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Here's a quick preview of today’s content: Crypto (along with every other market) tanks as macroeconomic conditions worsen, Cathie Wood remains bullish on Coinbase stock with new 8 figure investment, AT&T gets involved with DePIN, stablecoins have been confirmed not securities, and so much more below.

Let’s hope this isn’t Black Monday pt. 2… Let’s dive in.

Market Snapshot

As of 4/6/2025 at 2300 PST Data per CoinMarketCap.

  • Crypto: After holding relatively strong last week, crypto markets fell sharply, with Bitcoin dropping below $80K and Ethereum and Solana down over -10%

    • Nearly $900M in crypto liquidations occurred due to market volatility

    • Bitcoin formed a bearish "death cross," signaling potential further declines

  • Marco: Trump’s top economic officials downplayed fears of inflation and recession, stating tariffs would remain regardless of market reactions

    • Trump’s top economic officials downplayed fears of inflation and recession, stating tariffs would remain regardless of market reactions

    • U.S. stocks sold off sharply after China imposed new tariffs, raising concerns of a global trade war and potential recession

    • Stocks: The Dow Jones dropped 2,231 points (-5.5%)—its worst decline since June 2020, while the S&P 500 fell -5.97% and the Nasdaq Composite sank -5.8%, entering bear market territory with a 22% drop from its December high

Headline Roundup
The major headlines driving crypto markets

  • Markets descend into panic after Trump said that he’s not backing down on tariffs and calls them ‘medicine’ in wild interview on Air Force One – see the full video and statements here

  • Cathie Wood’s ARK Invest buys $13.4M worth of Coinbase shares (TB)

  • Peter Schiff believes crypto is crumbling after following equity market plummet, see his full statement here

  • Equities slide in trade war fallout as Powell hints at possible rate cut (BW)

  • Crypto outperforms Nasdaq as BTC becomes hedge against U.S. isolation amid $5T equity crash (CD)

  • Bitcoin developer proposes hard fork to protect BTC from quantum computing threats (CD)

  • AT&T partners with XNET for DePIN use case (BW)

  • Fidelity’s spot Solana ETF nears approval as SOL drops -15% amid tariff turmoil (TB)

  • Grayscale files S-1 with SEC for proposed Solana ETF (CT)

  • Circle IPO odds drop on Polymarket amid rising uncertainty from Trump tariffs (TB)

  • Cango Inc. to sell $350M auto business to invest in Bitcoin (TD)

  • Jack Dorsey confirms Block’s Square plans to enable Bitcoin payments for 4M sellers (TD)

  • SocialFi protocol Lens releases Lens Chain mainnet using Avail DA and zkSync tech (TB)

  • Clanker team earns $13M in revenue from over 200K Base tokens in five months (TB)

  • EigenLayer to enable mainnet slashing on April 17th (TD)

  • Bitcoin hashrate hits 972 EH/s with U.S. miners holding 30% market share (TD)

  • OpenSea is taking market share form Blur at a rapid clip after declines in the NFT volume fall (TB)

  • Memecoin launchpad Pump.fun reopens livestreaming for 5% of users with stricter moderation (TB)

A Message from Bitcoin Depot

Bitcoin Depot: The Infrastructure Play in the Growing Crypto Market

Bitcoin Depot (Nasdaq: BTM) is capitalizing on Bitcoin’s growing adoption by providing the essential infrastructure for everyday users. With a network of over 8,400 machines across the U.S., Canada, Puerto Rico, and Australia, they’re the largest Bitcoin ATM operator in the world — providing the “picks and shovels” for the digital gold rush.

Key Facts:

  • Dominant U.S. Position: ~27%1 market share

  • $573.7M Revenue (FY24): Strong transaction volume, with a revenue model less tied to Bitcoin’s volatility.

  • Global Growth Potential: Bitcoin ATMs are just 1.2% of global cash ATMs2. Expanding into Australia, the 3rd largest market.

Since 2016, Bitcoin Depot has processed over 3.7M transactions, totalling around $3B. Don’t just watch Bitcoin grow — become a part of how it grows.

Get the investor information today

M&A Announcements

  • Blockchain game Legends of Elumia gets acquired by Triumph Gaming (CH)

Launches

  • Ethereum developers set May 7th as the target for Pectra mainnet deployment (BA)

  • Aave creator Avara launches Lens Chain Layer 2 for social dApps (BA)

Venture Capital

  • Dragonfly capital leads $16M investment into blockchain fintech startup Codex (AI)

  • MahrebGroup backs Nomy with $10M strategic investment and access to $100M client network (NT)

  • P2P.me closes $2M seed from Coinbase Ventures and Multicoin Capital for crypto-to-fiat solution (CD)

  • Castrum Capital deploys strategic capital into Bugscoin Project (X)

  • Meet48 raises capital at $100M valuation from Hashkey Capital and others in token sale (PN)

Regulation

  • SEC rules that covered stablecoins like USDT and USDC are not securities (TB)

  • Acting SEC chair Uyeda orders review of statements on crypto risks and securities laws (TB)

  • OFAC delisted Tornado Cash due to sanctions compliance progress and protocol changes (CD)

  • Consumer Financial Protection Bureau likely to take back seat on crypto regulation (CT)

  • Ripple thinks the UK is losing its window of opportunity due to slow regulatory decisions (BiC)

  • Hong Kong to roll out updated digital asset framework by end of year (CN)

Cybersecurity

  • Justin Sun offers $50M bounty targeting First Digital Trust over alleged embezzlement (CS)

  • North Korea’s latest crypto hack scheme ‘ClickFake’ pokes holes in web3 security (CN)

  • Jameson Lopp warns of Bitcoin wallet poisoning attacks (CT)

  • Transparency with DeFi actually helped track stolen Bybit funds (CCN)

Extra Reads

  • Trump Tariffs: What they mean for Bitcoin and why crypto may turn bullish

The full breakdown story right now

  • Satoshi Nakamoto turns “50” — how old is he really?

A rundown of exploring theories behind April 5, Satoshi’s cryptic “birth date”

Chart of the Day

Just leaving this 7D chart here…

Meme Dump

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