BTC and Stocks Plunge, Shibarium Hits 1B Transactions & Wyoming’s Stablecoin

April 7, 2025

Crypto World

Maciej Zerelik

Each week, we at StealthEX and CryptoDaily join forces to bring you the most important updates from the world of crypto. We know the space moves fast and can be overwhelming, so we break it all down into clear, simple highlights. No confusing jargon, no fluff—just the key stories that matter. Whether you’re a seasoned trader or just getting started, we’ve got you covered with insights that are easy to understand and always up to date. So, let’s dive in!

Market Chaos Looms: Global Stocks Plunge, Bitcoin Holds Strong

Global stock markets face a dark Monday, with major indices tumbling dramatically. The UK’s FTSE 100 index began trading deeply negative, dropping around 4% right at the open. In Germany, the DAX saw even sharper declines, already down nearly 7% today.

Investors now wait nervously for Wall Street to open. The crucial S&P 500 index stands dangerously close to making history. If it drops another 4%, it will mark the largest three-day decline since the Great Depression. This scenario would surpass even the massive drops from 2008 and the pandemic period.

Meanwhile, the Fear and Greed Index, a critical measure of investor sentiment, now sits at a never-before-seen score of 4, representing extreme fear. This is lower than any reading during past financial crises, including 2008 and COVID-19.

Amidst this market turmoil, Bitcoin has surprisingly shown strength. BTC currently trades close to $80,000, near its recent bullish level. This resilience suggests Bitcoin may act as a safe haven during major stock market crashes. Analysts and investors alike are bracing themselves. All eyes are on today’s S&P 500 movements to confirm if we truly face a historic financial plunge.

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Record Growth for Shibarium Blockchain with 1 Billion Transactions

Shibarium blockchain has achieved a remarkable milestone, surpassing 1 billion transactions. This impressive number was reached in only 18 months since launch. The Shibarium network, linked closely with the Shiba Inu cryptocurrency, highlights explosive growth and high reliability.

Currently, Shibarium processes around 4 million transactions daily. It has attracted about 194 million individual wallets, proving enormous popularity among crypto users. The achievement confirms Shibarium’s status as one of the fastest-growing blockchain platforms globally.

Compared to Bitcoin, which needed 15 years to hit a billion transactions, Shibarium accomplished the same feat in just 593 days. This achievement underscores the strength of Shiba Inu’s devoted community, known widely as the SHIB Army.

Every transaction on Shibarium contributes to burning the SHIB token, making it scarcer over time. The burning mechanism directly supports SHIB’s future value and strengthens the entire ecosystem.

Rapid adoption and a huge number of transactions demonstrate Shibarium’s real-world utility. It underlines the blockchain’s capacity to handle high volumes efficiently. With ongoing improvements expected, Shibarium continues to position itself strongly for the future within the crypto market.

Wyoming to Launch America’s First State-Backed Stablecoin

Wyoming plans a significant breakthrough in blockchain finance. The state is preparing to launch a fully backed stablecoin, named Wyoming Stable Token (WYST). It will be the first stablecoin issued by a U.S. government entity and will debut around July 2025.

The Wyoming Stable Token Commission is currently testing WYST on several blockchain networks. Among these platforms are Ethereum, Avalanche, Solana, Polygon, and Coinbase’s Base. The tests ensure WYST smoothly operates across multiple blockchain systems.

LayerZero, a company specializing in blockchain interoperability, will help Wyoming distribute and maintain the stablecoin. Anthony Apollo, head of the Stable Token Commission, confirmed this partnership officially.

Wyoming has earned a reputation as a blockchain-friendly state, supporting innovation through clear laws and regulations. Governor Mark Gordon strongly supports crypto adoption and views WYST as a crucial step forward.

The WYST token will have real backing, holding short-term U.S. Treasury Bills and repurchase agreements. This guarantees stability and makes it reliable for everyday use. Wyoming officials also hope to use blockchain for recording state finances, promoting transparency and efficiency in government spending.

