KEYTAKEAWAYS
- BlackRock CEO Larry Fink sees potential for 20% further market decline but calls it a buying opportunity, as EU proposes 25% counter-tariffs on US goods and global economies brace for trade war impact.
- Teucrium to launch first leveraged XRP ETF on April 8, while Strategy reports $5.91B unrealized Bitcoin loss and Galaxy Digital receives approval for Nasdaq listing after $200M Terra settlement.
- Elon Musk's wealth drops below $300B as his stance on "zero tariffs" puts him at odds with Trump's trade policy, highlighting growing tensions between the two influential figures.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
1. BlackRock CEO: Markets Could Drop Another 20%, But Long-Term Buying Opportunity
BlackRock CEO Larry Fink said the market could see another 20% drop, but the current drawdown is a buying opportunity in the long term as it doesn’t pose systematic risk.
“I see it more as a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go down further,” Fink said during an appearance at the Economic Club of New York on Monday.
He noted that inflationary pressure is higher than market participants expect and many already believe the U.S. to be in a recession, leading him to believe the Federal Reserve won’t cut interest rates this year.
2. EU Proposes 25% Counter-Tariffs on US Goods
The European Commission proposed counter-tariffs of 25% on a range of U.S. goods in response to President Trump’s tariffs on steel and aluminum.
The tariffs will be implemented in two phases: some taking effect May 16 and others on December 1. The goods include diamonds, eggs, dental floss, sausages, poultry, almonds, and soybeans.
Notably, bourbon, wine, and dairy have been removed from the original list after Trump threatened a 200% counter-tariff on EU alcoholic drinks. EU member states are due to vote on this proposal on April 9.
3. Strategy Reports Q1 Net Loss Due to Bitcoin Writedown
Strategy (formerly MicroStrategy) expects to report a net loss for the first quarter due to a $5.91 billion unrealized loss on its bitcoin holdings, according to a Monday filing.
The loss follows the adoption of new accounting rules requiring crypto assets to be marked to market, though a $1.69 billion tax benefit is expected to partially offset it.
Strategy raised a total of $7.69 billion during the quarter—$4.4 billion from common stock sales and the rest from preferred stock issuance—most of which was used to purchase bitcoin at far higher prices than the current $77,000 level. The company’s average purchase price on its 528,185 BTC has risen to nearly $67,500.
4. Lawsuit Filed to Uncover Satoshi Nakamoto’s Identity
Attorney James Murphy has sued the Department of Homeland Security (DHS) to unmask Satoshi Nakamoto’s identity, journalist Eleanor Terrett reported on April 7.
Murphy filed a Freedom of Information Act lawsuit against the department, referring to a DHS special agent’s alleged claim that the department had found and interviewed Satoshi in person—not an individual but a group of four people in California.
This follows other attempts to identify Bitcoin’s creator, including journalist Dave Troy’s FOIA request to the FBI, which referred to Satoshi as a “third party individual” without confirming or denying the existence of any records.
5. SEC Crypto Task Force Announces April 11 Roundtable
The Securities and Exchange Commission’s Crypto Task Force has announced the agenda and panelists for its April 11 roundtable, “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”
“Hearing the public’s concerns and suggestions helps the SEC create a clear, sensible, and fair path forward for the crypto industry,” said Commissioner Hester M. Peirce, leader of the Crypto Task Force.
The event will be held at SEC headquarters in Washington, D.C. from 1-5 p.m., with doors opening at noon. It will be open to the public and webcast live on the SEC’s website.
6. Elon Musk’s Wealth Drops Below $300 Billion
Elon Musk’s wealth dropped below $300 billion on Monday for the first time since last year, as Tesla backlash and new tariffs took their toll.
The richest man in the world was worth $298 billion as of market close Monday, according to the Bloomberg Billionaires Index. Since the beginning of the year, Musk’s net worth has declined nearly $135 billion, or around 31%.
This reverses a milestone from December when he became the first person to be worth more than $400 billion. Despite the decline, Musk still leads runner-up Jeff Bezos by over $100 billion.
7. First Leveraged XRP ETF Set to Launch April 8
Teucrium Investment Advisors LLC is set to launch the first-ever XRP-based exchange-traded fund in the U.S. on April 8.
The Teucrium 2x Long Daily XRP ETF (XXRP) will be a leveraged fund designed to provide investment results corresponding to twice the daily price performance of XRP. It will trade on NYSE Arca with a management fee of 1.85% and monthly distributions.
While Teucrium launches this leveraged product, multiple issuers including Grayscale and WisdomTree have submitted applications for spot XRP ETFs that are still pending SEC review. Analysts suggest approval chances have increased following Ripple’s settlement with the SEC.
