Latest Crypto News | Bitcoin, Ethereum and Altcoin Updates

Grayscale Research says Zcash (ZEC) could be undervalued as demand for private digital money rises in an increasingly surveilled world. The firm notes ZEC is only about 0.3% of the crypto “currencies” segment, yet the market may be mispricing the value of Zcash’s privacy. On-chain adoption is a key pillar of the case. Grayscale highlights that Zcash uses shielded transactions to hide sender, receiver, and amounts, backed by zero-knowledge proofs for validation. It also points to “viewing keys” for selective access, framing Zcash as more compliance-friendly than some other privacy coins. Grayscale cites metrics showing shielded activity around 86.5% of Zcash transactions (as of March 2026) and shielded supply near 31.1% of circulating ZEC. The firm attributes improved shielded usability to the Sapling (2018) and NU5 (2022) upgrades, which removed the trusted-setup requirement for new shielded pools. Valuation upside is presented as a “mispricing” scenario rather than a guarantee. With ZEC’s market value roughly ~$4B versus a ~$1.6T crypto market, ZEC sits near 0.3% of the sector; Grayscale estimates that capturing 5% of this segment could imply a much higher valuation (about 18x under its assumptions). Key risks include regulatory uncertainty around shielded transactions, execution risk from upcoming upgrades (including Tachyon and Crosslink), and longer-term quantum-computing concerns. For traders, the privacy narrative is constructive for ZEC, but near-term price may still react sharply to regulation headlines and upgrade delivery risk.

Bitfarms is exiting parts of its Bitcoin mining focus and repositioning for AI and high-performance computing (HPC). Shareholders approved a U.S. re-domiciliation and a rebrand to Keel Infrastructure, with the new ticker KEEL expected around April 1 and trading on Nasdaq and the Toronto Stock Exchange shortly after the closing. Bitfarms says it will sell BTC “opportunistically” rather than “hoarding” it to fund the AI/HPC buildout. As of March 27, it held about 2,400 BTC (around $161m) and roughly $520m in total cash and assets. The company also reiterated that mining operations will continue temporarily to maximize free cash flow during the transition. On operations and fiscal impact, Bitfarms targeted 2.2 GW of power access in North America (341 MW running, 430 MW contracted, and 1.5 GW in progress). Financially, 2025 revenue rose to $229m (+72% YoY), but the operating loss widened to $150m and profit margin fell to 13%. Crypto-trader takeaway: Bitfarms’ BTC sell-off plan suggests continued BTC supply overhang from public miners. While the narrative shifts toward AI/data-center infrastructure (supporting “tech” sentiment), the direct implication for BTC is more consistent with bearish near-term pressure.

Ripple Prime has expanded institutional access on Hyperliquid by enabling HIP-3 symbols for gold, silver, and oil perpetual futures. This lets institutions trade DeFi commodities directly through Ripple Prime with a unified margin framework inside existing portfolios, aiming to reduce account fragmentation and operational complexity. The update builds on Ripple’s acquisition of Hidden Road, which Ripple Prime frames as infrastructure that better bridges TradFi workflows with on-chain trading. The article also notes Ripple Prime is integrated into the NSCC system, positioning it as a faster route between traditional and decentralized markets. Broader market context includes DTCC’s plan to tokenize markets within about 50 weeks, and commentary from Teucrium’s CEO describing Ripple Prime’s post-Hidden Road strategy as a “blueprint” for Wall Street modernization. For crypto traders, the immediate takeaway is institutional-facing, BTC/ETH-free DeFi commodity perps exposure (gold/silver/oil) via Ripple Prime + Hyperliquid, which may increase venue competition and liquidity in on-chain derivatives while supporting XRP-adjacent sentiment around unified margin.

On-chain data and Arkham Intelligence tracking suggest that Bhutan’s sovereign crypto wallets have moved about 700 BTC (≈$50M) in March, renewing sell-off concerns around Bitcoin supply management. Reported transfers include 325 BTC (≈$25.2M) sent to a wallet previously associated with Galaxy Digital, and 375 BTC (≈$25.2M) routed to an unidentified address that analysts suspect could be an OTC desk or a new custodian. These March movements followed earlier coverage that Bhutan sold more than $84M worth of Bitcoin via exchanges and OTC channels. Key entities involved are the Royal Government of Bhutan and its sovereign fund, Druk Holding & Investments (DHI). The transfers are not confirmed as panic selling; media framing points to steady outflows that could reflect portfolio rebalancing, profit-taking, funding state projects, or custody changes. For traders, the main implication is potential sustained Bitcoin liquidity routing into the market, especially if OTC desks are used to handle size without immediate exchange impact.

