Crypto World
RFK Jr. Faces HHS Budget Cuts Hearing
RFK Jr. HHS budget cuts of roughly $16 billion faced their first major congressional test Thursday as Health Secretary Robert F. Kennedy Jr. testified before the House Ways and Means Committee, fielding pointed questions on vaccine policy while defending a budget that slashes discretionary spending by 12.5% compared to last year.
Summary
- Trump’s 2027 budget proposes cutting HHS discretionary spending by approximately $16 billion, including $5 billion from the National Institutes of Health, as Kennedy opens a weeklong gauntlet of seven committee and subcommittee hearings.
- Kennedy deflected vaccine questions and said he was “not happy” with proposed cuts to WIC and SNAP nutrition programs, even as he defended the broader MAHA agenda and new FDA actions rolling back Biden-era peptide regulations.
- The White House has reportedly told Kennedy to hold off on vaccine reform announcements until after November’s midterm elections, a signal that the administration views his more controversial health positions as politically risky.
RFK Jr. HHS budget cuts totaling roughly $16 billion came under sharp congressional scrutiny Thursday as Health Secretary Robert F. Kennedy Jr. made his first Capitol Hill appearance of the year before the House Ways and Means Committee. A second hearing before a House Appropriations subcommittee followed at 2 PM, kicking off a marathon week of at least seven committee appearances spanning both chambers.
Kennedy opened by framing the cuts as a structural shift away from the status quo. “We’re ending the era of federal policies that fueled the chronic disease epidemic and replacing them with policies that put the health of Americans first,” he said in prepared remarks.
Trump’s 2027 budget requests $111.1 billion in HHS discretionary spending, a 12.5% reduction from 2026 levels. The most contested line item is a $5 billion reduction to the National Institutes of Health, the federal agency that funds basic medical science research at universities across the country. Members of both parties are expected to push back on that cut across the coming week of hearings.
Kennedy said he was “not happy” with proposed cuts to the Special Supplemental Nutrition Program for Women, Infants, and Children and the Supplemental Nutrition Assistance Program, an unusually candid admission that placed distance between himself and the broader Trump budget priorities. Rep. Gwen Moore pressed Kennedy on how those cuts aligned with his stated goal of reducing chronic disease in children. Kennedy did not offer a direct resolution.
On vaccines, Kennedy largely sidestepped, while Republican Rep. Tim Murphy praised him by pivoting to attacks on former NIAID Director Anthony Fauci. Rep. Linda Sánchez delivered the sharpest line of the morning, asking why Kennedy had suspended a pro-vaccine messaging campaign while simultaneously spending taxpayer funds on a promotional video depicting him working out shirtless in a hot tub with Kid Rock.
What the White House Is Telling Kennedy
The hearings arrive as the MAHA coalition shows signs of internal strain. White House advisers have reportedly told Kennedy and other HHS officials to avoid pushing controversial vaccine policy reforms publicly until after November’s midterm elections, a signal that the administration views some of his positions as an electoral liability rather than an asset.
Kennedy’s visibility matters for the same reason it carries risk. Former Attorney General Pam Bondi and former DHS Secretary Kristi Noem were both dismissed by Trump in part following poor performances before congressional committees. Thursday’s hearing is being watched as a measure of whether Kennedy can hold the line under sustained bipartisan questioning.
Congressional Bandwidth and the Broader Stakes
The week-long hearing series adds another layer to an already compressed congressional calendar that is simultaneously managing FISA reauthorization, budget reconciliation, and Senate markup pressure on the CLARITY Act, all competing for the same finite legislative bandwidth before midterm politics shut the window. Kennedy is also scheduled before the Senate Finance and HELP Committees on April 22.
Beyond the immediate political optics, the NIH cuts could affect AI-driven medical research pipelines that have expanded significantly under recent federal funding. As crypto.news has reported, the midterm calculation that is now shaping Kennedy’s public communications is the same political timeline driving decisions across the Trump administration on everything from crypto regulation to healthcare reform.
Crypto World
Zonda CEO Discloses Bitcoin Wallet Amid Withdrawal Concerns
Crypto exchange Zonda said a cold wallet holding around 4,500 Bitcoin is currently inaccessible as the platform faces concerns over delayed withdrawals.
Zonda CEO Przemysław Kral posted a video statement on Thursday disclosing the exchange’s wallet address, saying the private keys to the wallet were never handed over.
In the statement, Kral denied accusations of misappropriating funds, saying the private keys were intended to be handed over by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022.
