Important information last night this morning (April 1-April 2)
Reprinted from panewslab
04/02/2025·1M
According to Decrypt, JPMorgan Chase said in a report on Tuesday that Bitcoin miners continue to face challenges, with 14 listed mining companies in the field collectively experiencing the worst month on record. The Bitcoin miners it tracks, including companies such as MARA and Core Scientific, shrunk by 25% last month, or about $6 billion. Additionally, the report said that companies with high-performance computing businesses "have performed worse than pure Bitcoin miners for the second consecutive month." According to JPMorgan data, the 14 listed mining companies also performed poorly in February, when their total market value also lost more than 20%, also about $6 billion.
According to CoinDesk, Greyscale Research Director Zach Pandl said the impact of tariffs on cryptocurrencies may have been “counted” and the worst may have passed. Pandl estimates that tariffs have reduced economic growth by 2% so far. But what Trump calls “liberation day” may actually prevent the worst pain that financial markets feel. "If we see the tariff policy announced on Wednesday is both tough and phased, and focusing on the 15 countries they seem to target, I expect the market to rebound due to this news. Once we get through this announcement period, the cryptocurrency market may refocus on fundamentals, which are very positive," Pandl said. If institutions do not have high confidence in the digital asset space and its related policies, announcements like Circle's initial public offering (IPO) would not happen. In addition, Pandl believes that tariffs will increase demand for non-US dollar currencies. Despite the current market pessimistic attitude towards prices, Pandl still believes Bitcoin will hit an all-time high this year. "If I didn't think Bitcoin would win in the long run, I wouldn't have quit my job on Wall Street," he said.
Musk's X platform urges Supreme Court to protect Coinbase users from IRS investigation
According to Bloomberg, the X platform owned by Elon Musk is urging the U.S. Supreme Court to protect companies from subpoena requests issued by federal law enforcement agencies in the absence of “no reasonable doubt” to avoid being forced to disclose sensitive user financial data. X Platform asked the judge to reconsider the lower court's ruling that allowed the IRS to enforce a subpoena against Coinbase client transaction records in a tax investigation against more than 14,000 users on the crypto exchange. X Platform's lawyers argued in a filing filed last week that X Platform stores subscription and advertising data and plans to ultimately provide financial services to users, but under the Constitution, the Constitution does not allow "a writless search of customer records held by third-party service providers" when these companies sign confidentiality agreements with users.
According to The Block, Eric Trump, the second son of the US President, revealed in an exclusive interview with Fox Business Channel that it is the three major factors that "autonomy, bank bans and boycott culture" that have promoted his family to continue to increase their investment in the crypto industry layout. Eric Trump said in a discussion on the “weaponization” of the Trump family on Tuesday: “Every bank canceled business with us without reason, just because my father went into politics, I never thought I would get into the cryptocurrency field, and they targeted us fiercely. Until then, I realized the importance of cryptocurrency.” In addition to complimenting the anti-censorship nature of cryptocurrency, Eric Trump also pointed out that this technology has made huge improvements compared to the contemporary financial system. He said cryptocurrencies are “cheaper, faster and more transparent.” Cryptocurrencies can do "everything" that banks can do, and they can do better. Eric Trump specifically pointed out that stablecoins will help support the dollar while fundamentally changing the face of "financial and banking" in the coming decades.
IPO document disclosure Coinbase receives 50% of the remaining income of Circle's USDC reserves
According to Decrypt, the S-1 listing documents submitted by stablecoin issuer Circle show that Coinbase, as its core partner, can obtain a 50% share of the remaining income of USDC stablecoin reserves. In the regulatory filing submitted on Tuesday, Circle disclosed that Coinbase can obtain a 50% share of the "remaining payment base", which is directly derived from reserve assets that support USDC stablecoins; Coinbase's share ratio is directly linked to the amount of USDC held by its exchanges. When the USDC hosted by the Coinbase platform increases, its share ratio increases accordingly; otherwise, it decreases. This share agreement confirms the industry's long-term perception that Circle has a symbiotic relationship with its largest distribution partner Coinbase. In 2024, the proportion of USDC held by the Coinbase platform has increased significantly from 5% in 2022 to 20%, showing its increasing influence on Circle's revenue. But the document also warns that this cooperation model has put Circle's revenue under Coinbase's business strategy, which is not controlled by Circle. The company stressed that the distribution costs and revenue sharing paid to Coinbase are directly affected by the exchange operator's business strategies and policies that Circle can neither control nor supervise.
