KEYTAKEAWAYS
- Federal Reserve faces challenging economic scenario as tariffs threaten both inflation and growth targets, while Trump publicly calls for Powell's termination and immediate rate cuts.
- Crypto innovation continues with Base's controversial content coins concept and Bhutan's green cryptocurrency mining initiative leveraging its abundant hydropower resources.
- Local adoption expands as Panama City prepares to accept crypto payments for municipal services, while regulatory approaches diverge between South Korea's strengthened oversight and Europe's unified MiCA framework.
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.
MORNING NEWS
1. Fed Chair Powell Warns of “Challenging Scenario” Amid Tariff Concerns
Federal Reserve Chair Jerome Powell expressed concern that the central bank could face a difficult dilemma between controlling inflation and supporting economic growth due to President Trump’s tariffs. Speaking at the Economic Club of Chicago, Powell warned that tariffs are “likely to move us further away from our goals” but gave no indication on interest rates, stating the Fed is “well positioned to wait for greater clarity.” Powell emphasized the importance of keeping inflation expectations in check, noting that while Q1 growth has slowed, retail sales increased 1.4% in March, largely driven by car buyers making purchases ahead of tariffs.
2. Powell Reaffirms Fed Independence Amid Economic Pressures
In his Chicago speech, Powell stressed that the Federal Reserve will continue to carry out its responsibilities independently as it navigates pressures from the escalating trade war. He warned that the Fed’s dual mandate goals of price stability and full employment may come into conflict, requiring tough decisions about prioritization. Powell compared the Fed’s situation to a soccer goalie guessing which way to dive on a penalty kick, acknowledging that actions to address inflation could hurt employment and vice versa. He emphasized that “without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.”
3. Base Founder Introduces “Content Coins” Amid Mixed Reactions
Base founder Jesse Pollak introduced the concept of “content coins” in a series of posts on X, describing them as tokens based on content ideas brought on-chain to drive community engagement. The proposal drew mixed reactions, with some seeing them as rebranded meme coins, while others expressed interest in tokenizing their content. Base faced criticism after releasing a content coin for its “Base is for everyone” post on Zora, which surged to a $21.25 million market cap before crashing to $13.62 million within hours. The Base team clarified that this was part of their “experiment in public” and not an official token from Base or Coinbase.
4. Bank of Korea Holds Base Rate Steady at 2.75% Amid Trade Tensions
The Bank of Korea maintained its base rate at 2.75% on April 17, pausing after three consecutive 0.25% cuts in October, November, and February. The decision reflects concerns about exchange rate volatility due to the U.S.-initiated tariff war. While domestic inflation remains stable, the central bank warned that deteriorating global trade conditions have expanded downside risks to growth. The Bank of Korea now expects economic growth to fall below its February forecast of 1.5% but indicated it will continue the trend of rate cuts to alleviate growth risks while closely monitoring price trends, household debt, and exchange rates.
5. SEC Announces Third Crypto Policy Roundtable Focused on Custody
The SEC has announced details for its third cryptocurrency policy roundtable scheduled for April 25, which will focus on custody issues. The event will feature two panel discussions covering broker-dealers and wallet custody, and investment advisors and investment company custody. Participants include representatives from Fireblocks, Anchorage Digital, Fidelity Investments, Kraken, Exodus, Etana Custody, and Copper.co.
NOON NEWS
1. Russia Considers Developing Own Stablecoins After USDT Wallets Blocked
A senior Russian Finance Ministry official called for the development of domestic stablecoins pegged to other currencies after Russia-linked digital wallets holding USDT were blocked last month. Deputy head of the ministry’s financial policy department Osman Kabaloev stated, “The recent blockage makes us think that we need to consider creating internal tools similar to USDT.” In March, USDT creator Tether blocked digital wallets on Russian crypto exchange Garantex holding over 2.5 billion roubles ($30.12 million) following EU sanctions. Russian regulators have allowed experimental use of cryptocurrencies in international payments amid Western sanctions that have made traditional transfers more difficult.
