US Senate confirms Paul Atkins to lead SEC under Trump
Update April 10 at 1:41am UTC: This article has been updated to include more background on Paul Atkins before becoming SEC chair.The US Senate has confirmed US President Donald Trump’s nominee, Paul Atkins, as chair of the Securities and Exchange Commission in a 51-45 vote largely along party lines.Atkins’ confirmation on April 9 comes after Trump named the pro-crypto former Wall Street consultant to lead the agency late last year. Atkins also served as an SEC commissioner between 2002 and 2008, during the global financial crisis.”A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” the agency’s commissioners wrote in an April 9 statement.Atkins founded financial consulting firm Patomak Global Partners in 2009, specializing in regulatory compliance and risk management, and served as co-chair of crypto advocacy group Token Alliance between 2017 and late 2024.After he’s sworn in, Atkins will take over from Mark Uyeda, who has been the SEC’s acting chair since Jan. 20, after former chair Gary Gensler stepped down. Gensler’s tenure saw the SEC launch multiple lawsuits and investigations against crypto firms over alleged breaches of securities laws.Source: Cynthia LummisSenate Banking Committee Chairman Tim Scott expressed confidence that Atkins would continue the SEC’s crypto-friendly approach that it has taken under the Trump administration.“Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage.”Under Trump, the SEC created a Crypto Task Force to consult with the industry on regulation and dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC.Atkins is expected to take a different approach, telling a Senate confirmation hearing in March that a top priority of his at the SEC would be “to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”Atkins’ confirmation delayed by disclosuresAtkins’ confirmation was reportedly delayed due to several financial disclosures he needed to file as a result of marrying into a billionaire family.Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearingHe married Sarah Humphreys Atkins in 1990 — whose family is tied to TAMKO Building Products LLC, a manufacturer of residential roofing shingles that turned over $1.2 billion in revenue in 2023, Forbes reported in December. The couple have a reported combined net worth of at least $327 million.Some of those financial disclosures revealed that Atkins owned up to $6 million worth of crypto-related investments, including crypto custody platform Anchorage Digital and blockchain tokenization platform Securitize, Fortune reported last month.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Ethereum Researcher Virgil Griffith released from prison
Ethereum researcher Virgil Griffith was released from prison custody on April 9, the Bureau of Prison (BOP) officials confirmed to Cointelegraph.According to crypto developer Brantly Millegan, Griffith will remain in a halfway house for several weeks while waiting to complete the next steps in his parole process.Griffith was arrested in 2019 for giving a lecture about blockchain technology and its power to circumvent US sanctions to an audience in North Korea.Virgil Griffith pictured in the center with his parents immediately following his release from prison custody on April 9. Source: Brantly MilleganThe US government claimed the researcher violated the International Emergency Economic Powers Act (IEEPA) by giving North Korea "highly technical information" despite the content of the lecture being widely available knowledge published on the internet.Griffith's case highlights the tension between blockchain developers and state powers as the nascent technology continues to create avenues for individuals and countries to escape financial controls, censorship, and surveillance.Related: Crypto urges Congress to change DOJ rule used against Tornado Cash devsVirgil Griffith’s legal battle against US prosecutorsIn January 2020, a US grand jury indicted Griffith with conspiracy to violate the IEEPA, which gives the Executive Branch of government the power to restrict economic activity between US citizens and foreign powers deemed to be adversarial to the United States.Griffith initially pleaded not guilty to the charges. The software developer's attorneys filed a motion to dismiss the case in October 2020, arguing that Griffith did not violate the law by presenting what was already widely available public knowledge.Griffith on a crypto-focused lecture in 2019 to a North Korean audience. Source: Cointelegraph/United States Department of Justice.Following a lengthy legal battle, which took nearly two years, Griffith pleaded guilty to violating sanctions laws as part of a plea deal with the US government in September 2021.The Ethereum researcher was sentenced to 63 months in prison and ordered to pay a $100,000 fine by the court in April 2022. However, the legal battle did not end there.Two years later, in April 2024, the researcher's attorneys submitted a motion to reduce the prison sentence, which US prosecutors opposed, citing Griffith's actions as harmful to national security.Despite the pushback from the prosecutors, New York Judge Kevin Castel issued a ruling in July 2024 reducing Griffth's prison sentence to 56 months.Magazine: The FBI’s takedown of Virgil Griffith for breaking sanctions, firsthand
