### Bitcoin's Recent Decline

**Bitcoin** has recently experienced a significant drop of **4.0%**, primarily triggered by **Janet Yellen's warning** regarding an impending **debt ceiling** crisis in the United States. This warning has raised concerns among investors, leading to a bearish sentiment in the market.

### Historical Trends and Future Outlook

Based on historical trends, there appears to be **little hope for a recovery** in the short term. Investors are advised to stay vigilant as the market reacts to ongoing economic uncertainties.

![Bitcoin Price Chart](https://example.com/bitcoin-price-chart.jpg)

As the situation unfolds, it is crucial for crypto enthusiasts to monitor **market conditions** closely and be prepared for potential fluctuations in **Bitcoin's value**.

Janet Yellen's warning of a looming debt ceiling has caused Bitcoin to drop 4.0%, with little hope of recovery soon, based on historical trends.

Bitcoin Takes a Dive: Is the Debt Ceiling Crisis to Blame?

Cango, a **publicly traded Chinese conglomerate**, has made a significant strategic shift by agreeing to sell its **legacy China operations** to an entity linked with **Bitmain**, aiming to fully invest in **Bitcoin mining**. This decision comes as part of a **$352 million deal** with **Ursalpha Digital Limited**, which will take over Cango's **auto financing business**.

![Bitcoin Mining](https://s3.tradingview.com/news/image/cointelegraph:8639761ce094b-9bfa965a36e70ae3a9b658acee28ef3f-resized.jpeg)

In addition to the sale, **Bitmain** is reportedly transferring **32 exahashes per second (EH/s)** to Cango, effectively bringing **Bitmain’s mining assets to the public market**. Exahashes are critical as they measure a miner’s contribution to the **Bitcoin network’s hashrate**, which secures the network.

Interestingly, **Ursalpha Digital Limited** shares the same corporate address and founding director as **Antalpha**, an entity controlled by the chairman of **Bitmain**. This connection raises questions about the future dynamics of the Bitcoin mining industry.

The report also highlights **Bitmain's** recent challenges, including scrutiny from the **US** after its AI affiliate, **Sopghgo**, was blacklisted. Furthermore, **Bitmain** has formed a **working relationship** with **American Bitcoin**, a mining entity affiliated with the Trump family, which focuses on crypto mining while **Hut 8** targets high-performance computing infrastructures.

As Bitcoin mining stocks face struggles due to **declining cryptocurrency prices** and business model pressures from the **April halving**, where mining rewards were reduced from **6.25 BTC to 3.125 BTC per block**, Cango's pivot may position it strategically in a volatile market.

Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin BINANCE:BTCUSD mining, according to a report by The Miner Mag. Cango agreed to sell its legacy Chinese auto financing business to…

Cango's Bold Move: Selling Legacy Business to Dive Deep into Bitcoin Mining

Betting markets are signaling **growing fears** of a U.S. recession in 2025, with odds surging after President **Donald Trump** announced sweeping **new tariffs** on global trading partners. By Thursday, the likelihood of a recession by 2025 surpassed **50%** on Kalshi and hit **47%** on Polymarket, marking historic highs on two of the world's most closely watched prediction platforms.

### Why It Matters
On what the Trump administration dubbed **"Liberation Day,"** the president unveiled a set of tariffs targeting **nearly every major U.S. trade partner**. A **10% baseline duty** on all imports would be followed by sharper measures aimed at longtime allies and rivals alike. Within hours, **markets recoiled**, and prediction platforms began pricing in a grim new outlook.

### What to Know
The sharp turn in prediction markets signaled more than just volatility—it marked a **shift in sentiment**, with many now viewing a recession as a **coin flip** rather than a distant risk. On Kalshi, the probability of a U.S. recession in 2025 jumped to **54%**, up from **42.9%** the day before. Polymarket mirrored the surge, leaping **14 points** from **39%** as Trump spoke to **53%** before settling just below the halfway mark. More than **$1 million** in bets have been placed on the question.

Markets moved just as swiftly. The **Nasdaq** was down **5%** midday Thursday. **Apple**, **Nvidia**, and **Tesla**—heavyweights with deep exposure to global trade—saw their shares tumble between **5% and 8%**. The **Dow Industrials** were trading lower by **1,300 points**, with the **S&P 500** lower by **4%**.

