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After the US-Iran Ceasefire, BTC and Gold Rally Together—The "Digital Gold" Narrative Faces a New Test
After the ceasefire between the US and Iran, crude oil prices plunged 15%, gold surged above $4,800, and Bitcoin broke through $72,000. This article analyzes how the ceasefire news impacts these three major asset classes through different transmission channels, and examines how Bitcoin is being priced in the overlapping space between "digital gold" and "risk asset."
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Can GateRouter always be used for free? The 3 million token trial ends today!
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U.S. Senator Lummis: Wyoming has established the nation’s most comprehensive digital asset regulatory framework
Gate News. On April 9, Cynthia Lummis, Chair of the U.S. Senate Digital Assets Banking Subcommittee, held a roundtable at the Wyoming State Capitol with Acting Comptroller of the Currency Jonathan V. Gould and Governor Mark Gordon to discuss the state’s current digital asset regulatory landscape, the importance of a dual-track banking system, and how bank supervision can support responsible financial innovation. Lummis said that Wyoming has long been a leader in the digital asset space, and the work the state carried out nearly a decade ago laid the groundwork for today’s work at the federal level. Wyoming has established the nation’s most comprehensive digital asset regulatory framework. The purpose of inviting Acting Comptroller Gould to conduct an on-site review of the results is to ensure that federal policy reflects practical, proven experience.
2026-04-08 13:03Nasdaq-listed company Currenc Group tokenizes its common stock via Securitize
Gate News announcement: On April 8, Nasdaq-listed company Currenc Group Inc. has commissioned Securitize to tokenize its common stock. This move will enable functions such as round-the-clock trading of the stock, fractional share ownership, and decentralized finance (DeFi) applications. Securitize is currently a leading institution in the tokenization space. Recently, it was also entrusted to participate in building a round-the-clock tokenized securities platform for the New York Stock Exchange (NYSE). In the area of compliant stock issuance on-chain, SuperState has previously built up significant business. Organizations such as Galaxy, Forward, and SharpLink have all chosen to complete on-chain stock issuance through its platform.
2026-04-08 13:01Polygon Labs is seeking to raise up to $100 million to expand its payments business
Gate News message, according to The Information, Polygon Labs is seeking up to $100 million in funding to expand its payments business. This move signals the company’s strategic growth plans in the fintech space.
2026-04-08 10:39Today’s Crypto News (April 8) | US-Iran ceasefire for two weeks; Bitcoin targets $72k
This article summarizes cryptocurrency news on April 8, 2026. It focuses on the latest updates in Bitcoin, the Ethereum upgrade, Dogecoin price movements, real-time cryptocurrency prices, and price predictions, among other topics. Today’s major events in the Web3 space include: **1、Trump cancels “doomsday,” Bitcoin surges toward $72k, and global markets rebound across the board** After the U.S. and Iran reached a two-week ceasefire agreement, global financial markets quickly warmed up. U.S. President Trump announced that he would pause plans to strike Iran’s infrastructure, easing the heightened geopolitical tensions earlier. Benefiting from this, the price of Bitcoin rebounded sharply, rising by about 5% and briefly nearing the $72,000 level, with market risk appetite clearly picking up. Global equities rose in tandem. In Asia, Japan’s Nikkei index climbed by about 4%, South Korea’s KOSPI jumped more than 5%, and stock markets in China Hong Kong and Australia were also generally higher. U.S. stock index futures likewise showed strong performance: the Dow Jones Industrial Average rose by nearly 1,000 points, while the Nasdaq 100 gained more than 2%. Funds gradually rotated out of safe-haven assets back into risk markets, driving a coordinated rally in both crypto assets and stocks. Market participants noted that, as a 24-hour trading asset, Bitcoin can reflect geopolitical shifts promptly. This round of market action again shows that Bitcoin has been gradually shifting from an “independent asset” toward a risk asset highly linked to the macro environment. When tensions escalate, prices come under pressure; when sentiment stabilizes, capital rapidly flows back in, pushing prices higher. Macroeconomic conditions also changed. With the potential resumption of navigation through the Strait of Hormuz, crude oil prices fell to below $100 per barrel, cooling inflation