“So for all those who claim that I had anything to do with Sylwester’s disappearance, this is the prime argument that I care the most about Sylwester being found,” Kral said.
The disclosure follows weeks of controversy around the exchange after local reports suggested a probe into Zonda by Polish authorities, followed by an analysis by blockchain platform Recoveris, which alleged Zonda could have been insolvent based on a sharp drop in the exchange’s hot wallet balances.
Last recorded transaction dates to November 2025
Kral’s public disclosure of the wallet marks the first time that Zonda has disclosed the address amid the controversy.
The address cited by the CEO holds 4,503 Bitcoin (BTC) currently worth about $334 million, with the last transaction recorded in November 2025 as of the time of publication.

The CEO previously denied insolvency claims following the hot wallet investigation by Recoveris on April 6, insisting that Zonda remained fully solvent with more than 4,500 BTC in holdings.
CEO plans legal action, says Zonda will meet customer obligations
In the video, Kral said that much of Zonda’s recent withdrawal pressure was driven by an abnormal spike in withdrawal requests, which he linked to negative media coverage.
He said Zonda normally processed around 100,000 withdrawal requests per year but saw more than 25,000 requests within hours and days around April 6.
Kral said the company plans to take legal action over what he described as false claims surrounding the exchange and promised to fulfill obligations to customers amid withdrawal concerns.

Polish lawmaker Tomasz Mentzen said on X that Zonda may have lost access to its cold wallet following the disappearance of former CEO Suszek. Kral did not explicitly say the funds were lost, but said the private keys to the wallet were never transferred during the company handover.
Suszek has reportedly been missing since March 2022, with reporting referencing alleged criminal ties among certain shareholders of Zonda, formerly BitBay.
Related: French minister says new measures are coming after crypto kidnappings
The exchange was founded in Poland in 2014 and rebranded as Zonda in 2021. Kral told Cointelegraph in February that the company registered in Estonia amid regulatory uncertainty in Poland, citing delays in implementing the European Union-wide Markets in Crypto-Assets (MiCA) regulation.
The issue has drawn the exchange into a broader political debate, adding pressure on regulators and increasing scrutiny of Poland’s crypto sector.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Crypto World
Two Long-Time Ethereum Foundation Contributors Announce Departures
Josh Stark, a member of the EF’s leadership team, and Trent Van Epps both separately announced this week that they are leaving the foundation after five years.
Josh Stark, a member of the management team at the Ethereum Foundation, announced on X today, April 16, that he will leave the foundation at the end of this month.
Stark’s announcement comes just a day after another EF contributor, Trent Van Epps, also revealed his departure, writing that he left the foundation last week.
Both Stark and Van Epps are leaving the Ethereum Foundation after five years, per their X posts. Stark, who is also the co-founder of Ethereum hackathon and event project ETHGlobal, did not give an explicit reason for the departure, noting in his post that he is not immediately moving to another project. Stark also had only positive remarks about the foundation and the broader Ethereum ecosystem, writing:
“Working for Ethereum at the Ethereum Foundation has been a great honour. I’m proud to have worked with great people inside and outside of the EF, and proud of what our community has accomplished together.”
Stark also expressed gratitude to other members of EF leadership, adding, “We share a vision and a set of values that mean I will always be your ally and your friend.”
Van Epps’ announcement was more laconic, but was also positive, stating:
“nothing but respect for the brilliant people i worked with over the last 5 years on network upgrades + funding efforts”
Van Epps added that he will continue his work with Protocol Guild, where he is a key member and organizer. Protocol Guild is an independent funding organization that supports 187 Ethereum core developers and researchers.
While not a direct comment on the reason for his departure, earlier this week, Van Epps expressed disdain for the Ethereum leadership’s association with controversial NFT collection Milady, describing it as “baffling and sad”.
EF Leadership Shakeups
The departures of Stark and Van Epps are the latest in a string of significant leadership shifts at the Ethereum Foundation that have unfolded over the past year or so.
The turbulence began amid mounting community frustration over ETH’s prolonged market underperformance, which fueled calls for sweeping changes at the top of the organization. In February 2025, long-serving Executive Director Aya Miyaguchi — who had held the role for seven years — stepped back to become President of the Foundation, with Hsiao-Wei Wang and Tomasz Stańczak appointed as co-executive directors in her place a month later.