Fidelity Offers Bitcoin, Ethereum, and Litecoin in Zero-Fee Retirement Plans

Fidelity Investments introduced a groundbreaking service for retirement savers in the U.S. The financial giant now lets customers add Bitcoin, Ethereum, and Litecoin to retirement accounts with no annual fees. This marks a major step toward crypto adoption for mainstream investors.

Customers can open three different account types: a Roth IRA for tax-free growth, a traditional IRA that defers taxes, or a rollover IRA from existing retirement funds. Fidelity automatically links these crypto accounts to standard brokerage IRAs. Users can easily move funds between their standard and crypto accounts, allowing instant trades in digital currencies.

Fidelity chose three widely recognized cryptocurrencies, focusing on established and reliable assets. Bitcoin remains the dominant cryptocurrency, valued at around $1.7 trillion. Ethereum, the leading smart contract platform, follows with $228 billion, while Litecoin, known as the “silver” to Bitcoin’s “gold,” holds a market cap of about $6.4 billion.

Although Fidelity charges no management or custody fees, trades carry a small 1% spread. This difference between the buying and selling prices covers Fidelity’s costs for executing trades.

Fidelity’s move significantly simplifies cryptocurrency investing for retirement, potentially boosting wider acceptance among traditional investors across the U.S.

Justin Sun Sparks Panic, Accusing First Digital Trust of Insolvency

Crypto entrepreneur Justin Sun triggered panic by claiming First Digital Trust (FDT) faces financial collapse. Sun urged investors to withdraw funds immediately, alleging FDT can’t fulfill redemption requests. His warnings quickly caused FDUSD, an FDT-issued stablecoin, to lose its dollar peg and dip to 87 cents.

Sun’s accusations came amid ongoing legal tensions. Court filings previously showed Sun injected emergency funds into the TUSD stablecoin after nearly $456 million in reserves became stuck in questionable investments. He claims FDT mismanaged those funds, accusing them of misconduct and demanding Hong Kong regulators step in.

FDT swiftly denied all allegations, accusing Sun of intentionally spreading false claims to harm its reputation. The firm confirmed FDUSD is fully backed by U.S. Treasury bills and claimed the stablecoin’s reserves are publicly documented and verified.

Despite assurances, FDUSD briefly lost around $130 million in market value due to panic selling. Meanwhile, TUSD, the main stablecoin connected to Sun’s allegations, showed minimal reaction.

The incident highlights growing tensions and risks in stablecoin markets. Sun’s aggressive statements, coupled with ongoing legal disputes, could further shake investor confidence in stablecoins and digital asset custodians worldwide.

Sony Electronics Teams Up with Crypto.com for Stablecoin Payments

Sony Electronics Singapore now accepts crypto payments for the first time through a partnership with Crypto.com. Starting this week, customers shopping online can pay using the stablecoin USDC, directly linked to the U.S. dollar. Sony’s new payment feature reflects the growing popularity of cryptocurrency in everyday transactions.

Crypto payments at Sony are processed exclusively through Crypto.com’s secure payment gateway. The partnership makes Sony the first electronics retailer in Singapore to officially accept crypto directly through its online store.

Crypto.com praised Sony’s decision as a step toward mainstream crypto adoption. The crypto platform’s Singapore manager emphasized that integrating digital currency payments could broaden Sony’s customer base and encourage wider crypto use.

Sony marked the launch by offering promotional deals to customers paying with Crypto.com. Shoppers who spend at least S$300 receive a free LinkBuds Speaker, while customers spending S$100 or more receive a bonus of 20 USDC in their Crypto.com account.

Sony also plans to expand crypto payment options beyond USDC in the future. This bold step positions the electronics giant as a crypto-friendly brand, potentially attracting younger, tech-savvy consumers who prefer digital currencies.

Grayscale Seeks SEC Approval for Crypto ETF Holding Top Coins

Grayscale Investments is aiming to launch a new spot ETF that directly invests in major cryptocurrencies. The firm recently filed paperwork with the U.S. Securities and Exchange Commission (SEC) to convert its existing Digital Large Cap Fund into a publicly traded ETF.