The U.S. District Court for the Southern District of New York permanently barred the KuCoin operator, Peken Global Limited, from allowing U.S. customers to access KuCoin unless it registers as a “foreign board of trade” and satisfies strict regulatory conditions. The order also imposed a $500,000 civil monetary penalty. This follows a CFTC settlement and a related DOJ agreement that required the KuCoin operator to leave the U.S. market for at least two years. In March 2024, the CFTC sued Peken Global and other KuCoin-linked entities (Mek Global Ltd., PhoenixFin PTE Ltd., Flashdot Ltd.) over allegations including operating an unlicensed digital asset derivatives exchange, failing to register as a futures commission merchant, and inadequate customer identification. In January 2025, Peken Global pleaded guilty to operating an unlicensed money transmitting business, linked to a $112.9 million criminal fine and $184.5 million forfeiture. For traders, this is a regulatory access shock: the court’s permanent restrictions reduce the likelihood of quick U.S. volume recovery for KuCoin without major compliance remediation. The CFTC said it sought no disgorgement due to cooperation, while claims against three other entities were dismissed with prejudice.

Traders are positioning for weaker outcomes for Ethereum (ETH) in 2026, driven by ETH’s momentum lag versus stablecoins since late 2025. On Polymarket, the share of bettors expecting ETH to fall behind next year jumped to 59% from 17% in January. The article argues stablecoins are capturing market share at ETH’s expense. Over the past five years, USDT reportedly rose about +622% versus roughly +11% for ETH, lifting USDT market growth far faster. It also claims stablecoins now account for over 50% of crypto market share, with USDT leading and USDC and PYUSD also cited. Potential catalysts behind stablecoin strength include institutional demand and faster, cheaper settlement use cases from traditional firms. The piece also notes that many market flows route through stablecoins before rotating into other assets. For ETH-specific timing, the latest update adds a technical and near-term framing: ETH reportedly reclaimed the $2,000 level (+3.5% over 24 hours), but analysts still flag resistance around $2,100. If a pullback fails to hold, ETH could revisit the $1,940 area. The broader view remains that ETH’s relative weakness and stablecoin adoption could keep traders favoring stablecoins over ETH into 2026.

Dubai’s VARA (Dubai Virtual Assets Regulatory Authority) has issued Rulebook Version 2.1 for exchange-traded crypto derivatives. The VARA Rulebook 2.1 takes effect immediately for VARA-registered and licensed VASPs, aiming to be a purpose-built, enforceable VA derivatives framework. Key requirements include strict client suitability checks, higher-risk product classification, and capped leverage with margin and liquidation controls to manage exposure. VARA also requires segregation of client assets/accounts, plus enhanced disclosure and communications aligned with its marketing rules. In periods of market stress or misconduct, VARA can intervene by suspending products, raising margin, tightening risk controls, and demanding urgent actions. The change is designed to let authorized exchanges offer futures, options, and perpetual swaps within an explicit compliance perimeter. Existing UAE/Dubai platforms already list derivatives, including Binance, Bybit, OKX, Deribit, and BitMEX. For traders, VARA Rulebook 2.1 may improve market stability through tighter leverage/margin rules, but retail access remains more constrained, which could affect volumes and risk-taking in Dubai-listed BTC and ETH derivative products. Industry context cited in the article: derivatives are over 75% of total crypto spot+derivatives activity, led by perpetual swaps and futures.

Bitcoin network hashrate dropped in Q1, the first quarterly decline in six years, citing Glassnode data. Miner economics is the catalyst: the estimated cost to mine 1 BTC is about $90,000 versus a spot price near $67,000, compressing margins and hurting reinvestment into mining hardware. The latest report adds that some miners are pivoting toward AI and high-performance computing (HPC) infrastructure instead of scaling traditional operations. It also claims these shifts are often financed by “selling coins and taking on debt,” which can amplify Bitcoin hashrate sensitivity to BTC price weakness. If BTC stays under pressure, smaller miners may be forced out, potentially accelerating hashrate declines and increasing mining concentration risk. Despite the security concern tied to lower hashrate, the articles note a counterbalance: decentralization. If US-listed mining giants reduce dominance and activity spreads geographically, network security could remain more resilient. CoinShares still forecasts a potential recovery to around 1.8 ZH/s by end-2026 if BTC approaches ~$100,000.

