The cryptocurrency market turned lower on April 9. Total capitalization dropped from $2.52 trillion to $2.48 trillion, while 24-hour trading volume slid from $123 billion to $99.1 billion. Bitcoin (BTC) fell 1% to $70,749; Ethereum (ETH) dropped 2.79% to $2,175. The Fear & Greed Index sank from 17 to 14, landing in extreme fear territory.
PEPE ETF S-1 Filed by Canary Capital
Asset manager Canary Capital submitted an S-1 registration for a PEPE exchange-traded fund to the SEC. The firm had previously drawn skepticism over altcoin ETF filings. Whether the PEPE ETF will be approved remains uncertain, but the move adds a new narrative to the meme-coin sector.
Fed Minutes: Inflation Could Slow Gradually, Rate Hikes or Cuts Possible
The minutes from the latest Federal Reserve meeting indicated that inflation may fall slowly to 2%, with oil risks adding pressure. Officials now see room for either rate hikes or cuts, depending on conditions. The hawkish tone weighed on risk assets.
U.S. Treasury Plans New Stablecoin AML Rules
The U.S. Treasury is preparing new anti-money laundering and sanctions compliance rules for stablecoin issuers. Companies would need stronger monitoring, freezing tools, and law-enforcement cooperation standards. Stablecoins currently hold a $311 billion market cap with $84.7 billion in daily volume.
Ethereum Foundation to Convert 5,000 ETH into Stablecoins
The Ethereum Foundation will sell 5,000 ETH via CoW DAO's TWAP system, converting the proceeds into stablecoins to fund research, grants, development, and donations. The move is seen as a short-term sell pressure for ETH.
Hong Kong Mortgage Corp Eyes $1.3B Digital Bond
Hong Kong Mortgage Corporation is considering issuing HK$10 billion to HK$12 billion (about $1.3–$1.5 billion) in digital bonds. If launched next month, it would become the world's largest digital bond issuance.
Other Highlights: Circle Managed Services, Pharos Network $44M Raise, Iran Bitcoin Payment
Circle launched Managed Services and its first product CPN Managed Payments, helping banks and fintechs use stablecoin settlement. RWA Layer 1 project Pharos Network closed a $44 million Series A, with mainnet coming soon. Iran may charge passage fees on loaded oil tankers in Bitcoin during a ceasefire to avoid sanctions. Crypto card spending hit ~$600 million in March, up from $187 million a year ago. DeFi market cap fell 2.4% to $50.6 billion, representing 2% of the total market.