The new ETF would provide direct exposure to Bitcoin, Ethereum, XRP, Cardano, and Solana—five of the largest cryptocurrencies by market value. Currently, Bitcoin dominates the fund, comprising nearly 80% of total assets, followed by Ethereum at about 11%.

Grayscale’s Digital Large Cap Fund was first created in 2018. It allows accredited investors indirect access to digital assets without the complexities of direct ownership. Converting this fund into an ETF would make cryptocurrency investing easier for everyday investors through major stock exchanges.

Grayscale manages approximately $622 million in this fund, making it one of the largest crypto index products in the market. Its conversion to an ETF could significantly increase public access to cryptocurrencies, reflecting growing investor interest.

The firm’s recent ETF filing follows a similar proposal to list its Avalanche Trust on Nasdaq. Both moves signal Grayscale’s continued push to make crypto investments simpler and more mainstream.

Trump Family Enters Bitcoin Mining with American Bitcoin Venture

Eric Trump and Donald Trump Jr. have taken a significant step into cryptocurrency by launching American Bitcoin, a new mining company. The firm is partnering with Hut 8, a well-known mining operator based in Miami. This joint effort aims to create one of the most powerful Bitcoin mining operations in the U.S.

Hut 8 will provide most of the ASIC mining machines and receive an 80% stake in return. The Trump family’s company, American Data Centers, keeps 20%. Eric Trump becomes chief strategy officer, while Matt Prusak serves as CEO.

The partnership creates a vertically integrated mining operation, combining energy management, infrastructure, and Bitcoin mining. Hut 8 CEO Asher Genoot explained that this setup maximizes efficiency by blending resources and Bitcoin mining capabilities.

American Bitcoin wants to become the world’s leading miner with significant Bitcoin reserves. Donald Trump Jr. said their belief in Bitcoin inspired them to move from investing in cryptocurrency to actively mining it, which offers even better economic returns.

Following this news, shares of Hut 8 increased more than 6% in early trading. However, the company’s stock remains down roughly 43% this year, showing continued challenges within the broader crypto market.

Circle Files for $5 Billion IPO Amid Challenging Market Conditions

Circle, the company behind the USDC stablecoin, has officially filed paperwork for an initial public offering (IPO). Circle hopes for a valuation between $4 billion and $5 billion and expects to list shares by June. JPMorgan Chase and Citigroup will manage the IPO process, with Circle trading under the symbol CRCL.

This isn’t Circle’s first attempt to go public. A previous merger with a SPAC fell apart in 2022 due to regulatory hurdles. Since then, Circle has strengthened its financial position and relocated its headquarters to New York’s One World Trade Center.

Last year, Circle reported revenue of $1.68 billion, up from $1.45 billion in 2023. However, its net income dropped from $268 million to $156 million, reflecting tougher market conditions and increased costs.

Circle’s IPO comes during a difficult period for technology stocks. Nasdaq recently faced its worst quarterly decline since 2022. Still, Circle joins several tech companies, such as Klarna and StubHub, now seeking IPOs as market confidence slowly returns.

If successful, Circle would become a major publicly listed crypto company, joining the ranks of Coinbase, which listed in 2021 and now has a $44 billion market cap.

Crypto Entrepreneur Chun Wang Commands First Polar-Orbit SpaceX Mission

SpaceX has achieved another historic first, launching four private astronauts on the world’s first human polar-orbit mission. Crypto entrepreneur Chun Wang, founder of F2Pool and Stakefish, funded and leads this ambitious journey, named Fram2.

The mission began with a launch from Florida’s Cape Canaveral aboard SpaceX’s Crew Dragon spacecraft. Wang’s team includes Norwegian filmmaker Jannicke Mikkelsen, German scientist Rabea Rogge, and Australian explorer Eric Philips.

