Today's news tips:
U.S. Chamber of Commerce considers suing Trump administration to block global tariffs
The U.S. SEC releases the agenda for the April 11 crypto trading roundtable
The probability of the Fed cutting interest rates by 25 basis points in May is 57%.
Binance to launch FORTHUSDT perpetual contract
Binance will delist the first 14 tokens voted on on April 16
Regulatory/Macro
U.S. Chamber of Commerce considers suing Trump administration to block global tariffs
The US Chamber of Commerce, the largest lobbying force in the US corporate sector, is considering suing the Trump administration to stop new tariffs that will take effect on Wednesday, according to Fortune magazine, two sources said. The organization, which represents millions of US businesses large and small and is heavily funded by industry giants, has been weighing the possibility of taking the tariff dispute to court, and some of its larger members are urging it to do so. One of the sources said other groups may also file a lawsuit with the chamber.
Teucrium Launches First XRP Leveraged ETF "Teucrium 2x Long Daily XRP ETF"
According to Bloomberg, Teucrium Investment Advisors launched the first leveraged ETF linked to the cryptocurrency XRP, the "Teucrium 2x Long Daily XRP ETF", with the code XXRP and an expense ratio of 1.85%, which was listed in the United States today. The ETF aims to provide a double return on XRP every day, and the issuance time is close to the US SEC's withdrawal of the lawsuit against Ripple. According to Bloomberg ETF analyst Eric Balchunas, this situation is extremely rare in the history of ETFs. Although the spot XRP ETF has not yet been approved, its possibility of approval is currently considered high by the industry.
Galaxy Digital announced that it has obtained approval from the U.S. Securities and Exchange Commission (SEC) for its S-4 registration statement, marking the critical stage of its relocation from the Cayman Islands to Delaware, and its planned listing on Nasdaq. The company will hold a special shareholders meeting at 22:00 Beijing time on May 9 to discuss the restructuring. The restructuring is expected to be completed in mid-May, and then it will be listed on Nasdaq with the stock code "GLXY". Currently, Galaxy Digital is listed on the Toronto Stock Exchange.
The U.S. SEC releases the agenda for the April 11 crypto trading roundtable
According to the SEC's official website, the U.S. Securities and Exchange Commission (SEC) Crypto Task Force will hold a public roundtable entitled "Between Blockchain and Dilemma: Tailoring Regulation for Crypto Trading" at its Washington headquarters from 13:00-17:00 Eastern Time on April 11 (1:00-5:00 Beijing Time on April 12), and will broadcast it online. The meeting will be hosted by Nicholas Losurdo, partner of Goodwin Procter, and participating guests will include executives and experts from Uniswap Labs, Coinbase, NYSE and other institutions. SEC Commissioner Hester Peirce said that this series of meetings aims to promote the clarification of crypto regulation.
The probability of the Fed cutting interest rates by 25 basis points in May is 57%.
According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in May is 43%, and the probability of a 25 basis point rate cut is 57%. The probability of the Fed keeping interest rates unchanged in June is 20.4, the probability of a cumulative 25 basis point rate cut is 49.7%, and the probability of a cumulative 50 basis point rate cut is 29.9%.
Viewpoint
Stephane Boujnah, CEO of Euronext, said that due to the unease caused by the Trump administration's trade policy, some European investors began to transfer physical assets such as gold from the United States to Europe. He pointed out that the market is trying to adapt to a changing United States, while Europe has attracted more investors' attention due to property rights and environmental stability. Since Trump announced comprehensive tariffs, global stock markets have evaporated about $10 trillion. Boujnah believes that this change has made Europe more attractive in the eyes of investors.
