SEC Moves Fidelity’s Spot Solana ETF Application to Approval Stage
The U.S. Securities and Exchange Commission (SEC) has officially moved to consider Fidelity’s spot Solana ETF application, which will trade on the Cboe BZX platform. The ETF plans to hold SOL tokens directly and stake a portion of them through trusted providers. The development comes at a time when the SEC is signaling a shift in its stance on crypto assets.
On the other hand, the SOL price has suffered a sharp decline, falling 12% in the last 24 hours. This decline is attributed to the general market turmoil triggered by President Donald Trump’s announcement of new global tariffs. The approval of Paul Atkins, who was nominated for the chairmanship of the SEC, by the Senate Banking Committee and the increase in crypto-friendly steps have strengthened the expectation in the market that new ETF approvals are on the way.
Ethereum Pectra Update Coming on May 7
The Pectra update, one of Ethereum’s biggest upgrades since its transition to proof-of-stake, will be applied to the mainnet on May 7, 2025, following technical glitches. The update, which was first planned in March but postponed due to finality issues on the Holesky testnet, was finally fixed to this date after working smoothly on the Hoodi testnet.
Pectra brings user-friendly innovations such as account abstraction to the Ethereum network, as well as technical improvements such as increasing the validator staking limit from 32 ETH to 2,048 ETH. Users will now be able to pay for transaction fees not only with ETH, but also with different tokens (e.g. stablecoins). This will provide greater flexibility and significant improvements in user experience, especially in processes such as wallet recovery.
US House Committee Approves Anti-CBDC Bill
The US House Financial Services Committee approved the “CBDC Anti-Surveillance State Act” bill introduced by Republican Representative Tom Emmer by a vote of 27-22. The bill aims to prohibit the US Federal Reserve (Fed) from directly or indirectly developing central bank digital currencies (CBDCs) and to prevent the use of digital dollars for financial surveillance purposes.
Emmer argues that CBDCs are programmable digital currencies governed by central control and could give the government the power to monitor citizens’ spending or restrict politically undesirable activities. The bill has gained support among privacy-minded lawmakers and crypto-friendly politicians, while highlighting the potential threats of CBDCs, such as China’s digital yuan and Canada’s 2022 protest freezes on bank accounts.
Trump’s SEC Nominee Paul Atkins Wins Senate Committee Approval
The U.S. Senate Banking Committee has moved the confirmation process for President Donald Trump’s two key regulatory nominees who will shape the crypto market, Paul Atkins (SEC) and Jonathan Gould (OCC), to the next stage. The committee approved both names along partisan lines by a vote of 13-11, sending their nominations to a full Senate vote.
Atkins, a former SEC commissioner, aims to replace former chairman Gary Gensler and promote capital formation and clarity for digital assets. OCC nominee Gould, meanwhile, vows to end “politically pressured banking restrictions.” However, Democratic Senator Elizabeth Warren harshly criticized both candidates and voted no, accusing Atkins of his lack of foresight during the 2008 crisis and Gould of undermining the security of the banking system.
Bitwise Targets Income from Crypto Volatility with 3 New ETFs
Bitwise Asset Management has announced three new exchange-traded funds (ETFs) that aim to provide monthly income by evaluating the high volatility of crypto-related stocks. These funds, named ICOI, IMRA and IMST, use a “covered call” strategy based on Coinbase, Marathon Digital and MicroStrategy stocks, respectively. Investors can earn monthly income with the premiums obtained from options sold while holding these stocks.
Unlike passive products, the funds work with active management. However, this strategy limits the potential upside gains and does not completely eliminate the risk of a decline in stock prices. Bitwise executives emphasize that volatility is not only a risk but also a strong income opportunity; timing, market monitoring and correct strategy implementation are critical to success.
BlackRock and SEC Meet for a New Era in Crypto ETFs
BlackRock discussed “in-kind” (asset instead of cash) rebate models in crypto ETF structures in a special meeting with the SEC’s newly formed Crypto Task Force on April 1. This model allows ETF investors to exchange their shares directly for underlying assets such as Bitcoin and offers lower costs and higher efficiency.
The meeting signals a potential transformation that could pave the way for BlackRock’s new application in January. This change in structure could be a significant turning point for the industry, as the SEC previously only allowed a cash rebate model for crypto ETFs. The meeting was attended by BlackRock’s senior ETF, regulation and product teams.
Nonco launches FX On-Chain protocol on Avalanche network
Nonco has integrated institutional forex liquidity with the stablecoin market by implementing the FX On-Chain protocol on the Avalanche network. This C-Chain-based system aims to automate transactions between USD-backed stablecoins such as USDC, USDT and AUSD and local currencies, enabling global transfers at lower costs. In particular, it aims to solve problems such as the lack of liquidity and high conversion costs of stablecoins such as EUR, MXN, BRL and HKD with the FX On-Chain protocol.