8. Vitalik Buterin Outlines Four-Step Plan for Ethereum L1-L2 Communication
Ethereum co-founder Vitalik Buterin stated at the “Web3 Scholars Summit 2025” in Hong Kong that Ethereum’s long-term goal is to achieve 12-second native asynchronous communication between L1 and L2, reducing bridging latency and costs.
He proposed a “four-step” plan: including a “ZK+TEE+OP two out of three” design, asynchronous reading of L1 through L1SLOAD, a unified proof integration mechanism, and deploying low-latency validators.
Buterin emphasized that users can still use intent-based models for faster or more cost-effective experiences, but the underlying communication system will trend toward low cost and high coupling.
9. Binance to Update Collateral Ratios for Portfolio Margin Assets
Binance will update the collateral ratios for several assets under Portfolio Margin starting from April 11, 2025, at 06:00 UTC, with changes completed within approximately one hour.
Affected assets include ICP (80% → 70%), SNX (80% → 65%), MANA (75% → 65%), KAVA (70% → 60%), KNC (70% → 55%), CHR (70% → 55%), TLM (60% → 50%), ALICE (65% → 50%), BETA (60% → 45%), and SFP (50% → 40%).
10. Binance Announces KernelDAO Megadrop and Listing
Binance has announced the launch of the fourth phase of its Megadrop project, featuring KernelDAO (KERNEL), a re-staking protocol supporting products including Kernel, Kelp, and Gain.
Users can participate in the KERNEL Megadrop starting April 9, 2025, at 08:00 (UTC+8), with the interface going live approximately twelve hours after the announcement.
Following the Megadrop, Binance will list KernelDAO on April 14, 2025, at 20:00 (UTC+8) with trading pairs including KERNEL/USDT, KERNEL/BNB, KERNEL/USDC, KERNEL/FDUSD, and KERNEL/TRY.
11. Elon Musk and Trump at Odds Over Tariff Policy
Elon Musk and President Trump appear to be on opposite sides of the tariff debate, with Musk reportedly appealing directly to Trump regarding the aggressive foreign policy.
Over the weekend, Musk expressed support for a “zero tariff” agreement between the U.S. and Europe—contradicting Trump’s 20% tariff—saying: “I’m hopeful…that at the end of the day…it is agreed that Europe and the U.S. should move, ideally in my view, to a zero tariff situation.”
Tesla has suffered from both Musk’s relationship with Trump, triggering customer boycotts and vandalism, and from the tariff policies themselves. In March, Tesla warned that aggressive tariffs could trigger retaliation from trading partners, which has since proven true with China.
12. Galaxy Digital Receives SEC Approval for Nasdaq Listing
Galaxy Digital, the crypto and AI infrastructure firm led by CEO Mike Novogratz, has received approval from the SEC for its planned listing on the Nasdaq stock exchange.
The company, currently listed on the Toronto Stock Exchange, is preparing to relocate its headquarters from the Cayman Islands to Delaware. A special shareholder meeting is set for May 9 to ratify the reorganization, after which Galaxy intends to list on Nasdaq under the ticker “GLXY.”
This approval follows Galaxy’s $200 million settlement related to claims of Terra’s advertising being responsible for its collapse, removing a potential roadblock to U.S. expansion plans.
13. US Court Rules Ledger Must Face Consumer Lawsuit
According to BlockBeats, Ledger SAS is facing legal challenges in the United States as consumers allege misleading advertising regarding the security of its cryptocurrency wallet devices.
Judge LaShonda A. Hunt of the Northern District of Illinois ruled that while the sales contracts for the Nano S and Nano X hardware devices mention the applicability of French law, this reference is not exclusive, and the contract cannot restrict the location of consumer lawsuits.
14. CZ Named Strategic Advisor to Pakistan Crypto Council
Changpeng Zhao (CZ), founder of Binance, has been named strategic advisor to the Pakistan Crypto Council (PCC), according to Pakistan news outlets.
The announcement came during a high-level meeting chaired by Finance Minister Senator Muhammad Aurangzeb, who called it “a landmark moment for Pakistan.”
In his advisory role, CZ will support efforts in crafting crypto regulations, enhancing blockchain infrastructure, and promoting education and adoption. “Pakistan is a country of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless,” CZ remarked.
15. Curve Finance Founder Resumes Selling CRV Tokens
As the crypto market shows signs of recovery, Curve Finance founder Michael Egorov has resumed offloading CRV tokens. According to blockchain analytics platform Spot On Chain, Egorov sold 236,457 CRV today, netting approximately $108,000.
Since March 24, Egorov has been gradually selling off his CRV holdings, totaling 3.083 million tokens. With an average selling price of $0.527 per CRV, the sales have brought in roughly $1.62 million.
The steady liquidation suggests a strategic move to take advantage of the market’s upward momentum, though it could lead to short-term price pressure for CRV holders.
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