Decentral Block Post

United States exchanges are betting big on cryptocurrency derivatives as market turbulence from US President Donald Trump’s looming trade war propels demand for the financial instruments. 

Since late 2024, exchanges including Coinbase, Robinhood, Kraken, and the Chicago Mercantile Exchange (CME) Group have been listing new types of crypto derivatives and mulling multibillion-dollar acquisitions as they vie for control of the burgeoning market. 

In April, the stakes became even higher after Trump’s unveiling of sweeping tariff plans sent financial markets into a frenzy and spiked crypto derivatives trading volumes. 

“Institutional and sophisticated retail traders are increasingly turning to crypto derivatives platforms to navigate macroeconomic risks and uncertainty brought on by escalated tariff policies and global trade tensions,” David Siemer, CEO of asset manager Wave Digital Assets, told Cointelegraph. 

Consequently, US exchanges are “experiencing record-breaking surges in trading activity and are expanding their investment offerings with the promise of regulatory clarity,” Siemer said.

Key Takeaways: 

XRP has gained 25% since April 7, and its open interest has risen by 32%.

Positive spot market activity contrasts with a neutral futures funding rate, highlighting a tug-of-war between traders.

Analysts still have double-digit price targets for XRP.

XRP's (XRP) price fell to a year-to-date low of $1.61 on April 7, but has gained 25% over the past two weeks as the broader crypto market recovered and XRP open interest surged.

The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.

The regulator cited the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to develop clear crypto regulations as the primary reason for dropping the litigation, according to the April 23 legal filing shared by Coinbase's chief legal officer, Paul Grewal.

The filing read:

"The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services."

"Due to the foregoing, the Commission believes it would be apt to allow policymakers time to consider regulatory constructs," the filing continued.

The Alabama Securities Commission filed its lawsuit against Coinbase in June 2023, alongside state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.

Key Takeaways:

Bitcoin short-term holders are back in profit, increasing chances for a rally to $100,000.

Long-term holders added 363,000 BTC since February, with new buyers injecting capital in April.

Bitcoin sell pressure risk exists at $97,000, where 392,000 BTC could be sold.

Bitcoin’s (BTC) surge above $91,700 on April 22 pushed its value above the short-term realized price or cost basis. This implies that a majority of short-term holders (STHs) are currently back in profit.

Officials with the US Securities and Exchange Commission’s (SEC) crypto task force met with the El Salvador National Commission on Digital Assets (CNAD) to discuss regulation and a proposed cross-border sandbox.

In an April 22 memo, the SEC’s crypto task force reported meeting with officials from El Salvador, Perkin Law Firm, and former Goldman Sachs partner Heather Shemilt as part of the commission’s outreach to the industry. The representatives discussed US-El Salvador cross-border collaboration on crypto regulation at a time when the relationship between the two countries was in the national spotlight over immigration and US deportations to an El Salvador prison.

According to the meeting notes, El Salvador’s national commission agreed to collaborate with the SEC to establish a sandbox pilot program, capped at $10,000 for each scenario. The program proposed allowing brokers licensed in the US to obtain a digital asset license in El Salvador and issue “non-securities” tokens in collaboration with a local company.

Many in the crypto industry see Salvadoran President Nayib Bukele as behind the country’s efforts to adopt cryptocurrency since he announced legislation to recognize Bitcoin (BTC) as legal tender in 2021. Bukele met with US President Donald Trump on April 14, discussing details of a $6 million deal in which the Trump administration has been sending immigrants, whose legal status to be in the US is unclear, to prisons in El Salvador. Some of these deportations violated orders from federal judges.

Related: Bitcoin takes back seat as Trump, Bukele focus on trade and immigration

Luxury hospitality platform Dorsia is rolling out crypto payments for clients in the United States, the United Kingdom, Europe, and six Arab nations.

The payments feature is being enabled through a partnership with MoonPay, the companies told Cointelegraph. With the integration, users will be able to book luxury travel experiences and complete transactions directly in USDC (USDC) and Solana-based tokens through the Dorsia app.

“[…] integrating crypto payments is a natural next step in aligning with the evolving preferences of our members,” Marc Lotenberg, founder and CEO of Dorsia, said in an interview.

Dorsia is the latest luxury firm to turn to crypto services for high-net-worth individuals. The industry has been highly active in the Web3 space over the past few years, exploring crypto on-ramps and customer engagement features, such as non-fungible tokens and metaverses.

Luxury carmakers Lamborghini and Ferrari, and watchmakers like Patek Philippe, are a few companies accepting payments in cryptocurrencies.

