden administration. According to an Apr. 10 press release statement from Rep. Mike Carey (R-Ohio), who introduced the bill alongside Sen. Ted Cruz (R-Texas), the president’s signing of the bill marks a major legislative win for the crypto industry and its advocates in Congress. The bill repeals an IRS DeFi broker rule finalized at the end of 2024 that expanded the definition of “broker” to include decentralized finance platforms and other non-custodial digital asset services. The rule would have required DeFi platforms, wallet providers, and front-end protocol interfaces to collect user information and report crypto transaction data using Form 1099. “This is the first cryptocurrency bill ever signed into law and the first tax-related Congressional Review Act of Disapproval signed into law,” Rep. Carey said in a statement. He added that the rule “needlessly hindered American innovation” and would have overwhelmed the IRS with compliance demands it is unequipped to handle. “By repealing this misguided rule, President Trump and Congress have given the IRS an opportunity to return its focus to the duties and obligations it already owes to American taxpayers instead of creating a new series of bureaucratic hurdles.” — Mike Carey, Ohio Congressman The resolution, known as H.J.Res.25, passed the Senate on Mar. 4, 2025, and the House on Mar. 11. Due to its budget-related implications, the bill required a final Senate vote , which occurred on Mar. 26, before being sent to the president’s desk. Trump’s signature ensures the rule “shall have no force or effect,” and prevents the IRS from issuing a similar rule without explicit Congressional approval under the CRA. The White House had already voiced support for the resolution, calling the rule a “midnight regulation” introduced during the final days of the Biden administration. The signing comes amid a wider regulatory shift in Washington. In recent months, the Securities and Exchange Commission under acting chair Mark Uyeda dropped lawsuits against firms like Coinbase, Gemini, and Kraken. On Apr. 8, the Department of Justice also disbanded its National Cryptocurrency Enforcement Team, citing strategic missteps. In another major development, Paul Atkins, a long-time SEC commissioner and crypto advocate, is set to officially take office as the new SEC chair after Senate confirmation . With Atkins in office, industry insiders expect the agency to shift focus away from enforcement towards a more supportive environment for crypto innovation.
Bitcoin Price Dropped Below $80K
Key Points Today, BTC dropped below $80,000 for the first time since March 11. BTC’s price drop comes amidst extreme fear in the crypto markets. Bitcoin recorded a price drop below $80,000 today, for the first time since March 11. The digital asset’s descendant trajectory debuted yesterday evening from $82,000 levels. BTC saw a price decline of around 2% on April 6, which continued today, taking the digital asset’s price to $76,000 levels earlier. At the moment of writing this article, BTC is trading above $76,000, down by over 7% in 24 hours. BTC price in USD today Bitcoin’s recent price drop came after the digital asset held above $80,000, despite a sharp drop in traditional markets after the US President Donald Trump announced his tariff policy. Today, the fall in the traditional US stock market futures continued, and earlier the S&P 500 futures were down by over 22%, according to data from The Kobeissi Letter . Crypto Market Enters Extreme Fear Zone Since Trump’s April 2 announcement, BTC maintained prices above $80,000 until Sunday evening. During the past weekend, on April 5, the crypto industry celebrated Satoshi Nakamoto’s birthday. Bitcoin’s price drop comes amidst a decline in the general crypto market of over 9% in the past 24 hours, with the Fear and Greed Index entering the Extreme Fear zone. The 24-hour crypto liquidations surpassed $1 billion in 24 hours, with over $877 million in long positions and over $141 million in shorts. Trump Maintains Tariff Policy Meanwhile, Trump continues to support his tariff policy, saying that the US has massive financial deficits with China, the European Union, and other countries. According to him, the only way this problem can be cured is with tariffs, which are now bringing tens of billions of dollars into the US. He said that the surplus with these countries had grown during Joe Biden’s administration and that the US would reverse the trend quickly. Trump explained that people will realize that tariffs “are a beautiful thing.” We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus… — Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 7, 2025 Recently, Trump also insisted that the Fed should cut interest rates in the US. The next FOMC meeting is scheduled for May 7, and the chances of a new rate cut surged to over 49%, according to data from CME Group. Meanwhile, while the broader market panics, the latest Bitcoin price drop represents an accumulation opportunity, amidst continued global adoption.
Tariffs caused Bitcoin to decline less than equities or oil yet more than bonds and gold
Bitcoin continues to trade lower for April, surrendering the majority of its Q1 gains as global markets react to escalating US-China trade tensions. The move, tied to the US trade war, comes amid broader asset repricing, with Treasury yields falling, oil collapsing, and equities entering correction territory. Prices since tariffs announced (Source: TradingView) The above post-tariff chart captures the acute market response since President Trump’s April 2 announcement of sweeping trade penalties and China’s response of an 84% tariff on US goods, a move Beijing described as non-negotiable. Within days, oil prices collapsed by 20.92%, while SPY fell 10.23% and Bitcoin dropped 7.34%. Bond prices also declined, with US10 and CN10 down 2.42% and 2.58%, respectively, reflecting upward pressure on yields. Gold, often a traditional safe haven, retreated 2.83%, indicating that liquidity stress and risk-off sentiment dominated across asset classes. Bitcoin’s relative positioning, down less than SPY and oil but more than bonds and gold, shows that despite strategic reserve narratives, it remains partially tethered to broader macro volatility under acute market stress. Global assets since the US election (Source: TradingView) Their overall performance since Donald Trump’s election win solidifies Bitcoin’s relative resilience. Since the November 2024 US election, Bitcoin is up 11.51 %, and gold is closely trailing at 11.09 percent. Both assets have held ground as traditional markets repriced sharply. SPY has declined 14.42%, and oil prices have collapsed by over 20%, highlighting widespread macro stress. Meanwhile, the US and Chinese 10-year bond prices (US10 and CN10) have fallen 5.11% and 1.72%, respectively, consistent with expectations of persistent inflation or heightened issuance. BTC correlation with macro deepens Bitcoin’s performance since Trump’s inauguration initially tracked with a supportive policy environment. Public backing of crypto adoption, tokenization of reserves, and re-shoring initiatives contributed to a bullish narrative across digital assets. However, the latest data shows Bitcoin trading mostly in line with risk assets rather than decoupling from them. The recent selloff across SPY and the reversal in Treasury yields reflect shifting expectations. Markets are beginning to price in slower growth, tighter consumption, and more defensive positioning. Yale’s Budget Lab projects a 0.9 percentage point decline in real GDP for 2025, with the average household expected to incur $3,800 in additional costs from the tariff regime. Despite favorable long-term policy framing, Bitcoin has not escaped volatility tied to global liquidity and demand concerns. Institutional allocators appear to be reducing exposure to beta-sensitive assets, crypto included, as recession odds rise. JPMorgan now places the probability of a global recession at 60%, up from 40% before the April announcements. Goldman Sachs raised its US-specific projection to 45 percent. JPMorgan’s annual letter also cautioned that prolonged tariffs may contribute to persistent inflation, asset volatility, and reduced investment confidence. Global bond divergence narrows Bitcoin’s safe-haven window While US Treasury yields have reversed sharply, China’s sovereign bond market is reflecting different stress signals. The China 10-year yield is down to 1.65 percent, dropping 65 basis points year over year. Trading Economics data also shows consistent yield declines across the 2Y, 5Y, and 30Y curves. These moves imply deflationary pressure, weak external demand, and limited domestic growth rebound potential. As Citi reported, China’s GDP forecast has been cut from 4.7 percent to 4.2 percent for 2025. However, this is still considerably higher than the US’s current 2.4% growth and projected 3% decline. Kaiyuan Securities projects that US tariffs may reduce Chinese exports by nearly a third, reducing total exports by 4.5 percent and dragging growth by over a percentage point. Yet, with both Western and Chinese sovereign curves pricing in downside growth risk, Bitcoin’s role as a global reserve hedge becomes more complicated. Institutional portfolios may hold back on discretionary allocation until liquidity stabilizes or policy clarity returns. Trump’s framing of Bitcoin as a reserve-grade digital commodity continues to resonate with parts of the domestic crypto ecosystem, but implementation remains unclear. For now, investors appear to be watching macro signals more than political signaling. Bitcoin outlook in context of recession risk The structural narrative surrounding Bitcoin as a geopolitical hedge, inflation buffer, or programmable reserve asset remains intact. However, in periods of macro stress, correlations tend to increase across all risk markets. The latest price action indicates that Bitcoin is not yet viewed as a risk-off asset under liquidity duress. BTC may still find policy tailwinds if the administration accelerates Bitcoin-native initiatives, introduces digital treasury issuance, or formalizes sovereign Bitcoin holdings. Until then, market participants are trading the asset through a macro lens. Price behavior remains closely tied to risk conditions, recession modeling, and cross-asset liquidity. Brent crude oil has fallen more than 20 percent since late March, with forward spreads narrowing and surplus pricing increasing. Consumer retrenchment, reduced export demand, and pressure on manufacturing margins all feed into broader market repricing. Bitcoin, as part of the broader allocation spectrum, remains sensitive to these shifts. Year-to-date Bitcoin is actually one of the worst-performing assets, second only to oil. Year-to-date chart of global bonds, commodities, and securities (Source: TradingView) The divergence illustrates how Bitcoin and gold have so far absorbed trade war volatility more effectively than oil, equities, or sovereign debt markets, suggesting that Bitcoin has drawn relative strength even as global liquidity deteriorates. However, no asset can compare to gold in 2025, up 16%. The post Tariffs caused Bitcoin to decline less than equities or oil yet more than bonds and gold appeared first on CryptoSlate.