AAVE soars 13% as buyback proposal passes among tokenholders
Aave’s tokenholders approved a governance proposal to start buying back the decentralized finance (DeFi) protocol’s governance token, AAVE, as part of a broader tokenomics overhaul, Aave said on April 9. The proposal — which was approved by more than 99% of AAVE tokenholders — permits the protocol to purchase $4 million in AAVE (AAVE) tokens, enough for one month of buybacks. The move is a “first step” toward a broader plan to repurchase $1 million AAVE tokens weekly for six months. It is also the latest instance of DeFi protocols implementing buyback mechanisms in response to tokenholder demands.“The goal is to sustainably increase AAVE acquisition from the open market and distribute it to the Ecosystem Reserve,” the proposal said. The AAVE token’s price rallied more than 13% on April 9, bringing the protocol’s market capitalization to more than $2.1 billion, according to data from CoinGecko.The buyback proposal passed with overwhelming support. Source: AaveRelated: Aave proposal to peg Ethena’s USDe to USDT sparks community pushbackBuybacks gain popularityIn March, the Aave Chan Initiative (ACI), a governance advisory group, proposed a tokenomics revamp that would include new revenue allocations for AAVE tokenholders, enhanced safety features for users, and the creation of an “Aave Finance Committee.”Aave is Web3’s most popular DeFi protocol, with total value locked surpassing $17.5 billion as of April 9, according to DefiLlama. It is also among DeFi’s biggest fee generators, with an estimated annualized fee income of $350 million, the data shows. Aave is DeFi’s most popular protocol by TVL. Source: DeFILlamaDeFi protocols are under increasing pressure to provide tokenholders with a share of protocol revenues — partly because US President Donald Trump has fostered a friendlier regulatory environment for DeFi protocols in the United States.Projects including Ethena, Ether.fi and Maple are piloting value-accrual mechanisms for their native tokens.In January, Maple Finance’s community floated buying back native SYRUP tokens and distributing them as rewards to stakers.In December, Ether.fi, a liquid restaking token issuer, tipped plans to direct 5% of protocol revenues toward buying back native ETHFI tokens. Similarly, Ethena, a yield-bearing stablecoin issuer, agreed to share some of its approximately $200 million in protocol revenues with tokenholders in November.Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame
Bitcoin price soars to $83.5K — Have pro BTC traders turned bullish?
US equities and crypto markets shifted dramatically on April 9 after US President Donald Trump announced a 90-day pause on his reciprocal tariffs, except for China. Bitcoin (BTC) price responded by surging by 5% in less than an hour, reclaiming the $83,000 level which was last seen on April 6.While the S&P 500 gained 8%, Bitcoin derivative metrics have yet to turn bullish as traders remain cautious about changes in US long-term government bonds.Bitcoin 2-month futures annualized premium. Source: Laevitas.chThe BTC futures premium briefly rose above the neutral 5% threshold but failed to sustain its momentum. Investors were skeptical about whether the US Federal Reserve would lower interest rates throughout the year. However, this indicator has moved away from the 3% level observed on March 31, signaling growing confidence among Bitcoin bulls after several failed attempts to push prices below $76,000.Bitcoin traders worry after 10-year yield volatilityTraders’ hesitancy can partly be attributed to the April 9 release of minutes from the Federal Reserve Committee (FOMC) meeting held on March 18-19. The minutes highlighted concerns about stagflation. According to CME FEDWatch Tool data, the probability of the Federal Reserve reducing interest rates below 4% by Sept. 17 dropped from 97.6% on April 8 to 69.7% on April 9.Traders are worried about the implications of a weakened 10-year US Treasury yield. This decline reflects reduced confidence in the government’s ability to manage its growing debt. Economist Peter Boockvar, editor of The Boock Report, explained to Yahoo Finance: “We can draw a line at around the 4.40% level in the 10-year yield.” He added that investors fear “foreigners will continue to reduce their holdings of US Treasurys.”US 10-year Treasury yield. Source: TradingView / CointelegraphWhen bond yields rise, it indicates that buyers are demanding higher returns from the US government. As a result, the cost of rolling over debt increases, potentially creating a negative cycle that weakens the US dollar. This uncertainty in the macroeconomic environment has also been reflected in Bitcoin options markets.Bitcoin derivatives signal a lack of conviction from bullsWhen traders anticipate a market correction, put (sell) options typically trade at a premium, pushing the 25% delta skew (put-call) metric above 6%. On the other hand, during bullish periods, this indicator usually drops below -6%.Bitcoin 1-month options 25% delta skew (put-call). Source: Laevitas.chOn April 9, the Bitcoin options delta skew peaked at 12% after China announced higher tariffs in retaliation. However, this trend reversed completely following