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According to The Block, crypto industry leaders and supportive senators are celebrating the Senate's vote on a key stablecoin bill on Monday.

The U.S. Senate passed a procedural vote (cloture) for the stablecoin bill known as the GENIUS Act by a vote of 66 to 32.

This vote has been described as a 'historic' moment by several senators and crypto industry figures, seeing it as a way to 'ensure the dominance of the dollar.'

This groundbreaking bipartisan legislation will bring the U.S. payment system into the 21st century,” said the bill's sponsor, Republican Senator Bill Hagerty.

This initiative was taken after USDC issuer Circle registered a legal entity in the Abu Dhabi Global Market (ADGM) in December 2024.

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market has granted principled approval to stablecoin issuer Circle, allowing it to operate as a currency service provider, with specific details shared with The Block.

This initiative was taken after Circle registered a new legal entity in ADGM in December 2024 to expand its global influence in the Middle East and Africa.

"The UAE is paving the way for responsible innovators to build an internet financial system," said Circle co-founder and CEO Jeremy Allaire in a statement shared with The Block. "This principled approval from ADGM strengthens our strategy to establish deep roots in the on-chain economy market, creating new pathways for investment and innovation in the region. It also emphasizes Circle's enduring commitment to global stablecoin regulation—enhancing trust, compliance, and global adoption while laying a solid foundation for the internet financial system."

Source: The Block

Cryptocurrency exchange Bitget stated that it will take legal action against eight accounts suspected of manipulating the platform market, illegally profiting $20 million.

The platform has pledged to return any recovered funds to platform users in the form of airdrops.

Bitget announced that it will take legal action against eight accounts suspected of manipulating the VOXEL market, profiting $20 million, and the platform is continuing to investigate the 'unusual trading activity' from last Sunday.

On April 20, a little-known token market named VOXEL suddenly saw a large volume of trading on Bitget. This token is the native token of the Polygon-based RPG game Voxie Tactics, and its price increased by over 500% within two days. Bitget subsequently announced that it would roll back transactions in the market during the investigation of the 'unusual trading' activity.

Ethereum-based lending protocol Term Finance lost approximately $1.6 million in ETH on Saturday due to misconfigured oracles.

Term has recovered over $1 million through internal capture and negotiations. The team will cover the remaining losses from the protocol treasury and plans to release a detailed post-mortem report.

Impermax Finance, a small DeFi protocol, lost $150,000 due to a flash loan attack on Saturday.

Term Finance, an Ethereum-based fixed-rate lending market, reported recovering $1 million of a $1.6 million loss due to misconfigured oracles resulting in erroneous liquidations in its Treehouse (tETH) market.

Source: The Block

Ark Invest uses a new experimental method and expects Bitcoin's price to reach $2.4 million in a bull market scenario by 2030.

Price Prediction

Ark Invest raises its bullish price prediction for Bitcoin to $2.4 million, up from a previous prediction of $1.5 million, based on a new specialized approach.

Price Scenarios:

Bull Market: $2.4 million

Baseline: $1.2 million

Bear Market: $500,000

Analyst David Puell pointed out in a report on Thursday that the initial bull market price target for 2030 is approximately $1.5 million. However, using the latest experimental model, Ark has predicted a price of $2.4 million in a bull market scenario by excluding lost or long-held Bitcoins.

Source: The Block

Citi Group stated in a new report that stablecoin supply is expected to grow to $1.6 trillion by 2030, and could reach $3.7 trillion in an optimistic scenario.

Stablecoin Market Forecast

Citi Group hinted in a report released Thursday that blockchain may experience its "ChatGPT moment" this year, partly due to the popularity of stablecoins. The bank forecasts that the total market value of stablecoins could grow tenfold by the end of this decade, surging from the current supply of nearly $240 billion to over $2 trillion.

Forecast Data:

Source: The Block

The self-proclaimed 'memecoin' of the crypto social media platform Zora began trading without any official announcements or statement links, sparking a wave of criticism. Some users can only access ZORA directly through its smart contract address.

Token trading situation

This 'for entertainment purposes only' token does not grant holders governance rights, Zora stated in March. The trading of ZORA tokens caused confusion on Wednesday due to the lack of any official notification.

