Markets reacted positively on Tuesday amid expectations of improving trade tensions between the United States and China. CNBC’s Eamon Javers, citing a source that attended a White House conference, reported that U.S. Treasury Secretary Scott Bessent stated that both Washington…

Report: crypto rallies as U.S. Treasury hints at easing China tariffs

The funds still require regulatory approval and Trump Media and Technology 
Group Corp (TMTG) plans on launching the ETFs later this year. Trump-Branded 
‘Truth.Fi’ Crypto ETFs Are Coming Soon President Donald Trump’s family is now 
branching into investment management after the Trump Media and Technology 
Group (TMTG) announced on Tuesday, the launch of a suite […]

Trump Family to Launch ‘Truth.Fi’ Crypto ETFs

Chiliz, a SportsFi company, has met with the United States Securities and 
Exchange Commission (SEC) to discuss an investment and reentry into the US 
crypto market under the crypto-friendly White House and increased push for 
regulatory clarity surrounding digital assets.
According to the meeting request made public by the SEC, Chiliz plans a 
reentry into the US market around the time of the 2026 FIFA World Cup 
international football (soccer) tournament. The comeback would be accompanied 
by a $50 million to $100 million investment in the local market. National 
Basketball Association and National Football League teams are said to be 
interested in launching fan tokens if regulatory clarity improves.
The meeting with the federal agency was held on April 22 &#8212; the same day 
Chiliz CEO Alexandre Dreyfus shared a photo with Bo Hines, executive director 
of Trump&#8217;s Council of Advisors for Digital Assets, suggesting a second meeting 
with White House officials.
_Source:__Alexandre Dreyfus_
According to the meeting document, Chiliz discussed the proposed structure of 
a fan token and why &#8220;it should not be classified as a security.&#8221; Broadly, a 
security is an investment wherein the investor expects a profit due to the 
efforts of someone other than the investor.
Whether cryptocurrencies and related assets are securities has been a key 
issue in the regulation of Web3 within the United States.
_**Related:**__**Chiliz &#8216; Socios.com secures in-principle license approval in 
Malta**_
## Chiliz ecosystem sees lower TVL in 2025
Chiliz, despite its partnerships with football clubs, gaming teams, and racing 
companies, has seen a significant drop in activity within its ecosystem. 
DefiLlama data shows the protocols&#8217; total value locked has fallen from $17.8 
million on Dec. 9, 2024, to $6.5 million on April 22, 2025, marking a 63.5% 
drop.
_Chiliz TVL. Source:__DefiLlama_
Its governance token hasn&#8217;t fared particularly well, either. According to 
CoinMarketCap, the Chiliz (CHZ) token price has declined 67% over the past 12 
months. The company is known for its fan tokens, which allow enthusiasts to 
own the official cryptocurrencies of their favorite sports clubs.
The company has made headway into the soccer market, partnering with Football 
Club Barcelona, Paris Saint-Germain, and Manchester City, among others.
_**Related:**__**FIFA launches NFT collection amid 2023 Club World Cup**_
Chiliz invested $80 million in partnerships within the US market in 2021, the 
document shows. However, regulatory uncertainty and the fallout from FTX&#8217;s 
collapse led to a &#8220;strategic exit&#8221; in the following year.
The next World Cup is expected to take place in June 2026. The United States 
will be the main host of the tournament, while Canada and Mexico will act as 
auxiliary hosts.
_**Magazine: &#8216;Normie degens&#8217; go all in on sports fan crypto tokens for the 
rewards**_
Chiliz, a SportsFi company, has met with the United States Securities and 
Exchange Commission (SEC) to discuss an investment and reentry into the US 
crypto market under the crypto-friendly White House and increased push for 
regulatory clarity surrounding digital assets.
According to the proposed meeting request made public by the SEC, Chiliz plans 
a reentry into the US market around the time of the 2026 FIFA World Cup. The 
comeback would be accompanied by a $50 million to $100 million investment in 
the local market. NBA and NFL teams are allegedly interested in launching fan 
tokens if regulatory clarity improves.
The meeting with the federal agency was held on April 22 &#8212; the same day 
Chiliz CEO Alexandre Dreyfus shared a photo with Bo Hines, executive director 
of Trump&#8217;s Council of Advisors for Digital Assets, suggesting a second meeting 
with White House officials.
_Source:__Alexandre Dreyfus_
According to the meeting document, Chiliz discussed the proposed structure of 
a fan token and why &#8220;it should not be classified as a security.&#8221; Broadly, a 
security is an investment wherein the investor expects a profit due to the 
efforts of someone other than the investor.
Whether cryptocurrencies and related assets are securities has been a key 
issue in the regulation of Web3 within the United States.
_**Related:**__**Chiliz &#8216; Socios.com secures in-principle license approval in 
Malta**_
## Chiliz ecosystem sees lower TVL in 2025
Chiliz, despite its partnerships with football clubs, gaming teams, and racing 
companies, has seen a significant drop in activity within its ecosystem. 
DefiLlama data shows the protocols&#8217; total value locked has fallen from $17.8 
million on Dec. 9, 2024, to $6.5 million on April 22, 2025, marking a 63.5% 
drop.
_Chiliz TVL. Source:__DefiLlama_
Its governance token hasn&#8217;t fared particularly well either. According to 
CoinMarketCap, the Chiliz (CHZ) token price has declined 67% over the past 12 
months. The company is known for its fan tokens, which allow enthusiasts to 
own the official cryptocurrencies of their favorite sports clubs.
The company has made headway into the soccer market, partnering with Football 
Club Barcelona, Paris Saint-Germain, and Manchester City, among others.
_**Related:**__**FIFA launches NFT collection amid 2023 Club World Cup**_
Chiliz invested $80 million in partnerships within the US market in 2021, the 
document shows. However, regulatory uncertainty and the fallout from FTX&#8217;s 
collapse led to a &#8220;strategic exit&#8221; in the following year.
The next World Cup is expected to take place in June 2026. The United States 
will be the main host of the tournament, while Canada and Mexico will act as 
auxiliary hosts.
_**Magazine: &#8216;Normie degens&#8217; go all in on sports fan crypto tokens for the 
rewards**_