Debriefing the Fed's 10-Year Rate Cycle: Where Will Bitcoin Go under Three Scenario Analyses?
Original Article Title: "Revisiting the Fed's 10-Year Interest Rate Cycle: Where Will Bitcoin Go Under Three Scenario Paths?" Original Source: Biteye Over the past decade, Bitcoin's bull tops and bear bottoms have mirrored the Federal Reserve's interest rate policy. · Tops usually occur during the strongest rate hike expectations · Bottoms, on the other hand, coincide with expectations shifting towards rate cuts · Now, the market stands at a three-way fork in the road: · Rate hike restart → Double bottom? · Rate cut in the second half of the year → Rally after consolidation? · Mid-year rate cut → Bull market acceleration? These paths will determine the next phase of Bitcoin's journey. This article will dissect the price movement of BTC under three scenarios, providing a comprehensive understanding of the macroeconomic and price game theory. I. Revisiting the Fed's 10-Year Interest Rate Policy, How Does Bitcoin's "Top" and "Bottom" Align? Over the past decade (approximately 2015-2025), the Federal Reserve has gone through a complete cycle of rate hikes, rate cuts, re-hikes, and pauses. Reviewing this history, we find a significant and intriguing correlation between Bitcoin's price turning points and the Federal Reserve's policy milestones, especially the market's anticipatory "pre-reaction" phenomenon. Starting with the conclusions: 1. Bitcoin's bull tops often lead the start or acceleration of rate hikes, with the market preemptively trading a tightening expectation. 2. Bitcoin's bear bottoms typically appear towards the late stage of rate hikes, during pause periods, or just before the start of a rate cut cycle. The market seeks bottoms when the most pessimistic or accommodative expectations emerge. 3. Quantitative Easing (QE) or rapid rate cuts such as "emergency easing" serve as significant catalysts for bull markets. Below is a comparison table of the Federal Reserve's major rate policy over the past decade and key Bitcoin price movements: This table clearly illustrates the "time gap" between key turning points in Bitcoin's price and the Federal Reserve's policy cycle. Whether in 2017 or 2021, the peaks of bull markets occurred either just before the "hammer" of rate hikes fell or at the peak of rate hike intensity. Bear market bottoms, on the other hand, often coincided with expectations shifting towards rate cuts. We are currently in a period of "pausing rate hikes" and "brief rate cuts," with the market awaiting the next clear directional signal—whether we will see another round of rate cuts, entering a phase of quantitative easing "liquidity injection." 2. Interest Rate Projection: Based on Three Institutional Forecast Scenarios Currently (April 2025), there is a significant market divergence regarding the Federal Reserve's next move. Drawing on the recent views of several mainstream research institutions, we have summarized three possible scenarios: 1. Worst Case: Facing Rate Hike Risks in 2025-2026 · J.P. Morgan (March Early Report View): While predicting a rate cut, it also clearly points out that if unexpected strong employment and inflation data emerge, the possibility of discussing a rate hike within the year cannot be ruled out. · LSEG (London Stock Exchange Group, Early April Report View): Emphasizing the rising risk of "stagflation" and inflation stickiness, it believes that there are very compelling reasons to support an "extended policy pause period." Tariff policies, geopolitical risks for inflation's potential upside, all of these factors could compel the Federal Reserve to maintain tightening, potentially leading to a high-interest rate environment throughout the year, with ongoing market liquidity pressure. 2. Base Case: Rate Cut Initiation in the Second Half, Twice in the Year · J.P. Morgan (March Early Report View): Predicts that the Federal Reserve will remain patient until June, then cut rates twice, with rates expected to reach 3.75%-4.00% by the end of Q3. · EY (Ernst Young, March Report View): Expects 2 rate cuts in 2025, in June and December, each cut by 25 basis points. · Federal Reserve March Meeting: Most officials still expect 2 rate cuts in 2025, with the annual rate dropping to 3.75% to 4%. These views suggest that despite sticky inflation, the overall trend is downward, and the economy and job market will gradually cool. The first half of the year sees market fluctuations while the second half opens the rate-cutting cycle. 3. Best Case: Rate Cut Initiation Mid-Year, Three or More Times in the Year · Morningstar (March 28th Report View): Predicts the first rate cut may occur in June, with a total of 3 cuts in 2025 (75 basis points), bringing the year-end rate to 3.50%-3.75%. · Polymarket: According to Polymarket data, the most popular scenario is for 3 rate cuts in the year (75 basis points), accounting for approximately 20%. Next are 4 cuts (100 basis points) and 5 cuts (125 basis points), at 18% and 13.3%, respectively, reflecting some market bets on an increasingly dovish path. The previously favored "only 2 cuts" scenario at the beginning of the year now has a support rate of around 13%. Overall, the market has generally reached a consensus on "at least 2 rate cuts in 2025," but there is still a significant divergence on whether a more aggressive easing cycle will occur, with expectations not yet anchored. These views suggest that if inflation declines faster than expected or the economy shows significant weakness, the Fed may implement three or more rate cuts in 2025. Three, Bitcoin Price Analysis: How Will Bitcoin's Price Trend Under Three Interest Rate Scenarios? Based on the above three plausible interest rate scenarios, we conducted an analysis of Bitcoin's future price trends: 1. Worst Case (Facing Rate Hike Risk in 2025-2026): Top Formed or Double Bottom, Bearish Sentiment Prevails · Price Trend Analysis: If the market confirms the existence of a rate hike risk, Bitcoin will likely face selling pressure in Q2 2025 and beyond. The previous high is likely the ultimate peak of this cycle. Market sentiment will turn bearish, possibly leading to a deep retracement, testing key support levels below, and even the possibility of a double bottom. · Cycle Peak Assessment: It can be reasonably certain that the peak has passed, and 2025 is likely in a continued downtrend or bottoming phase. 2. Base Case (Rate Cuts Start in the Second Half, Twice in the Year): Patient Consolidation, End-of-Year Surge Towards the Peak · Price Trend Analysis: During Q2-Q3, while awaiting clear signals of rate cuts, Bitcoin is likely to maintain a high-level wide-ranging consolidation. Market sentiment will fluctuate with data releases. Once rate cut expectations are confirmed at the end of Q3 or in Q4 and the first rate cut is implemented, it may trigger the final surge of the bull market. However, this is more likely a "last-minute" rally driven by sentiment and liquidity expectations. · Cycle Peak Assessment: Possibly in Q4 2025 or early 2026, in line with some predictions from the halving cycle model. It should be noted that when the rate cut news is priced in, the market may have fully priced it, or even experience a "sell the news" pullback. The real price peak may come when rate cut expectations are at their peak but not yet fully realized. 3. Best Case (Rate Cuts Start in Mid-Year, Three or More Times in the Year): Bull Market Acceleration, Early and Potentially Higher Peak · Price Trend Analysis: If an unexpected economic slowdown forces the Fed to cut rates early, it will greatly boost market risk appetite. Bitcoin is expected to quickly break out of consolidation, launch a strong offensive, and lead the entire crypto market into a frenzy. · Cycle Peak Assessment: Possibly as early as Q3 or early Q4 2025. Earlier arrival of liquidity easing may help push prices to higher levels, but the duration of the entire cycle will be shortened accordingly. Four, Conclusion The Fed's rate decisions remain the anchor of global asset pricing, especially for highly volatile assets like Bitcoin. Although the market has been joking about a "bear market," according to predictions from major institutions, we are currently at a crucial juncture of expectations. While reducing positions, perhaps a glimmer of hope can still be retained. Original Post Link
How bad would crypto bleed if Trump hits China with 50% tariff?
On Monday, U.S. President Donald Trump warned to apply an additional tariff of 50% on imports of Chinese products if the rival nation doesn’t withdraw the stated plan of imposing a retaliatory import tariff of 34% against the United States of America. As per the latest reports, Wall Street has experienced a major blow amid the ongoing tariff war. Moreover, top economists warn the nation of a potential block on the economic growth of the nation. Further, this could lead to a potential recession during the upcoming time. This analysis was made by the experts due to the structure of the tariffs. Ideally, the importers are liable to pay the tariffs, leading them to pass it to their consumers. This results in the price of the product rising to unnecessary highs and further increasing the possibility of a major market crash. Donald Trump Threatens China To Impose Higher Tariff! Through a post on the “Truth Social app,” Mr. Donald J Trump wrote that “Any country that plans to go against the U.S. by issuing additional Tariffs, will be considered as abusing of our Nation. This will result in them meeting with new and substantially higher Tariffs immediately, higher than the initial set.” 🇺🇸 TARIFFS: Trump claims If China doesn’t remove its 34% tariff by April 8, the US will hit China with an additional 50% tariff starting April 9. pic.twitter.com/kIDeMH1JS6 — Cointelegraph (@Cointelegraph) April 7, 2025 Furthermore, adding to that, he quotes, “If China does not withdraw its 34% increase above their already long-term trading abuses of tariffs by tomorrow which is 08th April 2025, the United States will impose “ADDITIONAL Tariffs” on Beijing of 50%, effective 09th April 2025.” On 2nd April, during Liberation Day, Trump imposed a 34% tariff on Chinese imports which is set to go into effect on 09th April. Notably, Beijing announced that it would add a 34% tariff on imports of all U.S. products beginning 10th April in order to retaliate from Trump’s tariff scheme. Larry Fink Predicts A Recession! Larry Fink, the Chief Operating Officer (CEO) of the giant BlackRock asset management firm has recently recorded a statement saying that “we are probably in a recession right now.” JUST IN: BlackRock CEO Larry Fink says "we are probably in a recession right now." — Watcher.Guru (@WatcherGuru) April 7, 2025 This raises serious alarms as the U.S. stock market has wiped off Trillions from its valuation since the Trump tariff has kickstarted. Notably, if a solution is not rolled out soon, this could not only pull the valuation of the wallstreet, but the world market could be impacted negatively at a great level. Follow The Crypto Times on Google News to Stay Updated!