Key points:

Bitcoin’s rally is backed by solid institutional buying in the spot BTC ETFs.

A rally above the $95,000 level could be difficult, but analysts’ end-of-year price projections now extend to $200,000.

Select altcoins are showing signs of a price bottom.

Bitcoin (BTC) price rallied close to the $95,000 resistance level on April 23 as the cryptocurrency finds support from rising spot BTC ETF inflows and positive macroeconomic news in the United States. According to Farside Investors, the funds recorded net inflows of $381.3 million on April 21 and $912.7 million on April 22.

United States Treasury Secretary Scott Bessent recently called for “Bretton Woods institutions,” such as the International Monetary Fund (IMF), to reorient themselves, a signal that the global monetary order could be shifting.

Speaking at the Institute of International Finance (IIF) on April 23, Bessent called on the IMF and the World Bank to correct trade imbalances and protect the value of fiat currencies against exchange rate risk.

"The Bretton Woods institutions must step back from their sprawling and unfocused agendas," Bessent said. He added:

"The IMF's mission is to promote international monetary cooperation, facilitate the balanced growth of international trade, encourage economic growth, and discourage harmful policies like competitive exchange rate depreciation."

Bessent's call for the IMF to correct trade imbalances between countries, specifically the US and China, coincides with a decline in the US dollar to three-year lows, $36 trillion in US government debt, and stiff economic competition from China.

The Dollar Currency Index (DXY), a measure of the US dollar’s strength relative to other major fiat currencies, plunges to three-year lows. Source: TradingView

Investor and hedge fund manager Ray Dalio argues that the world is experiencing a global macroeconomic shift that will upend the post-WWII financial order and eventually replace the US dollar as the global reserve currency, potentially with a digital form of money.

Key points:

Bitcoin ETF inflows obliterated the 2025 average on April 22.

ETF performance remains tightly dependent on BTC price action, with the turnaround following six-week highs in BTC/USD.

ETFs themselves are gaining influence, with one commentator arguing that they can “determine” exchange activity.

Bitcoin (BTC) institutional investors piled over eleven times the all-time average into the US spot Bitcoin exchange-traded funds (ETFs) on April 22.

Some of the top holders of Donald Trump’s memecoin could come out of the shadows to appear for a dinner the US President is planning to host on May 22.

As of April 23, the official Trump memecoin (TRUMP) website offered the opportunity for the “top 220” holders to meet the president in person at his golf club in Washington, DC. At the time of publication, the guest list for the event was unclear, but the project stated any tokenholder who applied had to pass a background check, “can not be from a [Know Your Customer] watchlist country,” and could not have any additional guests.

The memecoin, which the then-president-elect launched on Jan. 17 before taking office, has been heavily criticized by the crypto industry and lawmakers for potentially allowing foreign officials and interest groups to send money directly to the US President without proper disclosure and oversight. The team behind the project controls 80% of the total supply, while the identities of many of the other top tokenholders are mainly unknown.

Top TRUMP memecoin holders as of April 23. Source: TRUMP token

The price of the TRUMP memecoin surged roughly 52% from $9.30 to $14.20 shortly after the dinner announcement. After the token launched on Jan. 17, the project’s market capitalization increased to roughly $15 billion before dropping more than 50% by Jan. 20.

Related: US lawmaker says TRUMP coin could risk national security

For years, crypto investors have looked to the four-year cycle, anchored around Bitcoin’s halving events, as a kind of sacred roadmap. The theory goes: Every four years, Bitcoin’s supply is cut in half, triggering a bullish frenzy, followed by a euphoric peak, a brutal crash, and then a slow recovery. Rinse, repeat.

But what if that model is starting to break? That is what onchain analyst James Check suggests.

In an interview with Cointelegraph, Check said that the tidy frameworks that once defined Bitcoin’s market behavior are no longer as useful in today’s macro-driven, institutionally influenced environment.

Rather than labeling the current market as “bull” or “bear,” Check paints a more nuanced picture. Bitcoin, he argues, is now driven more by macroeconomic conditions and investor psychology than by predictable cycles or halving dates. As such, the lines between bull and bear get blurry.

“The world doesn’t operate on four-year cycles,” he says. “You can imagine a headline tomorrow where suddenly all these tariffs get pulled back […] and markets start to move. I can just as easily construct a case where the next headline could send all risk assets into a pretty nasty decline.”

If you’re following developments in the cryptocurrency market, you’ve likely noticed that Coinbase Derivatives has introduced XRP futures contracts to its US derivatives exchange. This move is part of a broader trend where regulated platforms are expanding access to futures trading, giving investors new ways to engage with digital assets like XRP (XRP).