Chiliz meets with SEC Crypto Task Force amid US market reentry plans

The XRP Ledger Foundation has identified a &#8220;serious vulnerability&#8221; in the 
official JavaScript library used for interacting with the XRP Ledger 
blockchain network, the nonprofit said.
On April 22, blockchain security specialist Aikido said in a blog post that 
XRP Ledger&#8217;s open-source JavaScript library was &#8220;compromised by sophisticated 
attackers who put in a backdoor to steal cryptocurrency private keys and gain 
access to cryptocurrency wallets.&#8221;
The JavaScript library includes programs enabling developers to interact with 
the XRP Ledger and is distinct from the blockchain network itself.
&#8216;&#8221;[T]his package is used by hundreds of thousands of applications and websites 
making it a potentially catastrophic supply chain attack on the cryptocurrency 
ecosystem,&#8221; Aikido said.
The XRP Ledger Foundation has already upgraded the code repository to &#8220;remove 
the previously compromised version,&#8221; it said in an April 22 post on the X 
platform.
_Aikido identified unusual code in XRP &#8216;s JavaScript package. Source: 
__Aikido_
 _**Related:**__**Coinbase Derivatives lists XRP futures**_
It added that several XRP Ledger ecosystem projects &#8212; including XRPScan, 
First Ledger, and Gen3 Games &#8212; confirmed that they were not impacted by the 
incident.
The XRP (XRP) token ended the US trading day up more than 3.5% despite news of 
the security breach, according to CoinGecko.
The token has a market capitalization of more than $125 billion and a fully 
diluted value of approximately $215 billion.
_XRP &#8216;s token price on April 22. Source: __CoinGecko_
### **Institutional adoption**
Launched in 2012, XRP Ledger is among the oldest blockchain networks and 
specializes in payments and decentralized finance (DeFi) applications for 
institutions.
It has been gaining prominence in recent months as a friendlier US regulatory 
environment paves the way for broader institutional adoption of the network&#8217;s 
token and ecosystem projects.
The XRP token&#8217;s price increased by upward of 300% after crypto-friendly US 
President Donald Trump prevailed in the November presidential election, 
according to CoinGecko.
Since then, several asset managers have asked the US Securities and Exchange 
Commission (SEC) to approve US-listed exchange-traded funds (ETFs) holding the 
XRP token.
On April 21, Coinbase listed futures contracts for the XRP token on its US 
derivatives exchange.
_**Magazine: **__**Crypto &#8216;more taboo than OnlyFans,&#8217; says Violetta Zironi, 
who sold song for 1 BTC**_