The reshuffle was accompanied by a simplified new roadmap refocusing the EF’s priorities on scaling the Layer 1, increasing blob capacity, and improving user experience across the ecosystem.
Less than a year later, Stańczak, one of the two newly appointed co-executive directors, announced his own departure from the foundation, adding another layer of instability to an organization already navigating a difficult transition.
Last month, the foundation published its EF Mandate — a 38-page document described as part constitution, part manifesto — reaffirming its identity as a steward rather than a controller of Ethereum. The Mandate, and specifically subsequent rumors that EF employees were required to pledge their allegiance to it, kicked off a new wave of controversy for the org.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
House Rejects Iran War Resolution 213-214
The House voted to reject a resolution Thursday directing President Trump to remove US armed forces from hostilities against Iran, 213 to 214, falling one vote short along almost entirely party lines.
Summary
- Rep. Gregory Meeks of New York proposed the resolution directing the president to end military action in Iran unless explicitly authorized by Congress; it failed 213–214 on Thursday, one day after the Senate voted 52–47 to reject a similar measure.
- Rep. Thomas Massie of Kentucky was the lone Republican to support the measure; Rep. Jared Golden of Maine was the sole Democrat to vote against it; Rep. Warren Davidson of Ohio voted “present” and three Republicans did not vote.
- Democrats described the effort as forcing Republicans on the record defending an unpopular war that has driven up gas prices and weighed on GOP approval ratings ahead of November’s midterms.
The Republican-controlled House voted 213–214 Thursday to reject a war powers resolution that would have directed President Trump to end US military involvement in Iran without explicit congressional authorization. The vote was nearly identical in partisan breakdown to the Senate’s 52–47 rejection of a similar measure the day before.
Rep. Gregory Meeks of New York proposed the measure, stating on the House floor: “Donald Trump has dragged the American people into a war of choice, launched without congressional authorization.”
Rep. Thomas Massie of Kentucky was the only Republican to vote in favor of the resolution, continuing a consistent position he has held on war powers across multiple votes this year. Rep. Jared Golden of Maine was the sole Democrat to vote against it.
Rep. Warren Davidson of Ohio, who had previously voted to end the Iran war in an earlier round, voted “present” on Thursday. Three Republicans did not cast a vote at all, which effectively tightened the margin and allowed the resolution to fail by a single vote rather than by the three-vote cushion their absences could have produced.
Why Democrats Kept Forcing the Vote
This was the latest in a series of Democratic war powers resolutions aimed not at passage but at putting Republicans on the record. Bloomberg described the 213-214 tally as “the latest attempt by Democrats to force Republicans to go on record defending the unpopular war,” which has become a persistent political liability for the GOP as 2026 midterms approach.
Gas prices have risen steadily since the war began, and the increasing cost of diesel and fertilizer has fed economic anxiety in districts that Republicans need to hold in November. Rising oil tied to the Strait of Hormuz blockade has elevated consumer prices and weighed on the president’s approval ratings on economic grounds.
The Constitutional Backdrop
Under the US Constitution, only Congress can formally declare war. Presidents retain limited unilateral military authority for immediate self-defense, but legal scholars have long argued that sustained offensive operations require legislative authorization. Democrats have repeatedly invoked the War Powers Resolution of 1973 to force procedural votes, with Republicans voting to sustain the president’s authority each time.
The Senate’s 52–47 vote on April 15 preceded Thursday’s House vote by roughly 24 hours, establishing the same party-line pattern in both chambers. No Republican senator broke ranks.
Market Implications
Financial markets have priced the Iran war as the central geopolitical risk factor of 2026, with oil, equities, and Bitcoin all tracking diplomatic and congressional signals closely. The resolution’s failure removes one potential de-escalation catalyst from this week’s news cycle, though the simultaneous announcement of an Israel-Lebanon ceasefire appears to have provided the larger market-moving signal Thursday afternoon.
Bitcoin jumped 5% to $74,400 on a previous Iran peace signal and has continued to treat any ceasefire-related development as a primary macro catalyst. The failed House resolution reinforces the reality that the Iran conflict has no near-term legislative off-ramp, keeping the diplomatic track via the US-Iran ceasefire framework and potential resumed Islamabad talks as the only active path toward de-escalation.
Crypto World
South Korea to Test Deposit Tokens for Government Spending
Nine major banks will participate in the pilot, which replaces government purchase cards with programmable blockchain-based payments starting in Q4.