President Trump’s announcement of a tariff pause, with the indicator returning to a neutral 3%. This shift suggests that options markets are now pricing equal probabilities for upward and downward price movements, marking the end of a bearish phase that began on March 29.Related: US Dollar Index (DXY) falls close to level that was followed by 500%+ Bitcoin price ralliesTo determine whether this lack of bullish sentiment is limited to monthly futures and options markets, one can examine leverage demand in perpetual futures (inverse swaps). These contracts closely follow spot prices but rely on an 8-hour funding fee. In neutral markets, this funding rate typically ranges between 0.4% and 1.4% over a 30-day period.Bitcoin perpetual futures 8-hour funding rate. Source: Laevitas.chOn April 9, the 30-day Bitcoin futures funding rate rose to 0.9%, its highest level in over six weeks. This increase likely reflects retail buyers entering the market but remains within the neutral range. This consistency across BTC derivatives metrics suggests that the tariff pause was insufficient to restore confidence, especially as tensions in the trade war with China persist.It remains unclear what will drive Bitcoin traders to adopt a bullish stance, but reduced macroeconomic uncertainty—such as a decline in the US 10-year Treasury yield—will likely play a critical role.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The United States Securities and Exchange Commission (SEC) has approved options trading for multiple spot Ether exchange-traded funds (ETFs), a move that may broaden the investment appeal of Ether among institutional traders. The SEC issued the approval on April 9 after reviewing a proposed rule change submitted by BlackRock for its iShares Ethereum Trust (ETHA) on July 22, 2024. Similar approvals were granted to Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini Trust (ETH), as well as Fidelity Ethereum Fund (FETH).“[T]he Exchange proposes to amend its rules to permit the listing and trading of options on the Trust,” the SEC said in its response to the Nasdaq, adding:The Exchange states that options on the Trust will provide investors with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their needs in connection with ether products and positions.The SEC’s approval of options trading on the iShares Ethereum Trust. Source: SECOptions on ETFs are a portfolio tool that gives investors the ability to hedge against a decline in assets. The strategy’s inclusion is seen as an important step in broadening Ether’s (ETH) investment appeal after regulators approved the spot Ethereum ETFs last July. So far, net inflows into the spot Ether funds have been fairly muted, with most of the institutional interest flooding into Bitcoin (BTC) funds. BlackRock’s ETHA currently has $1.8 billion in net assets, down 56% since the start of the year, according to VettaFi.Related: Ethereum price falls to 2-year low, but pro traders still have hopeShifting regulatory tidesSince the election of US President Donald Trump, the SEC has signaled its readiness to scale back its enforcement initiatives against the crypto industry. Although this was expected, legal experts with the Harvard Law School Forum on Corporate Governance were surprised by “how quickly the shifting priorities would come to fruition” since Trump took office.As Cointelegraph recently reported, the securities regulator has closed its investigations into various crypto companies, including exchanges Gemini and Coinbase, decentralized exchange developer Uniswap Labs, and NFT marketplace OpenSea. On the legislative side, regulators are moving quickly to pass pro-stablecoin legislation. The House Financial Services Committee recently advanced the STABLE Act, which is meant to enshrine the use of stablecoins in the United States, and the Senate Banking Committee pushed through the GENIUS Act, which aims to regulate stablecoin issuers. Lawmakers have also tipped plans to advance a comprehensive crypto market structure bill, which is expected to be finalized this year. Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing
Trade tensions to speed institutional crypto adoption — Execs
Mounting international trade tensions are rattling cryptocurrency markets — but they could also accelerate institutional crypto adoption, several industry executives told Cointelegraph. Since US President Donald Trump announced sweeping tariffs on US imports on April 2, core cryptocurrencies experienced double-digit price swings, worsening an ongoing market rout starting earlier this year. However, “[t]he silver lining is that economic uncertainty has historically accelerated institutional interest in digital assets as a diversification strategy,” David Siemer, co-founder and CEO of Wave Digital Assets, told Cointelegraph.Bitcoin has already shown “signs of resilience” amid the market turbulence, underscoring the cryptocurrency’s potential as a hedge against geopolitical disruption, according to an April 7 Binance report. Now, “[a]s traditional banking channels become entangled in geopolitical tensions, we're witnessing increased demand for blockchain-based settlement solutions that operate outside conventional correspondent banking networks,” Siemer said. Bitcoin and the S&P 500’s recent performance. Source: 