Coin Market

Trump kills DeFi broker rule in major crypto win: Finance Redefined

Published

2 weeks ago

April 11, 2025

Trump kills DeFi broker rule in major crypto win: Finance Redefined, April 4–11

In a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the Internal Revenue Service’s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms.

Increasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive, according to Cardano founder Charles Hoskinson.

Trump signs resolution killing IRS DeFi broker rule

Trump signed a joint congressional resolution overturning a Biden administration-era rule that would have required DeFi protocols to report transactions to the Internal Revenue Service.

Set to take effect in 2027, the IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

Trump formally killed the measure by signing off on the resolution on April 10, marking the first time a crypto bill has been signed into US law, Representative Mike Carey, who backed the bill, said in a statement.

“The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn’t have the infrastructure to handle during tax season,” he said.

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Crypto needs collaborative tokenomics against tech giants — Hoskinson

The next generation of cryptocurrency projects must embrace a more collaborative approach to compete with major centralized tech companies entering the Web3 space, according to Cardano founder Charles Hoskinson.

Speaking at Paris Blockchain Week 2025, Hoskinson said one of the main criticisms of the crypto and DeFi space is its “circular economy,” which often means that the rally of a specific cryptocurrency is bolstered by funds exiting another token, limiting the growth of the whole industry.

Hoskinsin said that to have a chance against the centralized technology giants joining the Web3 industry, cryptocurrency projects need more collaborative tokenomics and market structure.

Hoskinson on stage at Paris Blockchain Week. Source: Cointelegraph

“The problem right now, with the way we’ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It’s sum 0,” said Hoskinson. “Instead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.”

He argued that the current environment often sees one crypto project’s growth come at the expense of another rather than contributing to the sector’s overall health. He added that this is not sustainable in the face of trillion-dollar firms like Apple, Google and Microsoft, which may soon join the Web3 race amid clearer US regulations.

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Bitcoin’s 24/7 liquidity: Double-edged sword during global market turmoil

Bitcoin and other cryptocurrencies are often praised for offering around-the-clock trading access, but that constant availability may have contributed to a steep sell-off over the weekend following the latest US trade tariff announcement.

Unlike stocks and traditional financial instruments, Bitcoin (BTC) and other cryptocurrencies enable payments and trading opportunities 24/7 thanks to the accessibility of blockchain technology.

After a record-breaking $5 trillion was wiped from the S&P 500 over two days — the worst drop on record — Bitcoin remained above the $82,000 support level. But by Sunday, the asset had plummeted to under $75,000.

Sunday’s correction may have occurred due to Bitcoin being the only large tradable asset over the weekend, according to Lucas Outumuro, head of research at crypto intelligence platform IntoTheBlock.

“There was a bit of optimism last week that Bitcoin might be uncorrelating and fairing better than traditional stocks, but the [correction] did accelerate over the weekend,” Outumuro said during Cointelegraph’s Chainreaction live show on X, adding:

“There’s very little people can sell on a Sunday because most markets are closed. That also enables the correlation because people are panicking and Bitcoin is the largest asset they can sell over the weekend.”

Outumuro noted that Bitcoin’s weekend trading can also have upside effects, as prices often rally in calmer conditions.

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Bybit recovers market share to 7% after $1.4 billion hack

Bybit’s market share rebounded to pre-hack levels following a $1.4 billion exploit in February, as the crypto exchange implemented tighter security and improved liquidity options for retail traders.

The crypto industry was rocked by the largest hack in its history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.

Despite the scale of the exploit, Bybit has steadily regained market share, according to an April 9 report by crypto analytics firm Block Scholes.

“Since this initial decline, Bybit has steadily regained market share as it works to repair sentiment and as volumes return to the exchange,” the report stated.

Block Scholes said Bybit’s proportional share rose from a post-hack low of 4% to about 7%, reflecting a strong and stable recovery in spot market activity and trading volumes.

Bybit’s spot volume market share as a proportion of the market share of the top 20 CEXs. Source: Block Scholes

The hack occurred amid a “broader trend of macro de-risking that began prior to the event,” which signaled that Bybit’s initial decline in trading volume was not solely due to the exploit.

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Almost 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

About 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

FTX court filing. Source: Bloomberglaw.com

The KYC deadline has since been extended to June 1, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 may account for about $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion, bringing the total at-risk funds to more than $2.5 billion.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

The EOS (EOS) token fell over 23%, marking the week’s biggest decline in the top 100, followed by the Near Protocol (NEAR) token, down over 19% on the weekly chart.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Coin Market

Ethereum Foundation shuffles leadership, splits board and management

Published

43 minutes ago

April 29, 2025

The Ethereum Foundation, which backs the development of the Ethereum blockchain, has overhauled its leadership structure to separate the responsibilities of its management team and board of directors.

The board will act as the “security council to protect the heart and soul” of the foundation and set visions for Ethereum, while the new management will be focused on the strategic and operational execution of those visions, the Foundation said in an April 28 blog post.

It added in an April 28 X post that Hsiao-Wei Wang and Tomasz K. Stańczak were appointed as co-executive directors on March 2 to deliver on those visions — which are centered around championing censorship resistance, open-source innovation, privacy and security

Wang and Stańczak’s roles took effect on April 28 with the foundation setting a two-year term for Stańczak to address some of Ethereum’s biggest challenges. Stańczak’s new role will be balanced with his work as founder of Ethereum infrastructure firm Nethermind and a soon-to-be-announced Ethereum-focused venture capital firm.