Users can only manually claim ZORA tokens by directly interacting with the smart contract address, which increases difficulty for novice crypto users. Several exchanges, including Binance, Bitget, and Bybit, received millions of dollars worth of tokens for trading, and the decentralized exchange Hyperliquid has also launched leverage options.

Source: The Block

The net inflow of the U.S. spot Bitcoin ETF reached $936 million, the largest single-day inflow since January 17. Analysts state that as Bitcoin's role as a potential 'safe haven' asset increases, institutional funds are flowing back into Bitcoin.

Capital Inflows

On Tuesday, the U.S. spot Bitcoin exchange-traded fund (ETF) saw its largest single-day net inflow since January 17, totaling $936 million. Analysts pointed out that this reflects increased market confidence in Bitcoin as a hedge against ongoing geopolitical and macroeconomic tensions.

Source: The Block

South African users may face stricter Know Your Customer (KYC) procedures when sending and receiving cryptocurrency.

New Regulations

Binance, the world's largest centralized cryptocurrency exchange, announced that new requirements regarding digital asset deposits and withdrawals for South African users will take effect on April 30 to comply with local regulations.

User New Requirements: The notice mentioned that users may need to provide additional information before sending cryptocurrency, including the recipient's full name and country of residence. The same applies when receiving cryptocurrency, as South African account holders may need to clarify whether the funds are coming from or being sent to a self-custody wallet.

The rapid growth of USDC is increasingly related to its regulatory transparency and institutional appeal, especially in the context of Circle advancing its potential IPO plans.

USDC Supply Growth

As of April 19, the supply of USDC has approached 61 billion USD, an increase of 17 billion USD from 44 billion USD at the beginning of the year, representing a growth rate of 38.6%. During the same period, the supply of USDT rose from 138 billion USD to 145 billion USD, a relatively smaller increase. Currently, the total supply of stablecoins stands at 226 billion USD.

Stablecoin Chain Distribution: Ethereum remains the primary chain for stablecoins, holding a supply of 130 billion USD, while other chains (like TRON and Solana) account for the remaining supply.

Source: The Block

Bybit's CEO Ben Zhou stated that 27.59% of the $1.4 billion in stolen funds has 'disappeared.' These untraceable funds flowed into mixers and were then transferred to peer-to-peer and over-the-counter trading platforms through bridging.

In a recent post on the social media platform X, Zhou noted that of the $1.4 billion in cryptocurrency stolen from Bybit, 27.59% of the funds has 'disappeared.' This proportion of missing funds has increased since Zhou's update on March 4, when he stated that 77% of the funds were still traceable. In the latest summary, Zhou mentioned that 68.57% of the stolen cryptocurrency remains traceable, with only 3.84% of the funds frozen.

Eliza Labs has launched a new platform called auto.fun, a startup similar to pump.fun that enables users to deploy complex AI agents without any technical skills.

To support these agents, auto.fun uses a “fairer than fair” token launch mechanism designed to promote a sustainable economy.

Auto.fun Platform Overview

Eliza Labs' auto.fun platform aims to create, deploy, and monetize AI agents through a "sustainable" token economy. The platform makes complex Web3 operations accessible to non-technical users, providing a no-code builder that allows anyone to create autonomous AI agents capable of performing tasks in social media platforms, DeFi applications, and other Web3 services. This approach is similar to pump.fun, which allows users to easily launch Solana-based meme tokens.

Source: The Block

Crypto exchange eXch announced that it will shut down on May 1 after learning that a “transatlantic operation” was investigating the project for money laundering and terrorism.

There have been reports that the platform was used as a tool for money laundering by North Korea’s Lazarus group, involving cryptocurrencies stolen from Bybit.

eXch expressed regret that its privacy-oriented approach had been misunderstood.

eXch officially announced that it had decided to cease operations on May 1 due to being accused of being a cryptocurrency money laundering portal for the North Korean Lazarus organization. The exchange said it recently learned that it had become the target of an active "transatlantic operation" aimed at shutting down the platform and prosecuting the team.

Source: The Block

Base faced criticism from the crypto community for its token 'Base is for everyone' plummeting 95% in a short time. The token's launch was part of the 'contentcoin' experiment, and the risks were clearly stated in the legal declaration. Today, the token has nearly regained all of its lost value.