21SharesRelated: US President Donald Trump issues 90-day pause on reciprocal tariffsTariff turmoilOn April 9, Trump paused implementation of a portion of the sweeping tariffs he announced last week on US imports while simultaneously vowing to hike levies on Chinese goods to 125%. The S&P 500 — an index of the largest US stocks — jumped more than 8% on the news, partially reversing losses tied to Trump’s original tariff announcement, according to Google Finance.Bitcoin’s (BTC) spot price, as well as the total cryptocurrency market capitalization, rose by a similar amount, roughly 8%, as of late-day trading on April 9, CoinMarketCap data shows.Crypto market caps are up on April 9. Source: CoinMarketCapDecentralized finance (DeFi) protocols are particularly well-positioned to benefit from trade turmoil, which highlights the segment’s “strategic value,” according to Nicholas Roberts-Huntley, co-founder and CEO of Concrete & Glow Finance.“DeFi offers a neutral, borderless alternative for accessing credit, earning yield, and moving capital,” Roberts-Huntley said. “For builders, this is an opportunity to double down on interoperability and censorship resistance.”Still, crypto prices will continue to mirror the broader market for the foreseeable future, Aurelie Barthere, a research analyst at Nansen, told Cointelegraph. If the sell-off continues, expect crypto to behave as “just a higher beta risk asset correlated with risk assets at the moment,” Barthere said.Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame
Bitcoin $100K target ‘back on table’ after Trump tariff pause supercharges market sentiment
Bitcoin (BTC) staged a sharp rebound after US President Donald Trump announced a pause on tariffs for non-retaliating countries, reigniting bullish momentum and raising hopes for a potential surge toward the $100,000 mark.On April 9, BTC/USD surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. In doing so, the pair came closer to validating a falling wedge pattern that has been forming on its daily chart since December 2024. A falling wedge pattern forms when the price trends lower inside a range defined by two converging, descending trendlines. In a perfect scenario, the setup resolves when the price breaks decisively above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.BTC/USD daily price chart ft. falling wedge breakout setup. Source: TradingViewAs of April 9, Bitcoin’s price was confined within the falling wedge range while eyeing a breakout above its upper trendline at around $83,000. If it is confirmed, BTC’s main upside target by June could be around $100,000.Conversely, a rejection from the upper trendline could raise the likelihood of Bitcoin retreating deeper within the wedge pattern, potentially sliding toward the apex near $71,100.Source: Merlijn The TraderIf a breakout occurs after testing the $71,100 level, the most conservative upside target for BTC could still be as high as $91,500.Onchain data supports $100,000 Bitcoin outlookBitcoin’s rebound appears just before testing a critical onchain support zone between $65,000 and $71,000, reinforcing the cryptocurrency’s bullish outlook toward the 100,000 mark. Notably, the $65,000-71,000 range is based on two important Bitcoin metrics—active realized price ($71,000) and the true market mean ($65,000). Bitcoin short-term onchain cost basis bands. Source: GlassnodeThese metrics estimate the average price at which current, active investors bought their Bitcoin. They filter out coins that haven't moved in a long time or are likely lost, giving a relatively accurate picture of the cost basis for those still participating in the market.In the past, Bitcoin has spent about half the time trading above this price range and half below, making it a good indicator of whether the market is feeling positive or negative, according to Glassnode analysts. “We now have confluence across several onchain price models, highlighting the $65k to $71k price range as a critical area of interest for the bulls to establish long-term support,” they wrote in a recent weekly analysis, adding: “Should price trade meaningfully below this range, a super-majority of active investors would be underwater on their holdings, with likely negative impacts on aggregate sentiment to follow.”Related: Bitcoin has 'fully decoupled' despite tariff turmoil, says Adam BackBitcoin’s worst-case scenario is a decline toward $50,000Breaking below the $65,000-71,000 range could worsen Bitcoin’s probability of retesting $100,000 anytime soon. Such declines would also lead to the price breaking below its 50-week exponential moving average (50-week EMA; the red wave).BTC/USD weekly price chart. Source: TradingViewThe 50-week EMA—near $77,760 as of April 9—has historically acted as a dynamic support during bull markets and a resistance during bear markets, making it a crucial trend-defining level. Losing this support could open the door for a steeper pullback toward the 200-week EMA (the blue wave) at around $50,000. Previous breakdowns below the 50-week EMA have resulted in similar declines, namely during the 2021-2022 and 2019-2020 bear cycles.A rebound, on the other hand, raises the likelihood of a $100,000 retest.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