But what exactly are XRP futures? And how do you get involved as an investor or trader?

Let’s take a closer look.

What are XRP futures?

XRP futures are standardized financial contracts that allow you to agree to buy or sell XRP at a predetermined price on a specific future date. Rather than trading the actual token, you’re trading a contract that tracks the price of XRP.

These contracts are overseen by the US Commodity Futures Trading Commission (CFTC), meaning they operate within a regulated framework. That adds a level of oversight and structure that appeals to many investors, particularly those wary of the risks tied to unregulated platforms.

Riot Platforms has used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion. 

The $100 million loan from Coinbase’s credit arm marks Riot’s “first Bitcoin-backed facility,” CEO Jason Les said in an April 23 statement.

Les said the credit line will be used to fund general corporate operations and support the company’s “strategic growth initiatives.”

Source: Riot Platforms

The credit line is scheduled to mature in one year’s time, but could be extended for an additional year. The loan carries an annual interest payment of at least 9%, based on the current upper limit of the federal funds rate plus 4.5%. 

Crucially, the funding amount “will be secured by a portion of [Riot Platforms’] total Bitcoin holdings,” the company said.

Ethereum is entering one of its most precarious periods since its inception. Usage on the base layer is plummeting, core metrics are nearing multi-year lows, and even co-founder Vitalik Buterin is proposing a radical architectural overhaul. 

Institutions aren’t waiting to see how it plays out. Blockchain data shows that long-time supporters such as Galaxy Digital and Paradigm have been slashing their Ether (ETH) holdings in recent weeks. 

So far in April, Ethereum’s base-layer activity has continued to collapse. Ethereum’s network fees are dropping, and inflation has been rising. Though layer-2 networks continue to develop, they’re cannibalizing the base layer’s value capture.

But the story isn’t entirely about Ethereum’s collapse. Some whales are treating this downturn as a rare buying opportunity. Even those who are selling Ether can’t fully let it go.

Ethereum gets dumped by institutions, but for how long?

Institutions are dumping Ethereum, but it’s the ex they keep checking on. It’s not entirely out of the picture — just benched while they explore options like Solana (SOL).

Opinion by: Sasha Shilina, PhD, founder of Episteme and researcher at Paradigm Research Institute

Decentralized prediction markets are gaining ground in the scientific world, offering an intriguing answer to the field’s ongoing reproducibility crisis. While a notable share of research findings fail to replicate in independent tests, supporters believe market-driven forecasting can speed up identifying robust studies.

Detractors remain cautious, worried that introducing financial wagers could compromise the measured, peer-reviewed process that has guided academic inquiry for centuries. The debate hinges on whether blockchain-based forecasting will elevate or destabilize scientific credibility.

Crowdsourcing predictions

Despite these concerns, recent developments point toward real promise. Platforms like Polymarket and Pump.science have shown that crowdsourcing predictions can help refine collective judgment in fields as varied as politics and longevity. This model is being adapted for science, where it could quickly flag dubious claims and reward reproducible ones. 

Although critics highlight potential market manipulation, decentralized science (DeSci) advocates argue that broad participation from multiple stakeholders could democratize the validation process, discouraging one-sided interventions by well-funded groups.

Payments behemoth PayPal plans to offer a 3.7% yield on balances held in its PayPal USD stablecoin.

According to an April 23 Bloomberg report, a PayPal representative said that the measure aims to encourage more usage of the firm’s stablecoin. The program is expected to launch this summer, and the rewards will also be paid out in PayPal USD (PYUSD).

Users will be able to exchange PYUSD for fiat currency, spend it or send it to other users. The rewards will accrue daily and will be paid on a monthly basis. The company hopes this feature will lead to a higher predominance of stablecoin and crypto payments on its platform.

The report follows PayPal USD reaching a $1 billion market cap in the summer of 2024. As of publication, the stablecoin’s market cap is nearly a quarter lower at $873.3 million.

PayPal USD’s market cap chart. Source: CoinMarketCap

Tzahi Kanza, CEO of crypto investment firm Syndika, told Cointelegraph that “from a regulatory standpoint, PayPal must ensure that offering interest doesn’t cause its stablecoin to be classified as a security. “When it comes to financial risks for the users, he said that PayPal can keep its promises, and the main risk is losing the peg to the dollar rather than interest-related issues. He said:

Richard Heart, the controversial founder of HEX, is claiming total victory over the US SEC after years of court battles.

