Coinbase Asset Management is preparing to launch the Coinbase Bitcoin Yield Fund on May 1, offering non-U.S. institutional investors a new way to earn yield on their Bitcoin holdings. As originally reported by Bloomberg, Coinbase Asset Management will launch a…

Coinbase will launch a Bitcoin yield fund for institutional investors

OKX&#8217;s latest proof-of-reserves report reveals the crypto exchange holds 
reserves exceeding the number of assets deposited by customers on the 
platform, specifically for 22 major cryptocurrencies. According to the crypto 
exchange&#8217;s 30th consecutive Proof of Reserves report, the platform currently…

OKX publishes proof of reserves with over 100% assets held for 22 cryptocurrencies

A recent forecast by financial services company Standard Chartered, indicates 
that the market’s leading cryptocurrency, Bitcoin (BTC), would hit new record 
highs of almost $120,000 in the second quarter (Q2) of 2025. By the end of 
2025, the cryptocurrency might have risen to $200,000, a 65% gain from the Q2 
aim and over 110% from its present price, according to this prediction, which 
implies a possible growth of around 25% from current levels. Bitcoin Surge 
Amid Rising Term Premium Analyst Geoff Kendrick emphasizes several key factors 
contributing to this optimistic view on Bitcoin’s price projection, pointing 
to the US Treasury term premium, which is currently at a 12-year high. 
According to the analyst, the term premium refers to the additional yield that 
investors demand for holding longer-dated Treasury bonds compared to shorter- 
term ones, indicating broader market conditions that could favor Bitcoin as an 
investment. Related Reading: Dogecoin On Track For $10+ Explosion By October 
2025, Says Crypto Pundit In addition to macroeconomic indicators, Kendrick 
highlights the behavior of major large-cap investors, known as &#8220;whales,&#8221; These 
BTC holders have been actively accumulating the asset, a trend that suggests 
growing confidence in its value. For instance, Bitcoin proxy firm Strategy 
(formerly MicroStrategy), founded by BTC bull Michael Saylor and currently the 
largest corporate holder of the cryptocurrency, has recently disclosed on 
Monday another round of weekly purchases. Potential Sideways Trading Ahead? 
Another noteworthy trend is the movement of funds into Bitcoin exchange-traded 
funds (ETFs), which Kendrick interprets as a safe-haven reallocation from 
traditional assets like gold. In his view, this shift reflects a broader 
sentiment among investors who are increasingly looking at BTC as a viable 
alternative during uncertain economic times. As of Monday morning, Bitcoin was 
trading at approximately $95,300, remaining relatively flat for the year but 
up 51% compared to the same time last year. Related Reading: Justin Sun Bets 
Big On JUST Token – Here’s Why He Sees 100x Potential Kendrick cautions that 
historical patterns in Bitcoin&#8217;s price action indicate that sharp increases 
are often followed by extended periods of sideways trading. Conversely, 
Seeking Alpha analyst Damir Tokic offers a more cautious perspective on 
Bitcoin&#8217;s future trajectory. He notes that BTC could continue to decline 
alongside the Nasdaq 100 if the market selloff accelerates and investor 
sentiment deteriorates. However, he also acknowledges the potential for 
Bitcoin to solidify its position as a safe-haven asset, particularly if the US 
dollar continues to depreciate. When writing, BTC retraced below the $95,000 
mark toward $94,560, still up 1.1% in the 24 hour time frame. Ethereum (ETH), 
however, has outperformed BTC’s price action with a nearly 14% surge in the 
weekly time frame, compared to Bitcoin’s 7.3% surge in the same time frame. 
Other major altcoins like XRP and Solana (SOL), have also seen notable price 
recoveries, recording gains of 10% and 6% in the weekly time frame. Featured 
image from DALL-E, chart from TradingView.com

Technical Indicators Suggest Bitcoin May Reach $120,000 In Q2, Says Standard Chartered

The first 100 days of the administration of US President Donald Trump have 
deeply impacted the crypto industry, starting with his own memecoin and 
culminating in a Bitcoin reserve and a spate of blockchain policymaking.