US Dollar Index (DXY) falls close to level that was followed by 500%+ Bitcoin price rallies
The Dollar Index (DXY) dipping below 100 has historically aligned with Bitcoin (BTC) bull runs, delivering gains of over 500% during the last two instances. Now, as trade tensions escalate and US Treasurys face sell-offs, some analysts believe China may be actively working to weaken the US dollar. This added pressure on the dollar heightens the likelihood that it could once again serve as a catalyst for another major Bitcoin rally. Is China working to weaken the US dollar?According to an April 9 Reuters report, China's central bank has instructed state-owned lenders to "reduce dollar purchases" as the yuan faces significant downward pressure. Large banks were reportedly "told to step up checks when executing dollar purchase orders for their clients," signaling an effort to "curb speculative trades."Some analysts have speculated whether China might be attempting to weaken the dollar in response to recent US import tariff increases. However, Jim Bianco, president of Bianco Research, holds a different view.Source: X/Jim BiancoBianco doubts that China is selling US Treasurys with the intent of harming the US economy. He points out that the DXY has remained steady around the 102 level. While China could sell bonds without converting the proceeds into other currencies—thereby impacting the bond market without destabilizing the dollar—this approach seems counterproductive. According to Bianco, it is unlikely that China is a significant seller of Treasurys, if it is selling them at all.US Dollar Index (DXY). Source: TradingView / CointelegraphThe DXY Index remains close to the 104 level seen on March 9 and has consistently stayed within the 100-110 range since November 2022. Therefore, claims that its current level reflects widespread distrust in the US dollar or signals an imminent collapse seem unfounded. In reality, stock market performance is not an accurate measure of investors’ risk perception regarding the economy. DXY below 100 is usually followed by Bitcoin bull runsThe last time the DXY Index fell below 100 was in June 2020, a period that coincided with a Bitcoin bull run. During those nine months, Bitcoin surged from $9,450 to $57,490. Similarly, when DXY dropped below 100 in mid-April 2017, Bitcoin’s price skyrocketed from $1,200 to $17,610 within eight months. Whether coincidental or not, the 100 level has historically aligned with significant Bitcoin price gains.A weakening DXY indicates that the US dollar has lost value against a basket of major currencies such as the euro, Swiss franc, British pound, and Japanese yen. This decline impacts US-based companies by reducing the amount of dollars they earn from foreign revenues, which in turn lowers tax contributions to the US government. This issue is particularly critical given that the US is running an annual deficit exceeding $1.8 trillion.Similarly, US imports for individuals and businesses become more expensive in dollar terms when the currency weakens, even if prices remain unchanged in foreign currencies. Despite being the world’s largest economy, the US imports $160 billion in oil, $215 billion in passenger vehicles, and $255 billion in computers, smartphones, data servers, and similar products annually.Related: China’s tariff response may mean more capital flight to crypto: HayesA weaker US dollar has a dual negative impact on the economy. It tends to slow consumption as imports become more expensive, and it simultaneously reduces tax revenues from the international earnings of US-based companies. For example, more than 49% of revenues for major corporations like Microsoft, Apple, Tesla, Visa, and Meta come from outside the US. Similarly, companies such as Google and Nvidia derive an estimated 35% or more of their revenues internationally.Bitcoin’s price could potentially reclaim the $82,000 level regardless of movements in the DXY Index. This could happen as investors grow concerned about potential liquidity injections from the US Federal Reserve to stave off an economic recession. However, if the DXY Index falls below 100, investors may find stronger incentives to turn to alternative hedge instruments like Bitcoin.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
XRP price gains 13% after Trump 90-day tariff pause and XXRP ETF launch
XRP (XRP) price is up 13% on the day, trading above the $2 level after President Donald Trump announced a 90-day pause on all reciprocal tariffs, except for China, which saw an additional 125% hike in response to their counter-tariffs against the US. XRP’s rally comes on the heels of additional positive news and the XXRP ETF being launched on the New York Stock Exchange (NYSE) Arca. Despite the positive macroeconomic and TradFi crypto adoption news, XRP charts still caution that a sharp price downside could lie ahead. Descending triangle pattern hints at a 33% dropSince December 2024, XRP price has been forming a potential triangle pattern on its daily chart, characterized by a flat support level mixed with a downward-sloping resistance line.A descending triangle chart pattern that forms after a strong uptrend is seen as a bearish reversal indicator. As a rule, the setup resolves when the price breaks below the flat support level and falls by as much as the triangle’s maximum height.The price dropped below the triangle’s support line at $2 on April 6, confirming a potential breakdown move. In this case, the price may fall toward the downside target at around $1.20 by the end of April, down 33% from current price levels.XRP/USD daily chart. Source: Cointelegraph/TradingViewXRP’s descending triangle target echoes trader CasiTrade's prediction that the altcoin could drop as low as $1.55 due to a “textbook” Elliott Wave Theory analysis.