South Korea’s Ministry of Economy and Finance will pilot blockchain-based deposit tokens for executing government operational expenses, marking a significant expansion of the country’s digital currency infrastructure into day-to-day public spending.
The ministry announced today that the project was selected as a 2026 regulatory sandbox initiative overseen by the Office for Government Policy Coordination. The pilot targets a full launch in Q4 2026, beginning in the administrative capital of Sejong City.
Under South Korea’s National Treasury Management Act, government operational expenses, such as business promotion costs, must currently be processed through government-issued purchase cards. Transactions made during restricted periods, such as late nights or weekends, require additional post-use justification, creating administrative friction.
The sandbox designation temporarily exempts the pilot from those card-based requirements, allowing deposit tokens to serve as the payment instrument instead. The programmable nature of the tokens enables authorities to preset conditions on spending, including allowable time windows and merchant categories, replacing the current review model with automated, rules-based controls.
Officials said the shift could also reduce transaction fees for small business owners by removing intermediaries from the payment settlement process.
Nine major Korean banks are participating in the experiment, including KB Kookmin, Shinhan, Woori, and Hana. Unlike stablecoins, deposit tokens remain liabilities of the issuing commercial banks and operate within the existing financial system.
The project is the second deposit token-based treasury payment initiative in South Korea, following a March pilot led by the Ministry of Climate, Energy and Environment and the Bank of Korea that used tokenized deposits to distribute 30 billion won ($21.4 million) in subsidies for electric vehicle charging infrastructure.
The move comes as South Korea’s broader digital asset policy has shifted toward a more permissive stance following the election of President Lee Jae Myung, who campaigned on promises to approve spot crypto ETFs and cut exchange fees. Meanwhile, in the private sector, Crypto.com recently partnered with Korea’s largest payment processor, KG Inicis, to enable crypto payments for foreign tourists in the country.
The MOEF said it plans to expand the program’s scope based on operational results and pursue related legal and institutional reforms in parallel.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
Bitcoin Jumps On $283M Liquidation But Spot Demand Falters
Bitcoin (BTC) traded between $75,000 and $73,000 over a three-hour period during the New York market open on Thursday, and the abrupt downside move liquidated $283 million in futures positions. The resulting short squeeze pushed BTC back toward $75,000, but sustaining the rebound will require steady buying volume in the spot market.
BTC rebounds amid slower spot demand
A sharp move lower to $73,200 from $75,400 triggered a wave of long liquidations across the futures markets, totaling to $166 million, according to market commentator CryptoReviewing.

The price then reversed quickly, pushing back toward $75,000 and liquidating roughly $117 million in short positions, highlighting a rapid two-sided squeeze within the same trading window.
The move tracked closely with liquidation spikes, which forced closures of short positions. The funding rates turned positive to +0.0005 shortly after the bounce, signaling that bearish positioning had built up before unwinding.

This indicates that upside momentum came from shorts covering rather than new long exposure. The rally cleared nearby liquidity pockets and pushed the price back toward the session’s mid-range.
The spot cumulative volume delta (CVD), which tracks net buying and selling in spot markets, continued to trend lower during the recovery. The divergence points to weaker spot participation even as Bitcoin holds above $74,000.
For a move above the $76,000 range highs, spot demand needs to strengthen alongside derivatives activity, aligning both sides of the market behind the price.
Related: Bitcoin rebounds near $74.5K as US stocks chase after new all-time highs
Bitcoin’s liquidity map defines key inflection points
Bitcoin continues to move between defined liquidity clusters, with the price gravitating around key levels. According to analyst KriptoHolder, the $76,000–$78,000 range contains a concentrated supply zone with $2.81 billion in short-leveraged liquidity, while $74,000 serves as an equilibrium area.
Long-leveraged liquidity of $2.5 billion is below $72,000, forming a potential price magnet if the upper levels fail to clear.

Meanwhile, the short-term trader behavior also reflects recurring intraday patterns. Bitcoin trader Killa noted that eight of the past 11 Thursdays recorded more downside than upside. Thursday’s session has already seen a near 2% decline from the daily open, offering intraday opportunities within that pattern.

Related: Bitcoin bull run ‘still too early’ to call as demand lags exiting capital: Analyst
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Crypto World
Charles Schwab Announces Rollout of Spot BTC and ETH Trading for Retail Clients
The $12 trillion brokerage will begin a phased rollout of Schwab Crypto, offering direct spot BTC and ETH trading to retail investors in the coming weeks.
