Opinion by: Alvin Kan, chief operating officer of Bitget Wallet

Here we go again: A top centralized crypto exchange (CEX) was hacked, this time likely for the largest sum in humanity’s history. We were lucky to avoid the worst — platform collapse and devastating consequences for the industry. The incident reminded us again that even the strongest market players are not invincible. 

CEXs’ freedom to manage customer funds comes with risks, reminding users that good old non-custodial storage is still the safest. With recent advances in security features, wallets safeguard coins and help users safely make the most of their crypto.

Golden rules never rust

After the $1.5 billion Bybit hack, things settled down quite quickly. If the platform didn’t keep reserves of 1:1 for client funds, however, the hack could have dire consequences for the entire industry. When FTX’s liquidity problems surfaced in 2022, a bank run killed the platform in days, and billions of repayments are only just starting.

Historically, CEXs have been a primary target for hackers. Between 2012 and 2023, centralized exchanges fell victim to 118 hacks, losing almost $11 billion. This is 11 times more than money directly stolen from blockchain networks and cryptocurrency wallets. Again and again, we see how vulnerable crypto market titans can be. The golden “not your keys, not your Bitcoin” rule remains highly relevant.

Making a centralized crypto exchange deposit means delegating the storage of your money. CEXs keep all private keys and hence have complete control over customers’ funds. Besides a smooth trading experience, this entails a few unpleasant consequences. 

Bitcoin (BTC) fell below $75,000 on April 6, pressured by traditional markets as S&P 500 futures hit their lowest levels since January 2024. The initial panic also caused WTI oil futures to drop below $60 for the first time in four years. However, markets later recovered some losses, allowing Bitcoin to reclaim the $78,000 level.

Bitcoin's high correlation with traditional markets tends to be short-lived

While some analysts argue that Bitcoin has entered a bear market following a 30% price correction from its cycle peak, historical data offers numerous examples of even stronger recoveries. Notably, Bitcoin's high correlation with traditional markets tends to be short-lived. Several indicators suggest traders are simply waiting for better entry opportunities.

40-day correlation: S&P 500 futures vs. Bitcoin/USD. Source: TradingView / Cointelegraph

Bitcoin's recent performance has been closely tied to the S&P 500, but this correlation fluctuates significantly over time. For example, the correlation turned negative in June 2024 as the two asset classes moved in opposite directions for nearly 50 days. Furthermore, while the correlation metric exceeded the 60% threshold for 272 days over two years—roughly 38% of the period—this figure is statistically inconclusive.

The recent Bitcoin price drop to $74,440 reflects heightened uncertainty in traditional markets. While periods of unusually high correlation between Bitcoin and traditional assets have occurred in the past, they rarely last long. Furthermore, most major tech stocks are currently trading down by 30% or more from their all-time highs.

Bitcoin (BTC) sought a relief rally into the April 7 Wall Street open as US stocks rebounded from a 4%+ loss.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin joins US stocks in relief rally

Data from Cointelegraph Markets Pro and TradingView showed the area around $80,000 forming a focus for BTC/USD after the pair hit five-month lows.

The fallout from US trade tariffs continued to ricochet across global markets, with Asia stocks closing the day with considerable losses.

At the same time, reports of a potential 90-day pause in the tariffs going live, against a background of negotiations with over 50 US trading partners, helped pare losses in futures markets ahead of the open and allowed the S&P 500 and Nasdaq Composite Index to avert a ”Black Monday” 1987-style implosion.

More than 90% of the voting creditors of the Indian crypto exchange WazirX voted in favor of the platform’s post-hack restructuring plan.

According to an April 7 announcement, 93.1% of voting creditors who hold 94.6% of the value voted in favor of the plan. All creditors who held crypto balances on the platform were eligible to vote on the Kroll Issuer Services platform from March 19 until March 28.

WazirX co-founder and CEO Nischal Shetty told Cointelegraph that with the plan approved, stolen asset recovery is “a primary focus.” Still, he pointed to profit sharing as a further measure that the firm hopes to use to compensate its users.

The news follows early February reports that WazirX had warned that repayments from the $235 million hack against it could be delayed until 2030 if creditors didn’t approve its proposed restructuring plan. At the time, the platform said that creditors might need to endure “unclear and potentially extended timelines” if the plan wasn’t approved.

WazirX said creditors could face repayment delays if they voted against the restructuring plan. Source: WazirX

Michael Saylor’s firm Strategy, the world’s largest publicly listed corporate holder of Bitcoin, did not add to its BTC holdings last week as the cryptocurrency’s price dropped below $87,000.

In a filing with the US Securities and Exchange Commission on April 7, Strategy announced it made no Bitcoin (BTC) purchases during the week of March 31 to April 6.

The decision followed a week of heightened market volatility, with BTC surging to as high as $87,000 on April 2 after starting the week at around $82,000, according to data from CoinGecko.