Global Stock Markets Face Worst 3-Day Performance in 50 Years, Can the Crypto Market Hold Up?
Just one week after U.S. President Trump signed the executive order on "reciprocal tariffs," the U.S. stock market experienced a two-day crash, with a market value loss of about $6.6 trillion. Despite Trump's "tariff" turmoil washing over the global markets, he seems unconcerned and instead went to his private club in Florida to vacation and play golf. On his way back from Florida to Washington on April 6, aboard Air Force One, Trump gave a media interview about the global market turmoil caused by last week's stock market crash. His view on the current market plunge was, "Sometimes you have to take medicine to solve a problem." After Trump made the "take medicine" remark, Nasdaq 100 futures continued to decline, dropping over 6%. Can taking medicine really solve the problem? Stock Market Circuit Breaker, Crypto Crash Following Trump's "take medicine" remark, global stock markets and the cryptocurrency market entered a waterfall crash mode. The cryptocurrency market took a heavy blow this morning, with Bitcoin falling below $78,000, a 6.89% drop in 24 hours. Ethereum fell below $1,600, a 13.19% drop in 24 hours. SOL dropped below $110, a 11.94% drop in 24 hours. According to Alternative data, today's crypto fear and greed index dropped to 23, compared to the weekly average and yesterday's both at 34, indicating the market sentiment is in a state of "extreme fear." In the past 24 hours, a total of 290,000 users globally have been liquidated, with a total liquidation amount of $893 million, of which long positions account for $762 million. The Nikkei Futures Index opened for trading for 10 minutes, and the Nikkei average index plummeted by over 8%, dropping more than 2,500 points, breaking through the key level of 32,000 points. An announcement on the Japan Exchange Group website stated that the TOPIX futures circuit breaker was triggered at 08:45:31 Japan time and was restored at 08:55:41. This is the first time since August 5 last year that the index has fallen by more than 2,500 points, when concerns about the U.S. economy led to a single-day stock market plunge of more than 4,000 points, dubbed the "Reiwa Black Monday." The Korea Composite Stock Price Index (KOSPI) reported 2,357.28 points at 9:02 am local time, a sharp drop of 108.14 points, representing a 4.39% decline from the previous trading day. KOSPI also activated the sidecar mechanism, suspending trading for 10 minutes. European stock index futures continued last week's declines, with EURO STOXX 50 index futures dropping by 4.3%, Germany's DAX index futures falling by 5.0%, and the UK's FTSE 100 index futures declining by 4.1%. After the Taiwan Stock Exchange opened, a circuit breaker was triggered, with TSMC and Foxconn both dropping by nearly 10%, and the Taiwan Weighted Index falling by close to 10%. According to The Kobeissi Letter, the U.S. stock market lost $11.1 trillion in value over 44 trading days, roughly equivalent to 38% of the U.S. GDP. The S&P 500 futures extended their losses to -4.5%, with a cumulative drop of -15% over the past three days. Due to the U.S. stock market futures declining by over -15% for three consecutive days, brokerages issued a circuit breaker warning yesterday. The Chicago Mercantile Exchange has circuit breakers set at 7%, 13%, and 20%. A 7% or 13% circuit breaker would trigger a 15-minute trading halt; if the level reaches 20%, the market would close for the day. According to the Daily Mail, hedge funds are facing Lehman-style margin calls due to the market collapse triggered by President Trump's tariff measures. Note: Lehman-style margin calls refer to an extreme scenario where a market experiences a sharp decline, investors or institutions face significant losses due to high leverage, and brokerages or clearinghouses demand additional margin. However, because of illiquidity or panic, investors are unable to raise funds, ultimately leading to forced liquidation or bankruptcy. This situation could potentially trigger broader systemic risks, similar to the "domino effect" seen during the Lehman Brothers bankruptcy. Some professionals have pointed out that Nasdaq 100 index futures are down 6.07%, and S&P 500 index futures are down 5.97%. If this situation is accurate, it will be the worst three days for the market performance since "Black Monday" in 1987, even worse than during the COVID-19 pandemic. Beginning of a Bear Market or Bottoming Out? Just as the week has begun, the market has delivered a shock to the world, and several key meetings this week will serve as a turning point for the market. Among them, the "reciprocal tariffs" measures may start on April 10, the Federal Reserve's March monetary policy meeting minutes will be released on April 10, March PPI inflation data and University of Michigan consumer sentiment data on April 11. Treasury Secretary Benson stated, "My current advice to every country is not to retaliate, not to take action, observe the situation, and see how things develop. Because if you retaliate, the situation will escalate. If you don't retaliate, then the current situation is capped." The countries depicted on the "reciprocal tariffs" sign have split into two camps over the past week: those bowing to the U.S. and adopting a wait-and-see approach, and those strongly retaliating. Currently, Vietnam, Argentina, and Israel have eliminated all tariffs on the U.S., India intends to impose nearly zero tariffs on the U.S., while Mexico, Japan, and the UK do not plan to impose U.S. tariffs. Singapore Prime Minister Lee Hsien Loong delivered a speech on April 4, stating, "This marks a significant shift in the global order. The rules-based globalisation and free trade era has ended, and we are now entering a new age, a more dangerous phase of rising protectionism. The calm and stability of the global economy that we are familiar with will not return quickly." On the other hand, China has become the world's first country to retaliate with "tit-for-tat tariffs," announcing a 34% retaliatory tariff against the United States. President Trump, on his social media platform "Trust Social," stated that China made the wrong decision in this matter. The European Union is also preparing to vote on April 9 on how to impose retaliatory tariffs on certain U.S. products. European Trade Commissioner Phil Hogan, after meeting with U.S. officials, stated that the EU is willing to negotiate but is also prepared to defend its own interests. However, BitMEX's co-founder Arthur Hayes is quite optimistic about this. He believes that volatility is back and says it will be an interesting week. He also mentioned that the Bond Volatility Index, "MOVE Index," is deeply related to when the Federal Reserve will back off and start up the printing press. "The higher this index rises, the more likely institutions trading leveraged government or corporate bonds are to be forced to sell due to increased margin requirements, and these are precisely the two markets where the Fed will fight tooth and nail to support. When MOVE breaks above 140 (currently at 127), it will be an opportunity for the market to get rich after the market crash and the Fed's liquidity injection." On April 7, Donald Trump Jr., serving as a strategic advisor, made a prediction through the prediction market Kalshi that the likelihood of a U.S. economic recession by 2025 has surged to 68%, reaching the highest level in months. J.P. Morgan Chase also seems to share the same concerns, according to Watcherguru's report, J.P. Morgan is calling on the Federal Reserve to cut interest rates before the next meeting. Meanwhile, some traders believe that this crisis may also be an opportunity. Top trader Eugene Ng Ah Sio expressed in his personal channel, "This downturn is not only in the cryptocurrency market but also an unprecedented turbulence in the entire stock market. I vaguely feel that, as long as the response is appropriate, when this storm passes, perhaps it can create enough wealth to change destinies. But for now, survival is key." Founder of Formula News, Vida, believes that "the current U.S. stock market is similar to 2022, where it overprices an expectation that is not actually as serious. This round of U.S. stock market correction is similar to 2018, 2022, occurring periodically (every 2-3 years), rather than a financial crisis like 2008, 2020 (every 10 years)." He predicts that the market's turning point will occur in Q1 2026, and during this period, he will gradually begin buying shares of his favorite U.S. tech companies. If there is another major market plunge during this period, he will accelerate his buying pace. However, the true market trend still needs to be validated over time. Nevertheless, we have entered a phase where conservative investment is necessary. Sometimes we may have to swallow "this pill," but what every investor must learn is how to navigate the risk after swallowing the pill.