Ken Fisher, billionaire founder of Fisher Investments, slammed Trump's latest tariff policy on the social platform X, calling it "stupid, wrong and extreme", and pointed out that the tariff policy attempts to solve the "false proposition" of the US trade deficit. He believes that the trade deficit has never had a causal or predictive effect on the economy, and Trump's related remarks are "completely wrong." In addition, Fisher criticized the many practical obstacles to policy implementation, including insufficient customs enforcement capabilities and legal challenges. Fisher emphasized that the market's fear of tariff policies far exceeds actual problems, which may be a bullish signal. He predicted that the market reaction this time may be similar to the stock market correction in 1998, which ultimately achieved an annual return of 26% that year. He also warned that if Republican congressmen fail to quickly constrain Trump's tariff policy, the future midterm elections may become a "bloody slaughterhouse."
Matrixport analysis points out that the USDCNY exchange rate is approaching key technical resistance levels, which may indicate that Bitcoin is about to usher in a new round of rapid rise. The analysis mentioned that after the devaluation of the RMB in 2015, Bitcoin was once sold off, but it rebounded strongly at the end of the year and closed higher for the whole year. The current market may repeat a similar situation. In addition, this judgment echoes the bullish view on gold 18 months ago, when gold was considered "artificially suppressed and ready to go." At the same time, Matrixport also mentioned that the correlation between USDCNY and the US 10-year Treasury yield is worthy of attention. Although the US Treasury yield has declined recently, if there is a rapid rebound, it may put some pressure on the upward momentum of Bitcoin in the short term.
Project News
The Ethereum Foundation transferred another 1,000 ETH to a multi-signature address 2 hours ago
According to @ai_9684xtpa, the Ethereum Foundation transferred 1,000 ETH to the multi-signature address 0x4e6...03cB6 within two hours, with a value of approximately $1.58 million. This is the first transfer by the Foundation in three months. The address is mainly used for funding distribution, and a total of 12,150 ETH has been transferred since May 2021, with a total value of approximately $25.3 million.
Binance to launch FORTHUSDT perpetual contract
According to the Binance announcement, the platform will launch FORTHUSDT perpetual contracts at 08:30 UTC on April 8, 2025 (16:30 Beijing time), supporting up to 20x leverage. FORTH is the governance token of Ampleforth (AMPL). FORTH holders can vote on proposed changes to the Ampleforth protocol or delegate their votes to representatives who vote on their behalf.
Binance will delist the first 14 tokens voted on on April 16
According to Binance’s announcement, the platform will delist 14 tokens including BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT on April 16, 2025. The delisting is based on the results of the “vote to delist” and multiple standards such as project team activity, liquidity, and transparency. Binance reminds that other tokens that were not selected in the first batch may still be removed in the future due to non-compliance.
Binance's fourth Megadrop project KernelDAO will be launched at 8:00 on April 9
According to the Binance announcement, the KERNEL Megadrop of KernelDAO (KERNEL), the 4th Megadrop project launched by the platform, will start at 08:00 on April 9th, Beijing time, and will last until 07:59 on April 14th. Binance will list KERNEL at 20:00 on April 14th and open five trading pairs including KERNEL/USDT, and the seed tag rules will apply.
Coinbase will remove GUSD and GYEN trading pairs in the early morning of May 8
According to the official announcement of Coinbase, due to the failure to meet the listing standards in the regular review, Coinbase will suspend the trading of Gemini Dollar (GUSD) and GYEN from 14:00 Eastern Time on May 7 (2:00 am Beijing Time on May 8). The relevant trading pairs have entered the limit order mode. Users can place orders and cancel orders, and the system may still match transactions. The adjustment applies to all trading services on the Coinbase platform.
The Trump family's crypto project World Liberty Financial has released a governance proposal, planning to airdrop a small amount of stablecoin USD1 to all $WLFI holders through the on-chain system to test its airdrop function and thank early supporters. The airdrop will be carried out on the Ethereum mainnet, and the specific amount will be determined based on the number of eligible wallets and budget. The company reserves the right to adjust or terminate the airdrop at any time.