On April 21, the SEC said that it would not amend and refile its fraud case against the former child actor and crypto evangelist. A court had dismissed the SEC’s fraud charges against Heart on Feb. 28.

Heart announced on X that HEX had obtained a victory very few crypto projects could boast: “Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have achieved regulatory clarity that nearly no other coins have.”

HEX may be out of hot water with American securities regulators (for now), but Heart still faces charges in Europe, where he is wanted both for alleged tax fraud and for alleged assault on a minor. 

Richard Heart, real name Richard James Schueler, is still on Interpol’s wanted list. Source: Interpol

SEC claimed Heart used HEX to defraud investors

In July 2023, the SEC filed a complaint against Heart, whose real name is Richard James Schueler, along with HEX, HEX’s layer-1 blockchain project, PulseChain, and the decentralized exchange (DEX) for the PulseChain network, PulseX. 

Gaming giant Ubisoft has partnered with Web3 firm Immutable to launch Might & Magic: Fates, a blockchain-powered strategy card game set in the Might & Magic universe.

According to a news release shared with Cointelegraph, Might & Magic: Fates blends classic strategic gameplay with modern blockchain technology, offering players digital ownership through Immutable’s Web3 infrastructure.

The game will launch on iOS and Android. The title introduces fresh mechanics, faction-based strategies and a wide array of legendary heroes and creatures.

Players can collect, trade, and customize decks using hundreds of cards, crafting unique strategies in a competitive environment where success is driven by skill and tactical decision-making.

Immutable co-founder Robbie Ferguson teases major announcement. Source: Robbie Ferguson

“The game is free-to-play with no hard progression barriers. Players advance by collecting cards and in-game currency through gameplay,” Justin Hulog, chief studio officer for Immutable, told Cointelegraph.

Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.

The round included more than 100 angel investors, with participation from major industry players including Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.

The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.

The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement stated.

“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”

Michael Saylor, the CEO of top corporate Bitcoin holder Strategy (formerly MicroStrategy), expressed support for newly appointed US Securities and Exchange Commission (SEC) Chair Paul Atkins.

In an April 23 X post, Saylor wrote that “SEC Chairman Paul Atkins will be good for Bitcoin.” The statement follows Atkins’ swearing-in as the 34th chairman of the SEC on April 21.

Source: Michael Saylor

Blue Macellari, the head of digital assets at investment firm T. Rowe Price, also commented positively on Atkins’ swearing in during a recent Bloomberg interview. She seemed hopeful and recognized a change in how the SEC has acted under the new administration, particularly with crypto-related information, including “close to six or seven roundtables” with industry professionals. She said:

“I think that that’s gonna feed into the ability to make thoughtful and considerate policies.”

Vincent Liu , chief investment officer at crypto investment firm Kronos Research, told Cointelegraph that “under Chair Atkins, finalizing custody rules for digital assets is expected to provide the investor protections that institutions demand.” Other issues expected to be resolved are clarification on whether some digital assets are securities or commodities:

“Together, these two moves will help establish clear custody standards and bring much-needed clarity paving the way for the next wave of crypto product innovation.”

Related: SEC and feds charge man over $200M crypto trading scheme

Crypto exchange giant Coinbase is set to expand its footprint by hiring over 130 employees in Charlotte, North Carolina, as part of a broader push to tap into emerging fintech talent pools across the US, a company spokesperson confirmed to Cointelegraph.

“Coinbase is making a new investment in Charlotte with a new physical office and an immediate commitment to hire for 130+ local roles across both Compliance and Customer Support over the next six months,” the spokesperson said.

They added that Coinbase’s focus on Charlotte is in response to the city’s emergence as a key financial and tech center, making it a prime choice for expansion to address increasing customer and compliance demands.

With a fast-growing population and a highly skilled talent pool, Charlotte offers an ideal setting to support Coinbase’s long-term growth, the spokesperson said.

Related: Coinbase Derivatives lists XRP futures

Bitcoin (BTC) has overtaken Alphabet (Google) to become the world’s fifth most valuable asset by market capitalization.

As of April 23, Bitcoin’s market cap surged to $1.87 trillion, edging past Alphabet’s $1.859 trillion valuation, according to asset ranking data. BTC is now behind only gold, Apple, Microsoft and Nvidia.

Top assets by market cap. Source: CompaniesMarketCap.com

Bitcoin beats Nasdaq 100 returns in April

Bitcoin’s edge over Alphabet coincides with its ongoing “decoupling” from its long-standing correlation with US tech stocks, especially in April, when BTC’s price rallied 15% despite the Nasdaq 100’s returns of 4.50% in the same period.