BlackRock has been approved to register as a crypto asset company with UK FCA
According to DL News, global asset management giant BlackRock has been approved by the UK Financial Conduct Authority (FCA) to officially become a registered crypto asset company. This means the company will be able to operate its newly launched European Bitcoin Exchange Trading Product (ETP) as a UK entity. According to the list updated by the FCA official website on April 1, BlackRock became the 51st company to obtain the qualification, ranking alongside companies such as Coinbase, PayPal and Revolut. It is worth noting that the approval rate of FCA's crypto company is only about 14%, and the agency clearly stated that it would reject applications that "lack of key evaluation elements or the quality of materials is not up to standard." The approval paves the way for BlackRock to promote iShares Bitcoin ETP in Europe.
The Binance APP page shows that Binance Alpha has added PUMP.
Coinbase will remove Media Network (MEDIA)
Coinbase Assets said on X platform that the platform regularly monitors exchange assets to ensure they meet listing standards. According to the latest review, the Media Network (MEDIA) transaction will be suspended around 02:00 Beijing time on April 16, 2025. MEDIA transactions will be suspended on Coinbase.com (Simple and Advanced Trading), Coinbase Exchange and Coinbase Prime. The MEDIA Order Book has been moved to price limit mode. Limit orders can be placed and cancelled, and matches may occur.
House Financial Services Committee Chairman Fer French Hill dismissed a proposal to allow stablecoins to pay interest, although Coinbase CEO Brian Armstrong just publicly called for support for the policy yesterday, according to Beincrypto. As the main promoter of stablecoin regulation, Hill told reporters today: "While I understand this view, there is no consensus on the payment of interest to holders by the dollar-secured stablecoins." The crypto industry saw it as a major victory when the Republican lawmaker was previously appointed chairman of the Financial Services Committee. Given that Armstrong made this appeal publicly yesterday, Hill rejected his vision for stablecoin so quickly, which is truly remarkable. Apparently, Armstrong's political influence has been rising, he played a prominent role in Trump's cryptocurrency summit, and the US SEC also dropped the lawsuit against Coinbase. This is an important fact that the U.S. cryptocurrency industry needs to recognize: no matter how fast its influence grows, it is still a new thing for most people.
Ethereum's single-week blob fee hits a new low in 2025
According to Cointelegraph, the main source of revenue that the Ethereum network receives from the Layer2 extension chain, "Blob fees" - has fallen to its lowest weekly level this year. Etherscan pointed out in the X platform that in the week ended March 30, Ethereum earned only 3.18 ETH through Blob fees (approximately $6,000 at the price on April 1). This figure fell 73% from the previous week, and plummeted by more than 95% from the peak of 84 ETHs in the week of March 16.
According to Bitcoin Magazine, Texas House Bill 4258 (HB 4258) was submitted to the Government Efficiency Executive Committee for consideration today. The bill authorizes the state auditor general to use up to $250 million in Bitcoin and also authorizes municipalities or counties to invest up to $10 million in Bitcoin and/or other cryptocurrencies. If the bill becomes law, it will come into effect on September 1, 2025, which will allow time for state and local government officials to develop investment strategies and develop custody plans. According to Bitcoin Laws, HB 4258 is one of eight current effective Bitcoin or cryptocurrency-related bills currently submitted to the Texas Senate or the State House of Representatives. Of these eight bills, it is the fifth bill to enter the committee's deliberations phase. Four of these bills, including the current bill, would authorize the state to include Bitcoin on its balance sheet in some way. The other three bills - HB 1598, Senate Bill (SB) 21 and SB 778 - both call on Texas to establish a strategic Bitcoin Reserve (SBR). All three SBR bills have entered the committee's deliberation phase, of which SB 21 has now entered the committee's second round of deliberations.