$109,000,000,000 in US Gold Reserves Now in Question as German Officials Demand to Count Bullion Bars At New York Fed: Report
Germany is storing over $109 billion worth of gold in the New York Federal Reserve’s vaults, but some officials in the country are beginning to call for less trust and more verification. Michael Jäger of the European Taxpayers’ Association – a federation of 29 national taxpayers associations throughout Europe – is urging Germany to immediately obtain its gold from the USA amid tention between the White House and the US, Bild reports . Says Jäger, “The Bundesbank and the German government must demonstrate foresight in this phase of global power shifts and immediately retrieve German gold from the USA. Especially at a time when Berlin and Brussels are discussing immense new debt, we need immediate access to all gold reserves in an emergency.” Jäger says that at a minimum, Germany should at least be able to “physically inspect” the gold bars. European Member of Parliament Markus Ferber echoes Jäger’s sentiments, telling Bild: “I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.” Meanwhile, lawmaker Marco Wanderwitz says Germany’s CDU (Christian Democratic Union) is advocating that Germany needs to “either check regularly or retrieve the gold.” The Germans’ calls for inspecting the gold reserves comes as Elon Musk, tech billionaire and close aid of President Trump, is suggesting that an audit of Fort Knox in Kentucky be “livestreamed.” The last time Fort Knox was audited was in September of 1974. In a statement to Bild, a spokseperson for Germany’s Bundesbank quoted and reiterated a Feburary statement from the bank’s President, Joachim Nagel. “We have (…) absolutely no doubt that with the Fed in New York we have a trustworthy, reliable partner in the storage of our gold reserves.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Generated Image: Midjourney
Illinois State Senator Mark Walter’s Crypto Fraud Bill Advances
Last updated: April 4, 2025 15:19 EDT Key Takeaways: The Digital Assets and Consumer Protection Act (Senate Bill 1797) would grant the Illinois Department of Financial and Professional Regulation authority to establish crypto guidelines. After passing the Illinois Senate Executive Committee, the bill now heads to the full Senate, with potential progression to the House and Governor’s approval. The bill emerges in the midst of a national debate on crypto regulations, with Trump’s administration favoring a pro-crypto stance while critics warn of consumer risks. Illinois State Senator Mark Walker’s (D-Arlington Heights) bill aimed at tackling digital asset fraud passed through the Illinois Senate Executive Committee on April 4, highlighting the state’s increased efforts to crack down on crypto crime. Illinois Senate Crypto Bill Passes Through Key Committee Launched by Walker in February, The Digital Assets and Consumer Protection Act – a.k.a. Senate Bill 1797 – would allow the Illinois Department of Financial and Professional Regulation to manage and set crypto guidelines within the state. Under the provision, Illinois players in the crypto space would be “required to register, provide disclosures and demonstrate the fitness to satisfy payouts” to their customers. Additionally, the bill would mandate affected crypto companies to notify customers of charges and transfers of digital assets while building on programs to reduce consumer fraud. “The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud and deceptive practices,” said Walker (D-Arlington Heights). “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors,” he added. States Move To Address Crypto Legislation Now that the Digital Assets and Consumer Protection Act has advanced through the Illinois Senate Executive Committee, the Illinois State Senate at large will be able to vote on the bill. Should Walker’s proposed legislation advance past that, it would go through the state’s House of Representatives before ultimately heading to Illinois Governor J.B. Pritzker’s desk. Senator Mark Walker is taking firm action against cryptocurrency fraud in Illinois. His efforts aim to protect consumers and promote a safer digital trading environment. It's crucial to ensure transparency and security in the evolving crypto space. — the kimcheeziest (@kimcheeziest) April 4, 2025 Illinois’ latest crypto-focused bill comes as state legislatures rapidly move to address digital asset policies duringU.S. President Donald Trump’s crypto-friendly administration. Donald Trump’s Crypto Stance Trump, who has been affiliated with several recent projects in the Web3 space, has promised to instill a pro-crypto regulatory framework across the United States. However, critics argue that his market-friendly approach may open the door to potential fraud and consumer risks. Should Illinois adopt Walker’s bill, it could serve as the state’s safeguard against illicit actors in the blockchain industry.
Sei Investments increases 39% stake in MicroStrategy
Sei Investments Co. has increased its holdings in MicroStrategy Incorporated by 39.3% during the fourth quarter. The firm added 3,376 shares, bringing its total to 11,972 shares, valued at approximately $3.47 million as of the filing. At the same time, analysts have had a lot to say about MicroStrategy. Some are feeling confident, while others are not so sure. Barclays dropped its price target for the stock from $515 to $421, but still called it “overweight,” which usually means they think it’s still worth buying. According to Marketbeat , Compass Point upgraded the stock to a “strong-buy.” Bernstein is sticking with its “outperform” label and set a $600 price target. Cantor Fitzgerald also raised their target, bumping it from $613 to $619. On the other hand, Monness Crespi & Hardt wasn’t impressed—they gave it a “sell” rating and a $220 target. The stock has mixed ratings overall, with nine analysts saying “buy,” one saying “strong buy,” and one saying “sell.” According to MarketBeat.com, the average rating is “Moderate Buy,” with a target price of $508.09. There’s been some action from the company officials, too.CFO Andrew Kang purchased 1,500 shares on March 20 at $85 per share, totaling $127,500. Meanwhile, Director Leslie J. Rechan sold 15,000 shares for over $5 million on March 25, reducing their position by more than 75%. SEC filings indicate insiders acquired 8,000 shares and sold nearly 23,000 in the last 90 days. In total, insiders bought 8,000 shares in the last three months and sold nearly 23,000 in the last 90 days. Even with those moves, insiders still own about 9.16% of the company. Follow The Crypto Times on Google News to Stay Updated!
Riot Platforms Hits Post-Halving Bitcoin Production High as It Expands AI Capacity
Riot Platforms (RIOT) reported strong operational performance in March 2025, highlighted by continued expansion into the artificial intelligence (AI) and high-performance computing (HPC) sector. The company's bitcoin (BTC) production last month rose to 533 BTC, the most since the reward halving almost a year ago. The figure represents a month-on-month increase of 13% and 25% more than a year before. Bitcoin holdings grew to 19,223 BTC. Riot said it plans to "aggressively pursue" development of its Corsicana facility to capitalize on rising demand for compute infrastructure used in AI and HPC. A recently completed feasibility study by industry consultant Altman Solon confirmed the significant potential of the site to support up to 600 megawatts of additional capacity for AI/HPC applications. Key advantages include 1.0 gigawatt of secured power, 400 MW of which is already operational, 265 acres of land with substantial development potential and close proximity to Dallas — a major hub for AI and cloud computing. The study noted the site’s ability to support both inference and cloud-based workloads, strengthening its appeal to AI/HPC tenants. Riot maintained a steady deployed hash rate of 33.7 EH/s, while its average operating hash rate grew 3% month-over-month to 30.3 EH/s—representing a 254% increase year-over-year. Although power credits declined due to seasonal factors, Riot kept its all-in power cost low at 3.8 cents per kWh, and improved fleet efficiency to 21.0 J/TH, a 22% improvement from the previous year. Riot’s shares fell 5.5% Friday, while the Nasdaq 100 index dropped 2.8%. They have lost 35% year-to-date. Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
Trump Pushes Tariffs, Cramer Warns of Economic Backlash
Trump said the country will boom after his tariff move sent stocks into sharp decline Crypto stayed strong with Bitcoin dominance rising and stablecoins leading activity Cramer called the tariff rollout weak and said it hit markets hard with no clear plan The global economy felt fresh tremors after President Donald Trump unveiled sweeping import tariffs, triggering Wall Street’s sharpest slump since the pandemic. While markets reeled from the policy shock, Trump remained defiant. “I think it’s going very well,” he said, departing the White House for Florida. “The markets are going to boom, the stock is going to boom, the country is going to boom.” I think it’s going very well—The MARKETS are going to BOOM… Donald Trump Truth Social 4/03/25 03:17 PM pic.twitter.com/fA5nnwiAyH — Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 3, 2025 Crypto Market Resilient as Trading Volume Dips Sharply Despite growing financial tension, the global cryptocurrency market displayed moderate resilience. As of April 4, CoinMarketCap reported a total crypto market capitalization of $2.69 trillion, reflecting a 0.69% daily increase. However, trading activity dropped significantly, with a 30.15% plunge in 24-hour volume to $91.07 billion. Bitcoin remained the leading cryptocurrency at 62.14% with a slight increase of 0.07%. As for stablecoins, an even more stupendous share of 95.37% of total crypto trading by volume was reflected as $86.85 billion. The decentralized finance (DeFi) sector reported a $5.92 billion volume contribution, which constituted 6.50% of the total volume traded in the last 24 hours. Cryptocurrency remained defiant when stock markets plunged. The Dow Jones Industrial Average fell 1,600 points, its greatest one-day fall since the pandemic. Tariff Policy Draws Fierce Response as Trump Calls It “Liberation Day” The new tariffs put a minimum levy of 10% on imports, whereas high rates are levied on certain nations like China and members of the European Union. This aggressive measure saw widespread backlash from analysts and participants in the market, who reacted immediately to the downturn. However, the fallout was immediate and severe. CNBC’s Jim Cramer, a critic of free trade, voiced his dismay. “I feel like a sucker,” he said during an interview with CNN’s Erin Burnett. Related: Trump’s Tax Cuts and Tariffs: What’s Next for the Economy? Cramer Slams Execution Cramer had earlier supported reciprocal tariff strategies in principle, yet he rejected the administration’s execution as flawed. “I was hoping it was a coordinated thing,” he said. “Instead of a car where we’re only making you pay 2-1/2 and you’re not letting us in, we try to get things better.” Further, Cramer stated that the move was bush league and warned that the shock lacked any constructive follow-up for American markets. Consequently, the fallout from Trump’s “Liberation Day” tariffs set off not just market losses, but also a wider debate. As the global financial order adjusts, one question remains: Will Trump’s bullish forecast prove right, or has he lit the fuse for prolonged market unrest? The post Trump Pushes Tariffs, Cramer Warns of Economic Backlash appeared first on Cryptotale.