Onchain Lens said a newly created wallet deposited $4.89M to HyperLiquid and opened a 20x leveraged ETH short. The key details are the 20x leverage level and the bearish direction (short) on ETH perpetuals, with no other traders named. For traders, a 20x ETH short can amplify short-term volatility. If ETH rises, the position faces liquidation risk and may trigger short-covering, potentially turning into a squeeze. Traders should monitor HyperLiquid ETH flows, funding-rate pressure, and liquidation heat maps to judge whether downside increases or shorts unwind higher.

Block’s Square has started enabling Bitcoin payments automatically for eligible U.S. sellers, shifting from opt-in to opt-out for an estimated 4 million merchants. Under this setup, sellers who accept Bitcoin receive USD by default, with automatic conversion handled in the background. Square also says there are zero fees for accepting Bitcoin payments, while merchants can still opt out or change settings. The change builds on Block’s prior push launched in November, when Bitcoin payments were offered to all sellers but required customers to manually enable them. If this wider deployment holds, it could increase real-world “Bitcoin payments” usage by lowering friction for merchants. For crypto traders, the key takeaway is adoption-led. The service is focused on checkout flows rather than tokenomics, so near-term price impact on BTC may be gradual. Still, broader merchant access plus fee subsidies can support longer-term BTC demand narratives, especially if volumes scale across Square’s payments ecosystem.

Kenya’s National Treasury has released the draft Kenya VASP Regulations 2026, with public comments due by April 10. The rules aim to operationalize the Kenya VASP Act signed in Oct 2025, amid Kenya’s FATF grey-listing risk since Feb 2024. The key dispute is licensing capital thresholds under Kenya VASP. Stablecoin issuers would need Sh500 million paid-up capital, plus liquid capital of at least Sh100 million (or 100% of liabilities, whichever is higher). Exchanges and wallet providers face a Sh150 million floor; tokenization/ICO platforms Sh200 million; payment processors Sh50 million; and brokers/managers Sh30 million. If a firm offers multiple services, it must meet each category’s separate threshold. Industry groups including VAAK warn these “compliance walls” could squeeze local entrants built on peer-to-peer desks and small wallets, pushing users toward offshore or unregulated platforms. Stablecoin issuers also must hold at least 30% of customer funds in Kenya-domiciled segregated bank accounts, with the remainder in high-quality liquid assets, plus quarterly verification audits. Oversight is split: the Central Bank of Kenya covers payment-related firms and stablecoin dealers, while the Capital Markets Authority supervises exchanges, brokers, and tokenization platforms. Only locally incorporated companies qualify for full licensing; foreign applicants need compliance certificates first. Traders should watch how the Kenya VASP draft reshapes onshore access, liquidity, and compliance-related risk—especially for stablecoin flows—once final rules are published in the Kenya Gazette and licensing applications open. Main keyword: Kenya VASP appears as the driver of likely market access friction under the draft Kenya VASP Regulations 2026.

American Bitcoin (ABTC) says its Bitcoin treasury has surpassed 7,000 BTC, worth about $471 million, with holdings nearly tripling since its September public debut and its “satoshis per share” more than doubling. However, the stock fell nearly 4% to around $0.82, the lowest level since IPO, down roughly 94% from its post-IPO peak of $14.52 after extreme early volatility and multiple trading halts. American Bitcoin also reported a Q4 loss of more than $59 million versus a profit a year earlier as crypto prices cooled. For traders, the key point is that American Bitcoin’s BTC balance growth is not translating into immediate equity strength. ABTC may trade more on stock risk, valuation, and broader market sentiment than on spot BTC momentum alone, even as Bitcoin is up ~1.3% over 24 hours near $67,300.