Uniswap DAO has decided to continue its "treasury commissioned program" through a preliminary governance vote, which may allocate up to 18 million UNI tokens (about $113.4 million at current prices) to selected representatives. This proposal, which has obtained intercourse approval, will improve the specific details and will eventually take effect through on-chain voting. Uniswap's first treasury commissioning program, called "UNI Tokens to Active but Underrepresented Representatives" - was launched in December 2023. The purpose of the program is to support "active but underrepresented representatives" who vote on behalf of UNI token holders. "The program is crucial to keeping governance healthy and retaining active and capable representatives, and after the program is launched, all delegates will participate in all votes, which makes DAO healthier." If the new delegate funding program is passed, approximately 12 selected delegates will each receive 1 million UNI tokens to inspire them to participate in governance. Another 1 million tokens will be awarded to "top" delegates, who will be determined based on "objective standards", including maintaining at least 80% of voting participation rates over the past three months. Although the vote passed a "temporary check", the Uniswap community did not fully agree on the plan. Only 60% of the voting rights support the plan, while nearly 30% of voters choose to abstain. Tane's proposal includes a plan to conduct a rolling assessment of the effectiveness of the plan every three months.
According to Bloomberg, American Bitcoin Corp, a crypto mining company jointly established by listed mining company Hut 8 and Trump's family investment group, plans to start its listing after seeking private equity financing. The joint venture was officially launched this week, with investors including two sons of U.S. President Trump. "In the long run, this will form two listed sister companies, one focusing on energy infrastructure and data centers, and the other focusing on Bitcoin mining machines and reserves, forming a top-level business model of vertical integration," Hut 8 CEO Asher Genoot said in an interview. "In the long run, this will form two listed sister companies, one focusing on energy infrastructure and data centers, and the other focusing on Bitcoin mining machines and reserves, together forming a top-level business model of vertical integration." Hut 8 has transferred almost all mining machines and equipment to the newly established American Bitcoin. Although the new company specializes in Bitcoin mining, Hut 8 will focus on expanding its data center business to support infrastructure construction for artificial intelligence applications. "We will build the world's strongest Bitcoin mining company, which will be realized in the United States," Eric Trump announced in a conference call on Tuesday. Genoot revealed that the new entity will consider introducing private equity investment before going public. It is worth noting that American Bitcoin is working with mining machine manufacturer Bitmain, which will help it acquire the latest mining machine technology and expand its operating scale in the future with the deployment of new equipment. Eric Trump emphasized in the interview: "There is no conflict of interest because I have no working relationship with the White House, and I am always in the private sector. We founded World Financial Liberty long before my father entered the White House. This is the crypto cause we have long believed in."
US SEC and Winklevoss-owned Gemini Trust will discuss litigation "solution"
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) told the New York federal court that it hopes to "explore potential solutions" to settle its lawsuit against Gemini Trust, a crypto exchange owned by Winklevoss twins. The SEC and Gemini Trust jointly requested a 60-day extension of the civil lawsuit on Tuesday. Before Trump took office in January this year, Gemini had agreed to pay $5 million to reach a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The SEC sued Gemini in 2023, accusing the exchange of illegally raising billions of dollars in crypto assets through the "Gemini Earn" project with crypto lender Genesis Global Capital. Last year, Gemini agreed to return at least $1.1 billion to customers in another settlement with New York state regulators. The Trump administration has now revoked enforcement actions against several crypto companies.
GameStop raises $1.5 billion convertible bonds to buy Bitcoin
Video game retailer GameStop announced Tuesday that it had raised $1.5 billion through a private placement of convertible bonds and plans to use the proceeds to buy bitcoin, The Block reported. The company's filings with the Securities and Exchange Commission (SEC) show that it has completed the issuance of $1.5 billion in senior convertible bonds with a face rate of 0.00% maturity in 2030, including the underwriter's full exercise of $200 million over-allotment rights. This move is exactly the same as Strategy's strategy to turn to Bitcoin acquisitions in August 2020.