Trump&#8217;s trade war with the entire world has had the largest short-term impact 
on crypto markets, as crypto prices have wavered amid macroeconomic worry and 
uncertainty. Higher prices on electronics mean Bitcoin (BTC) miners are 
finding it harder to break even, and de-dollarization concerns abound.
Still, crypto markets have shown some resilience and cause for optimism in the 
administration&#8217;s crypto-friendly policies. A number of pro-crypto leaders have 
been appointed to key government agencies, including the Securities and 
Exchange Commission and the Commodity Futures Trading Commission (CFTC). The 
crypto industry&#8217;s long-awaited regulatory framework is also imminent.
Trump&#8217;s first 100 days have seen remarkable changes for the crypto industry, 
and it appears that things are only getting started. Here&#8217;s a look at what&#8217;s 
happened so far.
## Jan. 20 &#8212; Trump&#8217;s first 100 days kick off with a memecoin
On Jan. 20, while Trump was sworn into office in the rotunda of the Capitol 
Building, his family&#8217;s crypto investment firm, World Liberty Financial (WLFI), 
launched its second token sale of WLFI tokens.
Massive demand saw prices initially spike, though the true value of the 
tokens, if any, is yet to be determined, as WLFI is currently not transferable 
and cannot be traded on any exchanges.
The memecoin served as a kickoff for Trump&#8217;s crypto agenda, which has seen 
unprecedented support for the industry in Washington, DC, along with a slew of 
moral and ethical concerns among observers and lawmakers.
_**Related:**__**Trump &#8216;s WLFI crypto investments aren&#8217;t paying off**_ 
## Jan. 20 &#8212; Pro-crypto leaders head up federal agencies on &#8220;day one&#8221;
The president of the US sets the tone for several federal regulators, 
including those overseeing crypto. Trump immediately set out to appoint a 
number of pro-crypto lawyers and businessmen to head up the SEC, the CFTC and 
other critical federal agencies.
Trump nominated businessman Paul Atkins to lead the SEC on &#8220;day one&#8221; of his 
presidency. Atkins would replace Gary Gensler, who was perceived by many in 
the crypto industry as an enemy to adoption and the industry&#8217;s progress.
Also on day one, Trump appointed businessman and crypto investor David Sacks 
as chair of the President&#8217;s Council of Advisors on Science and Technology &#8212; 
or the crypto and AI &#8220;czar.&#8221;
Atkins wouldn&#8217;t be confirmed by the Senate until April 9 and sworn in on April 
21. But in the meantime, Trump also tapped former CFTC Commissioner and crypto 
proponent Brian Quintenz to head up that agency.
## Jan. 21 &#8212; $500-billion Stargate AI initiative
In a press conference, Trump announced a $500-billion private-led AI 
infrastructure investment called &#8220;Stargate.&#8221; The president claimed the project 
&#8212; led by ChatGPT creator OpenAI, SoftBank and Oracle &#8212; would create some 
10,000 American jobs.
Trump said the US needed to lead the world in AI innovation and keep 
development onshore. &#8220;China is a competitor, others are competitors. We want 
it to be in this country, and we&#8217;re making it available,&#8221; he said.
OpenAI claimed that the project would &#8220;not only support the re- 
industrialization of the United States but also provide a strategic capability 
to protect the national security of America and its allies.&#8221;
## 
Jan. 21 &#8212; Pardon for Silk Road founder Ross Ulbricht
Trump announced on Truth Social that he had called the family of Silk Road 2.0 
founder Ross Ulbricht after commuting his sentence.
After his arrest in 2013, Ulbricht was sentenced to life in prison in 2015 
without the possibility of parole for his role in facilitating the trafficking 
of narcotics and other illicit substances.