2. South Korea’s Crypto Regulations Compared to Europe’s MiCA Framework
South Korea is strengthening its cryptocurrency regulations under new political leadership, focusing on investor protection, AML/KYC rules, taxation, and market accessibility. The Virtual Asset User Protection Act is being updated to protect customer assets if exchanges fail, while strict KYC requirements remain in place. A 20% tax on annual crypto profits over 2.5 million won is set to begin by 2028, and the country is considering opening its market to foreign investment. In contrast, Europe is pursuing a unified approach with the Markets in Crypto-Assets (MiCA) framework, which will be fully implemented by 2025, requiring all crypto service providers to obtain licenses while supporting innovation through regulatory sandboxes in some countries.
3. Whale Bitcoin Holdings Drop by 30,000 BTC in One Week
According to CryptoQuant, large whale holdings of Bitcoin decreased by 30,000 BTC this week. On April 7, as the profit margin dropped to 33%, miners’ daily outflow reached 15,000 bitcoins. The current net accumulation rate of bitcoins has fallen to its lowest level since February.
4. Panama City to Accept Crypto Payments for Municipal Services
Panama City residents will soon be able to pay taxes, parking tickets, permits, and other municipal fees using Bitcoin, Ethereum, USDC, and Tether, according to Mayor Mayer Mizrachi. “Prior administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation,” Mizrachi explained. The city will partner with a bank that receives crypto payments and instantly converts them to dollars, complying with regulations requiring public institutions to receive funds in USD while allowing “the free flow of crypto in the entire economy and entire government.”
5. Mantra Releases Statement on 92% Token Crash, Plans Buyback and Burn
DeFi platform Mantra has released an official statement addressing the 92% flash crash of its OM token on April 13, reiterating that the crash did not involve token sales by the project itself. The statement clarified that there are two types of OM tokens—ERC-20 (with 99.9% in public circulation) and Mantra mainnet OM (with only 77.5 million in circulation)—with the crash primarily affecting the ERC-20 version. The team noted a price divergence between OKX and Binance that began about an hour before the crash and invited exchanges to collaborate on providing clarity. Mantra confirmed plans for a token buyback and supply burn program but provided no timeline for implementation.
EVENING NEWS
1. Bitget Completes Q1 2025 Token Burn of Over 30 Million BGB
Bitget has completed its Q1 2025 BGB token burn, removing 30,006,905 BGB from circulation. Following the burn, both the total and circulating supply of BGB stands at 1,169,993,095. The action was conducted in line with the exchange’s updated whitepaper and burn plan.
2. Bhutan Explores Green Cryptocurrency Mining Using Hydropower
The Himalayan nation of Bhutan is leveraging its hydropower resources to mine green cryptocurrencies, aiming to boost its economy and create jobs to reduce brain drain. “We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels,” said Ujjwal Deep Dahal, CEO of Bhutan’s sovereign wealth fund. The fund has been investing in cryptocurrencies since 2019, using some profits to pay government salaries for two years. Officials are exploring whether large corporations could purchase Bhutan’s “green” coins to meet ESG targets, while the country plans to expand its hydropower generation capacity from 3.5 gigawatts to 15 gigawatts in the next 10-15 years.
3. Binance Alpha Adds DARK Token
Binance APP page has revealed that Binance Alpha has added the DARK (DARK) token to its platform.
4. Trump Calls for Powell’s Termination and Interest Rate Cuts
President Donald Trump stated that Federal Reserve Chair Jerome Powell’s termination “cannot come fast enough” while calling for interest rate cuts, a day after Powell pledged to resist political pressure. In a Truth Social post, Trump said Powell “should have lowered interest rates, like the ECB, long ago, but he should certainly lower them now.” The comments came after the ECB cut rates in response to deteriorating growth amid trade tensions. Meanwhile, Treasury Secretary Scott Bessent has reportedly cautioned White House officials against attempting to fire Powell, warning it could destabilize financial markets. Powell’s term as Fed chair expires in May 2026, though Trump may be hoping for a Supreme Court decision that would allow for earlier removal.
5. Telegram Founder Refutes Claims His Detention Led to EU Compliance
Telegram founder Pavel Durov has denied French media reports claiming his detention in France last year “forced Telegram to comply with EU law.” In a post on his channel, Durov stated that Telegram has been complying with EU regulations from the beginning, but it was only after August last year that French police began submitting requests through proper legal channels established by the Digital Services Act. He questioned why French authorities had not followed the regulations earlier, emphasizing that Telegram had always provided a clear connection method for legal requests.
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