Here’s a quick recap of the crypto landscape for Wednesday (April 2) as of 9:00 p.m. UTC.
Bitcoin and Ethereum price update
At the time of this writing, Bitcoin (BTC) was changing hands at US$86,494.14, up 2.4 percent in 24 hours. The day’s range has brought a low of US$85,315.82 and a high of US$87,210.70.
Bitcoin performance, April 2, 2025.
Chart via TradingView.
Technical analysis indicates a period of potential change for Bitcoin, with the possibility of a shift from a downtrend to an uptrend. However, the market remains uncertain, and various factors could influence its future price.
Ethereum (ETH) is priced at US$1,918.18, a 0.5 percent increase over 24 hours. The cryptocurrency reached an intraday low of US$1,860 and a high of US$1,914.30.
Altcoin price update
Solana (SOL) is currently valued at US$131.45, up 3.7 percent over the past 24 hours. SOL experienced a low of US$125.56 and a high of US$131.56 on Wednesday.
XRP is trading at US$2.16, reflecting a 1.2 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.11 and a high of US$2.18.
Sui (SUI) is priced at US$2.47, showing a 2.2 percent increase over the past 24 hours. It achieved a daily low of US$2.43 and a high of US$2.50.
Cardano (ADA) is trading at US$0.6908, reflecting a 1.8 percent increase over the past 24 hours. Its lowest price on Wednesday was US$0.6782 with a high of US$0.6971.
Crypto news to know
Grayscale launches two Bitcoin ETFs
Grayscale expanded its digital asset offerings with the launch of two Bitcoin exchange-traded funds (ETFs): the Grayscale Bitcoin Covered Call ETF (BTCC) and the Grayscale Bitcoin Premium Income ETF (BPI).
Both ETFs employ an options selling strategy to generate income.
BTCC sells call options to maximize income generation. It is designed for investors who prioritize income over potential price appreciation. While providing income, this strategy limits potential gains if Bitcoin’s price increases.
BPI also sells options, but aims to balance income generation with potential price appreciation. It is designed for investors who want both income and the opportunity to benefit from a rising Bitcoin price.
SEC and Gemini request 60 day stay in lawsuit
The US Securities Exchange Commission (SEC) and Gemini have jointly requested a 60 day stay in a lawsuit filed by the SEC against Gemini concerning the Gemini Earn program, which the SEC alleges violated securities laws. The core of the commission’s argument is that Gemini Earn is an investment contract under the Howey Test.
The lawsuit dates back to January 2023, during former SEC Chair Gary Gensler’s tenure. According to the request, which was filed on Tuesday (April 1), both parties are open to settlement discussions and believe a temporary pause in the litigation would be beneficial to reaching a potential resolution.
Kraken receives restricted dealer registration in Ontario
Cryptocurrency exchange Kraken has secured a restricted dealer registration from the Ontario Securities Commission (OSC) through its Canadian subsidiary, Payward Canada.
According to documentation filed on Tuesday, the registration allows Kraken to facilitate specific digital asset trading activities for Ontario residents. However, activities are subject to regulatory oversight imposed by the OSC, including measures to limit Kraken’s management of digital assets and safeguards to protect clients.
Cruz introduces FLARE Act to incentivize Bitcoin mining with stranded gas
Senator Ted Cruz (R-Texas) has introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, a bill designed to encourage Bitcoin miners and other industries to harness stranded natural gas for on-site energy generation. It aims to improve grid resilience, reduce emissions and solidify Texas as a leader in Bitcoin mining.
FLARE, endorsed by the Digital Power Network, provides permanent full expensing for infrastructure that captures and utilizes flared gas, while restricting access for entities linked to China, Iran, North Korea and Russia.
Cruz emphasized that this initiative supports energy innovation, strengthens economic growth and promotes the responsible use of excess energy resources.
Sony Electronics Singapore to accept USDC payments
Sony Electronics Singapore has partnered with Crypto.com to integrate USDC stablecoin payments, marking a significant step toward mainstream crypto adoption in the region.
Crypto.com Singapore’s general manager, Chin Tah Ang, stated that the collaboration aims to simplify crypto payments for consumers and expand digital currency use in everyday commerce. This development comes as other businesses, such as the Metro Holdings (SGX:MO1) department store chain, embrace stablecoin payments.
Singapore’s pro-crypto regulatory framework has fueled rapid industry growth, with a doubling of crypto-related licenses in 2024, positioning the nation as a major blockchain hub.
BlackRock secures FCA crypto registration
BlackRock has successfully registered with the UK’s Financial Conduct Authority (FCA), allowing it to facilitate crypto-related transactions for its iShares Digital Assets unit.
The FCA’s crypto register, established in 2020 to enforce anti-money laundering compliance, has approved only 51 out of 368 applications, highlighting the strict regulatory environment.
As an authorized arranger, BlackRock can now support subscriptions and redemptions of exchange-traded products (ETPs) tied to crypto assets. However, the firm is restricted from onboarding new clients or operating automated crypto-to-fiat exchange mechanisms without additional regulatory approval.
BlackRock’s registration follows similar approvals granted to Coinbase and other major players navigating the UK’s evolving crypto landscape.
Alabama lawmakers propose Bitcoin bills
Alabama lawmakers have introduced Senate Bill 283 and House Bill 482, which aim to allow the state to invest up to 10 percent of its public funds in Bitcoin.
The legislation, designed to position Bitcoin as a strategic financial asset, restricts investments to digital assets with a market capitalization exceeding US$750 billion — currently limited to Bitcoin. The bills specify that state-held Bitcoin must be stored by the state treasurer, a qualified custodian or via ETPs.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