Charles Schwab announced the planned launch of its spot crypto trading platform, Schwab Crypto, in a press release today, April 16. The platform offers Bitcoin (BTC) and Ethereum (ETH) trading to Schwab’s retail clients from within the existing platform, alongside traditional investments.
The phased rollout of the platform begins in the coming weeks, and will let Schwab’s existing brokerage customers buy and hold BTC and ETH directly within their accounts, without leaving the platform. Trading will be priced at 75 basis points, per the release. The platform will also provide educational content and analysis.
Schwab first announced that it would offer retail crypto trading a year ago, stating at the time that the platform would by mid-April 2026.
The move marks a strategic shift from Schwab’s previous indirect crypto exposure through ETFs, funds, and derivatives.
In today’s release, Schwab said that it plans to add more cryptocurrencies to the platform in the future. The brokerage also noted that it plans to enable deposits and withdrawals in the future, implying that the current product only allows for crypto buying and selling within Schwab platform.
Charles Schwab Premier Bank, SSB, (CSPB) will provide crypto custody for clients, while the bank has tapped Paxos for trade execution services and sub-custody, per the release.
“With Schwab Crypto, investors can access familiar cryptocurrencies within an all‑in‑one investing and banking experience, backed by an ecosystem of education, tools, resources, and support so they can make informed decisions about how crypto might fit into their broader investing goals,” Schwab’s head of digital assets, Joe Vietri, was quoted as saying in the release.
Last November, U.S. neobank SoFi re-launched its spot crypto trading product, making it the first U.S. FDIC-insured and nationally chartered bank offering retail clients crypto trading alongside its traditional banking and investing services.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
Bitcoin Set To Sync With Stocks, Possibly Chasing New Range Highs
Bitcoin (BTC) treaded water at Thursday’s Wall Street open as the S&P 500 reached new all-time highs.
Key points:
-
Bitcoin stays locked on $74,000 after its local highs preceded a new record for the S&P 500.
-
Analysis warns that the US midterm elections may impact the stock rally.
-
Bitcoin could follow the Nasdaq 100 higher, a trader suggests.
BTC price tripped after fresh highs from the S&P 500
Data from TradingView showed $74,000 continuing to form an intraday BTC price focus.

US jobless claims came in marginally below expectations at 207,000 versus 213,000, pointing to the labor market withstanding current geopolitical and inflation pressures.
These followed a new record for the S&P 500, which crossed 7,000 points for the first time in history after Bitcoin hit two-month highs.
Commenting, trading resource Mosaic Asset Company noted that the S&P had advanced by nearly 11% in the past 11 trading sessions.
“It ranks as the fifth quickest recovery to record highs following a deep pullback,” it wrote in its latest “Mosaic Chart Alerts” update.
“The S&P closed firmly above the 7,000 level for the first time in history despite the ongoing uncertainty in the Middle East that sparked a 9% drawdown in the index into late March.”

Gold dipped to intraday lows and WTI crude oil eyed $94 per barrel as markets awaited further cues over the US-Iran war.
QCP, meanwhile, warned that seasonal trends could still end the stock rally as the US entered midterm elections. The S&P 500, it noted, “tends to find its peak about now ahead of mid-term elections, and then recovering during the final quarter of the year.”
“I would not base any investment decision or outlook based on seasonals alone, which is why I’m also watching confirmation from breadth,” it cautioned.

Trader sees “opportunity” in Bitcoin versus Nasdaq
With BTC price action finding resistance near its range highs, market participants eyed exchange order-book liquidity for clues as to where the next showdown could come.
Related: Bitcoin can grow ‘probably a lot bigger’ than $30T+ gold market — Analysis
“The price bucket at $72.2K – 72.4K has a large amount of open interest that has slowly accumulated,” Shubh Varma, CEO of crypto data platform Hyblock, told Cointelegraph on the day.
“We’ve seen this level where traders are often active, entering and exiting. Most recently, about $100 million longs and shorts opened here, bringing the total close to $400 million at that price bucket, over the last seven days (on Binance stablecoin perps).”
Varma added that this could form “an area to watch as potential support if price revisits it, as many of these longs and shorts may exit at breakeven ‘psychological’ level.”

Continuing the stocks theme, crypto trader Michaël van de Poppe flagged Bitcoin’s relationship with the Nasdaq-100 index as a cause for optimism going forward.
“Bitcoin is about to follow Nasdaq,” he told X followers.
“The reason for this is quite simple: the correlation has been significantly strong most of the time. This period? The weakest correlation in the past 10 years.”