Ulbricht&#8217;s case became a rallying point for libertarian movements and prison 
reform advocates alike. Libertarian-minded crypto advocates supported 
Ulbricht, as his platform was one of the first places people could actually 
spend Bitcoin.
_Crypto advocates supported Ulbricht, with many believing he did nothing 
wrong. Source:__The Bitcoin Historian_
Freeing Ulbricht was one of the many campaign promises Trump made to the 
crypto community.
## Jan. 23 &#8212; Ban on digital dollar, establishing a crypto working group
With an executive order, Trump established an internal working group to focus 
on making the US &#8220;the world capital in crypto.&#8221; The order also prohibited &#8220;the 
establishment, issuance, circulation, and use&#8221; of a US central bank digital 
currency (CBDC).
CBDCs are a contentious issue in the crypto community, with many privacy 
activists claiming that they are another form of state surveillance and 
government control. Enthusiasm over their creation from central bankers has 
further set the more libertarian-minded crypto community against their 
creation. 
_Trump signing the executive order. Source:__ABC News_
The working group would kickstart the process for creating the forthcoming US 
Bitcoin and crypto reserves. 
## Feb. 1 &#8212; Trade war begins with tariffs on Mexico, China and Canada
One of the promises of the Trump campaign was to rectify the &#8220;bad deals&#8221; that 
the US had with many of its oldest allies and most important trading partners.
Just over a week after he was sworn into office, Trump announced sweeping 
tariffs on Canada, Mexico and China, citing border security concerns and the 
supposed proliferation of cross-border trade of fentanyl from those countries.
The same day, Canada announced retaliatory measures. On Feb. 3, Mexico 
promised to step up security of its northern border, responding to American 
requests for increased patrols. This led Trump to reverse initial tariff plans 
on both countries.
The unexpected hostile tariffs from a close partner and ally sent stock and 
crypto prices tumbling. They marked the beginning of the macroeconomic 
uncertainty that has come to characterize the early days of the Trump 
administration.
## 
Feb. 12 &#8212; Vinnik-Foegel prisoner swap with Russia
Alexander Vinnik, the convicted money launderer who funneled Bitcoin stolen in 
the infamous Mt. Gox hack through his crypto exchange BTC-e, returned to his 
home country of Russia.
Vinnik pled guilty to money laundering conspiracy charges in 2024. BTC-e 
processed more than $9 billion in transactions and had over 1 million users 
worldwide, many of whom were in the US.
Vinnik was exchanged for American schoolteacher Marc Fogel, who was teaching 
at the Anglo-American School of Moscow and had been in a Russian jail since 
2021 after being arrested for illegal possession of cannabis. 
## 
Feb. 18 &#8212; Bankman-Fried makes veiled plea for release
In an interview with The New York Sun, the former CEO of now-defunct crypto 
exchange FTX, Sam Bankman-Fried, addressed his controversial political 
contributions, saying the Republican Party was always &#8220;far more reasonable.&#8221;
Bankman-Fried, or SBF, made widely publicized contributions to the Democratic 
Party as he purportedly tried to influence democratic policymakers&#8217; approach 
to the digital asset industry. It later became known that SBF was playing both 
sides of the aisle, donating significant funds to Republicans, though the 
exact amount remains unknown.
In the interview, SBF likened his position to that of Trump, claiming that 
he&#8217;d been unfairly treated by the criminal justice system. SBF called into 
question the conduct of the federal judge overseeing his trial, Judge Lewis 
Kaplan. &#8220;I know President Trump had a lot of frustrations with Judge Kaplan. I 
certainly did as well.&#8221;
Observers saw the interview as an attempt to elicit a pardon from Trump. Roger 
Ver, an early Bitcoin advocate facing criminal tax evasion charges, has made 
an outright appeal.
## 
March 7 &#8212; Trump establishes Bitcoin reserve and crypto stockpile
On March 7, the 46th day of Trump&#8217;s presidency, he signed an executive order 
establishing a &#8220;Strategic Bitcoin Reserve.&#8221; Trump made big promises about 
crypto adoption on the campaign trail, including the possibility of a long- 
sought-after Bitcoin reserve.