expectations. U.S. Treasury yields declined, with the 10-year yield dropping to about 4.24%, and expectations of the Federal Reserve cutting rates within the year strengthened. Economist Ed Yardeni pointed out that Trump canceling the so-called “Doomsday” threat before the final deadline was the key turning point for market sentiment. In the short term, Bitcoin’s price trend will likely continue to be driven jointly by geopolitical progress and macro liquidity. If the ceasefire agreement is carried out smoothly and rate-cut expectations are further reinforced, the crypto market may maintain its rebound pace; otherwise, if tensions flare up again, volatility could quickly return. **2、Tornado Cash case latest development: U.S. Department of Justice rejects Roman Storm’s defense** According to the latest court filings from the U.S. Department of Justice, controversy in the criminal case involving Tornado Cash co-founder Roman Storm continues to escalate. The prosecution explicitly rejects the defense’s reliance on the U.S. Supreme Court ruling “Cox Communications v. Sony Music,” stating that the two legal frameworks are completely different and cannot apply to crypto money-laundering charges. Roman Storm’s legal team argues that the ruling emphasizes that internet service providers should not be held responsible for users’ illegal actions, or could provide grounds for an acquittal. However, the prosecution said the case concerns civil liability in a copyright dispute, while Storm is facing criminal charges involving money laundering, unlicensed money transfers, and evading sanctions—there are fundamental differences in the legal nature between the two. The Department of Justice further emphasized that Cox took efficient compliance measures against infringement, successfully stopping the vast majority of violations, whereas Storm is alleged to have failed to effectively limit the flow of illicit funds and, in some cases, not to take substantive action despite being aware of the risk. The case also centers on the 2022 Ronin hack. As disclosed by the prosecution, approximately $449 million of stolen funds were moved through Tornado Cash in 1,751 transactions, with a substantial portion of the funds linked to illegal activities that Storm already knew about. Relevant materials state that before the attack occurred, Storm had anticipated that the protocol could be used for money-laundering purposes. At present, some counts in the case have not yet been ruled upon. The court is pushing for a retrial of the money-laundering and sanctions-evasion related charges, which is expected to be heard in October 2026. This development is seen as an important signal for crypto-industry regulation—especially regarding how legal responsibility is determined for decentralized privacy tools. Meanwhile, Ethereum co-founder Vitalik Buterin has publicly expressed support for Storm, saying that developing privacy tools themselves should not be criminalized. On the other hand, founders of similar services like Samourai Wallet have already pleaded guilty and been sentenced, showing that regulators’ posture is tightening. As the case moves forward, the Tornado Cash case could have far-reaching effects on developers of crypto privacy protocols, compliance paths for DeFi ecosystems, and global regulatory frameworks. **3、IMF sounds a global debt warning: nearing the World War II extreme, Bitcoin gets a macro logic reappraisal** The International Monetary Fund (IMF) has released updated data showing that global public debt is pressing toward 100% of global GDP, nearing the historical peak during World War II. Against a backdrop of high interest rates and continuously rising financing costs, fiscal room in countries keeps tightening, leaving policymakers facing difficult trade-offs between spending, taxation, and debt servicing. The IMF report notes that, unlike several major crises in history, this round of debt expansion shows no clear sign of easing. After debt spikes—whether in the Great Depression, the 2008 financial crisis, or the pandemic shock—there is usually a deleveraging process. But the current trend suggests debt levels remain on an upward trajectory, with structural pressures continuing to accumulate. This shift will have profound implications for global asset allocation logic. First, when debt burdens are high, inflation becomes a potential “implicit exit.” By diluting debt through currency depreciation, the purchasing power of fiat currencies could be weakened, potentially re-centering attention on Bitcoin and other fixed-supply assets. Second, the long-term stability of U.S. dollar credit faces challenges, and some capital begins exploring stablecoins and on-chain assets as alternative options. In addition, fiscal stress often comes with rising policy