![Markets Close On Tariffs](https://d.newsweek.com/en/full/2620475/markets-close-ontariffs.jpg?w=1200&f=9f18f77cef62581fc43a4c23c13274c2)
*Traders work on the floor of the New York Stock Exchange (NYSE) moments after the Closing Bell and the start of President Donald Trump's news conference on tariffs on April 02, 2025 in New York... (Photo by Spencer Platt/Getty Images)*

Europe took similar hits. **Germany's DAX** dropped **2.3%**, while **France's CAC** fell **2.5%**. The dollar lost nearly **2%** against a basket of foreign currencies, prompting **Deutsche Bank** to warn clients of a **"dollar confidence crisis."** Analysts told Newsweek that the abrupt moves reflect growing concern that the tariffs could **depress consumer spending**, **spike inflation**, disrupt **supply chains**, and squeeze already fragile **corporate margins**—effects that may force the **Federal Reserve** to shift course.

### What the Trump Administration Has Said
In a **Truth Social** post following the announcement, President Trump defended the move by comparing it to a **surgical procedure**. He called the policy a tool to build a **"stronger and more resilient" economy**. Treasury Secretary **Scott Bessent**, seen by experts and investors as the common-sense voice in the room, also defended the measure and warned U.S. trading partners against retaliation.

![Trump Tariffs](https://d.newsweek.com/en/full/2620421/trump-tariffs.jpg?w=1200&f=412da013bb481dfe30d5d780081323a5)
*President Donald Trump holds up a chart while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. (Chip Somodevilla/Getty Images)*

### What Happens Next
With investors fleeing risk, **gold surged** to an all-time high of **$3,167.50 per ounce** as oil prices tumbled. **Brent crude** fell **5.8%** to **$70.61 per barrel** on Wednesday, reflecting expectations of **weaker global demand**, while the broader market remained in **sell-off mode** ahead of the closing bell.

The likelihood of a 2025 downturn surpassed 50 percent on Kalshi and hit 47 percent on Polymarket, marking historic highs on the top two prediction platforms.

Betting Markets Signal Rising Odds of a 2025 U.S. Recession Amid Trump's Tariff Announcement

Effective **Monday, April 14**, shortly after **10 a.m. London time**, **CME Group** and **CF Benchmarks** will introduce additional **cryptocurrency pricing products** designed to offer clients **transparent**, **robust**, and **reliable reference rates**.

![CME Group Office](https://fxnewsgroup.com/wp-content/uploads/2020/05/cme-group-office-978x400.jpg)

The pricing data will be accessible through the **CME CF Cryptocurrency Pricing Market Data feed** on channel **213** and through **CME DataMine**. The feed will include the following new indices:

- **CME CF Litecoin-Dollar Reference Rate** – New York Variant (**LTCUSD_NY**), published shortly after **4 p.m. Eastern Time (ET)** daily, including weekends and bank holidays.
- **CME CF Litecoin-Dollar Reference Rate** – Hong Kong Variant (**LTCUSD_AP**), published shortly after **4 p.m. Hong Kong/Singapore time** daily, including weekends and bank holidays.
- **CME CF Solana-Dollar Reference Rate** – Hong Kong Variant (**SOLUSD_AP**), published shortly after **4 p.m. Hong Kong/Singapore time** daily.
- **CME CF Cardano-Dollar Reference Rate** – Hong Kong Variant (**ADAUSD_AP**), published shortly after **4 p.m. Hong Kong/Singapore time** daily.
- **CME CF Chainlink-Dollar Reference Rate** – Hong Kong Variant (**LINKUSD_AP**), published shortly after **4 p.m. Hong Kong/Singapore time** daily.
- **CME CF XRP-Dollar Reference Rate** – Hong Kong Variant (**XRPUSD_AP**), published shortly after **4 p.m. Hong Kong/Singapore time** daily.

It is important to note that these indices will **not** be utilized for the settlement of any contracts. The new cryptocurrency indices will be available for testing in **New Release** on **Monday, April 7**, and **certification is not required**.

CME Group and CF Benchmarks will launch additional cryptocurrency pricing products, effective Monday, April 14.

CME Group and CF Benchmarks Set to Launch New Cryptocurrency Pricing Products!