Watr Partners with Avalanche to Bring $20T Commodities Market Onchain
Watr’s goal is to make this pioneering sector more accessible to the advantages and advances that Web3 has to offer. The Watr blockchain ecosystem is the only one that was developed specifically for the $20 trillion global commodities sector. Watr , the blockchain infrastructure that was purpose-built for the $20 trillion global commodities sector, made the announcement today that it has partnered with Avalanche and will be migrating to an Avalanche Layer 1 (L1). Bringing the global commodities trade and finance, which includes metals, minerals, food, and fuel, into a onchain environment that is designed for liquidity, scale, and adoption is the primary objective of this strategic initiative. In spite of its enormous scale, the global commodities sector continues to be hampered by legacy structures, which restricts liquidity, access, and profitability. Watr’s goal is to make this pioneering sector more accessible to the advantages and advances that Web3 has to offer by integrating decentralized identity, traceability, and composable smart contracts. In addition to Maryam Ayati, who was the first person to oversee global origination and investment at Shell Trading, Watr was founded by individuals who had previously held leadership positions at Shell, BP, and J.P. Morgan. Ayati has been recognized by the World Energy Council as one of the most significant women in the energy industry. She has been the driving force behind Watr’s ambition to digitize the infrastructure of commodities finance and trade. John Nahas, Chief Business Officer at Ava Labs stated: “Despite being a $20 trillion industry, real-world assets like commodities have barely scratched the surface of onchain adoption. Avalanche is built for this exact moment—with sovereign chains, low latency, and institutional-grade performance. We’re proud to support Watr’s mission to enhance commodity markets by opening them to onchain structures and liquidity.” Why Avalanche Avalanche’s leading blockchain and growing developer ecosystem, which has previously been trusted by organizations such as JP Morgan, Citibank, and FEMA for key real-world blockchain applications, will be combined with Watr’s competitive advantage in the commodities market via this cooperation. Together, they will provide commodities market infrastructure that is interoperable, compliant, and capital-efficient. This infrastructure will be based on a scalable blockchain that is capable of meeting the expectations of corporate partners in the present day. It will cover everything from mines and farms to investments in global finance. Watr is able to establish customized blockchains for a variety of commodities and counterparties because to the adaptable Layer 1 architecture of Avalanche. This is accomplished while maintaining compliance and performance at an institutional scale. Maryam Ayati, Founder and President of Watr Foundation stated: “Established Web3 concepts such as DeFi, Decentralized Identity, and smart contracts can address fundamental constraints in commodity financing, compliance, and trade. Building with Avalanche allows us to leapfrog the development cycle and leverage its ecosystem’s size and security to decisively take on this opportunity.” The Watr Stack In order to provide end-to-end traceability of assets, WatrMrks are used to record the origin, certifications, and possession of the commodity during its whole existence. Every shipment, batch, or asset has a history that cannot be altered and is available to those who are allowed to see it. WatrMrks have been successfully tested and integrated in closed-loop scenarios with prominent mining and automotive businesses. They will soon be deployed on Watr L1 and the wider Avalanche ecosystem. WatrMrks have been successfully tested and effectively integrated. Within the commodities economy, WatrIDs constitute the introduction of decentralized identities for professionals, enterprises, and organizations all around the world. Access to apps that are part of the Watr ecosystem and beyond may be gained via the use of WatrIDs, which are trusted credentials that are portable and aligned with the standards of the W3C and the Key Event Receipt Infrastructure (KERI). NeoReserves, which was developed by Neo, the company that developed the Watr ecosystem, will facilitate the operation of liquidity pools for further commodity financing contracts. When it comes to commodities tech startups, VentureStream serves as both a launchpad and an investment center. It is responsible for driving an active developer community while also assisting in matching them with established market players. It is intended for these components to collaborate with one another: WatrMrks are responsible for ensuring compliance and provenance, WatrIDs facilitate trust, and NeoReserves are responsible for unlocking verified capital and novel contractual structures. Collectively, they provide the fundamental elements of an ecosystem for programmable commodities, whereas VentureStream is responsible for fostering open innovation and facilitating increased adoption among entrepreneurs. The Watr blockchain ecosystem is the only one that was developed specifically for the $20 trillion global commodities sector. From extraction to consumption, Watr integrates traceability (WatrMrks), decentralized identity (WatrIDs), asset tokenization, and smart contract-based financing to offer flexibility, compliance, and fresh liquidity to global economy. Watr is a blockchain-based platform that brings together these elements. Watr is reinventing the way in which the lifelines of the global economy flow. It was founded by pioneers from both the Web3 economy and the commodities industry. The Avalanche blockchain platform is a lightning-fast and low-latency blockchain that was developed specifically for developers that want great performance at scale. The design of the network makes it possible to create public and private layer 1 (L1) blockchains that are autonomous, efficient, and completely interoperable. These blockchains make use of the Avalanche Consensus Mechanism in order to achieve high throughput and near-instantaneous transaction finality. Avalanche is the ideal enviroment for a future that will include a composable multi-chain because of the simplicity and speed with which an L1 may be launched, as well as the extensive range of architectural customization options. Avalanche provides a quick and inexpensive environment for the development of decentralized apps (dApps), which is supported by a worldwide community of developers and validators. The platform of choice for innovators who are pushing the frontiers of blockchain technology is Avalanche because of the mix of speed, flexibility, and scalability that it offers.
Trump Family Own 60% Stake in World Liberty Fi: Reuters
The Trump family’s grip over World Liberty Financial (WLF) has finally been publicly revealed with latest reports noting that Donald Trump and his family own at least 60% stake in the firm via a separate holding company. World Liberty Financial, the decentralized finance (DeFi) platform, has been initially announced and endorsed by the U.S. president Donald Trump’s older son Eric Trump. The firm has till date purchased a number of crypto assets and it has been continually seen in headlines since the past few months. According to a latest Reuters report published on Monday, co-founders Zak Folkman and Chase Herro have been removed as the “controlling parties” of the platform while new leadership remains undisclosed. The report further revealed that the firm DT Marks DEFI LLC – an entity affiliated with Donald J. Trump and his family members – own approximately 60% of the equity interests in WLF Holdco LLC, which holds the only membership interest in World Liberty Financial Inc. The registered firm World Liberty Fi Inc is a Delaware non-stock corporation which is developing the WLF protocol and operates the WLF governance platform. Although ownership of the remaining 40% stake also remains undisclosed. “Overall, the Trump family now has a claim on 75% of net revenues from token sales and 60% from World Liberty operations once the core business gets going,” says the Reuter report, adding “the arrangement means the Trump family is currently entitled to about $400 million in fees. After World Liberty’s co-founders take their cut, the crypto venture will be left with 5% of the $550 million raised to date to build the platform, according to Reuters calculations.” Since its announcement in October, Donald Trump has been named World Liberty’s “chief crypto advocate,” while Eric and Donald Jr. have been designated as “Web3 ambassadors.” Eric Trump also serves as a board manager of WLF Holdco LLC meanwhile Donald Trump’s youngest Son Barron Trump was listed as the platform’s “chief DeFi visionary.” Other key figures associated with World Liberty Fi include Zach Witkoff, son of former Trump Middle East envoy Steven Witkoff, and Rich Teo, co-founder of blockchain infrastructure firm Paxos. Follow The Crypto Times on Google News to Stay Updated!
Trump Family Holds 60% Equity Share In Entity That Replaced World Liberty Financial Co-Founders As Controlling Party: Reuters
Last updated: March 31, 2025 18:20 EDT Key Takeaways: An entity linked to Donald Trump and his family now holds a 60% equity share in World Liberty Financial, replacing its original co-founders as the controlling party. According to the report, the Trump family is entitled to $400 million in fees in regards to the entity. With Trump positioned as the platform’s “chief crypto advocate” and his sons holding key Web3-related roles, the move could draw political scrutiny ahead of upcoming crypto legislation discussions in Congress. An entity in which U.S. President Donald Trump and his family hold a 60% equity share has replaced World Liberty Financial co-founders Zak Folkman and Chase Herro as a controlling party of the novel crypto platform, a Monday report from Reuters claims. The Trump Family’s Connection To World Liberty Financial Reuters states that the developing crypto platform announced this past January that the Trump family had “taken control of the business,” as seen in the fine print on the World Liberty Financial website. As World Liberty Financial raised more than half a billion dollars, President Donald Trump's family took control of the crypto venture and grabbed the lion’s share of those funds, aided by governance terms that industry experts say favor insiders https://t.co/BUp4VJja0H 1/7 — Reuters (@Reuters) March 31, 2025 “DT Marks DEFI LLC, an entity affiliated with Donald J. Trump and certain of his family members, own approximately 60% of the equity interests in WLF Holdco LLC, which holds the only membership interest in World Liberty Financial, Inc., a Delaware non-stock corporation and which is developing the WLF protocol and operates the WLF governance platform,” the website states . According to the March 31 report, the Trump family now gets a claim on 75% of net revenues generated from token sales and 60% from World Liberty operations as a whole. With the Trump family permitted to about $400 million in fees, Reuters estimates that World Liberty Financial will possess only 5% of the $550 million generated once Folkman and Herro receive their cut. WLF Introduces Stablecoin Ahead Of Crypto Policy Talks Trump, whose name has been affiliated with a handful of Web3-related projects , placed his assets and investments in a trust managed by his children ahead of his inauguration on January 20. Trump and his family have close ties to the blockchain sector as a whole, with Trump deemed as World Liberty Financial’s official “chief crypto advocate.” His sons, Donald Jr. and Eric, have been given titles as the crypto platform’s “web3 ambassadors,” while Barron serves as its “defi visionary.” Just last week, World Liberty Financial announced it would be launching a USD-pegged stablecoin known as USD1. However, it remains to be seen whether the move will ruffle U.S. lawmakers’ political feathers ahead of a crypto market legislation session scheduled in the House of Representatives for April 9. Frequently Asked Questions (FAQs) What is World Liberty Financial (WLF)? World Liberty Financial is a developing crypto platform founded by Zak Folkman and Chase Herro that’s focused on offering blockchain-based financial services. What roles do Trump’s family members play in WLF? Donald Trump is named the “chief crypto advocate,” while his sons, Donald Jr. and Eric, serve as “web3 ambassadors.” Barron Trump holds the title of “defi visionary.” What regulatory challenges could WLF face? With upcoming congressional discussions on crypto legislation, WLF could face increased regulatory scrutiny, particularly regarding stablecoins, decentralized finance operations, and potential conflicts of interest.