USDC issuer Circle submits IPO prospectus to US SEC
Circle Internet Financial, a U.S. stablecoin USDC issuer, filed an initial public offering (IPO) prospectus with the U.S. Securities and Exchange Commission (SEC) on Tuesday, The Block reported. The document shows that the company had secretly submitted a draft registration statement for Form S-1 to the SEC the day before - this is the standard process for companies to be listed. The prospectus does not disclose the specific number of shares issued and the target share price range. Circle CEO Jeremy Allaire said in its prospectus: "Listing on the New York Stock Exchange is a natural extension of Circle's pursuit of the highest transparency and accountability." The filing coincided with the eve of the U.S. House Financial Services Committee's plan to review the stablecoin regulation bill, and the Senate version of the "GENIUS Act" was approved in March. Last week, World Liberty Financial, supported by former President Trump, also announced that it would launch a stablecoin.
Market News: VANECK BNB ETF Registered in Delaware
VANECK has registered the VANECK BNB ETF in Delaware, indicating that the company has the potential to launch a BNB-based investment product in the United States.
According to Binance announcement, three VIP users and one non-VIP user sold more than USDT of ACT tokens in the spot market, resulting in a sharp drop in the ACT price, causing some users' futures positions to be liquidated and affect the prices of other low-market tokens. No accounts have been found to profit from it, and Binance is investigating further. Because ACT has been fully circulated, the platform cannot restrict transaction behavior. To prevent risks, the leverage of ACTUSDT contract has been lowered. Binance reminds users to manage risks well. Previous news, ACT plummeted by about 50% in half an hour.
US think tanks propose to issue "BitBonds" to support Trump's Bitcoin reserve plan
According to The Block, the US think tank Bitcoin Policy Institute proposed to support President Trump's executive order to establish strategic Bitcoin reserves by issuing "BitBonds" (BitBonds). The bond's annual interest rate is only 1%, but 10% of the issuance proceeds will be used to purchase Bitcoin, which can not only alleviate the federal debt burden but also expand strategic Bitcoin reserves. Think tanks estimate that the plan may save up to $700 billion in interest expenses over the past decade.
PumpBTC releases PUMP token model, 9% is used for initial application
According to the announcement of PumpBTC, its newly launched governance token PUMP will serve as the core of the BTCFi ecosystem, empowering governance, pledge rewards and fee discounts. The total supply of PUMP is 1 billion, 38% is allocated to the community ecosystem, 9% is used for initial application, and 5% is used for ID0. The project adopts a ve-token mechanism, and users can obtain NFT-form vePUMP to participate in governance and profit sharing through locking PUMP. 30% of the agreement revenue will be spent on repurchase destruction and 70% will be allocated to vePUMP holders.
Binance Wallet will launch the seventh phase of TGE project PumpBTC (PUMP)
According to Binance Wallet's announcement, the seventh phase of the exclusive TGE project will be PumpBTC (PUMP), and the subscription will be open from 00:00 to 00:45 Beijing time on April 2, Beijing time, with a price of 0.0000247905 BNB/PUMP, with a target fundraising of 1,239.52 BNB. In addition, there are 10 million PUMPs to be used for subsequent marketing activities.
Binance Alpha launches GRASS, ATH, MEW and BIGTIME
The Binance APP page shows that Binance Alpha has added GRASS, ATH, MEW and BIGTIME. The project introduction is as follows:
He Yi responded to the "ACT plunge" incident and said the team is preparing for details to reply
Binance co-founder He Yi said during an interaction on X platform that regarding whether the ACT plunge was caused by Binance's amendment to contract rules, He Yi responded that "the team is preparing to reply in detail", but has not made a clear statement yet, but has confirmed that the internal preparation has begun to prepare an explanation.
According to Business Insider, Mastercard is developing a "Multi-Token Network" with the goal of replicating the success of its traditional payment network and providing digital asset trading infrastructure for consumers, merchants and financial institutions. This system will integrate on-chain and off-chain asset flows to ensure compliance and optimize user experience. Mastercard has cooperated with JPMorgan Chase, Standard Chartered, etc. to explore scenarios such as cross-border payments and carbon credit tokenization. Since 2015, it has applied for more than 250 blockchain-related patents.