The US reserve, however, would fall short of expectations among Bitcoin 
maximalists. Rather than create a concrete plan for the US government to 
purchase and hold Bitcoin, it merely created a single reserve to pool all 
Bitcoin the government had seized during criminal proceedings.
While the order does state that the government may purchase additional 
Bitcoin, it must do so in a budget-neutral fashion.
In tandem with the Bitcoin reserve, Trump also established a US Digital Asset 
Stockpile containing other cryptocurrencies such as Ether (ETH), Solana (SOL), 
XRP (XRP) and Cardano (ADA). 
## March 7 &#8212; White House Crypto Summit
Leaders of the crypto industry descended on Washington for a meeting at the 
White House to discuss a wide range of topics related to crypto regulation and 
the development of the industry in the US.
Attendees included Strategy executive chairman Michael Saylor, Coinbase CEO 
Brian Armstrong and &#8220;crypto czar&#8221; David Sacks.
While some attendees, including Chainlink co-founder Sergey Nazarov, were 
optimistic about the event&#8217;s focus on strengthening the US crypto industry, 
some crypto luminaries who were not on the list were less impressed.
Cardano and IOHK co-founder Charles Hoskinson, who did not attend the event, 
noted in a video stream that real change &#8212; i.e., legislation &#8212; must be made 
in Congress.
&#8220;Everybody focuses on the White House because it&#8217;s simple and easy to do so. 
[&#8230;] And as much as we, as an industry, want this to be a short process, it&#8217;s 
going to be a long and methodical process,&#8221; Hoskinson said. 
Others put it more simply:
_Source:__George Mandrik_
## 
March 25 &#8212; WLFI goes stablecoin
WLFI expanded its offerings in March with the soft launch of its stablecoin 
USD1. The coin, &#8220;100% backed by short-term US government treasuries, US dollar 
deposits, and other cash equivalents,&#8221; launched on the Ethereum and BNB Chain 
networks.
News of the token&#8217;s launch came just days after WLFI secured more than $500 
million by selling its own WLFI tokens. 
US lawmakers subsequently called for an ethics probe into WLFI and cited the 
president&#8217;s ability to influence stablecoin policy as a major conflict of 
interest with the project.
_**Related:**__**Atkins becomes next SEC chair: What &#8216;s next for the crypto 
industry**_ 
## April 2 &#8212; Liberation Day
Doubling down on his belligerent trade policy, Trump levies tariffs on all US 
trade partners on what he dubs &#8220;Liberation Day.&#8221; 
At a special event at the White House, Trump signed an executive order levying 
reciprocal tariffs on every country with a tariff on US goods, starting at a 
10% minimum.
Markets saw a spate of red across the board following the order, and many 
economic observers raised concerns over a looming recession. Crypto miners 
based in the US were further squeezed as their operation costs, namely for 
buying new mining rigs, increased significantly. 
Former White House Communications Director Anthony Scaramucci told 
Cointelegraph, &#8220;I would say that he&#8217;s had the worst 95 days in modern 
presidential history. The markets recovered a little, but we&#8217;ve got $9 
trillion taken from the stock market. You had a growing economy that&#8217;s now 
heading into a medium-sized recession, possibly a steep recession.&#8221;
He said that Trump declared a trade war &#8220;without any real weaponry&#8221; and 
subsequently lied about progress when the president claimed China was 
attempting to negotiate. 
&#8220;The lies are ok &#8212; everyone accepts that he&#8217;s a congenital liar [&#8230;] but 
when you&#8217;re declaring war on people and then you&#8217;re lying, it&#8217;s really bad.&#8221; 
## April 25 &#8212; $300,000-per-plate memecoin dinner raises call for impeachment
Top Trump memecoin holders were reportedly offered an opportunity to have 
dinner with the president, sparking renewed concerns over his crypto project 
and prompting one US lawmaker to support impeachment.
