Bitcoin holds steady amid market turmoil

April 4, 2025

The biggest crypto news and ideas of the day 

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Welcome to The Node! This is Ben Schiller to take you through the latest crypto news. 

 

In today's news from CoinDesk reporters:
Circle’s IPO Filing Tests Crypto Market Confidence After Trump’s Tariff Shock
Bitcoin Begins to Decouple From Nasdaq as U.S. Stocks Crumble
EigenLayer Finally Ready to Launch Crucial Missing Feature

Riot Platforms Hits Post-Halving Bitcoin Production High as It Expands AI Capacity

 

Opinion: The chairmen of the House Financial Services and Agriculture Committees outline six principles to guide digital assets legislation.👇

 

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Circle 'Considering' IPO

  • Circle filed for an IPO with the SEC, becoming the first major stablecoin issuer to take this step amid a shaky market and unresolved U.S. crypto regulations.
  • But, amid market turmoil, a report in the Wall Street Journal said the company was "considering" the timing of its offering. 
  • Analysts point to Circle’s declining margins and high costs as risks, even as the company bets on long-term demand for tokenized dollars and payments infrastructure.
  • A successful IPO could reignite hopes for other crypto firms like Kraken and Gemini to enter public markets, but most are likely to wait for more regulatory clarity in 2025.
 

Bitcoin Decouples From the Nasdaq

  • Bitcoin has held up relatively well as stocks have plunged since the Trump tariff announcement late Wednesday.
  • The divergence grew Friday as the Nasdaq fell another 5% but bitcoin managed a small gain.
  • One analyst suggested the bid for bitcoin in the face of the market panic is coming from aggressive buying from those companies with BTC treasury strategies.
 

EigenLayer Rolls Out 'Slashing'

  • EigenLayer will introduce the long-awaited slashing feature on April 17, marking the protocol's first feature-complete version.
  • Slashing allows Actively Validated Services (AVSs) to penalize operators who fail to meet conditions, enhancing security and accountability.
  • EigenLayer's ecosystem attracted over $15 billion and is developing more than 100 AVSs, despite competition from platforms like Symbiotic.
 

Riot Bitcoin Miner Ups Production

  • Riot mined 533 BTC in March 2025—up 13% from February and 25% year-over-year, marking its highest monthly output since the halving.
  • A study by Altman Solon validates 600 MW development potential at the company's Corsicana facility, for a total of 1.0 GW secured power and strategic proximity to Dallas.
  • Operating hash rate increased to 30.3 EH/s (+3% MoM), fleet efficiency improved to 21.0 J/TH, and bitcoin holdings grew to 19,223 BTC.
 

Opinion: A Blue Blueprint for Digital Assets

By Reps. French Hill and GT Thompson

In 2008, an anonymous person or group of people known only as “Satoshi Nakamoto” released a now-seminal document, the Bitcoin White paper, introducing a peer-to-peer system for value of exchange without intermediaries.

 

With this revolutionary concept, the idea of a “digital asset” was born. Soon after, developers and entrepreneurs expanded on this concept, developing systems where value was exchanged not just for its own sake, but for services and digital products.

 

Over the past decade, innovators have built permissionless, decentralized networks for computing services, file storage, asset exchange, cellular coverage, Wi-Fi connectivity, mapping tools, lending services, and more. Because digital assets can be used for services that anyone can offer and anyone can access, the use-cases – both financial and non-financial – are potentially endless.

 

Despite this promise, these networks have courted criticism. The Biden-Harris Administration attempted to block this innovative advance through a relentless campaign of lawsuits and enforcement actions without providing the regulatory clarity the digital asset ecosystem and its innovators and users so desperately needed.

 

The Securities and Exchange Commission (SEC) failed to clarify how existing securities laws apply and — more importantly — don’t apply to digital asset transactions. This lack of regulatory clarity stifled the digital asset ecosystem, pushing growth out of the United States to jurisdictions that have established clear rules of the road.

 

To address these failures, Congress began exploring ways to modernize the regulatory structure to accommodate the unique characteristics of digital assets and how they could be used in our financial system. These efforts culminated in a series of bills aimed at clarifying how digital assets could be used in the financial system, ensuring investor protection and fostering innovation.

 

In the 118th Congress, the House Committees on Financial Services and Agriculture launched a historic joint effort to address digital asset regulation. This led to the first-ever passage of bipartisan digital asset market structure legislation in a chamber of Congress. This collaboration enabled Congress to address longstanding challenges in the ecosystem and lay the foundation for a fit for purpose framework under the leadership of President Trump.

 

This Congress, both the House and Senate are committed to creating a clear path forward for the digital asset ecosystem. As we move ahead, it is crucial that the framework is both balanced and iron-clad for the future. To accomplish this, we have set out principles for digital asset legislation.

 

Read the rest of the op-ed here. 

 

A message from

How Do You Get to 200 Million Downloads? Trust Wallet leads the way

 

Trust Wallet surpassed 200 million total downloads as of March 24, a game-changing milestone in the crypto space. The Web3 wallet now stands as the most widely used non-custodial wallet globally for on-chain users, but that’s just the beginning, according to CEO Eowyn Chen, who sees Trust Wallet’s popularity as an indicator that Web3 is growing – and that her project has now cemented its role as a key gateway to Web3. Continue reading.

 

Links, Links, Links

 

Codex raises $16 million to build a blockchain just for stablecoins – Fortune

South Korean gets prison time for $2m crypto scam promising 50% returns – The Block

How to Report a Crypto Ponzi Scheme and Earn an SEC Whistleblower Award – National Law Review

 

Start the Money Printer

 

 

 
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