FTX to Pay $11.4B Creditor Payouts With 2022 Valuations
The defunct crypto exchange FTX to repay $11.4 billion in cash to its creditors from May 30. Claims valued at November 2022 prices despite significant crypto appreciation. Recovery rate of 119% represents rare success in corporate bankruptcy proceedings. FTX, the now-defunct exchange, will begin distributing $11.4 billion in cash to its major creditors starting May 30, 2025. The upcoming payments will use cryptocurrency valuations from November 11, 2022, which was the date of FTX’s collapse, despite substantial price appreciation since then. The scheduled distribution follows earlier payments to smaller creditors, who began receiving funds in late 2024. This phased approach has prioritized individuals and entities with claims under $50,000. Reports also mentioned that 98% of minor creditors have been compensated within two months of the restructuring plan’s activation. BREAKING: FTX TO BEGIN REPAYMENTS ON MAY 30! WITH $11.4 BILLION IN CASH RESERVES READY, CREDITORS WILL FINALLY GET THEIR MONEY BACK. LIQUIDITY IS COMING IN CRYPTOpic.twitter.com/VRmGgZZeeA — Ash Crypto (@Ashcryptoreal) March 31, 2025 FTX’s bankruptcy journey has been notable for its asset recovery success. After filing for Chapter 11 protection in November 2022, the company has managed to reclaim between $14.7 billion and $16.5 billion in assets. This recovery rate has allowed a court-approved restructuring plan guaranteeing creditors 119% repayment. This is an outcome rarely seen in corporate failures of this magnitude. CEO John J. Ray III, who previously managed Enron’s dissolution, has carried out an aggressive asset reclamation strategy. His team has divested stakes in various tech enterprises, property holdings, and cryptocurrency assets that benefited from Bitcoin’s market pump since 2022. The accumulated $11.4 billion treasury will fund the initial payouts. The collapse of FTX was caused by founder Sam Bankman-Fried’s misappropriation of client funds to support his hedge fund Alameda Research. In March 2024, Bankman-Fried was convicted of fraud and sentenced to 25 years in prison. Despite the recovery, tensions remain regarding the form of repayment. Many creditors have advocated for settlements in cryptocurrency rather than cash. Since FTX’s collapse, Bitcoin has more than quadrupled in value. Related: FTX Bankruptcy: The Costliest Crypto Collapse in History U.S. Bankruptcy Judge John Dorsey has enforced cash reimbursements based on 2022 claim figures. However, legal experts suggest these efforts face challenging prospects given established bankruptcy procedures. Adding financial pressure to the situation, interest payments continue to accrue. While FTX earns modest returns on its cash reserves, legitimate creditors are entitled to 9% annual interest on unpaid claims. The FTX bankruptcy now ranks among the most substantial insolvency distributions ever recorded in financial history. The post FTX to Pay $11.4B Creditor Payouts With 2022 Valuations appeared first on Cryptotale.
Trump Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tariff Tar
Original Title: "Trump Tariff Cliffhanger Unveiled: Goldman Sachs, J.P. Morgan Both Pessimistic, How Will Crypto Investors Break Through?" Original Author: Oliver, Mars Finance April 2, 2025, Wednesday, is destined to be a key moment in the global financial markets. U.S. President Donald Trump will announce the highly anticipated reciprocal tariff policy in the White House Rose Garden. As White House Press Secretary Levitt stated, this policy will "reverse decades of exploitative unfair trade practices against the United States" and will be implemented in a "nation-based" manner, with Trump also "committing" to roll out tariffs targeting specific industries at some point in the future. Upon the news, market sentiment quickly heated up, with the safe-haven asset gold reaching a historic high, U.S. stocks wavering in uncertainty, and the crypto market—especially Bitcoin—not able to stand alone. Combining the latest research reports from Goldman Sachs and J.P. Morgan, let's explore the potential trajectory of this tariff storm and its far-reaching impact on the global economy and the crypto market. Background: The "Fair" Logic of Reciprocal Tariffs and Market Anxiety Trump's reciprocal tariff policy is not a sudden whim but rather a continuation of his long-standing trade philosophy. From the campaign period to his first term, Trump has championed "America First" and repeatedly emphasized trade fairness. He believes that the U.S. has been at a disadvantage in international trade, with foreign exports to the U.S. enjoying low tariffs while American products face high tariffs and non-tariff barriers, leading to a widening trade deficit. In 2024, the U.S. goods trade deficit exceeded $1 trillion, a figure that undoubtedly provided a real-world basis for Trump's new policy. The core logic of reciprocal tariffs seems simple: you tax me, I tax you. However, the actual implementation is far from straightforward. Michael Zezas, Global Head of Fixed Income Research at J.P. Morgan, stated in a report on March 31 that investors are filled with confusion about the tariff policy on April 2. Previously, the Trump administration has made repeated adjustments to tariffs on Mexico, Canada, and China, creating market uncertainty. What's more complex is that the Trump team seems to be weighing whether to include foreign consumption taxes (such as value-added tax) and non-tariff barriers in the calculation scope of reciprocal tariffs. This ambiguity makes it difficult for investors to formulate clear response strategies. Goldman's report further reveals potential economic risks. The report points out that if the tariff policy is too aggressive, it could lead to rising U.S. inflation, slowing economic growth, and even increase the risk of recession from the current 25% to 35%. Earnings expectations for the SP 500 index have been lowered, with earnings per share (EPS) dropping from $250 to $245 and the growth rate from 15% to 13%. Meanwhile, safe-haven sentiment has driven the price of gold to break through to new highs, showing that the market's concern about uncertainty has reached its peak. The "Cascade Effect" in the Crypto Market: The High Correlation Between Bitcoin and the US Stock Market For the crypto market, Trump's tariff policy is not a distant macro event but a potential trigger for a chain reaction known as the "butterfly effect." In recent years, the high correlation between Bitcoin and the US stock market, especially the SP 500 Index, has become a market consensus. Data from 2024 shows that the 90-day correlation between Bitcoin and the SP 500 is as high as 0.85, indicating that stock market movements often drive Bitcoin in the same direction. The potential downside risk for the SP 500 mentioned in a Goldman Sachs report (if there is an economic recession, the index could fall to 4500 points, a drop of about 12%) has undoubtedly sounded the alarm for Bitcoin. This correlation has its logic: Although Bitcoin is often seen as "digital gold," its price is more driven by risk asset sentiment rather than pure safe-haven demand. During an economic slowdown or market panic, investors tend to sell off high-risk assets (including Bitcoin) in exchange for cash or safer assets (such as US Treasury bonds). In early 2025, Bitcoin's price briefly exceeded $110,000, but as tariff uncertainty intensified, its price has fallen back to around $82,000, demonstrating the market's sensitivity to risk. Morgan Stanley Analysis: From Mild to Aggressive, Three Possible Tariff Scenarios To better understand the tariff policy that Trump may announce on Wednesday, we can refer to Morgan Stanley's analytical framework, which divides potential outcomes into three scenarios: high-clarity low-tariff, low-clarity high-commitment, and high-clarity high-tariff. Each scenario will have a vastly different impact on the economy and the market. Scenario One: High Clarity, Low Tariff Expansion If Trump provides highly clear policy details on April 2 and the tariff expansion is small, while clearly stating that there will be no further broadening of the tariff scope, the additional impact on the economy may be relatively limited. The "nation-based" tariffs mentioned by Levitt may imply that the US will set equivalent tax rates based on each trade partner's average tariff level, rather than making significant adjustments targeting specific products or industries. For example, if a country's average tariff on US exports is 5%, the US may impose a 5% tariff on imports from that country. In this scenario, market uncertainty will significantly decrease, and investors may breathe a sigh of relief. The US stock market may experience a rebound, especially in tech stocks and cyclical industries that were previously dragged down by tariff concerns. However, a Goldman Sachs report reminds us that even without new substantial tariffs, existing tariffs (such as the 25% tariffs on Canada and Mexico in early February and the additional 10% tariff on Chinese goods) will continue to pressure the economy. The US GDP growth rate in 2025 may be only 1.5%, far below the long-term average. Scenario Two: Low Clarity but Significant Tariff Increase Promise The second scenario is more uncertain. If Trump's statement lacks specific details but promises a significant future tariff increase, the market may fall into a deeper fog. Levitt mentioned that Trump plans to implement industry tariffs at some point in the future, which may include key sectors such as automobiles, pharmaceuticals, and semiconductors. This "pie in the sky" strategy may aim to force concessions from trading partners through negotiation, but it could also lead to heightened market panic. In this case, investors may choose to wait and see rather than immediately adjust their portfolios. The SP 500 Index may continue to fluctuate around its current level, finding it challenging to break through the resistance level (mentioned as 5300 points in a Goldman Sachs report). Meanwhile, the U.S. dollar may strengthen due to safe-haven demand, but rising inflation expectations may prompt the Federal Reserve to cut interest rates earlier. Goldman Sachs predicts that the Federal Reserve may cut interest rates three times in July, September, and November 2025, bringing the federal funds rate down from the current 4.25%-4.5% to 3.5%-3.75%. Scenario Three: High Clarity, Significant Tariff Increase The most extreme scenario is that Trump announces a clear and aggressive tariff policy, with tariff rate increases exceeding expectations, even incorporating foreign consumption taxes and non-tariff barriers into the calculation. For example, if a country imposes a 20% tariff on U.S. cars and adds value-added tax, the U.S. may impose equivalent or even higher tariffs on goods from that country