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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

• 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.

---

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

Pls send us crypto memes to be featured in the newsletter 🤝

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