Van de Poppe eyed a “tremendous opportunity” for Bitcoin buyers, having recently seen a similar bullish setup in Bitcoin versus gold.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Crypto World
CFTC Chair Selig Vows To Stop Prediction Market Fraud
Commodity Futures Trading Commission (CFTC) Chairman Michael Selig told House lawmakers the agency will pursue anyone committing fraud or insider trading in prediction markets with “the full force of the law.”
Selig appeared before the House Agriculture Committee on Thursday as the agency faces mounting pressure over fast-growing event contract platforms and suspicious trades tied to political announcements.
Prediction Markets Under the CFTC Microscope
Selig told the committee that the Commodity Exchange Act grants the CFTC “very broad, exclusive jurisdiction” over commodity derivatives.
The chairman said he inherited a wave of self-certified event contracts from the prior administration, when “the floodgates really opened.”
The agency has since issued an advance notice of proposed rulemaking to set clearer standards for prediction market contracts.
Selig described a multi-layered oversight system. Designated contract markets serve as self-regulatory organizations and act as the first line of defense.
The CFTC reviews every contract self-certification and retains authority to reject listings. The agency also sued multiple states that attempted to apply gambling laws to licensed prediction market operators.
Lawmakers Press on $500 Million Oil Trades
Rep. McGovern raised a specific incident from March 23, when someone placed roughly $500 million in oil and equities futures trades minutes before President Trump posted about ceasefire talks on Truth Social.
The trades bet oil prices would drop and equities would rally.
“We have a zero tolerance policy when it comes to fraud, abuse of trading practices and manipulation, and anyone who engages in that behavior will face the full force of the law,” said Selig, chair of the CFTC.
Selig declined to confirm or deny any active investigation, stating that doing so would hinder enforcement efforts.
Follow us on X to get the latest news as it happens
CFTC-SEC Crypto Push and Solo Rulemaking
Beyond enforcement, Selig highlighted the agency’s role in shaping crypto policy. The CFTC and SEC signed a Memorandum of Understanding in March to coordinate on digital asset oversight, stablecoins, and tokenized collateral.
Selig said the two agencies had “failed to work well together” for too long and that the MOU would establish open communication on surveillance and policymaking.
Ranking Member Craig pressed Selig on whether he would pause rulemaking while serving as the CFTC’s only sitting commissioner. Selig refused.
He told the committee that investor protections and market safeguards could not wait for additional nominees.
The coming weeks may reveal whether that stance draws further congressional pushback or accelerates the prediction market framework the industry has been waiting for.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post CFTC Chair Selig Vows To Stop Prediction Market Fraud appeared first on BeInCrypto.
Crypto World
Publicly traded BTC miners sell more in Q1 2026 than in all of 2025
Publicly traded Bitcoin miners sold more BTC in Q1 2026 than in all four quarters of 2025, signaling renewed pressure on the sector as mining economics tighten. The EnergyMag reports that operators including MARA, CleanSpark, Riot Platforms, Cango, Core Scientific and Bitdeer liquidated collectively more than 32,000 BTC in the first quarter, a quarterly record that eclipses earlier bear-market selloffs.
The quarter’s total also stands out against a backdrop of slumping profitability, as hashprice — the metric that combines network security costs with miner revenue potential — drifts toward the low end of profitability for many operators. Hashrate Index data puts current hashprice at roughly $33 per PH/s per day, near the $35 per PH/s per day breakeven line for older mining equipment, underscoring ongoing margin pressure in the sector. The combination of falling hashprice and rising electricity costs has pushed some miners into unprofitable territory, with CoinShares noting about 20% of the mining industry operating below breakeven on a cash-cost basis.
Key takeaways
- Publicly traded miners liquidated more than 32,000 BTC in Q1 2026, a new quarterly record and greater than their combined sell-off in all of 2025.
- Hashprice sits around $33 per PH/s per day, near the breakeven threshold for many operators, placing pressure on margins, especially for older hardware.
- An estimated 20% of miners are unprofitable at current hashprice levels, highlighting a widening profitability gap in the sector.
- Bitcoin treasury holders and corporate buyers diverge from miner selling, with Strategy reportedly increasing BTC purchases as price dips; co-founder Michael Saylor signaled continued accumulation.