Midas completed a $50M Series A to expand its crypto liquidity solutions for tokenized assets across global DeFi markets. The round was led by RRE Ventures and Creandum, with Framework Ventures, Franklin Templeton, and Coinbase Ventures participating. Its core product, Midas Staked Liquidity (MSL), uses pre-allocated liquidity pools to let investors redeem tokenized yield products instantly, targeting the redemption delays that often limit tokenized strategies. Midas said it has minted $1.7B+ in total assets, paid $37M+ in yield, and now has $500M+ in total value locked (TVL) with 20,000+ users holding mTokens. New features include an Open Liquidity Architecture to let multiple liquidity providers compete and reduce costs, plus an Attestation Engine for real-time on-chain verification of assets. Midas also plans to broaden its product set (e.g., reinsurance and asset-backed receivables) and explore tokenized stocks, with deeper integrations such as Ledger Wallet. For traders, this crypto liquidity push can improve DeFi capital efficiency and may lift demand for tokenized products—potentially translating into stronger activity around tokenized-liquidity venues. If more tokenized assets gain instant redemption utility, it could be a supportive signal for DeFi liquidity flows and related token markets.

Bitmine ETH buys accelerated in the latest week, adding 71,179 ETH (about $140M) and lifting total holdings to ~4.7M ETH (over $9.5B). With more than 3.1M ETH staked via its own validators, Bitmine’s ETH accumulation now supports both exposure and staking yield. The firm’s ETH share is nearing ~3.9% of total supply, while its valuation is around 0.88x mNAV. In contrast, Strategy Inc. reported no Bitcoin purchases between March 23 and March 29 and made no new share issuances under its at-the-market program. Strategy still holds ~762,099 BTC, valued at roughly a 3.6% share of total BTC supply, and trades near 0.95x mNAV. For traders: the Bitmine ETH buys surge is a near-term bullish input for ETH, especially given concurrent staking. The Bitcoin pause by Strategy may reduce incremental corporate demand momentum for BTC, keeping BTC more dependent on broader flows. Watch whether ETH outperformance persists and whether BTC accumulation resumes after the pause.

Worldcoin’s (WLD) World Foundation has sold 239 million WLD tokens via a private OTC deal to four undisclosed institutional counterparties for about $65 million. The average execution price was $0.2719 per WLD, reported as a ~97.7% discount to WLD’s March 2024 all-time high of $11.82, with settlements starting March 20, 2026. About $25 million of proceeds (roughly 38%) is subject to a six-month lockup, which can delay sell pressure until at least Q3 2026. The remaining ~$40 million (about 147 million WLD) has no disclosed lockup, giving buyers more near-term flexibility. The trade was executed when WLD was near cycle lows (around a $0.2440 floor in March 2026). That places the OTC price only ~11.4% above the floor, suggesting limited demand at higher levels. Supply overhang remains a key risk: circulating supply is ~3.1B out of 10B, and token unlock schedules extend through July 2028. World Foundation said the funds will support core operations, Orb hardware/R&D, and ecosystem growth including the World Chain Layer 2 network. Trading takeaway: the WLD discount plus ongoing unlocks are likely to weigh on sentiment, while the lockup offers only partial near-term relief.

Bitmine Immersion Technologies (BMNR) disclosed total holdings of about $10.7B, including 4.73M ETH, $961M cash, and other crypto investments. The filing pegs its ETH position at ~3.9% of Ethereum’s reported 120.7M supply. The company also earmarked about $302M for “moonshot” investments, reinforcing a long-term strategy with heavy concentration in ETH. For ETH traders, the key takeaway is balance-sheet exposure: 4.73M ETH provides a corporate demand/holding strength data point, which may support sentiment if market volatility rises, though it does not confirm near-term buy timing. Primary keywords: Bitmine, ETH holdings, institutional crypto holdings. Secondary keywords: BMNR stock, Ethereum, crypto treasury, asset disclosure.

South Korea’s Naver Financial has delayed the Dunamu deal, a share swap aimed at taking control of Dunamu’s Upbit parent, by nearly three months. A shareholder vote is now set for Aug. 18, with deal completion expected on Sept. 30, versus earlier late-May/early-June targets. Naver said the Dunamu deal still requires multiple regulatory approvals, including checks tied to changes in major shareholding and business-combination review. The company did not give a specific reason for the slip, but warned further postponements—and even cancellation—remain possible. The timeline may also be affected by South Korea’s proposed Digital Asset Basic Act, expected to take effect in H1 2026. Separately, Dunamu reported weaker 2025 performance as crypto activity cooled: revenue fell about 10% YoY, operating profit dropped 26.7%, and net profit declined 27.9%. For traders, the key implication is elevated execution risk around Upbit’s ownership structure. With regulatory uncertainty stretching the Dunamu deal schedule and policy moving into a new phase, near-term sentiment could stay cautious, even as the broader market waits for clearer guidance.