“Right now, $1.81 is a critical level to break in this plan,” the trader said in an April 8 post on X, adding that if the price loses that level, it would confirm a deeper move.According to CasiTrades, the next level to watch would be $1.71, where the price would pause temporarily before the “projected final low” at $1.55.“Key zone: $1.55 is the golden retracement and the likely end to this entire corrective W2.”XRP/USD 15-minute chart. Source: CasiTradesThe bearish outlook mirrored veteran trader Peter Brandt’s prediction that XRP price could decline to $1.07 due to a “textbook” head-and-shoulders pattern forming on the daily chart.Related: Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTOCould XXRP ETF launch avert an XRP price sell-off?Despite the launch of the XXRP ETF on NYSE Arca on April 8, 2025, XRP’s price remains precarious due to a mix of market dynamics and escalating trade wars. The 2x leveraged ETF, designed to amplify XRP’s daily returns, debuted amid heightened volatility, with XRP trading at around $1.71 after a 7.4% drop in 24 hours. The XXRP ETF attracted $5 million in first-day volume, in what Bloomberg ETF analyst Eric Balchunas termed a commendable achievement considering the ongoing tumult in crypto and other global markets. Although this was 200x less than the volume posted by BlackRock's IBIT ETF on day one, this performance puts XXRP in the top 5% of new ETF launches.Source: Eric BalchunasBeyond the XXRP ETF, macroeconomic factors, notably US President Donald Trump’s reciprocal tariffs, take center stage this week, threatening further volatility across crypto markets. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
US wrestling star Ric Flair launches tokenized Telegram sticker pack
Legendary professional wrestler Ric Flair launched a tokenized sticker collection on Telegram on April 9, becoming the latest celebrity to launch a tokenized social project.Spokespeople for the project told Cointelegraph they are considering rewarding early sticker holders with future perks, though no specifics were shared. Flair told Cointelegraph that the project was launched to drive community engagement and added:"Telegram is where people are really showing up these days. It is global, it is fast, and the way people communicate there just felt like the perfect fit for what we are doing. These stickers are about energy, personality, and culture, and Telegram is the place to bring that to life."The wrestler's tokenized sticker launch follows mixed-martial arts champion and Irish political candidate Conor McGregor's memecoin launch on April 5, which failed and highlights the struggle of risk-on investments and digital assets amid the recent macroeconomic downturn.Flair, who retired from wrestling in 2022, has previously ventured into the crypto space. In 2024, he introduced the "Wooooo!" coin (WOOOOO), a memecoin inspired by his iconic catchphrase. The token has no trading activity as of April 9, 2025, with only one address controlling over 70% of the supply, according to CoinMarketCap.The legendary wrestler has a history of merchandising his brand through various collectibles, including physical stickers available on his official online store and Amazon.Wrestling icon Ric Flair joins Telegram and touts new project. Source: Ric FlairRelated: Melania Trump’s memecoin team ‘quietly sold’ $30M, says BubblemapsMemecoins suffer in the turbulent macroeconomic environmentMemecoins were one of the biggest narratives of 2024 and one of the highest-performing asset classes, with top-performing memecoins returning four-figure percentage gains to investors during the year.The market for memecoins and other social tokens peaked in December 2024 amid a historic rally in the crypto markets. However, since then, memecoin prices have plummeted, with many top-tier memecoins such as Dogecoin (DOGE) and Pepe (PEPE) shedding approximately 70-80% of their value over the period.The macroeconomic uncertainty from the ongoing trade war has also damped the appetite for riskier assets as investors flee into more stable investments like cash, government bonds, and stablecoins.Crypto markets bleed amid macroeconomic downturn, particularly altcoins, memes, and other social tokens. Source: TradingViewConor McGregor's REAL token launched amid the macroeconomic crash and failed to meet its $1 million minimum funding requirement.The project only managed to raise $392,315 during its April 5-6 sealed-bid auction presale — well under the $3 million goal set by the team and the Real World Gaming decentralized autonomous organization (DAO).REAL's developers announced a full refund to bidders after failing to reach the minimum funding target. Despite this, the Real World Gaming DAO signaled that this would not be the end of the project.Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