According to the official announcement of Upcx, there were unauthorized activities in its management account, and the UPC recharge and withdrawal operations on the platform have been urgently suspended. The official said that the user's assets were not affected and were actively investigating the cause of the incident and promising to continue to update the progress. According to Cyvers Alerts monitoring, the attacker suspected to have controlled the address 0x4C…3583E, and transferred 18.4 million UPCs (about $70 million) from three management accounts by upgrading the ProxyAdmin contract and executing the withdrawByAdmin function. The funds are still at the address 0xFf7…334 and have not been redeemed yet.
USDC Treasury adds 250 million USDC to Solana Chain
According to Whale Alert monitoring, at 20:20 Beijing time, USDC Treasury has cast 250 million USDCs (approximately US$249,978,750) on the Solana chain.
Cambrian Network completes $5.9 million seed round, a16z CSX leads investment
AI infrastructure agreement Cambrian Network announced that it has completed a $5.9 million seed round led by a16z Crypto Startup Accelerator (CSX) and participated by BB Fund. Cambrian aims to build an intelligent infrastructure for AI financial agents, and empower AI agents to make smarter market forecasts and financial decisions by integrating on-chain and off-chain data. Founded by former members of The Graph and Semiotic Labs, the project has now launched a private beta and plans to launch a test network.
According to BlockCred.AI @CnmdRain analysis, the recent plunge in Meme coins such as ACT is not caused by Wintermute’s abandonment of the market, but Binance’s adjustment of the upper limit of contract holdings and leverage multiples triggered a chain reaction. Market makers were forced to close long positions due to restrictions on high leverage, contract prices fell, and arbitrage robots amplified the price difference, resulting in a sharp increase in spot market selling, which eventually led to double kills between goods and contract markets and market panic.
Bybit will officially close NFT, inscription and ID0 services on April 8
According to Bybit's announcement, in order to optimize the product structure, Bybit Web3 will officially close the NFT market, inscription market and ID0 pages from 24:00 Beijing time on April 8. Users need to properly manage the relevant assets before this and transfer the airdrop tokens from the Web3 cloud wallet to the seed phrase or private key wallet.
ACT has plummeted by about 50% in the past half hour and is now at about $0.1
OKX market shows that ACT plummeted 49.52% in the past half hour and is now at about US$0.0957. According to @Web3Tinkle on the X platform, $ACT was sold out in just 15 minutes of Binance's concentrated holdings of about $100 million, indicating that the main funds were suspected to be shipped significantly. The currency has only $8 million in Bybit, showing that it is highly centralized and the market has been worried about such structures for a long time.
Grayscale officially submits application for registration of digital large-cap fund ETF to SEC
US SEC documents show that Grayscale has submitted an S-3 registration statement, intending to transform its registered Grayscale Digital Large Cap Fund LLC (Grayscale Digital Large Cap Fund) registered in the Cayman Islands into a publicly traded exchange-traded fund (ETF).
In 2015, IC0 address suspected to sell 1,000 ETH, with a cost of only US$0.31 that year
According to @ai_9684xtpa monitoring, an OG address participating in the 2015 IC0 was suspected of selling 1,000 ETH half an hour ago, worth about US$1.88 million, and the cost was only US$0.31. Currently, the address still holds 34,000 ETH, scattered in three wallets, with a floating profit of US$63.91 million; its suspected associated small 0xF5E...Ee940 has sold 5,000 ETH in the past three weeks, making a profit of approximately US$9.4 million.
OpenAI CEO: ChatGPT image generation function is open to free users
OpenAI CEO Sam Altman posted on the X platform that ChatGPT's image generation function is now fully open to all free users.
PUMP may be the new ID0 token that will be launched in Binance Wallet
According to Aunt Ai @ai_9684xtpa, the on-chain data shows that $PUMP may be the new ID0 token that Binance Wallet will be launched soon. The basis includes: the TOP3 multi-sign address of $PUMP on the chain 0xeCc...2aa9E currently holds 50 million $PUMPs, and has previously received equal amounts of $KILO, $PARTI and $BR before the corresponding new currency IDO; in addition, the contract 0xe0C...8fB86 related to Binance IDO deployment also performs similar operations after receiving tokens at this address, and the process is highly consistent.
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