During their 3 to 5-day trip, the crew will perform 22 experiments. These include the first-ever X-ray imaging in orbit and testing the growth of mushrooms in microgravity conditions. Their research will help advance space medicine and long-term space travel.

Fram2 reflects SpaceX’s expanding private astronaut services. The company, originally backed by NASA, is now a top provider for private orbital missions. Wang proposed the unique polar route in 2023, showcasing private industry’s growing role in space exploration.

This mission marks a significant milestone, demonstrating how private citizens, especially from sectors like cryptocurrency, are increasingly shaping humanity’s exploration of space.

Android Users at Risk from New Crypto-Stealing Malware ‘Crocodilus’

A dangerous new malware called “Crocodilus” is targeting cryptocurrency wallets on Android phones, primarily affecting users in Spain and Turkey. Cybersecurity experts from ThreatFabric warn that the malware uses sophisticated techniques, including social engineering and Android’s accessibility features, to steal users’ crypto assets.

Crocodilus pretends to be a legitimate cryptocurrency app. Once downloaded, it tricks users into granting Accessibility permissions, allowing the malware to capture sensitive information. It records keystrokes, takes screenshots, and even steals two-factor authentication codes from Google Authenticator.

The malware also pressures victims to reveal their wallet seed phrases by displaying fake security warnings. Users believe they’re protecting their wallets, but instead, they hand over crucial details directly to attackers.

Once installed, Crocodilus provides cybercriminals with full remote access to the infected phone. Attackers can control screens, monitor user activity, and hide their movements behind a black overlay, making the intrusion hard to detect.

Security firms urge Android users to avoid downloading crypto-related apps from untrusted sources and carefully manage app permissions to avoid falling victim to Crocodilus and similar threats.

SEC Confirms Cash-Backed Stablecoins Not Classified as Securities

The U.S. Securities and Exchange Commission (SEC) announced a critical decision clarifying that stablecoins backed by cash or similar assets are not securities. The regulator confirmed these “Covered Stablecoins” don’t fall under existing federal securities laws. This ruling provides clarity to stablecoin providers, fintech firms, and digital payment companies.

According to the SEC, stablecoins intended solely for payments or storing value don’t require securities registration. To qualify, stablecoins must have full reserves held in cash or very low-risk assets like U.S. Treasury bills. Issuers must also guarantee unlimited redemption for dollars at a fixed rate.

The SEC explained stablecoins aren’t designed to generate profits for holders. They don’t offer returns, dividends, or investment rights, making them different from securities. The agency applied two key legal standards—Reves and Howey tests—to make its determination, concluding that stablecoins are used primarily for daily transactions, not investments.

Stablecoin providers must publish regular proof-of-reserves reports, ensuring transparency and solvency. This move marks the SEC’s clearest stance yet on crypto regulation. However, questions remain unanswered regarding algorithmic stablecoins and tokens that offer yields, suggesting further guidelines are still forthcoming.

BlackRock Gains FCA Approval to Launch Crypto Asset Operations in the UK

BlackRock, the largest asset management firm globally, received approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset business. This registration allows BlackRock to manage crypto-related transactions linked to exchange-traded products (ETPs) from iShares Digital Assets AG.

BlackRock can now facilitate buying and selling activities for institutional investors through crypto-backed ETPs in the UK. This approval specifically covers arranging crypto asset trades for subscriptions and redemptions, paving the way for BlackRock’s planned European spot Bitcoin ETP rollout.

The FCA’s crypto register, introduced in 2020, aims to ensure crypto companies comply with anti-money laundering (AML) rules. Despite hundreds of applications, only a small fraction—about 14%—have gained approval, including prominent firms like Coinbase and Fidelity.

However, the UK’s current rules limit crypto ETP access to institutional or professional investors. Retail investors are still barred from purchasing these products through regulated platforms.

This approval highlights growing acceptance of cryptocurrencies among traditional financial institutions, strengthening the legitimacy and appeal of crypto-backed investment products across Europe.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.