### Cryptocurrency Heist Report Reveals Alarming Trends

More than **$1.67 billion** worth of cryptocurrency has been **exfiltrated** across nearly **200 heists** between January and March, marking a staggering **303% increase** compared to the previous quarter. This is the **highest amount of pilfered digital assets** on record, according to a report by **Infosecurity Magazine**.

![Cryptocurrency with blurred city abstract lights background](https://image-optimizer.cyberriskalliance.com/unsafe/1920x0/https://files.cyberriskalliance.com/wp-content/uploads/2024/02/020524_cryptocurrency.jpg)

### Key Factors Behind the Surge
The majority of this increase can be attributed to the massive **Bybit attack** in late February, which alone resulted in the loss of over **$1.4 billion**. Other significant intrusions occurred against **Phemex**, **0xInfini**, **MIM Spell**, and **zklend**, which also recorded substantial losses. 

According to an analysis from blockchain security firm **CertiK**, the primary targets for these attacks were **Ethereum**, followed by the **Binance Smart Chain**, **Arbitrum**, and **Tron**. The most impactful attack vector was **wallet compromise**, despite it being used in only three crypto-targeted intrusions. 

CertiK co-founder **Ronghui Gu** emphasized that these findings should prompt blockchain firms to be more proactive in their **security measures**.

More than $1.67 billion worth of cryptocurrency has been exfiltrated across nearly 200 heists between January and March, which is not only 303% higher than the fourth quarter but also the highest amount of pilfered digital assets on record, Infosecurity Magazine reports.


Shocking Surge: $1.67 Billion Cryptocurrency Stolen in Just Three Months!

## Grayscale Launches New Bitcoin ETFs

Crypto asset manager **Grayscale** has announced the listing of two new exchange-traded funds (ETFs) designed to provide investors with a unique source of income through bitcoin's (BTC) inherent volatility. These ETFs, namely the **Bitcoin Covered Call ETF (BTCC)** and **Bitcoin Premium Income ETF (BPI)**, are set to begin trading on **Wednesday**.

### Key Features of the ETFs
- **BTCC** will employ a strategy of writing covered calls near the spot prices, aiming to deliver consistent income while providing a potential buffer against market downturns.
- **BPI**, on the other hand, will target options with significantly higher strike prices, allowing investors to capture much of BTC's upside potential while possibly benefiting from dividend income.

Despite the recent surge in institutional interest in BTC through ETFs since January 2024, the volatility of bitcoin remains a constant factor in the market. After a significant rise of nearly **48%** in Q4, bitcoin started **2025** with a **12%** decline.

### Market Context
As institutional investors ramp up their exposure to bitcoin, there is a growing demand for innovative financial products from companies like Grayscale that can offer distinct income opportunities amid unpredictable market conditions. This trend is expected to continue, as the cryptocurrency landscape evolves with increased institutional involvement and product diversification.

![Grayscale ad campaign in New York's Penn Station](https://cdn.sanity.io/images/s3y3vcno/production/e3b85fa5c237a671ca3b4a7b0bdd997033fd7f62-2709x2032.jpg?auto=format)

*Image credit: Nikhilesh De/CoinDesk*

The two New York Stock Exchange-listed funds are due to start trading on Wednesday.

Grayscale Unveils New Bitcoin ETFs Designed for Income Amid Market Volatility

## Grayscale Launches Innovative Bitcoin Covered Call ETFs

STAMFORD, Conn., April 02, 2025 (GLOBE NEWSWIRE) -- Grayscale, a leading crypto asset manager, has officially launched two new **exchange-traded funds (ETFs)**: **Grayscale® Bitcoin Covered Call ETF (Ticker: BTCC)** and **Grayscale® Bitcoin Premium Income ETF (Ticker: BPI)**. These funds are designed to provide investors with unique strategies for accessing the **volatility of Bitcoin** while generating income.

### Grayscale® Bitcoin Covered Call ETF (BTCC)
The **BTCC** aims to deliver **current income** while also allowing participation in Bitcoin's price performance through options on Bitcoin exchange-traded products (ETPs) like **Grayscale Bitcoin Trust ETF (Ticker: GBTC)**. The strategy involves systematically writing **call options** close to Bitcoin's spot prices, focusing on income generation. This makes BTCC an **income-first strategy**, ideal for investors seeking **regular cash flows** and **high-yield opportunities**. The option premiums collected may also provide a cushion against market downturns, potentially reducing volatility during market drawdowns.

