KEYTAKEAWAYS
- President Trump faces his worst economic approval ratings while exploring options to remove Fed Chair Powell, who warned that tariffs could drive inflation higher and complicate monetary policy.
- Thirteen cryptocurrencies have submitted spot ETF applications in the US, with SOL and XRP garnering the most institutional interest as the market expands beyond Bitcoin and Ethereum.
- Massachusetts court ruled banks are not responsible for customer-authorized crypto scam losses, highlighting individual responsibility as digital asset fraud surges to $6 billion in Q1 2025.
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. Trump Intensifies Criticism of Fed Chair Powell, White House Exploring Removal Options
President Donald Trump escalated his criticism of Federal Reserve Chair Jerome Powell on Friday, arguing that interest rates should be lowered. During a press conference, Trump stated, “If we had a Fed Chairman that understood what he was doing, interest rates would be coming down.” White House economic adviser Kevin Hassett confirmed the administration is “studying” whether they can legally remove Powell, who has maintained he cannot be fired before his term ends in May 2026. The criticism follows Powell’s comments that Trump’s tariff plans could increase inflation and create challenges for the central bank’s dual mandate of high employment and price stability.
2. Investors File Lawsuit Against Meteora Platform and Team Members Over M3M3 Token Launch
Burwick Law and Hoppin Grinsell Law Firm have filed a lawsuit on behalf of investors against Ben Chow, Meteora platform, Hayden Davis, Gideon Davis, CT Davis, and Kelsier. The legal action alleges fraud, securities fraud, and other illegal activities during the launch process of the M3M3 token on the Meteora platform.
3. Trader Eugene Reestablishes BTC Short Position Despite Market Resilience
Trader Eugene announced reestablishing a short position in Bitcoin near $85,400, targeting a break below $80,000 after previously exiting at breakeven. He acknowledged that despite his logical assessment of limited upward momentum, price action continues to defy expectations, forcing him to confront his negative biases. Eugene also noted that various altcoins may have already bottomed during the tariff panic.
4. Base Protocol Lead Apologizes for Inappropriate Tweet Language
Jesse Pollak, lead of Base Protocol, issued an apology for a tweet containing the phrase “Base is for pimping,” clarifying it was created by an artist he wanted to support, not by himself or the Base marketing team. Pollak acknowledged the mistake and expressed regret for any offense caused while emphasizing his support for artists creating fearlessly on the Base platform. He committed to being more mindful of his communications in the future, recognizing his responsibility as a platform leader.
5. MANTRA Co-Founder Refutes FUD Claims About Token Control
MANTRA Co-Founder JP Mullin clarified on Twitter that 90% of the token circulating supply has never been under the team’s control, as over 91% has been issued on Ethereum and circulating for nearly five years. Mullin stated that “facts speak louder than FUD,” addressing concerns following the token’s recent price volatility.
NOON NEWS
1. Trump Faces Worst Economic Approval Ratings of Presidential Career
President Donald Trump is registering the worst economic approval numbers of his presidential career, with 43% approval and 55% disapproval on economic matters according to the latest CNBC All-America Economic Survey. The boost in economic optimism following his reelection has disappeared, with 49% of Americans now believing the economy will worsen over the next year—the most pessimistic outlook since 2023. While Trump’s Republican base remains supportive, independents have turned significantly negative, and tariffs appear to be a substantial source of public discontent, with Americans disapproving of across-the-board tariffs by a 49% to 35% margin.
2. South Korea Will Not Retaliate Against US Tariffs, Cites “Historical Debt”
South Korea’s Acting President Han Duck-soo announced the country will not retaliate against newly imposed US tariffs, citing South Korea’s “historical debt” to the United States. In an interview with the Financial Times, Han indicated Seoul is approaching upcoming trade talks with the Trump administration in a spirit of cooperation rather than confrontation. The US recently announced a 25% “reciprocal” tariff on South Korean goods despite their existing free trade agreement, affecting key sectors including automotive and semiconductors. Han expressed willingness to address American concerns about non-tariff barriers and the growing trade surplus, suggesting increased purchases of US liquefied natural gas and commercial airliners as potential solutions.