Bitcoin price from March 31, 2025, to April 6, 2025. Source: CoinGecko

BTC fell below $80,000 on April 6, a significant discount from the average BTC price of Strategy’s previous 22,000 BTC purchase announced on March 31.

A wallet linked to the $40 million ZKasino scam lost more than $27 million after a leveraged position was liquidated, marking what some in the crypto community are calling a dose of karmic justice.

ZKasino launched in April 2024, luring investor capital by promising an airdrop of its native token to users who bridged Ether (ETH) to the platform.

However, instead of returning the funds, ZKasino transferred around $33 million in user ETH to the staking protocol Lido Finance.

Nearly a year later, the wallet behind the alleged exploit has been liquidated for $27.1 million after ETH’s price declined sharply, according to blockchain analytics platform Onchain Lens.

Source: Onchain Lens

US federal agencies are expected to disclose their cryptocurrency holdings to the Department of the Treasury by April 7, following an executive order signed by President Donald Trump earlier this year.

Citing an unidentified White House official, journalist Eleanor Terrett reported that the deadline for federal agencies to report their crypto holdings to Treasury Secretary Scott Bessent is April 7.

The disclosures will remain confidential for now. “Unclear as of now if and when the findings could be made public,” Terrett wrote.

Source: Eleanor Terret

Crypto disclosure follows Bitcoin Reserve establishment

The reporting requirement followed an executive order signed on March 7 that directed the creation of a Strategic Bitcoin Reserve and a broader Digital Asset Stockpile. The Bitcoin (BTC) reserve will be seeded with BTC forfeited to federal agencies through civil or criminal asset seizures.

The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.

Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.

Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.

Related: 0G Foundation launches $88M fund for AI-powered DeFi agents

Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:

Cryptocurrency exchange-traded products (ETPs) saw renewed outflows last week, with $240 million in investor capital pulled, according to an April 7 report from digital asset manager CoinShares.

The outflows reversed two consecutive weeks of inflows that totaled $870 million, leaving total digital asset ETP holdings at about $133 billion, CoinShares reported.

The new outflows likely reflect investor caution in response to global trade tariffs imposed by the United States and concerns over their potential threat to global economic growth, CoinShares head of research James Butterfill said.

Weekly crypto ETP flows since late 2024. Source: CoinShares

Bitcoin ETPs flip monthly total negative

Bitcoin (BTC) ETPs led the downturn, with $207 million in weekly outflows. As a result, monthly flows turned negative for the first time this year, with $138 million in net outflows in the past 30 days.

Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.

In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.

Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:

“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”

“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.

An unidentified cryptocurrency whale injected millions of dollars in emergency capital to avoid a potential liquidation of more than $300 million in Ether as markets slumped amid renewed macroeconomic pressure.

The whale is reportedly close to liquidation on a 220,000 Ether (ETH) position on MakerDAO, a decentralized finance (DeFi) lending platform. To stave off liquidation, the investor deposited 10,000 ETH — worth more than $14.5 million — and 3.54 million Dai (DAI) to raise the position’s liquidation price, blockchain analytics firm Lookonchain said in an April 7 post on X.

“If $ETH drops to $1,119.3, the 220,000 $ETH($340M) will be liquidated.”

Source: Lookonchain

The development came hours after another Ether investor was liquidated for over $106 million on the decentralized finance (DeFi) lending platform Sky.

The whale lost more than 67,000 ETH when the asset crashed by around 14% on April 6. Sky’s system employs an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI.

Key takeaways

Render Network connects GPU owners with creators, allowing users to rent idle graphics power for AI training, 3D rendering and crypto-related projects.

The RNDR token powers the ecosystem, enabling fast, transparent and decentralized transactions between creators and node operators.

Decentralized rendering is more accessible and cost-effective than traditional centralized GPU services, solving issues such as pricing, scalability and vendor lock-in.

Proof-of-render ensures verified outputs, rewarding only completed, validated tasks while maintaining blockchain-level trust and transparency.

The hunger for powerful graphics processing units (GPUs) has skyrocketed. Whether it’s training complex AI models or rendering high-fidelity 3D graphics, the demand often outstrips supply.

Bitcoin (BTC) is turning back the clock this week as tariff mayhem drags BTC price action toward 2021.

Bitcoin is giving up bull market support lines left and right as a new “death cross” completes on the BTC/USD daily chart.

CPI week is firmly overshadowed by US trade tariffs and their increasingly global impact on stock markets.

Both crypto and TradFi market participants are drawing comparisons to “Black Monday” 1987 and the COVID-19 cross-market crash.

Bitcoin’s speculative investor base is firmly out of pocket and likely increasingly tempted to panic sell.

Opinion by: Ismael Hishon-Rezaizadeh, co-founder and CEO of Lagrange

Trade wars and proxy wars are underway in the current geopolitical power realignment, but the next phase won’t be fought with tariffs or drones. It will be decided by who leads in cryptography.

Just as past industrial and technological revolutions in its private sector yielded the US an edge in global power, the ability to secure and verify information through cryptographic breakthroughs, especially in zero-knowledge (ZK) proofs, will determine the balance of power in the digital age.