The protocol brings institutional liquidity providers together by taking advantage of Avalanche’s low transaction fees and high speed advantages. Based on the RFQ (Request for Quote) model, the system offers a competitive trading environment for banks and stablecoin issuers by preserving the price dynamics in traditional FX markets. The system, which was first launched with the USD/MXN pair, plans to expand by adding more trading pairs such as USD/BRL and EUR/USD in the future.
Cardano’s New Digital Identity Move
The Cardano Foundation has announced Veridian, an open-source digital identity platform for individuals and institutions. Veridian stands out as an identity verification solution that is resistant to quantum attacks, globally compliant and offers enterprise-level security. The platform secures identity verification with next-generation technologies such as KERI (Key Event Receipt Infrastructure), ACDC (Authentic Chained Data Container) and decentralized identifiers.
Veridian Wallet, which was introduced with Veridian, allows users to manage their identity information, private keys and identifiers. According to Cardano Foundation officials, this platform allows individuals to take full control of their digital identities while adding an optional layer of trust to the Cardano blockchain.
Bitcoin Reserve Step Spreads to 26 States in the US
Alabama and Minnesota became the 26th and 27th states to take steps in this regard by submitting bills to the parliament that would allow the state to purchase Bitcoin. The bill, called the “Bitcoin Act” in Minnesota, aims to invest state assets in Bitcoin, add crypto to public employees’ retirement funds, and allow state taxes to be paid with Bitcoin. Although the bills presented in Alabama do not directly mention Bitcoin, they only allow investment in crypto assets with a market value of over $750 billion, a criterion that only Bitcoin currently meets.
The simultaneous submission of such bills in both the state house and the senate is often preferred to speed up the process of enactment. While the most advanced initiative so far is in Arizona, similar proposals have been rejected in some states such as Pennsylvania, Montana, North Dakota, South Dakota, and Wyoming. Especially in “red states,” these initiatives can be disrupted by political tensions between Democrats and Republicans.
——————————————————————————————
BITCOIN (BTC)
BTC is trading at $82,704 as of the morning hours, down 0.60%. It is seen that the price was clearly rejected from the resistance area around $86,000 and then fell to the support of 79,989. With the purchases from this support level, the price is currently balanced at $82,691. If these levels are held, a move to the resistance band of 85,000 – 86,000 may be possible again. However, the support of $79,989 is critical and if it is maintained below this level, the decline may deepen. Although the horizontal and printed appearance is preserved, the holding potential on the support will be significant in the short term.
ETHEREUM (ETH)
ETH is priced at $ 1,768 with a 1.68% loss in value as of the morning hours. With the rejection from the 1,853.73 level, it is observed that the price has fallen to the 1,768.98 level. The price is currently moving close to this support band. The 1,768 support is an important level, and if it is broken, a new downward wave towards $ 1,700 may occur. In case of an upward reaction, the 1,800 resistance can be retested first, then the 1,853 resistance. There is a short-term potential for a reaction purchase at the support band, but the general outlook indicates that downward pressure continues.
RIPPLE (XRP)
XRP is traded at $ 2.0478, losing 0.83% as of the morning hours. It was clearly rejected from the resistance zone in the 2.40 – 2.60 range and continued its decline to the 1.90 – 2.00 band. Price movements close to this lower support band are currently observed. If this area finds buyers, a reaction rise towards the 2.20 – 2.40 band may be possible again. However, if the 1.90 region is lost, the downtrend is expected to gain momentum. Although the chart shows a weak outlook in general, the current level can be evaluated as the bottom region in the short term.
AVALANCHE (AVAX)
AVAX is traded at $ 18.03 levels with a 0.66% loss in value as of the morning hours. It is seen that it declined to the 17.74 support after being rejected from the 21.88 resistance level. The price, which is currently trying to hold on to this support level, is exhibiting horizontal consolidation. If it is sustained below the 17.74 level, a scenario in which selling pressure may deepen is possible. However, if there is a reaction from this region, the 19.50 intermediate resistance can be tested first, and then the 21.88 level can be tested again. Although the outlook is weak, the risk of losing the support area will increase.
SOLANA (SOL)
SOL is traded at $ 114.95 as of the morning hours with a 1.92% loss in value. It is seen that there was a sharp rejection from the resistance zone in the $ 135-140 range. After testing this area, the price made a sharp break downwards and has retreated to the 110.24 level. Currently trending horizontally at 114.91, the price has not been able to create a strong demand area. The 110.24 level can be followed as short-term support. If there are closings below this level, the declines are likely to accelerate. In upward recoveries, first the $ 125 levels, then the 135-140 resistance band may come to the fore.