BTC/USD and Nasdaq 100 price comparison chart. Source: TradingView

This decoupling followed months of disappointment for crypto bulls, who expected a stronger post-election rally.

Even with April’s gains, BTC’s price remains 16% below its $109,000 all-time high set in January, when Trump was re-inaugurated as the US president.

Crypto markets have faced a wave of liquidations over the past 24 hours, with total losses reaching $635.9 million, according to market data. Most of the liquidations (over $560 million) came from short positions, signaling growing pressure on bearish traders.

Bitcoin (BTC) led the liquidation charts, with $293 million in short positions wiped out as BTC surged past $94,000, marking a 6.29% gain within one day, according to CoinGlass data.

Ether (ETH) followed, with over $109 million in short liquidations as its price climbed nearly 10% to $1,787.

Data from exchanges showed Binance accounted for the largest share of liquidations at $18.7 million in the last four hours, with 78% of that targeting short positions. Bybit and OKX also saw significant liquidation volumes, reflecting widespread volatility across major platforms.

Crypto market sees a wave of liquidations. Source: CoinGlass

Related: Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?

Investments in Bitcoin exchange-traded funds (ETFs) rebounded to levels last seen in January, signaling a recovery in investor sentiment from concerns about global trade tariff escalations.

US spot Bitcoin (BTC) ETFs had over $912 million worth of cumulative net inflows on April 22, marking their highest daily investment in more than three months since Jan. 21, Farside Investors data shows.

Bitcoin ETF Flow, millions. Source: Farside Investors

“Bitcoin ETPs just saw the largest daily inflows since 21st January in a dramatic improvement in sentiment,” according to James Butterfill, head of research at CoinShares.

Related: Bitcoin still on track for $1.8M in 2035, says analyst

Investor sentiment appeared to improve after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations.

Crypto drainers, malware designed to steal cryptocurrency, have become easier to access as the ecosystem evolves into a software-as-a-service (SaaS) business model.

In an April 22 report, crypto forensics and compliance firm AMLBot revealed that many drainer operations have transitioned to a SaaS model known as drainer-as-a-service (DaaS). The report revealed that malware spreaders can rent a drainer for as little as 100 to 300 USDt (USDT).

Crypto drainers report image. Source: AMLBot

AMLBot CEO Slava Demchuk told Cointelegraph that “previously, entering the world of cryptocurrency scams required a fair amount of technical knowledge.” That is no longer the case. Under the DaaS model, “getting started isn’t significantly more difficult than with other types of cybercrime.”

Demchuk explained that would-be drainer users join online communities to learn from experienced scammers who provide guides and tutorials. This is how many criminals involved with traditional phishing campaigns transition to the crypto drainer space.

Related: North Korean hackers target crypto devs with fake recruitment tests

Key points:

Whales on Binance join Coinbase in adding BTC exposure as Bitcoin recovers above $90,000.

The Coinbase premium is back in the green amid a broad risk-asset relief rally.

Resistance attributed to an entity dubbed “Spoofy the Whale” at $90,000 disappears.

Bitcoin (BTC) has fresh whale buying pressure across major exchanges as large-volume investors boost BTC price gains.

Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.

In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.

Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.

For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.

Binance to require information for all crypto transfers in South Africa. Source: Binance

The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.

Ethereum’s price has surged after having been in the doldrums for weeks, helping boost its market share after it hit record lows.

Ether (ETH) has surged almost 15% over the past 24 hours, topping $1,800 on April 23. It has outperformed Bitcoin, which notched a 6% gain, and the wider crypto market, which has climbed almost 5% to reclaim a total market value of $3 trillion. 

Ether has now managed to recover almost 30% since its April 9 crash to $1,400, leading some analysts to suggest that the worst may be over for the world’s second-largest crypto asset.

“You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up,” crypto trader and analyst “Income Sharks” commented to their 640,000 X followers.

Market analyst “Ash Crypto” said ETH was “about to explode,” drawing comparison from the current chart pattern for Ether to that for Bitcoin’s performance in late 2024. 

Bitcoin’s 12% rally over the week and a surge in related exchange-traded fund (ETF) inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals.

“Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” 10x Research head of research Markus Thielen said in an April 23 markets report.

Stablecoin absence may limit Bitcoin upside

Thielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000.

He added, however, that “the absence of strong stablecoin inflows raises questions about follow-through.”

Markus Thielen is watching the stablecoin minting indicator before confirming the Bitcoin uptrend is sustainable. Source: 10x Research

Bitcoin was trading at $93,133 at the time of writing, up 11.42% over the past seven days, according to CoinMarketCap.