Kraken, ConsenSys, Cumberland DRW Cases Dropped by SEC
The U.S. Securities and Exchange Commission (SEC) has officially dropped its lawsuits against Kraken, ConsenSys, and Cumberland DRW. The agency said it was closing the cases and not reopening them, indicating a shift away from the previous administration’s heavy-handed regulatory approach to the crypto industry. The move follows the dismissal of lawsuits against Coinbase, Robinhood, Uniswap, and OpenSea, and suggests that the SEC is attempting to take a more transparent approach to crypto policies under the Trump administration.
The move was welcomed by market participants who see the SEC’s “unnecessary and politically motivated” crackdown on the industry as an end. Kraken said uncertainty has been lifted, paving the way for innovation. At the same time, the company hinted that it could follow Coinbase’s lead with an IPO. The SEC’s new leadership is moving away from its previous harsh enforcement policies by focusing on shaping the regulatory framework in collaboration with the industry.
Ethereum’s Pectra Update Coming to Mainnet on April 30
Ethereum’s highly anticipated Pectra update is scheduled to be integrated into the mainnet on April 30. The update’s date was discussed at the All Core Developers Execution (ACDE) meeting on March 27, with Tim Beiko from the Ethereum Foundation confirming that the target slot is 11,599,872. Pectra aims to make the Ethereum network more efficient through the combination of the Prague and Electra updates. Application teams and infrastructure providers will be notified in advance of any potential issues.
The timing of the update is based on the successes achieved during the testnet phase. The smooth finalization of the Hoodi testnet in particular was a critical milestone for Pectra’s transition to mainnet. The process had previously been delayed due to technical issues experienced on the Holesky and Sepolia testnets, but Hoodi’s stable performance accelerated the process. Due to the ongoing problems experienced by Holesky, the Ethereum Foundation announced that support for this testnet will be terminated as of September 2025.
US Government Moves $8 Million Worth of BTC
Following President Donald Trump’s decision to establish the Strategic Bitcoin Reserve, the US government transferred $8 million worth of confiscated Bitcoin to different wallets. While the reason for the transfer was not clearly explained, the Trump administration aims to evaluate the US’s Bitcoin assets within the framework of a long-term strategy.
The US government currently owns approximately 198,000 BTC ($17 billion), and considering the current value of Bitcoins sold in the past, a significant financial opportunity may have been missed. The new executive order mandates that the seized BTC be added to the Strategic Bitcoin Reserve, giving the Treasury Department the authority to manage these assets and even acquire more Bitcoin without adding additional budget burdens.
Interactive Brokers Adds SOL, XRP, ADA, and DOGE to Crypto Trading
Interactive Brokers has expanded its crypto trading service, adding SOL, XRP, ADA, and DOGE to its platform. The company expanded its crypto services, which started with BTC, ETH, LTC, and BCH in 2021, with the partnership of Zero Hash and Paxos. The newly added assets allow eligible investors in the U.S. and U.K. to trade 24/7, while offering an integrated experience with stocks, futures, options and ETFs on the same platform.
The expansion will help investors diversify their portfolios more flexibly, said Steve Sanders, the firm’s vice president of marketing and product development.
GameStop Investors Split on Bitcoin
GameStop made a big investment in crypto, adding Bitcoin to its corporate treasury and issuing $1.3 billion in convertible debt. But the strategy has divided investors. Shares initially rose 11%, but fell 24% to their lowest level of the year amid uncertainty about the company’s future. GameStop’s move has been likened to the transformation made by MicroStrategy in 2020 when it turned to Bitcoin, while there are question marks over the company’s long-term success.
The company’s $4 billion cash reserves and $3.8 billion in revenue in 2024 show that it can continue its Bitcoin strategy. However, experts state that GameStop’s entry into this path with a loss-making business model carries high risks. The company, which previously withdrew from NFT and Web3 initiatives, now aims to be reborn through financial engineering. However, analysts say that Bitcoin prices will determine whether this strategy will be successful.
Senate Banking Committee Postpones Vote on SEC Chairman Nominee Atkins
The U.S. Senate Banking Committee postponed its vote on Paul Atkins, President Donald Trump’s nominee for SEC Chairman, to a later date. The committee will receive written responses from Atkins and the other candidates, but it is not yet clear when a vote will be held.
In his testimony to the committee, Atkins emphasized that the SEC needs to establish clear regulations for crypto assets. The crypto market sees Atkins’ appointment as a positive change after the harsh stance of former SEC Chairman Gary Gensler. Interim Chairman Mark Uyeda will continue to lead the process.
CoreWeave Goes Public, Nvidia Buys $250 Million in Shares
CoreWeave, an artificial intelligence cloud services provider, has raised $1.5 billion in an initial public offering (IPO), valuing the company at $23 billion. However, due to market volatility, the company sold 37.5 million shares at $40, instead of the 49 million shares originally planned. The company, which had previously sought to raise $4 billion at a $35 billion valuation, reported a $900 million loss last year despite generating $1.9 billion in revenue.