uncertainty, including measures such as tax increases, spending cuts, or debt restructuring. These factors may trigger market volatility and push capital to diversify allocations into uncorrelated assets. Historical experience suggests that in periods when trust is damaged, decentralized assets are more likely to attract funding. On a longer time horizon, the current debt problem is not merely short-term volatility, but a reflection of structural contradictions. As global economic growth momentum slows while debt continues to expand, the stability of the traditional financial system is being tested. Against this backdrop, the “non-sovereign money” attribute of crypto assets like Bitcoin and Ethereum is being repriced, and their role within investment portfolios may gradually increase as well. A key variable in the current market is whether countries can achieve a soft landing through fiscal reforms and economic growth. If the debt path goes out of control, the crypto market may play an even more important role as a hedge and alternative in future macro cycles. **4、Swiss franc stablecoins accelerate into reality: major institutions like UBS Group and Sygnum Bank join in** Several core financial institutions in Switzerland have jointly launched a sandbox test for Swiss franc stablecoins, signaling that Europe’s traditional financial system is taking a substantive step forward in on-chain settlement. Participants include UBS Group, Sygnum Bank, and Swiss Post Finance, among others. The project will run in a regulated environment through 2026 and will open to more banks and enterprises. The primary goal of this sandbox plan is to build a blockchain-based digital settlement layer so that financial institutions can test stablecoin payment, clearing, and asset transfer functions under real market conditions. The project sets limits on transaction amounts and the number of participants to keep risks controllable, while accumulating data and experience for future large-scale commercialization. From an industry background perspective, stablecoins are accelerating their penetration into global payment systems. Data shows that the total supply of dollar-pegged stablecoins is now close to $300 billion, with USDT and USDC occupying dominant positions. Meanwhile, Standard Chartered Bank’s analysis suggests stablecoin trading frequency continues to rise, and the market size may expand to the $2 trillion range over the next few years. Against this backdrop, Switzerland’s push for a domestic stablecoin pilot carries clear strategic significance. On one hand, it can strengthen the digital competitiveness of the country’s financial infrastructure. On the other hand, it provides new technical pathways for cross-border payments, institutional settlement, and the tokenization of assets. Especially in an environment where global regulation is becoming increasingly clear, compliant stablecoins could become an important supplement to the traditional banking system. Notably, this project focuses not only on technology validation, but also on real business scenarios—such as corporate payments, interbank clearing, and digital asset custody. As testing progresses, the stablecoin’s suitability for real financial systems will be verified more clearly. From a more macro perspective, Switzerland’s move reflects the global financial system evolving toward “on-chain.” If results are positive, Swiss franc stablecoins may become one of the first domestic stable assets in Europe to achieve scalable applications, introducing new variables to the global stablecoin competitive landscape. (The Block) **5、FBI report: Crypto scam losses reach $11.4 billion; seniors become the largest victim group** Latest 2026 data shows that the U.S. Federal Bureau of Investigation (FBI) has released an Internet Crime report revealing that losses from crypto-related scams are expanding. In 2025, related losses totaled $72k, up 22% year-over-year; the number of complaints reached 181,565, up 21%, indicating that the risk of crypto asset scams remains rapidly rising. In terms of victim composition, people aged 60 and above became the primary target group. This group filed 44,555 related complaints over the year, with cumulative losses of $4.43 billion—nearly 40% of total losses—far higher than other age groups. By comparison, victims aged 50 to 59 lost $20k, roughly about half of the senior group’s losses, highlighting how scam operators concentrate attacks on high-net-worth groups that are weaker at risk identification. Among specific scam types, crypto investment scams remained the largest category, with 61,559 cases and involving $11.37B, accounting for the overwhelming majority of total losses. At the same time, scams involving crypto ATMs and self-service terminals rose significantly: 13,460 complaints