The US risks falling behind. While China and other nations invest aggressively in technological advancements, America lacks a national strategy to maintain leadership in this critical domain. It’s time to recognize cryptography as a foundational technological asset and a key to securing the country’s economic and national security future.

From industrial might

During the world wars of the previous century, the US maintained a dominant global position through industrial strength. The country supplied around 75% of the oil used by the Allies in WWI and around 85% of their oil in WWII. The US also manufactured approximately two-thirds of all military equipment used by the Allies in the latter, playing a pivotal role in the war’s outcome.

A crypto user has gone very long on Solana, staking a very small portion of the token for the next 3,000 years, according to blockchain analytics firm Arkham Intelligence.

The unknown user staked $0.05 Solana (SOL) in 2023, and it will unlock in the year 5138, Arkham said in an April 5 post to X.

Speaking to Cointelegraph, Vincent Liu, chief investment officer at Kronos Research, said the move was likely a symbolic sign of showing conviction in Solana’s long-term ecosystem.

Source: Arkham Intelligence

“Legacy staking is more than locking assets it’s a mindset. The real edge in crypto isn’t in chasing short-term hype, but in holding long-term conviction assets through cycles,” he said.

An Ether investor who had a large position on decentralized finance (DeFi) lending platform Sky has been liquidated to the tune of more than $100 million as the price of Ether crashed. 

The Ether (ETH) whale lost 67,570 ETH worth around $106 million when the asset crashed by around 14% on April 6, liquidating his collateralized debt position on Sky, according to Maker Vaults explorer DeFi Explore, and as observed by Lookonchain.

The Sky lending protocol, which rebranded from Maker in August, is used by DeFi participants to create collateralized debt positions by providing crypto, ETH in this case, to borrow the platform’s stablecoin, DAI (DAI).

The system uses an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI. 

The protocol autonomously monitors the value of ETH collateral relative to the borrowed DAI, and if the ETH value falls and the collateral ratio drops below the minimum requirement, the position becomes eligible for liquidation.

A defendant in a New York appeals court has been slammed by a judge for using an artificial intelligence avatar to represent himself in a recent case. 

A New York appeals court faced an unusual situation in late March when Jerome Dewald, representing himself in an employment dispute, submitted an AI-generated avatar to present his legal arguments via video, a livestream of the hearing shows. 

It’s the latest example of artificial intelligence tools trickling their way into courtrooms. 

Within seconds of the video starting, Justice Sallie Manzanet-Daniels called for it to stop, asking whether the avatar was counsel for the case. 

“I generated that,” 74-year-old Dewald responded, adding, “That is not a real person.”

The Bitcoin network hashrate has topped 1 Zetahash per second (ZH/s) for the first time in Bitcoin’s 16-year history, according to several blockchain data sources.

Bitcoin’s hashrate crossed the milestone on April 5 at a peak of 1.025 ZH/s, according to mempool.space data, while BTC Frame data said it hit 1.02 ZH/s a day earlier.

Data from Coinwarz says that Bitcoin hashrate soared to as high as 1.1 ZH/s on April 4 at block height 890,915 — however, the same data indicates that Bitcoin first crossed 1 ZH/s on March 24.

Bitcoin’s hashrate has fallen back below 0.95 ZH/s on April 7 since reaching 1 ZH/s. Source: BTC Frame

Discrepancy in Bitcoin hashrate trackers 

The differences result from the varying approaches used to calculate hashrate — such as when block times and difficulty adjustments are measured, which Bitcoin nodes and miner pools are used to pull data from and more.

Alon Cohen, co-founder of the Solana-based memecoin launchpad Pump.fun, is set to bring back live streaming on the platform — five months after suspending the feature after several incidents involving harmful content. 

Posting on X on April 4, Cohen said the feature has returned with “industry standard moderation systems in place and transparent guidelines.” He said it had been rolled out to just 5% of users. 

Source: Alon Cohen

Pump.fun’s website describes the purpose of its new live-streaming moderation policy as being “to cultivate a social environment on pump fun that preserves creativity and freedom of expression and encourages meaningful engagement amongst users, free of illegal, harmful, and negative interactions.”

Breaches of the moderation policy could see creators having their livestreams and Pump.fun accounts terminated. 

Cryptocurrency prices tumbled as the US stock futures market opened sharply lower on April 6 as the Trump administration doubled down on its global tariff strategy.

The Trump administration hit all countries with a 10% tariff starting April 5, with some slapped at higher rates, including China at 34%, the European Union at 20%, and Japan at 24%.

Bitcoin (BTC) dropped over 6% in the last 24 hours and was trading around $77,883. Meanwhile, Ether (ETH) shed over 12% in the same time frame and was trading at $1,575, according to CoinGecko. The total crypto market cap dropped over 8% to $2.5 trillion. 

Prices have clawed back some losses since. Bitcoin has recovered 1.4% to $78,500. Meanwhile, Ether regained $1,594.

Source: Autism Capital