At a town hall meeting in his home state of Georgia, Democratic Senator Jon 
Ossoff said he &#8220;strongly&#8221; supports impeachment. &#8220;When the sitting president of 
the United States is selling access for what are effectively payments directly 
to him, there is no question that that rises to the level of an impeachable 
offense,&#8221; he said.
_TRUMP holders can register to have dinner with the President. Source: 
gettrumpmemes.com_
Rumors on social media stated that $300,000 would grant tokenholders an 
audience with the president, a claim the Trump administration later denied. 
## Trump&#8217;s first 100 days could jeopardize change
The first 100 days of Trump&#8217;s presidency have brought**** unprecedented change 
to the crypto industry. Simultaneously, they have opened it up to increased 
criticism and controversy as the president&#8217;s personal ties with blockchain 
projects raise ethical questions.
These controversies may well jeopardize the industry&#8217;s efforts to effect 
change in Congress, according to Scaramucci, who said, &#8220;Trump has so inflamed 
everything that he&#8217;s made it even hard for [stablecoin legislation] to 
happen.&#8221;
The STABLE Act, which aims to provide guardrails for stablecoin issuance in 
the US, was introduced in the House of Representatives on March 26 and passed 
a committee vote on April 3, with prominent Democrats dissenting. The bill 
will soon head to the floor for a general vote before going to the Senate.
The Senate&#8217;s GENIUS Act has recently made headway, passing a vote in the 
Banking Committee, largely along party lines.
_**Magazine:**__**Bitcoin $100K hopes on ice, SBF &#8216;s mysterious prison move: 
Hodler&#8217;s Digest, April 20 &#8211; 26**_

Trump’s first 100 days ‘worst in history’ despite crypto promises

USDC stablecoin issuer Circle has received in-principle approval (IPA) from 
the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global 
Market (ADGM), the company announced on April 29.
The approval moves Circle closer to obtaining a full Financial Services 
Permission (FSP) license, allowing it to operate as a regulated money services 
provider in the United Arab Emirates, the firm said in an official press 
release.
Jeremy Allaire, Circle&#8217;s Co-Founder and CEO, said the approval &#8220;advances our 
strategy to establish deep roots in markets embracing the onchain economy.&#8221; He 
added:
&#8220;It also underscores Circle&#8217;s enduring commitment to global stablecoin 
oversight&#8211;strengthening trust, compliance, and adoption worldwide, while 
laying a resilient foundation for the internet financial system.&#8221;
_Comments from Circle CEO and Chief of Market Development at ADGM regarding 
the regulatory nod. Source: PR_
_**Related:**__**Circle files for Initial Public Offering planned for April**_
## Circle partners with Hub71
In addition to regulatory progress, Circle announced a partnership with Hub71, 
Abu Dhabi&#8217;s tech ecosystem. As part of the collaboration, the two firms plan 
to work together on projects within ADGM&#8217;s digital regulatory sandbox.
Circle will also join Hub71&#8217;s digital assets group, sharing its experience 
with a community of more than 500 tech startups and investors.
Circle&#8217;s flagship USDC token is the second-largest stablecoin in terms of 
market capitalization. As of now, there are $62.03 billion USDC (USDC) tokens 
in circulation, according to data from CoinMarketCap.
Meanwhile, Circle has been pushing into new global markets amid rising 
interest in stablecoins.
In July 2024, Circle became the first global stablecoin issuer to comply with 
the European Union&#8217;s Markets in Crypto-Assets (MiCA) regulation.
In Japan, Circle expanded its presence through a partnership with SBI 
Holdings. On March 26, 2025, SBI VC Trade, a subsidiary of SBI Holdings, 
launched USDC trading, making it the first stablecoin approved under Japan&#8217;s 
regulatory framework.
_**Related:**__**Circle executive denies claims of seeking US banking 
license**_
## UAE aims to position itself a major Web3 hub
The United Arab Emirates has been actively working to establish itself as a 
global Web3 hub, leveraging progressive regulation and strategic partnerships 
to attract leading digital asset firms.