were recorded for the year, with losses of $389 million, up 58%, making it a new high-risk area. In addition, so-called “recovery scams” added about $1.4 billion in extra losses, showing that the scam chain is extending. By region, California had the highest losses at $2.14B, followed by Texas and Florida, with losses of $7.23B and $0.9145 billion, respectively. These areas have higher adoption rates of crypto assets and are also key regions for scam activity. The report notes that although law enforcement efforts continue to increase, scam methods evolve and complexity rises, so overall risk continues to grow. For market participants, strengthening security awareness, recognizing high-yield lure traps, and avoiding trading crypto assets through unknown channels have become crucial for preventing losses. **6、New FDIC rules in the U.S. incorporate stablecoins into the bank regulatory framework, implementing key provisions of the GENIUS Act** The U.S. Federal Deposit Insurance Corporation (FDIC) issued new rules to move stablecoin regulation closer to a bank-based model. On April 7, the FDIC approved a proposal to implement key provisions of the GENIUS Act, setting standards for stablecoin issuers including reserves, redemption, capital, and risk management. Under the new rules, stablecoin issuers must hold safe assets such as cash or U.S. Treasuries and ensure the tokens can be reliably redeemed on a 1:1 basis. This rule formally brings insured banks into the stablecoin ecosystem. Banks will be allowed to hold reserves and provide custody services, strengthening the linkage between stablecoins and traditional financial infrastructure. In addition, if the funds supporting stablecoins meet the definition of deposits under deposit laws, they will receive the same protections as ordinary bank deposits. This measure not only increases investor trust, but also expands regulatory coverage. The regulation aims to ensure stablecoin operations are secure and transparent, providing a clearer compliance framework for the digital asset market. Before formal implementation, regulators will accept 60 days of public comments so they can make necessary modifications to the rules. This means that in the U.S., stablecoins are no longer viewed as standalone crypto assets; instead, like banks, they are subject to strict regulation. Analysts say this could change market confidence and usage patterns for stablecoins. As stablecoins become tightly integrated with bank operations, payment and custody services are expected to become safer and more reliable, potentially attracting more institutional investors. At the same time, it provides a clear path for the development of compliance-oriented stablecoins, promoting the integration of cryptocurrencies and traditional finance. Overall, the FDIC’s new rules mark a new stage in U.S. stablecoin regulation. In the future, the market will rely more on compliant issuers and insured banks to ensure stablecoin stability and liquidity. This policy shift will have far-reaching impacts on the stablecoin ecosystem and the digital payments market. **7、Mastercard has more than 100 crypto business partners, spanning multiple areas including public chains, stablecoins, and exchanges** Web3 asset data platform RootData has mapped Mastercard’s partners in cryptocurrency-related business, with the number now exceeding 100 (specifically 104). Coverage includes multiple key areas such as public chains, stablecoins, trading platforms, risk control services, and payment infrastructure. Unlike the strategy of a certain traditional payments giant that is more focused on “curated partnerships,” Mastercard is trying to become a connecting layer across all payment routes. Structurally, this network can be understood as a “multi-node collaborative system.” Mastercard’s strategy is essentially to lower the access threshold and expand network externalities: on the upstream side, it connects more chains and asset issuers; on the downstream side, it attracts payment institutions and financial terminals to integrate. Its approach is closer to the center of next-generation payment systems. RootData has continuously published multiple rounds of crypto project ecosystem maps, nominating Web3 ecosystem partners of upstream clients such as a certain traditional payments giant, a certain payments platform, and a certain CEX. It is said that RootData welcomes Web3 project teams to claim their materials, and continuously tracks them while keeping disclosure entry points for more projects’ business relationships open. **8、CZ new book reveals: In September 2017’s 9·4 period, venture capital’s silence disappointed him; Sequoia didn’t close the deal due to valuation differences** A CEX founder Zhao Changpeng (CZ) recalled in his new book that after the 2017 “9·4” regulatory policy was introduced, venture capital firms as a whole became more cautious, and even Sequoia Capital—which had already signaled an intention to invest—paused moving forward with related cooperation. CZ said, “Seeing the VCs collectively go silent in the most difficult September for us, I was honestly quite disappointed.” CZ disclosed that Sequoia expressed investment interest right at the beginning when Yi He joined, but under the shock of the policy, it chose to wait and see. Even so, the exchange still achieved rapid growth from September to October: the number of users grew from about 20k in August to about 120k by late October, and it ranked among the global top ten exchanges while turning a profit. By the end of October, the risk phase was basically over, and Sequoia renewed its investment interest. However, CZ had already提出 an increased valuation requirement; ultimately, both sides could not reach an investment agreement due to valuation differences. CZ concluded: “Venture capital doesn’t bring you help in snowy weather—they only add flowers on the brocade.” **9、U.S. House pressures CFTC, asking six questions on insider trading in prediction markets** Seven members of the U.S. House sent a joint letter to CFTC Chair Michael S. Selig, questioning why the agency is not taking decisive action regarding alleged insider trading in prediction markets involving U.S. military actions related to Iran and Venezuela. The lawmakers said that a large number of suspicious contracts may violate the Commodity Exchange Act, indicating insufficient industry oversight, and they asked the CFTC to answer six specific questions by April 15. The lawmakers emphasized that even if some trades occur outside the United States, it should not stop the CFTC from taking enforcement actions. In the letter, they wrote that if such “corrupt trades” persist for a long time, it would raise doubts about the committee’s willingness and ability to fulfill its global regulatory responsibilities. The letter highlights concerns about the legality of prediction market services provided by platforms such as Kalshi and Polymarket, while also reflecting skepticism about the CFTC’s jurisdiction and enforcement力度. The CFTC has not ignored the issue. David Miller, the head of enforcement, spoke last week, saying that the market is misunderstanding insider trading in prediction markets, stressing that insider trading indeed exists, and committing to selective enforcement with a focus on cases involving the misuse of confidential information. However, he did not disclose a specific action plan. This incident underscores the sensitivity and complexity of U.S. regulation of prediction markets. As geopolitical events occur frequently and markets involving crypto derivatives and contracts keep expanding, regulators face a focus on how to balance market innovation with legal enforcement. Investors and observers are closely watching the CFTC’s next response, particularly as regulatory clarity remains unclear and contracts may involve major military actions—making market compliance issues increasingly prominent. The lawmakers’ pressure not only sparks discussions at the regulatory level, but may also have potential impacts on prediction markets and the crypto derivatives ecosystem. As regulatory investigations progress, market participants need to watch for possible policy changes and their effects on capital flows and contract trading activity. **10、SEC report disclosed: In the Gary Gensler era, crypto cases “did not benefit investors”** The U.S. Securities and Exchange Commission (SEC) released its FY2025 enforcement report, acknowledging that in some crypto-related registration cases under former chair Gary Gensler, investors were not truly protected and no substantial benefits were delivered. The report states that since 2022, 95 actions targeting companies with improper recordkeeping led to cumulative penalties totaling $2.3 billion, including 7 registration cases involving crypto companies and 6 cases related to the definition of dealers—but it “found no direct harm to investors.” Current chair Paul Atkins emphasized that the SEC has realigned its enforcement priorities, moving away from simply pursuing case volume and record-breaking fines, and focusing resources on unlawful conduct that directly affects investor interests, such as fraud, market manipulation, and abuse of trust. This shift means the SEC is no longer relying on case counts to measure performance; instead, it emphasizes substantive investor protection and integrity in financial markets. The report shows that since February 2025, the SEC has withdrawn enforcement actions against multiple crypto companies, including Consensys, Cumberland DRW, Dragonchain, and Balina. This indicates regulators are easing overly