Source: Ethereum Foundation

Bastian Aue and Josh Stark are also a part of the management team, with Aue to focus on organizational strategy, hiring and training, and Stark to primarily be tasked with project execution, communications and marketing.

The board consists of Ethereum co-founder Vitalik Buterin, the Ethereum Foundation’s President Aya Miyaguchi, Swiss counsel Patrick Storchenegger, and Wang, who will bridge between the board and management team.

Buterin will continue providing technical and intellectual guidance on the Ethereum ecosystem, Miyaguchi will oversee the foundation’s vision while managing external relationships, and Storchenegger will keep handling legal and compliance matters.

The board was responsible for selecting Wang and Stańczak as executive directors — a decision they acknowledged was unconventional — and they also have the power to terminate those positions.

The Ethereum Foundation has adopted a more active role in the Ethereum ecosystem in recent months, following criticism from Synthetix founder Kain Warwick that the foundation “doesn’t care” about decentralized finance innovation.

Others in the Ethereum community previously attributed the foundation’s lack of engagement and leadership to Ether’s (ETH) poor price performance relative to Bitcoin (BTC) and Solana (SOL).

Ethereum Foundation’s main focus is scaling

The Foundation said its three main focus areas over the next 12 months would be to scale the Ethereum layer 1, scale blobs at the layer 2 level, and improve user experience.

Ethereum Foundation researcher Dankrad Feist and protocol support Sophia Gold have already pitched proposals to to address Ethereum’s scaling woes at the base layer under Ethereum Improvement Proposals-9678 and 9698.

Both EIPs look to raise the gas limit, which should theoretically raise Ethereum’s transaction throughput by the same magnitude.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

Coin Market

BONK price gains 60% in a week as Solana memecoins make a comeback

Published

2 hours ago

April 29, 2025

Key takeaways:

BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.

BONK’s open interest surged 290% to $43.2 million.

Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.

Data from Cointelegraph Markets Pro and TradingView shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.

BONK/USD daily chart. Source: Cointelegraph/TradingView

BONK’s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.

Let’s examine the factors that have fueled BONK’s price momentum over the last week.

Memecoins recover across the board

BONK’s rally over the last seven days mirrors the bullish price movements across the broader crypto market, including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB), the leading memecoins, have jumped 3% and 5% over the last seven days.

Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT) has rallied 83% over the same period.

Performance of top-cap memecoins. Source: CoinMarketCap

This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.

Memecoin market cap and volume. Source: CoinMarketCap

Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.

Increasing open interest backs BONK’s rally

The surge in the price of Bonk over the last seven days comes after a significant jump in its open interest (OI).

BONK’s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.

Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.

BONK open interest across all exchanges. Source: CoinGlass

Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.

BONK average perpetual contracts 8-hour funding rate. Source: CoinGlass

Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.

BONK’s social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz.

BONK social dominance and volume. Source: Santiment

This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.

BONK breaks out of a multimonth downtrend

On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support.

The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.

BONK/USD daily chart. Source: Cointelegraph/TradingView

The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market.

However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend.

“$BONK’s descending trendline got cleared,” declared popular analyst World of Charts in an April 28 post on X, “expecting 2x in the coming days.”

Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.

Source: Crypto Joe

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Coin Market

MetaMask to launch self-custody crypto card with Mastercard

Published

3 hours ago

April 28, 2025

Wallet provider MetaMask is launching a crypto payments card that will allow users to spend self-custodied funds, offering crypto holders additional ways to use their tokens.

The new card is backed by Mastercard and is being developed in partnership with CompoSecure and Baanx, according to the company. The product uses smart contracts to execute the IRL (In Real Life) transactions, with a processing speed under five seconds. It operates on the Linea network, a layer-2 scaling solution on Ethereum.

The companies marketed the self-custodied crypto card as an alternative to the potential risks associated with centralized exchanges. In February, the second-largest crypto exchange by volume, Bybit, was hacked for $1.4 billion, an event that sparked widespread consternation in the crypto space.

With the launch of its card, MetaMask is entering a competitive segment of the cryptocurrency market. Major exchanges like Binance, Bybit, Coinbase, and Crypto.com already offer crypto debit cards, some of which feature “crypto-back” rewards that allow users to earn digital assets on their purchases.

MetaMask has struggled lately as interest in and participation in the Ethereum ecosystem have dried up. According to Dune Analytics, the wallet collected just $289,312 in fees for the week of April 14, much less than the $1.3 million in fees collected for the same period a year ago.

Stablecoin, BTC payments growing use cases for crypto

Payments have emerged as one of the fastest-growing use cases for cryptocurrencies in 2025, offering a way to bring real-world utility to digital assets.

Luxury brands like Dorsia have begun accepting various cryptocurrencies as payment, while messaging app Signal is reportedly exploring adopting Bitcoin for peer-to-peer transactions, and a bill in New York has been introduced to legalize the use of Bitcoin and other cryptocurrencies for state payments.

Magazine: Bitcoin payments are being undermined by centralized stablecoins