Record miner liquidations reshape the mining economics landscape
The quarterly sell-off by public miners marks a notable shift in 2026, with The EnergyMag citing more than 32,000 BTC moved off balance sheets in Q1. The figure eclipses the 20,000 BTC sold during Q2 2022 — a period aligned with the Terra-Luna collapse and a severe crypto bear market — and sets a new benchmark for how much BTC miners liquidate in a single period. The scale matters because it highlights the fragility of a business model still adjusting to lower revenue per mined coin and higher energy costs, even as competition intensifies with more efficiently operated rigs joining the hash network.
Analysts say the burst of selling reflects both tightening margins and a shift in capital needs. As miners seek to cover operating expenses, network growth through hashrate expansion presses the economics of marginal production. The EnergyMag’s report underscores that even with a rising hashrate, a larger portion of cash flow may be diverted to debt service, electricity, and equipment upkeep rather than long-hold treasury strategies.
Hashprice dynamics and the profitability squeeze
Hashprice has been a critical, forward-looking indicator for miners since it directly ties the cost of securing the Bitcoin network to revenue potential. Hashrate Index data shows hashprice hovering near $33 PH/s per day, a level that many operators equate with a break-even threshold of roughly $35 PH/s per day, depending on equipment vintage and energy costs. That proximity to break-even is enough to tilt decisions toward liquidation for underpowered rigs, and it helps explain why even modest price dips or energy hikes can trigger balance-sheet adjustments.
CoinShares’ Q1 2026 Bitcoin Mining Report echoes the stress the sector faces: at current hashprice levels, around one-fifth of the mining industry appears to be unprofitable. When combined with persistent competitive pressure — a rising hashrate means more competitors for the same block rewards — the calculus for staying operators becomes increasingly conservative. In practical terms, miners with higher operating costs or older hardware face the prospect of deeper consolidation as weaker players exit the field or pivot toward other lines of business.
Treasure dynamics diverge: miners sell, treasury buyers accumulate
While miners sold record amounts of BTC, a contrasting trend persists among Bitcoin treasury holders. CryptoQuant notes a long-running decline in the total BTC held by miners, a “Miner Reserve” metric that has drifted down from about 1.86 million BTC at the end of 2023 to roughly 1.8 million BTC at the time of publication. The dynamic highlights a fundamental tension: miners often liquidate holdings to fund operations, while independent treasury-holders and corporate buyers accumulate, reshaping the supply/demand balance across cycles.
In parallel, corporate buyers have continued to add BTC to their treasuries even as prices wobble. Strategy, the largest Bitcoin treasury company by profile, has been repeatedly described as a net buyer. Michael Saylor, Strategy’s co-founder, this week signaled further purchases as BTC pulled back from a local high near $73,000, posting on social media that investors should “think bigger” and pointing to Strategy’s long-running pattern of accumulating BTC over time. Such guidance reinforces the broad divergence between miners’ near-term liquidity needs and treasury buyers’ longer-term accumulation strategies.
CoinShares’s assessment adds nuance to the picture: even as wide-margin miners face ongoing cost pressures, the sector’s capital allocation remains a study in contrasts — with accelerating buying by treasuries on one side and sanguine but cash-constrained producers on the other. The broader implication is that while producer liquidations can temporarily depress price and sentiment, strategic buyers and reserve managers can act as counterweights, potentially stabilizing demand in downturns.
What comes next for miners and investors
Looking ahead, several factors will determine the trajectory of mining profitability and the sector’s health. The first is BTC’s price trajectory; a material recovery would widen the gap between current hashprice and breakeven, allowing marginal operators to stabilize or expand. The second is the pace of hashrate growth, which affects the competitive landscape and block rewards for all miners. Third, macro energy costs remain a meaningful driver of operating expenses, particularly for older facilities or regions with high electricity prices.
Industry researchers, including CoinShares, warned that if BTC fails to recover meaningfully in the near term, capitulation among higher-cost operators could accelerate in the first half of 2026. That possibility underscores the fragility of a sector that depends on a delicate balance of energy economics, equipment efficiency, and BTC price dynamics. Meanwhile, treasury buyers appear poised to press ahead with purchases should price volatility persist, a development that could create a counterweight to mining selloffs over time.
Readers should watch how the quarterly cadence of miner liquidations evolves in Q2 2026, and whether hashprice strengthens or weakens as new miners deploy more efficient rigs. Any shift in the balance between miner sales and treasury purchases will offer clues about how the sector negotiates the next major price cycle and whether new capacity can be absorbed without triggering further distress in the mining economy.