aggressive accountability toward crypto businesses, while also pushing the industry back onto a path of reasonable compliance. In FY2025, the SEC brought 456 enforcement lawsuits in total, including 303 independent cases and 69 administrative proceedings, showing the agency still maintains a high level of enforcement capability, but priorities have clearly shifted. Analysts believe this policy adjustment may improve the compliance environment for crypto companies, bringing indirect benefits particularly to the mainstream asset ecosystems such as Bitcoin and Ethereum. It also suggests the SEC is re-evaluating its strategy for regulating crypto assets, with more emphasis on investor protection and market health rather than simply pursuing short-term punishment metrics. Going forward, investors and industry observers will closely watch the SEC’s specific actions in actual enforcement, as well as their potential impact on crypto asset markets—especially trading activity and institutional participation. **11、Bernstein: Quantum computing is “not a life-or-death matter” for Bitcoin; upgrades are becoming key** Bernstein analysts said that while quantum computing poses a potential threat to Bitcoin, it is not a doomsday verdict—rather, it is part of the natural technology upgrade cycle. Analysts Gautham Chugani and colleagues emphasized that this risk is neither life-or-death nor unprecedented, and it is not limited to the crypto space. In March this year, Google reported that quantum computers could break encryption algorithms used by crypto networks like Bitcoin and Ethereum within 9 minutes, drawing attention from the community. To respond to potential threats, technology companies plan to migrate identity verification and digital signature systems to post-quantum cryptography before 2029. Bitcoin contributors are also advancing the BIP360 proposal to proactively patch signature vulnerabilities, while the Ethereum Foundation published a four-part roadmap to ensure its $260 billion network completes upgrades at the same time. Quantum computing uses qubits that can exist in a superposition state of 0 and 1 simultaneously, allowing it to rapidly break traditional RSA and elliptic-curve cryptography. This capability presents a potential threat to the Bitcoin network, prompting the financial industry, regulators, and blockchain developers to coordinate more closely. UBS CEO Sergio Ermotti said the possible impact of quantum on the security of cryptocurrencies still needs further validation, while Chaincode Labs research suggests that if upgrades are not made in time, 20% to 50% of Bitcoin in the future may face risk. Despite the risk, Rodolfo Novak, CEO of the Bitcoin network security company Coinkite, cautioned against exaggerating or ignoring quantum threats. He said Bitcoin does not currently face imminent danger, but the community needs to plan upgrades in advance because the upgrade process could take many years. Blockchain developers are discussing how to protect network security and respond to technical progress at a feasible pace, ensuring that mainstream crypto assets like Bitcoin and Ethereum remain robust in the quantum era. Overall, the threat of quantum computing to Bitcoin is more of a technical challenge than an immediate crisis. The key is for the community and developers to prepare early and upgrade the system, ensuring long-term network security and stable asset value. **12、South Korea plans to regulate tokenized real-world assets and stablecoins, pushing digital assets toward legalization** South Korea’s Democratic Party plans, in an upcoming “Framework Act on Digital Assets,” to regulate tokenized real-world assets (RWA) and stablecoins under the existing financial framework. According to the Korea Economic Daily, the bill requires issuers of tokenized real-world assets to place the relevant assets into trust institutions managed under the Capital Markets Act, with details to be clarified in a presidential decree. At the same time, the proposal classifies stablecoins as “means of payment” under the Foreign Exchange Transactions Act, meaning stablecoin companies would be supervised by local foreign exchange regulators and would not need to register separately. Stablecoin exemptions from foreign exchange reporting requirements for small-value goods and services transactions are expected to facilitate everyday use, while large-value transactions would still be subject to strict regulation. Regarding stablecoin earnings, the bill prohibits paying interest on idle stablecoin balances to avoid risks of excessive financialization. The proposal also requires the Financial Services Commission to set technical standards for stablecoin interoperability and to establish a unified system for digital asset information disclosure, providing