Important data
According to Binance market data, perhaps affected by Binance's plan to delist 14 tokens, four tokens including PROS and FIRO fell by more than 50%, including: PROS fell 54.66% in a short period of time and is now quoted at US$0.1131; FIRO fell 51.99% in a short period of time and is now quoted at US$0.349; BETA fell 50.78% in a short period of time and is now quoted at US$0.008; CREAM fell 50.53% in a short period of time and is now quoted at US$1.87; VIDT fell 44.54% in a short period of time and is now quoted at US$0.012; NULS fell 44.15% in a short period of time and is now quoted at US$0.046; UFT fell 43.75% in a short period of time and is now quoted at US$0.0225; According to previous news, Binance will delist the first batch of 14 tokens decided by voting on April 16.
USDC Treasury destroys 51 million USDC on the Ethereum chain
According to Whale Alert, at 13:26 Beijing time, USDC issuer USDC Treasury destroyed 51,007,752 USDC (approximately US$51 million) on the Ethereum chain.
According to SoSoValue data, on April 7, Eastern Time, Bitcoin spot ETFs had a total net outflow of $109 million in a single day, with capital outflows for three consecutive days. Among them, Grayscale GBTC had a net outflow of $74,006,800 in a single day, with a cumulative outflow of $22,695 million; BTCO had a net outflow of $12,860,600. The current total net asset value of BTC spot ETFs is $87,859 million, accounting for 5.61% of the total market value of Bitcoin.
A dormant Bitcoin wallet for 10 years transferred all 365 BTC, now worth about $29 million
According to Lookonchain, a Bitcoin wallet that has been dormant for 10 years has just transferred all 365 BTC, which is about $29 million at current prices. The wallet received the Bitcoins ten years ago at a price of about $284 per coin.
According to Whale Alert monitoring, USDC Treasury destroyed approximately 50 million USDC on the Ethereum chain at 00:14, 00:43 and 5:13 Beijing time this morning, destroying a total of approximately US$150 million worth of USDC.
Financing
AI video startup Runway raises $308 million at $3 billion valuation
AI video generation company Runway raised $308 million in a new round of financing, with a valuation of over $3 billion. This round of financing was led by General Atlantic, with participation from Nvidia and SoftBank Vision Fund 2. Runway will use the funds to strengthen AI model research and development and expand its creative team. Its software has been used in projects such as Amazon series, Madonna tours and Puma ads. The recently launched Gen-4 model supports character and scene consistency, achieving a major breakthrough in technology.
Bitcoin DeFi aggregation protocol Sats Terminal has completed a $1.7 million Pre-Seed round of financing, led by Coinbase Ventures and Draper Associates, with participation from Draper Dragon, BitcoinFi Accelerator, UTXO Management, Core Chain Ventures, Sats Ventures, Delta Blockchain Fund, Tenzor Capital and 3Commas Capital, as well as a group of angel investors. The new funds will be used to expand its platform. By providing de-DEX, cross-chain bridges and revenue aggregation in the Bitcoin ecosystem, Sats Terminal will use this financing to further develop infrastructure.
Cap, a yield-based stablecoin protocol, announced on Monday that it has raised $11 million in funding from well-known financial institutions such as Franklin Templeton and Triton Capital. The total funding was announced at the end of a recent $8 million seed round and will be used to develop Cap's stablecoin engine, which is scheduled to go live later this year. Previously, Cap had raised $3 million in the previous round of financing. According to the statement, Cap will provide users with a way to earn additional income through re-staking protocols such as EigenLayer. According to reports, Cap's system is designed to enable users to earn passive interest or income based on these tokens.
P2P.me, a cryptocurrency-to-fiat currency application, has completed a $2 million seed round of financing, with participation from Multicoin and Coinbase Ventures. According to reports, P2P.me uses a network of middlemen to enable users to use stablecoins to pay merchants who only accept fiat currencies, and the transaction process takes about 90 seconds. The platform uses zero-knowledge proof technology to verify user identities and ensure privacy and security.