Crypto World
Sky Announces First Native Deployment of USDS, sUSDS on Avalanche
Sky’s native stablcoins are being deployed on Avalanche via Skylink, Sky’s crosschain bridge protocol built on LayerZero infra.
Sky, the decentralized finance protocol formerly known as MakerDAO, has announced the first native deployment of its native stablecoin, USDS, and its yield-bearing version, Savings USDS (sUSDS), on Avalanche.
The rollout runs on Skylink, the Sky ecosystem’s crosschain bridge protocol, built on LayerZero infrastructure. Unlike traditional bridge deployments, Skylink operates on a burn-and-mint framework that requires no bridge liquidity, accoriding to Sky’s X announcement.
Grove Finance initiated the bridge of Sky’s USDS and sUSDS to Avalanche via Skylink, becoming the first entity to transfer the assets directly from Ethereum mainnet to Avalanche. “This is the first native deployment of USDS and sUSDS on Avalanche,” Sky emphasized on X, clarifying:
“Every previous stablecoin expansion into a new network required third-party bridges, but Skylink removes that dependency entirely.”
Explaining the phased rollout, Sky wrote that the Avalanche bridge went live on April 13 with a daily transfer cap of 5 million in either direction, set by Sky governance. Limits are set to increase to their final capacity on April 27, with native USDS-to-sUSDS conversions directly on Avalanche expected later in Q2 2026, per Sky’s X thread.
Avalanche currently has just over $756 million in total value locked in DeFi, per DefiLlama data, making it the 12th-largest chain by DeFi TVL. Ethereum is the largest with over $58 billion.
In a separate collaboration between Grove and Sky, yesterday Grove announced it had received 25 million USDS from the Sky ecosystem as part of its Agent Network allocations. “Each allocation expands the Sky Agent Network’s capacity to generate diversified yield,” Sky wrote on X.
Sky is the rebranded version of MakerDAO, one of DeFi’s oldest and most influential protocols. As The Defiant reported in August 2024, the rebrand introduced USDS as a successor to DAI, the protocol’s long-running decentralized stablecoin, as part of the protocol’s sweeping “Endgame” overhaul.
The Avalanche news adds to a busy week for the network. Just yesterday, April 15, Bitwise launched its Avalanche ETF (BAVA) on NYSE Arca, offering investors regulated AVAX exposure with in-house staking.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
-
Politics6 days agoUS brings back mandatory military draft registration
-
Sports6 days agoMan United discover Nico Schlotterbeck transfer fee as defender reaches Dortmund agreement
-
Fashion6 days agoWeekend Open Thread: Veronica Beard
-
Politics7 days agoMalcolm In The Middle OG Turned Down ‘Buckets Of Money’ To Appear In Reboot
-
Politics4 days agoWorld Cup exit makes Italy enter crisis mode
-
Business6 days agoTesla Model Y Tops China Auto Sales in March 2026 With 39,827 Registrations, Beating Cheaper EVs and Gas Cars
-
Crypto World3 days agoThe SEC Conditionalises DeFi Platforms to Be Avoided for Broker Registration
-
Crypto World3 days agoSEC Signals Exemption for Crypto Interfaces From Broker Registration
-
News Videos2 days agoSecure crypto trading starts with an FIU-registered
-
NewsBeat4 days agoPep Guardiola and Gary Neville agree over Arsenal title problem that benefits Man City
-
Business5 days agoIreland Fuel Protests Enter Day 5 as Blockades Spark Shortages and Government Prepares Support Package
-
Business7 days agoOpenAI Halts Stargate UK Data Centre Project Over Energy Costs and Copyright Row
-
Crypto World6 days agoFederal judge blocks Arizona from bringing criminal charges against Kalshi
-
Politics7 days agoLBC Presenter Mocks Trump Over Iran War Failures
-
NewsBeat3 days agoTrump and Pope Leo: Behind their disagreement over Iran war
-
Crypto World3 days agoSEC Proposes Certain Crypto Interfaces Don’t Need to Register as Brokers
-
NewsBeat5 days agoJD Vance announces ‘no agreement’ with Iran over nuclear weapons fear
-
Business6 days agoIMF retains floor for precautionary balances at SDR 20 billion
-
Business6 days agoFormer Liverpool CEO eviscerates FIFA for World Cup ticket pricing
-
Crypto World4 days agoSei Network Enters Quiet Reset Phase as On-Chain Metrics Signal a Slowdown in 2026

You must be logged in to post a comment Login