Nvidia, one of CoreWeave’s largest investors, strengthened its stake in the company by purchasing $250 million in shares as part of the IPO. CoreWeave also has a billion-dollar deal with Bitcoin miner CoreScientific to expand its artificial intelligence infrastructure. Nvidia shares are down 12% since the beginning of the year, reflecting weakness in AI-focused companies in general.
BlackRock’s Bitcoin Investment Is Growing Rapidly
BlackRock’s Global Allocation Fund increased its holdings in the iShares Bitcoin Trust (IBIT) by 91% to 821,664 shares. The fund added 390,894 new IBIT shares between November 2024 and January 2025. In addition, another BlackRock fund, Strategic Income Opportunities (BSIIX), has invested $77 million in 2.14 million IBIT shares.
Institutional investor interest in IBIT is growing. Abu Dhabi’s state fund Mubadala purchased $437 million worth of IBIT shares in the first quarter of 2024. The Wisconsin Investment Board (SWIB) also announced a $321 million investment at the end of the year. BlackRock’s Bitcoin fund manages $49.5 billion in total assets as of March 2025.
The Blockchain Group Makes Its Largest Bitcoin Purchase with 580 BTC
France-based technology consultancy The Blockchain Group has made its largest Bitcoin investment yet, purchasing 580 BTC. The company financed the purchase, which was made as part of its Bitcoin accumulation strategy, with the proceeds from the convertible bond issuance announced in March. With the new acquisition, the company’s total Bitcoin holdings reached 620 BTC.
The company’s share price has increased by over 220% since it announced its Bitcoin strategy in November 2024. CEO Alexandre Laizet attributed the company’s success to its Bitcoin accumulation-focused approach, stating that they implemented this strategy by following in the footsteps of firms such as MicroStrategy and Japan-based Metaplanet.
Panama Introduces New Bill Legalizing Crypto Payments
Panama has introduced a comprehensive bill recognizing crypto assets as payment instruments and regulating crypto service providers. The bill lays the legal groundwork for the use of Bitcoin (BTC), Ethereum (ETH), and stablecoins in commercial transactions, while introducing licensing and compliance requirements for exchanges, wallet providers, and custodial platforms.
In addition, the bill, which promotes the use of blockchain in public administration, foresees the legal recognition of digital identity systems and smart contracts. A similar law in 2022 was partially vetoed by the previous president. The new bill aims to address these deficiencies by clarifying the powers of regulatory bodies and will be discussed in the Panamanian National Assembly in the coming weeks.
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BITCOIN (BTC)
BTC is trading at $86,200 as of the morning hours, down 1.20%. BTC, which experienced selling pressure from $86,434 during the day, is moving close to the $85,875 support. In an upward recovery, the $86,434 level stands out as the first resistance point. If this zone is exceeded, the $ 88,284 level can be followed as the next resistance.
In the negative scenario, if the $ 85,875 support is lost, a pullback towards the $ 84,757 level may occur. Further below, the $ 83,644 level stands out as the critical support area where buyers can concentrate.
ETHEREUM (ETH)
ETH is priced at $ 1,920 with a 4.09% loss in value as of the morning hours. ETH, which retreated with the sales from the $ 2,000 level, is moving close to the $ 1,905 support. In the positive scenario, if the price recovers again and exceeds the $ 1,960 level, the $ 2,018 and $ 2,068 levels can be followed as resistance.
In the negative scenario, if the $ 1,905 support is lost, a pullback to the $ 1,849 level may occur. Further below, the $ 1,800 region can be monitored as a critical support point where buyers can concentrate.
RIPPLE (XRP)
XRP is traded at $ 2.26, losing 3.32% as of the morning hours. For XRP, which is close to the 2,225 support, if this level is broken downward, a pullback to the $ 2,087 level may occur. Further below, the 2,000 psychological support stands out as a critical area.
In the upward recovery, $ 2,359 can be followed as the first resistance point. Above this level, the $ 2,427 and $ 2,477 areas stand out as resistance.
AVALANCHE(AVAX)
AVAX is trading at $21.22 with a 3.50% loss as of the morning hours. The price is trying to hold on to its support at $21.26. If it remains below this level, support levels of 20.58 and 19.89 can be followed.
In upward movements, the first resistance is at 22.49. If this level is exceeded, an upward movement towards the 23.46 region can be seen.
SOLANA(SOL)
SOL is traded at $133 levels with a 3.32% loss in value as of the morning hours. The price is trading below the 136.46 resistance and the pressure may continue unless this area is overcome. In downward movements, the 128.21 and 122.08 support levels can be followed.
In upward movements, the 136.46 level is watched as the first resistance, and if this area is broken, the 140.00 and 146.24 levels will be potential targets.