As a Layer-2 network supported by the crypto exchange Coinbase, Base faced community backlash after the token temporarily lost most of its value. The token has now nearly recovered to its previous levels.

Earlier on Wednesday, Base posted about 'Base is for everyone' on Zora, a blockchain social media network that automatically converts posts into tokens. Subsequently, Base's official X account promoted the token around 3:12 PM, posting with an image of 'Base is for everyone.'

Source: The Block

The Layer 1 blockchain MANTRA, focused on real-world assets, saw its token $OM plummet 90% in just a few hours on Sunday, raising market concerns about a potential rug pull or major hacking incident.

"Today's event was triggered by reckless liquidations and is unrelated to the project itself," MANTRA's X account wrote a few hours after the crash began.

MANTRA's co-founder stated on X: "The forced liquidation from a large OM investor on the [centralized exchange] was too significant."

A leader of the MANTRA community denied in the project's Telegram group that the crash was caused by team sell-offs, but shortly after, the group became inaccessible.

Source: The Block

Bloomberg's senior ETF analyst Eric Balchunas shared news that four asset management companies will launch a spot Solana ETF in Canada, scheduled for Wednesday.

The upcoming Solana ETFs will offer staking features.

According to a bank notice cited by Bloomberg's senior ETF analyst Eric Balchunas, several spot Solana exchange-traded funds are set to launch in Canada. Balchunas shared a screenshot of a notice from TD Bank in Canada on X, stating that the Ontario Securities Commission has approved the 'world's first' spot Solana ETF issued by Purpose, Evolve, CI, and 3iQ. These ETFs are expected to be listed on April 16.

The floor price of Quantum Cats NFTs plummeted after the Taproot Wizards mint incentives ended, contrasting sharply with the relative stability of other Bitcoin NFT collections.

The following is an excerpt from The Block's data and insights newsletter.

Last week, the floor price of the Bitcoin NFT Quantum Cats was halved, dropping from 0.087 BTC on March 30 to 0.04 BTC on April 5 (Saturday). Meanwhile, the floor prices of some other well-known Bitcoin NFT collections remained relatively stable. For instance, during the same period, the prices of NodeMonkes and Bitcoin Puppets only declined by 5% and 8%, respectively.

Ethereum has now become the first non-Cosmos network to join the IBC (Inter-Blockchain Communication) ecosystem, while IBC Eureka plans to add networks like Solana, Base, and Arbitrum in the future.

The launch of IBC Eureka follows the testing of interoperability between Ethereum and Cosmos by Interchain Labs developers at the end of March this year.

Interchain Labs unveiled a new bridging product called IBC Eureka, designed to connect the Ethereum and Cosmos blockchain systems.

According to an announcement shared with The Block, IBC Eureka expands on the second version of the Inter-Blockchain Communication (IBC) protocol, allowing for fast and economical connections between Ethereum and Cosmos, utilizing Cosmos Hub ATOM as the basis for IBC routing.

Source: The Block

Teucrium Investment Advisors LLC will launch an XRP-based exchange-traded fund (ETF) on Tuesday, marking the first XRP-based ETF in the U.S. market.

Several U.S. issuers have applied for spot XRP ETFs, and these applications are still under review by the U.S. Securities and Exchange Commission (SEC).

An analyst stated that the likelihood of approving spot XRP ETFs has increased this year, but demand for these funds remains uncertain.

Teucrium Investment Advisors LLC, an asset management company based in Vermont, will launch the first XRP-based exchange-traded fund in the U.S. market on Tuesday.

Source: The Block

The Nigerian government demands Binance to pay $81 billion in unpaid taxes, claiming the exchange operated without proper registration.

The Federal High Court in Abuja postponed a tax evasion trial involving Binance, originally scheduled for April 30. This decision was made after one of Binance's lawyers questioned a February order that allowed authorities to serve legal documents via email.

Reports indicate that the court approved the prosecution and local tax authorities to send case documents via the internet. Binance lawyer Chukwuka Ikwuazom claimed the order was "improper and should be revoked," arguing that authorities must obtain formal permission to serve official documents abroad.