Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Raydium, rising 37.68%.
- Bitcoin mining firm CleanSpark announced an increase to the firm’s credit facility with cryptocurrency platform Coinbase Global to $200 million. The credit facility was provided by Coinbase through the platform’s Bitcoin-collateralized lending program, according to the CEO and reported by Bloomberg.
- President Donald Trump signed legislation to block an IRS rule that would have forced some cryptocurrency brokers to provide tax information on transactions conducted on their platforms, reports Bloomberg. The repeal of the rule will result in nearly $4 billion in taxes the IRS will not take from taxpayers over a decade.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Mantra, down 89%.
- Bitcoin’s correlation to tech stocks has strengthened again, while crypto advocates had been quick to point out that the tokens aren’t materially impacted by tariffs. Unlike many of the companies whose shares make up the benchmark equity indexes. Still, the macro-economic concerns are now dragging down most markets, writes Bloomberg.
- Michael Saylor’s MicroStrategy will report an unrealized $5.9 billion loss in the first quarter due to a new accounting rule requiring digital assets to be valued at market prices. Its Bitcoin holdings, valued at $41.8 billion, fell by nearly $5 billion following a 12% drop in Bitcoin’s price, writes Bloomberg.
Opportunities
- Auradine, a U.S.-based Bitcoin mining computer maker, has closed a $153 million funding round from investors including Samsung Catalyst Fund and Qualcomm Ventures, Bloomberg reports. The funding comes as Chinese competitors face increasing scrutiny and tariffs imposed by the Trump administration, prompting U.S.-based mining companies to seek domestic alternatives.
- Crypto exchange OKX is expanding in the U.S. just weeks after agreeing to pay half a billion dollars to settle charges brought by local authorities. The company said it will launch its centralized trading platform and self-custody Web3 wallet in the U.S., writes Bloomberg.
- Michael Saylor’s Strategy purchased $285.8 million more of Bitcoin last week, taking advantage of large price swings in the company’s common shares. The purchase increased the firm’s holdings of Bitcoin to around $45 billion, which is about 2.5% of all the 21 million tokens slated to be issues, according to Bloomberg.
Threats
- A 45-year-old Pennsylvania man is facing up to six years in prison after failing to disclose the sale of millions of dollars of Ethereum blockchain. During the NFT frenzy, the DOJ statement says Wilcox sold 62 “punks” for over $7.4 million in 2021, Bloomberg reports, and another 35 for nearly $5 million in 2022.
- U.S. President Trump unveiled a punitive reciprocal tariff plan, imposing duties on Thailand, Indonesia, and Malaysia—impacting crypto mining machines. To avoid the tariffs, companies like Sealion Cargo chartered planes and coordinated truck and barge shipments to move $330 million worth of equipment from Southeast Asia to the U.S. before the April 9 deadline, writes Bloomberg.
- A large amount of a meme coin, first debuted by President Donald Trump, will be released on Thursday allowing holders to make the coins available for trading. The release of these coins has sparked concerns about the potential impact on the market, writes Bloomberg, with some analysts warning that it could lead to a “dump” and a decrease in price.