3. Thirteen Cryptocurrencies Submit Spot ETF Applications in the US
According to BlockBeats, thirteen cryptocurrencies have recently submitted applications for spot ETFs in the US, including nine altcoins (SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, and TRX) and four meme tokens (DOGE, TRUMP, BONK, and PENGU). SOL and XRP have attracted the most institutional interest, with six and ten applications respectively. The latest submission came from Canary Capital for a TRX spot ETF on April 19. The application process can theoretically take up to 240 days but may extend longer if the SEC requests multiple revisions, with exchanges required to submit 19b-4 documents on behalf of issuers, followed by S-1 registration statements costing approximately $100,000 to draft.
4. VOXEL Token Surges 140% in 24 Hours
$VOXEL surged past $0.10, marking a 140% increase in 24 hours.
5. Exchange Adjusts VOXELUSDT Perpetual Contract Funding Rate Settlement Frequency
According to an official announcement, starting from April 20, 2025, at 14:00 (Beijing time), the funding rate settlement frequency for the VOXELUSDT perpetual contract will be adjusted from once every two hours to once every hour, while maintaining the funding rate upper and lower limits at ±2.00%.
EVENING NEWS
1. Massachusetts Court Rules Bank Not Liable for Customer’s $751,000 Crypto Scam Loss
A Massachusetts appellate court has ruled that Santander Bank cannot be held responsible for a $751,000 loss suffered by customer Lourenco Garcia in a cryptocurrency scam. According to the court, neither Santander’s customer agreement nor Massachusetts law requires banks to block or investigate customer-authorized transactions, even when tied to apparent fraud. Garcia had personally authorized multiple debit card purchases and wire transfers to buy cryptocurrency through a platform called CoinEgg, which turned out to be fraudulent. The court emphasized that banks are not financial guardians against crypto-related losses, especially for transactions approved by customers. This ruling comes as crypto scam losses have increased dramatically, with rug pulls wiping out nearly $6 billion in Q1 2025 alone.
2. Suspicious Transactions Detected on Arbitrum’s Numa Protocol
Cyvers Alerts reported on Twitter that suspicious transactions have been detected on the Arbitrum chain involving the Numa protocol. Approximately 82,279.85 NUMA and 283 rETH may have been stolen, with the attacker bridging the assets to Ethereum and depositing the funds into Tornado.cash.
3. ECB Analysis Shows Digital Euro Could Replace Significant Portion of Cash and Bank Deposits
A recent European Central Bank (ECB) report suggests the upcoming digital euro could replace 5 out of every 10 euros in physical banknotes and 3 out of every 10 euros from bank deposits. The ECB estimates that up to €256 billion in banknotes could be substituted, though with over €1.56 trillion in banknotes currently circulating, its use may remain relatively limited. ECB board member Piero Cipollone emphasized the digital euro’s necessity as Europe pushes to counter dollar stablecoins.
4. Bitget Investigating Abnormal Trading in VOXEL/USDT Contract
Bitget’s Chinese head Xie Jiayin announced the exchange is investigating abnormal trading behavior in the VOXEL/USDT contract trading pair. Some users may be subject to risk control measures while the investigation continues, though all functions including trading, deposits, and withdrawals are operating normally. Previously, the 24-hour trading volume of the VOXEL/USDT contract on Bitget had exceeded that of Bitcoin, raising suspicions of irregular activity.
5. Binance Adjusts Funding Rate Settlement Frequency for Selected Perpetual Contracts
According to an official announcement, Binance will adjust the funding rate settlement frequency for the NKNUSDT and BROCCOLIF3BUSDT U-based perpetual contracts on April 20, 2025, at 16:00 (UTC+8). The settlement frequency will change from once every eight hours to once every four hours.
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