transparency and security protections for the market. The “Framework Act on Digital Assets” will be the second piece of related legislation in South Korea after its first digital asset regulation. Although the legislative process was once hindered and the original deadline for 2025 was postponed, this proposal marks a key step for South Korea toward digital asset regulation and legalization. It is expected to affect local ecosystems for crypto assets such as Bitcoin and Ethereum, while also providing a clear path for the compliant development of stablecoins and tokenized real-world assets. **13、WLFI borrows $50.44 million in stablecoins; depleted vault leads to negative DeFi liquidity** World Liberty Financial (WLFI) strategic reserve wallet borrowed more than $50 million worth of 1-dollar stablecoins on its lending platform Dolomite in just five days, drawing widespread attention in the DeFi market. On-chain data shows that WLFI’s vault holds about 3 billion WLFI governance tokens as collateral. It borrowed $50.44 million in stablecoins, pushing Dolomite’s pool utilization above 100%, leaving only 23.2 thousand tokens of remaining liquidity—while the supply of $1 stablecoins is nearly exhausted. This move caused deposit interest rates in the lending market to spike to 35.81%, with borrowing costs reaching 30%, indicating that the actions of a single internal entity directly created on-chain scarcity. WLFI, in January 2026, launched World Liberty Markets in partnership with Dolomite. Its dollar-pegged stablecoin USD1 is supported by U.S. Treasuries and cash equivalents, and its market cap is already around $3.5 billion. Analysts believe this operation may be driven by internal liquidity needs or by artificially boosting on-chain activity and total value locked (TVL). Currently, WLFI collateral makes up more than half of Dolomite’s TVL in this market. Analysts warn that high-yield lenders may not be able to withdraw funds in time until the large borrowing position is closed; otherwise, liquidation risk could spread to the entire liquidity pool. The community compares this situation to a pattern seen previously in DeFi, where chasing high yields led to liquidity crises. Even though the high interest rates are real, they reflect artificially created market scarcity rather than natural supply and demand. Investors and borrowing participants should closely monitor Dolomite’s real-time pool data and carefully assess risks to prevent a chain liquidation event triggered by volatility in the WLFI token price. **14、Ethereum rebounds to $2,257; stablecoin supply on the network exceeds $180 billion, a new all-time high** Boosted by news of the two-week ceasefire agreement between the U.S. and Iran and the reopening of the Strait of Hormuz, Ethereum rose about 9% on Wednesday to $2,257, setting a new multi-week high. At the same time, crude oil prices fell to below $100 per barrel, easing investors’ concerns about inflation and further supporting a rebound in risk assets. On-chain data shows that the stablecoin supply on the Ethereum network has hit an all-time high, with a total value of about $180 billion. It accounts for nearly 60% of the global stablecoin supply. Over the past three years, the growth rate has exceeded 150%, indicating that activity in the Ethereum ecosystem is significantly strengthening. Stablecoins are considered an important foundation for decentralized finance. A surge in their supply implies increased network transactions and settlement activity, providing support for Ethereum to attract more retail and institutional investors. From a technical standpoint, Ethereum’s price has been consolidating above an ascending trendline support level since February this year, with strong buying pressure from the bulls on dips clearly visible. The MACD indicator lines have broken upward above the zero axis, and the RSI is moving in an ascending channel, suggesting the current rebound trend remains strong but is gradually nearing the overbought zone. The key resistance level in the short term is $2,384. If the price can break through effectively with strong trading volume, it may set off an attack on the psychological level of $2,500. If the price falls back below $2,200, it could test the $2,100 support area again—where the long-term trendline is also located. Analysts believe the new all-time high in network stablecoin supply provides solid fundamental support for Ethereum’s price, but investors still need to watch changes in macro events and technical indicators to gauge the next phase of the trend. **15、White House CEA: Banning stablecoin yield has negligible impact on community banks; USDC rewards can still be profitable** A report released by the White House Council of Economic Advisers (CEA) on Wednesday said that banning crypto companies