### Grayscale® Bitcoin Premium Income ETF (BPI)
Conversely, the **BPI** seeks to offer current income while retaining capital appreciation potential. This fund writes **call options** targeting strike prices that are significantly out-of-the-money, allowing investors to benefit from Bitcoin's upside while securing some dividend income. This approach provides a balanced opportunity for capital appreciation alongside income generation. Both funds are actively managed and aim to distribute income on a **monthly basis**.

### Expert Insights
David LaValle, Global Head of ETFs at Grayscale, states, "Grayscale® Bitcoin Covered Call ETF may complement an investor's existing Bitcoin exposure by adding income, while Grayscale® Bitcoin Premium Income ETF offers an alternative to Bitcoin ownership, aiming to balance upside participation and income generation for investors." He emphasizes the importance of catering to the unique needs of investors with these new products.

For further details on BTCC and BPI, visit [Grayscale's official site](https://etfs.grayscale.com/btcc) or [BPI page](https://etfs.grayscale.com/bpi).  

### About Grayscale
Founded in 2013, Grayscale has established itself as a trusted asset management firm focusing on **crypto investing**. They provide a variety of investment products tailored to meet the needs of investors, advisors, and allocators seeking exposure to the digital economy.

![Grayscale Investments](https://ml.globenewswire.com/media/ZGJiY2I5ZmQtMWNjYi00N2FjLTkwNTYtNTJjNDFiMmMzNzg3LTExOTM1MjEtMjAyNS0wNC0wMi1lbg==/tiny/Grayscale-Investments.png)  

Investors should carefully consider the objectives, risks, charges, and expenses before investing in these funds. The funds are non-diversified and may not track price movements of digital assets directly, indicating inherent risks associated with investing in derivatives and options.  

**Investing involves risk and possible loss of principal.**

The New ETFs Offer Investors Two Different Approaches to Systematic Covered Call Writing...

Unlocking Income Potential: Grayscale's New Bitcoin Covered Call ETFs Explained

### **Bitcoin Faces Rejection at Key Resistance Level**  
Bitcoin (BTC) price is experiencing a slight **rejection** around the **$85,000** resistance level after recovering **3.16%** the previous day. Traders should keep an eye on the impact of US President **Donald Trump’s** upcoming **“Liberation Day”**, which may significantly affect the **cryptocurrency market** due to potential tariff announcements.  
  
### **Ethereum Breaks Resistance, But Caution is Advised**  
**Ethereum (ETH)** has managed to break above its **daily resistance** at **$1,861**, suggesting a potential recovery. However, if this support fails, ETH could see a decline towards the **$1,700** psychological level.  
  
### **Ripple Shows Signs of Weakness**  
**Ripple (XRP)** has fallen below its **100-day EMA**, indicating a potential correction. Currently trading around **$2.09**, XRP may decline further to test its support at **$1.96** if bearish momentum continues.  
  
### **Market Indicators**  
- The **Relative Strength Index (RSI)** for Bitcoin is at **47**, indicating bearish momentum.  
- Ethereum's RSI is at **40**, also reflecting downward pressure.  
- XRP’s RSI reads **39**, signifying a similar bearish trend.  
  
### **Key Market Levels**  
- **Bitcoin** could retest **$78,258** if it fails to overcome resistance at **$85,000**. A recovery above this level could lead to **$90,000**.  
- For **Ethereum**, support at **$1,861** is crucial, with potential upside to **$2,104** if it holds.  
- **XRP** may see a recovery to **$2.30** if it can stabilize above **$2.14**.  
  
![BTC/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/BTCUSDT_2025-04-02_08-08-06-638791617152187557.png)  
*BTC/USDT daily chart*  
![ETH/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/ETHUSDT_2025-04-02_08-24-00-638791617784856678.png)  
*ETH/USDT daily chart*  
![XRP/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/XRPUSDT_2025-04-02_08-25-14-638791618345803460.png)  
*XRP/USDT daily chart*  


Bitcoin (BTC) price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. 

Bitcoin Takes a Dive: Is the Debt Ceiling Crisis to Blame?

Summary:

Bitcoin drops 4.0% due to debt ceiling concerns.

Warnings from Janet Yellen create a bearish outlook.

Historical trends suggest little hope for recovery soon.

Bitcoin's Recent Decline

Historical Trends and Future Outlook

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