to "punish" non-tariff barriers. This aggressive policy could lead to a 15-percentage-point increase in the average tariff rate (Goldman Sachs' March 30 forecast), with an immediate impact on the economy. In this scenario, the U.S. economic outlook would significantly deteriorate. Consumer prices may rise, real income may decrease, and business investment willingness could further decline. Morgan Stanley points out that in such a situation, fixed-income assets (such as bonds) would relatively benefit, while the stock market may experience a sharp decline, especially in technology and cyclical stocks. Scenario analysis in the Goldman Sachs report also indicates that if the economy enters a recession, the SP 500 Index could drop to 4500 points, about 12% below the current level. Hedging Logic in the Crypto Market: Gold Rises, Bitcoin Falls? The heightened risk aversion mentioned in the Goldman Sachs report (gold hitting a new high) also provides an interesting contrast for the cryptocurrency market. Traditionally, gold has been seen as the ultimate safe-haven asset, while Bitcoin is often touted as "digital gold." However, reality is not so simple. In the first quarter of 2025, the price of gold rose by 19%, while Bitcoin fell by 15% during the same period, indicating that in the face of real macro risks, Bitcoin's hedging properties have not yet been fully recognized by the market. For blockchain investors, this is a phenomenon worth pondering. Bitcoin's long-term value proposition (decentralization, anti-inflation) may be validated in the future, but in the short term, its price is more driven by macroeconomics and market sentiment. Inflationary pressure due to tariff policies may raise the expectation of Fed rate cuts, and a low-interest-rate environment typically benefits assets like Bitcoin. Therefore, if Trump's tariff policy ultimately leads to an economic hard landing, Bitcoin may experience a long-term rebound after a short-term decline. Market and Investor Response Faced with such uncertainty, how should investors respond? High-net-worth individuals recommend overallocating to high-quality stocks and defensive industries (such as healthcare and consumer essentials). For crypto investors, flexibility and risk management are equally important. Here are a few suggestions: · Monitor the correlation between Bitcoin and the US stock market: If the SP 500 falls, Bitcoin may follow suit with an adjustment. In the short term, risk exposure can be reduced, awaiting clearer policy signals. · Diversify investments: In addition to Bitcoin, consider stablecoin or DeFi project's stable returns to hedge market volatility. · Long-term perspective: If the tariff policy leads to a Fed accelerated rate cut, the low-interest-rate environment may provide long-term support for Bitcoin, making it suitable for buying on dips. Global Perspective: Trade Partners' Reactions and the Ripple Effect on the Blockchain Industry Trump's tit-for-tat tariff policy not only affects the US economy but may also trigger a significant adjustment in the global trade landscape. Major trade partners such as Canada, Mexico, and the EU have indicated they will impose retaliatory tariffs, while China may counter with restrictions on rare earth exports. This will have a profound impact on the global tech supply chain, especially the semiconductor industry. The blockchain industry heavily relies on chips (used for mining equipment and data centers). If the supply chain tightens, mining costs may rise, affecting Bitcoin network's hash rate and price. Trump's tit-for-tat tariff policy is undoubtedly a bombshell for the global economy and crypto market in 2025. Whether it's a mild adjustment or an aggressive move, Wednesday's statement will provide some clues to the market, and investors need to quickly interpret and adjust their strategies. Based on Goldman Sachs and Morgan Stanley's analysis, slowing economic growth and rising inflation are almost certain trends, and Bitcoin may follow stock market volatility in the short term but still has rebound potential in the long run. On April 2nd, will the rose in the rose garden wither due to the chilling wind of tariffs? For crypto investors, this may be a moment that is both perilous and full of opportunity. Original Article Link
FTX creditors to receive $11.4B cash repayments
FTX’s (CRYPTO:FTT) bankruptcy estate plans to begin cash repayments of $11.4 billion to primary creditors by May 30, 2025, using funds accumulated since its collapse in 2022. The disbursements follow a Chapter 11 restructuring plan approved in October 2024, guaranteeing creditors 119% repayment—an uncommon outcome in corporate bankruptcies. FTX, which filed for bankruptcy in November 2022 due to fraud and liquidity shortfalls, has recovered between $14.7 billion and $16.5 billion in assets, exceeding its $11.2 billion liabilities. Smaller claimants owed under $50,000 started receiving payouts in late 2024, with larger creditors set to follow in May. The exchange’s collapse was tied to founder Sam Bankman-Fried’s misallocation of client funds to Alameda Research, his hedge fund. Bankman-Fried was sentenced to 25 years in prison in March 2024 and ordered to pay $11 billion in penalties. CEO John J. Ray III, who previously led Enron’s bankruptcy, spearheaded asset recovery through divestments in technology stakes, real estate, and cryptocurrencies like Bitcoin, benefiting from its market resurgence. While some creditors have sought repayments in cryptocurrency, citing Bitcoin’s (CRYPTO:BTC) gains since 2022, U.S. Bankruptcy Judge John Dorsey mandated cash reimbursements based on 2022 claim valuations. Legal challenges over crypto-denominated settlements face limited prospects. The resolution ranks among the largest insolvency distributions in history, with 98% of minor creditors receiving compensation within two months of the plan’s implementation. The case has fueled calls for clearer cryptocurrency regulations, balancing investor protections with industry flexibility. FTX’s repayment plan aims to restore market trust while highlighting risks tied to digital asset volatility and governance failures. At the time of reporting, the FTX Token (FTT) price was $1.13.
Cango Inc. 50 EH/s Power Play: Is This the Next Big Name in Bitcoin Mining?
Cango Inc. pivoted from automobile trading to Bitcoin mining and is now targeting 50 EH/s in early 2025. With a growing BTC treasury, Tencent as an institutional investor, and Bitmain links, is this the mining sector’s next dark horse? A Cango Deep Dive The following guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Mar. 25, 2025, it was penned by Bitcoinminingstock.io author Cindy Feng. It’s been a few weeks since our last deep dive into lesser-known names in the Bitcoin mining space. I’ve been a bit quiet—partly because the sector’s been in a slump, but also because I’ve been recovering from a lower-back injury (a reminder to listen to your body and not push it too hard with physical activities). For the second instalment of this series, I want to talk about Cango Inc. (NYSE: CANG). Why? While the whole mining sector has been taking a beating lately, Cango has had a few strong days, boosted by its share buyback announcement and a non-binding buyout offer. Bitcoin Mining Stocks Heatmap (live updates) But here’s what really caught my eye: just a few months ago, this was still an automobile trading platform with limited growth potential. Now, it targeting 50 EH/s early this year, with 32 EH/s already online. So how is this bold pivot playing out? And could Cango quietly become a major player in the space? Let’s dive in. Company Overview Cango Inc. (NYSE: CANG) began as an Shanghai-based auto financier and later positioned itself as a key player in China’s automobile trading services. By late 2023, the company has shifted its focus from the domestic market to facilitating used car sales from China to developing markets. Then in November 2024, Cango announced its entry into Bitcoin mining, launching operations with 32 EH/s of online hash rate. The scale and immediacy of this move surprised many investors—placing Cango just behind MARA and CleanSpark, and making it the third-largest public Bitcoin miner by deployed capacity at the time. Overview of Public Miners’ Hash Rate The mining acquisition deal was for 50 EH/s in total, with the remaining 18 EH/s expected to come online in Q1 2025, subject to the performance criteria outlined in the agreement. Notably, the infrastructure was not built from scratch: Cango acquired operational ASIC fleets directly from Bitmain, and a Bitmain affiliate continues to manage the machines’ operations and maintenance within third-party hosting facilities. According to company disclosures, Cango has its fleet mainly hosted in the U.S.,East Africa, Oman and Paraguay – which keeps it clear from China’s ongoing crypto restrictions. Financial Highlights Revenue & Profitability Transformation The impact of Cango’s pivot to Bitcoin mining is clearly reflected in its latest financial results. In Q4 2024, the company reported revenue of RMB 668 million ($91.5 million), a 414% YoY increase. This growth was almost entirely driven by Bitcoin mining, which accounted for 98% of total revenue. In contrast, the automobile trading segment, once Cango’s core business, just contributed RMB 15 million ($2.1 million) – a signal that this legacy segment is effectively being phased out. Despite the revenue surge, profitability remains a key issue. Cango posted a gross margin of 17.6% in Q4—significantly below peers with similar operational scale. For comparison, CleanSpark, which operates in a comparable hash rate range, reported a 57% gross margin during the same period. This suggests that Cango’s cost structure is far from optimized. Reliance on third-party hostingand exposure to higher energy costs are two major attributors. The company’s average Bitcoin production cost stood at $67,769 per BTC(cash cost includes energy and hosting fees). This figure places Cango toward the higher end of the cost curve among large public miners we track – many of whom report all-in costs in the $50K range. Until Cango secures lower-cost infrastructure or negotiates more favorable hosting terms, its margin profile is likely to remain under pressure, even if revenue growth continues. Balance Sheet & Liquidity Cango entered 2025 in a strong liquidity position, reporting RMB 2.5 billion ($345 million) in cash and short-term investments as of December 31, 2024 – up from RMB 1.7 billion ($232.9 million) the previous year. This substantial reserve provides a meaningful buffer for continued expansion and cushions against potential volatility in Bitcoin markets. However, the company’s total liabilities also rose sharply, increasing 126% YoY to RMB 1.88 billion ($258 million). This rise was primarily driven by accrued expenses and other