In August 2024, the country ranked third in a crypto adoption index released 
by Henley &amp; Partners, an investment migration consultancy firm.
On April 6, Dubai&#8217;s real estate and crypto regulatory authorities signed a new 
agreement aimed at expanding digital asset adoption in the real estate sector. 
The agreement will link Dubai&#8217;s real estate registry with property 
tokenization through a governance system.
_**Magazine:**__**Bitcoin price consolidation likely as US Core PCE, 
manufacturing, and jobs reports print this week**_

Circle gets Abu Dhabi regulatory nod to expand in Middle East

Bitcoin mining firm Phoenix Group announced the addition of 52 megawatts (MW) 
worth of mining capacity to its capabilities in Ethiopia.
According to an April 29 announcement, with this latest addition, Phoenix&#8217;s 
Bitcoin mining capacity in Ethiopia reaches 132 MW. The firm&#8217;s global capacity 
now reportedly exceeds 500 MW.
Phoenix&#8217;s co-founder and CEO, Munaf Ali, said the firm&#8217;s strategy relies on 
&#8220;securing prime locations with abundant, low-cost energy.&#8221;
&#8220;Initiatives like our latest expansion in Ethiopia are pivotal steps, not only 
creating significant value today but also solidifying our position,&#8221; he said.
_**Related:**__**Arkansas city rejects crypto mining proposal after community 
pushback**_
## Building on previous agreements
The news follows Phoenix Group signing an agreement that secures the right to 
80 MW of power in Ethiopia in January. An announcement published at the time 
noted that the new Bitcoin mining site was scheduled to go live in the second 
quarter of 2025.
The 52 MW site will be developed in two phases, with the first one using just 
20 MW to power 5,300 air-cooled mining units with an expected hashrate of 1.2 
exahashes per second. In the second phase &#8212; expected to reach completion by 
the end of Q2 2025 &#8212; the site will use the full 52 MW, water cooling, and 
produce an estimated 2.4 exahashes per second of hashrate.
An exahash is a unit of computational power used mainly to measure the speed 
of cryptocurrency mining networks, especially Bitcoin. Exahashes quantify how 
many trillions of calculations a mining network can perform per second.
Reza Nedjatian, the CEO of the firm&#8217;s mining, artificial intelligence and data 
center subsidiary, highlighted that the plant will be powered by renewable 
energy:
&gt; &#8220;With 132 MW now running on clean hydropower, we&#8217;re proud to set a new 
&gt; benchmark for sustainable mining in Africa and deliver large-scale 
&gt; operations in energy-rich regions.&#8221;
_**Related:**__**LAPD recovers $2.7M worth of Bitcoin miners stolen in airport 
heist**_
## A fast-burn company
Phoenix Group became a publicly-traded company following its late 2023 listing 
on the Abu Dhabi Securities Exchange. The firm successfully closed its initial 
public offering (IPO) with an oversubscription of 33 times, reporting that its 
offer of 907,323,529 shares saw &#8220;overwhelming demand.&#8221;
Following the listing, Phoenix Group shares rapidly rose by 50% following the 
$371 million IPO, opening at 2.25 dirhams ($0.6) and rapidly reaching 1.50 
dirhams ($0.41). At the time of writing, shares are trading at around $7.94.
_Phoenix Group share price chart. Source:__Google Finance_
The firm is known for its large-scale mining initiatives, having acquired $187 
million worth of Bitcoin mining equipment in a single transaction in early 
2024.
Bitcoin mining is not the only activity the firm is involved in.
In 2024, Tether, the largest stablecoin provider in the digital asset 
industry, announced plans to launch a new stablecoin pegged to the United Arab 
Emirates dirham. Tether partnered with Phoenix Group and Green Acorn 
Investments on the project.
_**Magazine:**__**AI may already use more power than Bitcoin &#8212; and it 
threatens Bitcoin mining**_