XRP Ledger Foundation spots ‘crypto stealing backdoor’ in code library

As digital tokens glittered on Tuesday, equities tethered to the sector 
followed suit, with Coinbase ending the session up 8.57% and Strategy’s common 
stock advancing 7.95%. Bitcoin Sits Idle While Its Proxies Sprint: Publicly 
Traded Miners Chalk up Double‑digit Gains Listed firms linked to the crypto 
economy rallied sharply on April 22, eclipsing bitcoin’s own […]

Crypto-Linked Tickers Jump on US-China Optimism, Mining Stocks Post Double-Digit Gains

Bitcoin (BTC) surged to a 45-day high above $91,000 on April 22, and the 
upward movement coincided with gold reaching a new all-time high. The price 
gains reflect investors&#8217; concerns over a potential economic recession amid 
ongoing global trade tensions.
The tides are shifting, but does data support a Bitcoin price rally above 
$95,000?
_Bitcoin 2-month futures annualized premium. Source: Laevitas.ch_
In neutral markets, the Bitcoin futures premium typically ranges between 5% 
and 10% to compensate for the longer settlement period. At present, the 
annualized premium stands at 6%, which is not considered particularly bullish, 
even though BTC appreciated by $6,840 between April 20 and April 22. Some 
analysts interpret this as a sign that Bitcoin is beginning to decouple from 
the stock market.
## Traders&#8217; PTSD could emerge around BTC&#8217;s $90K zone
Part of this skepticism among traders stems from Bitcoin&#8217;s repeated inability 
to sustain levels above $90,000 in early March. For example, Bitcoin tested 
the $95,000 mark on March 3, only to fall to $81,464 the following day. This 
inconsistent performance since the $109,346 peak on Jan. 20 has contributed to 
a lack of conviction among bullish investors, especially as gold has continued 
to set new all-time highs during the same period.
_S &amp;P 500 futures (left) vs. Bitcoin/USD. Source: TradingView / Cointelegraph_
Currently, Bitcoin is trading 16% below its all-time high, a figure that 
closely mirrors the S&amp;P 500&#8217;s decline of 14.5%. This suggests that the recent 
era of excessive risk-taking may be behind us. Notably, even at its lowest 
point below $75,000, Bitcoin&#8217;s 32% drawdown was less severe than those 
experienced by Nvidia (NVDA), Amazon (AMZN), Facebook (META), and Tesla 
(TSLA).
Comments from US Treasury Secretary Scott Bessent on April 22 contributed to 
easing investor concerns. As reported by Bloomberg, Bessent described the 
ongoing tariff standoff with China as &#8220;unsustainable,&#8221; suggesting an increased 
likelihood of de-escalation. In contrast, US President Donald Trump took to 
social media to assert that US Federal Reserve Chair Jerome Powell is 
hindering economic growth by not reducing interest rates.
## Bitcoin&#8217;s gains contrast with investors&#8217; shift to government bonds
Regardless of where the blame lies for the subdued economic growth in the 
United States, demand for short-term US Treasurys has risen, as evidenced by 
the yield on the 2-year note declining to 3.81% from 4.04% a month earlier. 
Essentially, investors are accepting lower returns in exchange for the 
perceived safety of government bonds. Against this backdrop, Bitcoin&#8217;s 6.3% 
price increase over the past 30 days stands out as particularly notable.
To determine whether these recent gains have affected professional traders&#8217; 
sentiment, it is important to examine the BTC options markets. If traders 
expect a correction, put (sell) options tend to trade at a premium, causing 
the 25% delta skew metric to rise above 6%. Conversely, bullish sentiment 
pushes the indicator below -6%.
_Bitcoin 30-day options skew (put-call) at Deribit. Source: Laevitas.ch_
Currently, the Bitcoin options market reflects limited enthusiasm following 
the recent surge to $91,000, with the 25% delta skew indicator at -2%, which 
remains within the neutral range. According to this metric, the last period of 
bullish sentiment occurred on Jan. 30, when Bitcoin traded near $105,000. 
Therefore, there is no clear evidence that large investors or market makers 
are anticipating a sustained rally above $95,000.
_**Related:**__**Institutional demand could push BTC past $200k in 2025 &#8212; 
Analysts**_
Despite some weak macroeconomic data, market participants expect a relatively 
strong first-quarter earnings season. FactSet reports that the &#8220;Magnificent 7&#8221; 
companies are projected to achieve earnings growth of 14.8% for the first 
quarter compared to the prior year.
While Bitcoin still has a reasonable chance of revisiting $95,000 or higher, 
many traders appear to be waiting for further developments in the US-China 
trade war before placing additional bullish bets.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.