current liabilities tied to its mining acquisition and related operations. While Cango currently has enough liquidity to fund near-term growth, the pressure now shifts to improving operational margins. Without stronger cash flow generation, the company may eventually need to seek external capital, risking equity dilution or increased leverage. A closer look at the equity structure highlights these trade-offs. Shareholders’ equity increased 7.1% YoY to RMB 4.09 billion ($559.9 million), largely due to the company’s RMB 299.8 million ($41.1 million) net income in 2024. This return to profitability helped reduce the accumulated deficit from RMB (335.6) million to RMB (35.8) million, strengthening the balance sheet and partially restoring retained earnings. However, the $144 million stock-based component of the $400 million mining machine acquisition significantly impacted equity structure. It expanded total equity but also diluted existing shareholders as the sellers, now equity holders, collectively own approximately 40% of the company post-transaction. This ownership shift is reflected in the decline of additional paid-in capital from RMB 4.81 billion to RMB 4.73 billion, pointing to a redistribution of equity rather than fresh capital inflow. Lastly, while the company repurchased 996,640 ADSs for $1.7 million, the buyback’s impact on total equity was negligible. It does, however, suggest that management sees the stock is undervalued, though current capital allocation remains firmly focused on scaling the mining operation. Valuation Modelling A critical step in understanding Cango’s worth is to benchmark it against similar scale Bitcoin miners (e.g.,CleanSpark, Riot). As of Dec 31, 2024, Cango’s market cap stands at $424.77 million). Enterprise Value (EV): $229.2 million (Market Cap + Debt – Cash & Cash Equivalent- BTC Holdings). EV/EBITDA Ratio: 17x ($384.47M/$22.8M) P/E: 7.7x P/S: 2.87x (very moderate market optimism about revenue) BTC Holding / Market Cap: 21.1% Mining Operations & Efficiency Cango deployed 32 EH/s by December 2024 and is expected to expand to 50 EH/s in Q1 2025. Projection of Bitcoin production in 2025: Production rate in Q4 2024: 933.8 BTC in just 50 days (November-December 2024). January-February 2025 update: 1,010.9 BTC mined, confirming an approximate 500 BTC/month pace at 32 EH/s. Scaling projection: If 32 EH/s produces ~6,000 BTC annually, then 50 EH/s should yield ~8,500 BTC, assuming a linear scaling model. This projection is a best-case scenario, excluding all variables- especially the network difficulty. In reality, rising global hash rate and increased mining competition may push network difficulty higher, which would reduce Cango’s BTC output and affect revenue forecasts. The company’s exposure to such fluctuations is material, given that nearly all of its revenue is now tied to mining. Fleet efficiency is another area of concern. Cango reported an average of 21.6 J/TH, consisting of: 90% S19XP Hyd. models (water-cooled, efficient). 10% older models (higher power consumption, less competitive). In contrast, top miners have already begun transitioning to S21 series hardware, which offers significantly better performance and energy efficiency. My Annual Mining Report shows that majority of large public miners placed orders for the S21 series within the first nine months of 2024. If Cango wants to remain competitive, it may need to replace older machinesand consider migrating from third-party hosting to self-operated infrastructure, which could improve margins over time by reducing hosting fees and energy costs. Without such improvements, its higher production cost—already around $67,769 per BTC—could erode profitability in a tightening market. Bitcoin Treasuries Cango has clearly adopted a “Mine & Hold” strategy, opting to retain its Bitcoin rather than liquidate for near-term cash. As of December 2024, the company held 933.8 BTC (~$85 million at year-end prices). By February 2025, that figure had more than doubled to 1,944.7 BTC, confirming active accumulation. Historical performance data for miners is now available in our premium features. This treasury approach gained further visibility when Cango was added to the Bitwise Bitcoin Standard Corporations ETF on March 18, 2025—an ETF that tracks public companies holding 1,000 BTC or more. Inclusion signals institutional recognition and could increase visibility among crypto-aligned investors. Following the previous assumption, Cango could mine ~ 8,500 BTC in 2025. Coupled with existing holdings, its treasury could be ~9,500 BTC by year-end. By then, its Bitcoin holdings could reach nearly $1 billion if BTC hits $100K, which potentially places Cango among the largest public BTC holders in the world, rivalling established mining firms and potentially reshaping its valuation narrative. While this strategy aligns with a long-term bullish view on Bitcoin, it introduces liquidity and balance sheet risks. If Bitcoin prices drop significantly, Cango may be forced to sell BTC at unfavorable prices or rely on external financing to fund operations – especially since the company’s mining business is still margin-sensitive and capital-intensive. Non-Binding Buyout Offer: A Hidden Bitmain Play? On March 14, 2025, Cango received a non-binding buyout offer from Enduring Wealth Capital Ltd. (EWCL). Little information is known about this investment management company incorporated in the British Virgin Islands, but key individuals from EWCL have links to Bitmain, the world’s largest ASIC manufacturer. This raises some speculation: Is this an attempt to separate Cango’s Bitcoin mining business from its Chinese corporate origins? Given China’s 2021 mining ban, a structure separation could reduce regulatory risks and allow Cango to operate more freely. Is Cango effectively becoming a Bitmain-backed mining proxy? The company bought the whole fleet from Bitmain’s existing operations, with Bitmain affiliates continuing to operate and maintain those machines post-acquisition. Now, Bitmain-linked personnel are behind a buyout attempt. If the deal goes through, Cango could have direct access to Bitmain’s ASIC supply, reducing hardware costs and boosting Cango’s competitive edge, but may also see changes in ownership structure that affect existing shareholders. Investors should closely watch whether the deal materializes and what terms it includes, as it could fundamentally alter Cango’s corporate structure. Final Thoughts Cango’s aggressive pivot into Bitcoin mining has fundamentally reshaped its corporate identity. It’s no longer an automobile platform company with moderate growth prospects – it now ranks among the largest Bitcoin miners by hash rate. It has a stack of BTC sitting on the balance sheet, which aligns with the emerging “Bitcoin Treasury” trend. That said, the story is still under development. Core questions remain around operational efficiency , the stability of Bitcoin prices, and how effectively Cango can deploy its liquidity to optimize cost structures. For example, transitioning from third-party hosting to self-mining infrastructure, as companies like MARA have done, could significantly improve long-term margins. The recent non-binding buyout offer from the entity linked to Bitmain also adds intrigue. If deeper integration with Bitmain materializes, it could grant Cango access to discounted ASIC hardware and accelerate fleet upgrades, Yet challenges persist. Despite holding $345.3 million in cash and short-term investments, which could cover roughly 1.13 years of operations at current burn rates, the aging fleet, primarily composed of second-hand S19 XP Hyd. models, faces faster depreciation. As peers shift to S21 series machines, Cango may find itself at an efficiency disadvantage if it doesn’t keep pace. Fleet depreciation could further erode already thin gross margins, especially considering the Q4 report didn’t account for these costs. Notably, Cango’s leadership team brings a strong financial background, and its shareholder base includes Tencent as a top-11 holder – a fact often overlooked by Western investors. However, its headquarters in China continues to pose regulatory and geopolitical risks, particularly as the mining ban in China remains in place. Anyone interested in CANG should monitor the following key factors: Bitcoin production cost relative to peers Depreciation and turnover of older mining fleet Liquidity and volatility of BTC holdings under a “HODL” strategy Impact of China-based operations on future strategic flexibility Outcome of the buyout offer and potential connection with Bitmain Whether Cango can establish itself as a key player in the sector, only time will tell.
Anticipating Outcomes as Trump’s Stamp on DeFi Broker Rule Repeal Looms
Key Points US Congress has voted to repeal the DeFi Broker Rule, with the decision now awaiting President Trump’s approval. The potential repeal has received mixed reactions, with concerns raised about potential tax loopholes and impacts on innovation. The controversial “DeFi Broker Rule,” introduced during the Biden administration, is facing opposition from U.S. lawmakers. The rule requires transaction reporting to the IRS. Both the Senate and the House of Representatives have voted to overturn the rule, due to concerns about its impact on innovation and financial privacy. IRS DeFi Rule: Awaiting Approval The resolution to repeal the rule, S.J.Res.3, passed the Senate with a 70-28 vote and the House with a 292-132 majority, indicating bipartisan opposition. The repeal is now awaiting President Donald Trump’s approval. If approved, it would represent a significant change in DeFi’s regulatory landscape and crypto taxation. The rule was introduced with the aim of enforcing strict reporting requirements on DeFi platforms. It mandates exchanges to disclose transaction details and gross proceeds. Reactions to the Potential Repeal While many celebrated the Senate vote, others expressed disappointment. Critics argue that such regulations could place excessive burdens on decentralized platforms, stifling innovation and limiting the growth of the DeFi sector. Democratic Representative Lloyd Doggett criticized the resolution, claiming it provides special exemptions that benefit wealthy individuals. He suggested that the repeal could facilitate tax evasion and illicit financial activities. The broader crypto market has shown mixed sentiment in response to these developments. The global market cap dipped to $2.86 trillion—a 0.41% decline. At the time of writing, Bitcoin (BTC) was trading at $87,480.97 after a slight 0.16% drop, while Ethereum (ETH) saw a sharper 1.68% decline, trading at $2,027.13. As regulatory battles continue to shape the industry, market participants remain watchful of how these developments could influence the future of decentralized finance. Tags: Bitcoin (BTC)
Filled orders
Delivery scenarios