A 2026 “how to invest” guide argues that geopolitical risk, interest-rate uncertainty, and an AI cycle moving from hype to monetisation will push investors toward diversified, multi-asset planning. The focus is not token picking but crypto portfolio allocation as a first-order risk decision. The article’s example plan for investing $10,000 in 2026 splits the mix into core stability and upside themes: index funds ($4,000) for core growth, bonds/fixed income ($2,000) for stability, selective AI & technology ($1,500) for growth, gold/commodities ($1,000) as a hedge, dividend stocks ($1,000) for income, and $500–$1,000 in crypto as a high-risk satellite (mainly Bitcoin and Ethereum). For crypto traders, the practical takeaway is portfolio-level volatility control. Define your time horizon, match risk tolerance (avoid heavy crypto if drawdowns are a concern), invest consistently (lump sum or DCA), and keep fees low. Overall, the recommended crypto portfolio allocation is intentionally small—crypto is not the core bet, but a satellite aligned with broader market themes.

Canada has proposed a federal ban on crypto political donations under Bill C-25 to reduce election interference risks tied to harder-to-trace funding. The bill would prohibit political actors and third parties from accepting contributions in cryptoassets, money orders, or prepaid payment products. It covers registered parties, riding associations, candidates, and even leadership/nomination contestants, extending the restriction to their financial or official agents. The government points to findings from the Public Inquiry into Foreign Interference and recommendations from Canada’s Chief Electoral Officer and Commissioner of Canada Elections. In a Feb. 11 paper, Chief Electoral Officer Stéphane Perrault urged a ban on contributions made in cryptocurrency or other untraceable instruments. Bill C-25 also includes a 30-day return rule: if a banned contribution is received, recipients must return it or dispose of it under the bill’s requirements. The legislation was introduced on Mar. 26 but has not passed Parliament yet, so the crypto political donations ban is not in force. For crypto traders, the impact is indirect. This is a regulatory and compliance move focused on political finance, not token fundamentals. However, it can affect sentiment around government scrutiny of crypto payment rails and institutional on/off-ramps.

The Ethereum Foundation has made a record Ethereum Foundation staking deposit to the Beacon Chain, sending about 22,517 ETH (≈$46.2M) in its biggest daily transfer. After the Ethereum Foundation staking push, it still holds roughly 147.47K ETH, with an end goal of staking up to 72K ETH. At the same time, the staking pipeline is improving: around 2.7M validators are pending entry, and the estimated Beacon Chain waiting time has fallen to below 50 days. The report also notes prior Foundation selling has been relatively small and unlikely to be a direct market driver. Separately, the Foundation is promoting an “Ethereum Economic Zone” scaling approach to reduce fragmentation between Ethereum L1 and L2 rollups, potentially shifting liquidity and yields away from siloed L2 ecosystems. For traders, the near-term takeaway for ETH is supportive: exchange outflows and expanding staking reinforce network security rather than accelerating sell pressure. ETH is trading around ~$2,050–$2,060 with neutral-to-mixed sentiment, while governance-related community disputes remain an additional uncertainty.

OKX Wallet now offers Aave directly on X Layer, enabling DeFi lending, borrowing, and yield without bridging. The integration uses Aave v3.6 and is available natively in OKX Wallet’s DApps, expanding leveraged lending options for traders inside the app. On Aave via OKX Wallet, users supply tokens (USDT0, USDG, GHO, xBTC, xETH, xSOL, xBETH, xOKSOL) and can borrow against collateral using Aave efficiency modes (eModes). Launch liquidity routes support up to 88% LTV for liquid-staking pairs (e.g., xBETH→xETH, xOKSOL→xSOL), while crypto-to-stablecoin paths reach up to 78% LTV (standard 70%). OKX also highlights no credit checks and no intermediaries. A new execution detail for traders: after supplying, users receive tokenized aToken positions (e.g., aXlrUSDT0, aXlrxETH, aXlrUSDG) that can be traded on OKX DEX without withdrawing from Aave first. With Aave cited as ~60% of DeFi lending by market share and $46B+ in supply/borrow activity, this could broaden access on X Layer, though near-term price impact is likely limited given reported early TVL (~$25M).