from providing stablecoin yields to customers has negligible impact on community banks. It is expected that traditional lending business would increase by only about 0.02%, or roughly $2.1 billion, and that most of the benefits would flow to large banks rather than community lending institutions. The report said such bans would be almost ineffective at protecting bank lending, while also depriving consumers of the opportunity to receive competitive returns through stablecoins. This conclusion differs significantly from the views of the U.S. Independent Community Bankers Association. The association warned that if stablecoin interest is allowed, small banks could face risks of up to $1.3 trillion in deposit outflows and $850 billion in loan losses. Stablecoins are generally pegged 1:1 to the U.S. dollar. This year, in July, a related law signed by Trump prohibited issuers from paying interest on stablecoins, but it did not restrict third-party partners from offering rewards—for example, some USDC holders may earn about 3.5% in returns. The White House report emphasized that banning stablecoin rewards has limited effects on market welfare and may instead hinder consumers from accessing higher-yield options. This position highlights continued friction between the crypto industry and the banking industry. The Clarity Act previously proposed closing the loopholes on rewards—either banning third parties from providing yield or legalizing it. However, due to disputes between both sides, the bill was left on hold for a long time. The CEA report released this time aims to provide a basis for legislative and policy negotiations, while also reflecting the government’s efforts to find a balance between stablecoin regulation and financial innovation. This dynamic could have potential impacts on both crypto and traditional bank markets. Investors may want to watch changes in stablecoin yield policies, cash flow in community bank deposits, and the investment returns of crypto asset holders. Regulatory and legislative progress could directly affect the market attractiveness and liquidity of mainstream stablecoins such as USDC and USDT. (Bloomberg)
2026-04-08 08:02IMF Sounds a Global Debt Alarm: Approaching World War II Extremes, Bitcoin Faces a Macro Reassessment
Gate News message: The latest data from the International Monetary Fund (IMF) shows that global public debt is moving toward 100% of global GDP, nearing the historical highs seen during World War II. Against a backdrop of interest rates staying high and financing costs continuing to rise, fiscal space in countries around the world is tightening, and policymakers are facing a difficult trade-off among spending, taxation, and debt service. In its report, the IMF notes that, unlike several major crises in history, this round of debt expansion has not shown any clear signs of a reversal. Whether it was the Great Depression, the 2008 financial crisis, or the shock from the pandemic, after debt surged it was typically followed by a deleveraging process. But the current trend indicates that debt levels are still continuing along an upward trajectory, with structural pressures continuing to build up. This shift is likely to have a profound impact on global asset allocation logic. First, when debt burdens are high, inflation can become a potential “hidden exit.” By diluting debt through currency depreciation, it may weaken fiat purchasing power, which could renew attention on fixed-supply assets such as Bitcoin. Second, the long-term stability of U.S. dollar credit faces challenges, and some capital is starting to explore stablecoins and on-chain assets as alternative options. In addition, fiscal pressure is often accompanied by rising policy uncertainty, including measures such as higher taxes, reduced spending, or debt restructuring. These factors may trigger market volatility and push capital to diversify into less correlated assets. Historical experience suggests that, when the foundation of trust is damaged, decentralized assets are more likely to attract funding and favor. Looking at longer cycles, this round of debt problems is not just short-term volatility, but a manifestation of structural contradictions. As global economic growth momentum slows and debt continues to expand, the stability of the traditional financial system is being tested. Against this backdrop, the “non-sovereign currency” attribute of crypto assets such as Bitcoin and Ethereum is being repriced, and their role in asset portfolios may gradually increase as well. The key variable for the current market is whether countries can achieve a soft landing through fiscal reform and economic growth. If the debt path gets out of control, the crypto market may play a more important role as a hedge and substitute in future macro cycles.