A Polymarket trader reportedly turned a UFC live-event misreport into an almost 100x return. During Sunday’s heavyweight bout, Tyrell Fortune was briefly announced as the winner, then corrected seconds later when Fortune was confirmed by unanimous decision. As the error hit, Polymarket prices whipsawed: Tybura shares jumped toward ~$0.99 while Fortune shares collapsed to about ~$0.01. Trader “LlamaEnjoyer” bought roughly $676 of Fortune shares near $0.01 after pulling back from a larger bet on Tybura at $0.99. When the announcer corrected the outcome, Fortune prices surged toward ~$1, converting the position into about $67k profit. The incident spotlights latency and settlement-risk in prediction markets when the “source of truth” (here, the UFC announcer) is wrong. It also lands amid US regulatory scrutiny, with lawmakers introducing the bipartisan “Prediction Markets Are Gambling Act” aimed at sports prediction markets under CFTC oversight. For crypto traders, the takeaway is clear: Polymarket-style event-driven pricing can move faster than resolution, creating short-lived volatility and potential disputes if misreported outcomes trigger delayed or contested settlement procedures.

Walmart-backed OnePay crypto listings are expanding again, adding SUI, Polygon (MATIC) and Arbitrum (ARB) plus earlier additions of SOL, ADA, BCH and PAXG. The rollout follows OnePay’s January launch of crypto trading with BTC and ETH. For traders, the key development is OnePay crypto listings strengthening mainstream retail access through a Walmart-linked “super app” wallet available at checkout and on its website. OnePay says it will expand cautiously, prioritising user demand, liquidity, regulatory clarity and long-term utility rather than hype. This is not a protocol change, but repeated onboarding by a large consumer platform can support incremental spot demand for the listed assets and add short-term market attention. Overall, it reinforces the broader industry shift toward integrated exchange/super app models (e.g., Coinbase-style platforms) that blend trading and on-chain services.

Google data center financing plans are progressing for Anthropic’s Texas build, with reports from the Financial Times saying initial investment could exceed $5B. The project is operated by Nexus Data Centers, while Google is reportedly providing construction loans and a banking syndicate is seeking mid-year financing arrangements. Debt support early on came from Eagle Point. Anthropic has already leased a 2,800-acre site, targeting ~500MW capacity by end-2026, with potential expansion to 7.7GW. The location near major natural-gas pipelines may allow on-site gas turbines to power AI workloads. Separately, a U.S. federal judge temporarily blocked the Pentagon from labeling Anthropic a national security risk and from stopping the federal government’s use of Claude. Judge Rita Lin described the government action as “arbitrary,” following a lawsuit challenging the “supply-chain risk” designation. The article also notes (via Cointelegraph) that U.S. forces reportedly used Claude in an operation against Iran despite a claimed Trump-related restriction. For crypto traders, this is mainly a tech-sector infrastructure and U.S. regulatory headline. The Google data center financing angle may marginally support broader AI risk sentiment, but it has no direct link to any crypto protocol change.

Crypto traders are watching the SUI token unlock on Apr 1, with 42.94M SUI (about $36.26M) scheduled for 00:00 UTC. This is ~1.1% of circulating supply, but it still acts as a near-term liquidity test for order books and short-term sentiment. Two additional token unlocks raise relative supply risk during the same window. EIGEN will unlock 36.82M tokens (about $6.23M) at 04:00 UTC on Apr 1 (~7.54% of circulation). OPN then follows with a larger proportional unlock: 32.09M tokens (about $6.39M) at 12:00 UTC on Apr 5 (~13.91%). Traders typically focus on where unlocked tokens flow. Monitor exchange inflows, liquidity depth, spot volumes, and derivatives metrics (funding rates, open interest) around the unlock timestamps. If liquidity is thin and transfers to exchanges accelerate, the SUI token unlock could amplify selling pressure. If volume and risk appetite are strong, markets may absorb supply and stabilize after the initial volatility.

CoinShares reports a worsening Bitcoin mining profitability crisis. In its March 2025 analysis, up to 20% of Bitcoin mining rigs may be operating at a loss as hash price falls to roughly $28–$30/PH/s—far below 2021 peak levels (>$100/PH/s). This implies about 15%–20% of the global fleet is below break-even, with electricity cost now the decisive factor. After the April 2024 halving (block rewards down 50%), miner revenue is under pressure while network hash rate rises. CoinShares highlights that mid-generation hardware such as the Antminer S19 XP can turn negative cash flow when power costs are around or above ~$0.05/kWh; higher-cost regions (>~$0.08/kWh) face sharper stress. Lower-cost areas may keep only thin margins. The report also flags “miner capitulation” signals, including consecutive difficulty downs and hash ribbon weakness (short-term hash rate slipping below long-term), similar to past shakeouts. Some miners are pivoting toward AI and high-performance computing (AI & HPC) data-center services to bridge cash strain. Traders should watch for continued Bitcoin selling pressure from financially stressed operators in the short term, even as consolidation could improve network resilience later.

Bitcoin (BTC) slipped below the $66,000 psychological level, trading around $65,863 on Binance USDT perpetuals. The breakdown accelerated during Asian and early European sessions after BTC failed to hold the $68,000 resistance zone, turning prior supports into a fresh downside trigger. Macro conditions are adding pressure. A stronger U.S. Dollar Index (DXY) and shifting interest-rate expectations have driven risk-off sentiment. Pre-market weakness in the S&P 500 suggested broader cross-asset selling. On-chain and derivatives data reinforce a bearish near-term setup for BTC. Coin-days destroyed rose, new address creation dipped slightly, and exchange net flows turned positive—often a sign that spot selling risk may increase. Coinglass cited more than $200M in liquidated long positions over the prior 24 hours, while options activity increased for puts below $65,000. Traders are now focused on key levels and positioning: $65,000 as the immediate support, then $64,000 and $62,000 if selling continues. Funding rates and major moving averages (50-day/200-day EMAs) are likely to guide the next move. BTC spot ETF flows are also crucial—persistent outflows can extend the drawdown, while dips met with continued inflows could signal stabilization. BTC weakness has spilled into ETH, SOL, and ADA, underscoring BTC’s market-bellwether role.

Ethereum (ETH) is trading near $2,000 after a modest rebound, with the market still range-bound as buyers defend support but sellers remain active. ETH was about $2,018 as of March 30 (+24h), reflecting a short-term decision point. Traders are watching the $2,050–$2,100 resistance zone where sell orders have repeatedly surfaced. If ETH fails to break and gets rejected again, the downside risk increases toward $1,950–$1,900, with a potential deeper retest toward sub-$1,800 support if weakness extends. On the upside, a sustained move above $2,050–$2,100 could flip momentum bullish and open a rally toward roughly $2,150. Broader resistance levels remain higher at ~$2,180–$2,220 and $2,350–$2,400. Chain activity points to accumulation: large wallets reportedly added 466,000+ ETH in recent days, which may help stabilize price but does not guarantee an immediate breakout. Longer-term framing also references a “Power of Three” (PO3) cycle (accumulation → manipulation → expansion), implying the larger downtrend may not be fully finished and a deeper dip could still occur before recovery. Net: ETH remains locked between ~$2,000 support and ~$2,100 resistance, so liquidity-driven volatility is likely until a clear breakout or breakdown occurs.

Kalshi has received approval to launch margin trading for professional clients, a significant upgrade for regulated prediction markets. The platform says the new margin trading feature lets selected institutional users (e.g., hedge funds and prop shops) open positions with less capital, improving capital efficiency versus the prior fully-collateralized model. Kalshi plans a staged rollout. New products may start with margin trading first, while core event contracts could remain fully collateralized at launch to manage risk during testing. While margin trading is standard in traditional finance, it remains relatively new in regulated prediction markets. Regulatory approval is still in progress. Kalshi has secured Futures Commission Merchant status, but rulebook changes require Commodity Futures Trading Commission (CFTC) approval before margin trading can go live. CEO Tarek Mansour said approval could arrive soon, and the firm expects tighter identity checks for margin users due to insider-trading concerns. The update also comes as prediction market activity accelerates and funding grows. Kalshi cites sector expansion (The Block: March share of crypto spot volume rose to 2.47% from 0.11% a year earlier) and reported major funding (about $1B), arguing margin trading could further boost liquidity and attract more institutional participation.