The cryptocurrency market continued its restoration prior to now week as the overall crypto market capitalization breached the $3 trillion mark for the primary time because the starting of March.
Bitcoin (BTC) rose to an over two-month excessive of $97,300 final seen on the finish of February, earlier than the “Liberation Day” tariffs announcement within the US, bolstering analyst predictions for a rally pushed by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.
Risk urge for food continued rising amongst crypto buyers, as Chinese state-linked information retailers indicated that the Trump administration has quietly contacted Beijing to debate tariff reductions.
In the broader crypto house, Ethereum builders proposed a brand new token commonplace to enhance the interoperability of the world’s second-largest blockchain community.
Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise exec
Bitcoin’s increasing institutional adoption could present the “structural” inflows essential to surpass gold’s market capitalization and push its worth past $1 million by 2029, in line with Bitwise’s head of European analysis, André Dragosch.
“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he advised Cointelegraph throughout the Chain Reaction day by day X areas show on April 30.
Gold is at the moment the world’s largest asset, valued at over $21.7 trillion. In comparability, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap knowledge.
For the 2025 market cycle, Bitcoin could surpass $200,000 within the “base case” and $500,000 with extra governmental adoption, Dragosch stated.
Eric Trump: USD1 will likely be used for $2 billion MGX funding in Binance
Abu Dhabi-based funding agency MGX will use a stablecoin linked to US President Donald Trump’s household to settle a $2 billion funding in Binance, the world’s largest cryptocurrency alternate.
The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.
MGX will use the USD1 stablecoin for its $2 billion funding within the Binance alternate, in line with an announcement by Eric Trump throughout a panel dialogue at Token2049 in Dubai. Trump, the son of the president, serves as government vp of the Trump Organization.
MGX announced its funding in Binance on March 12, marking the primary institutional funding within the alternate and one of many largest funding offers in all the Web3 trade.
At the time, Binance declined Cointelegraph’s request to reveal what stablecoin was used within the transaction.
This marks the Abu Dhabi-based funding agency’s first enterprise into the cryptocurrency house.
Ethereum to simplify crosschain transactions with new token requirements
Ethereum builders are working to enhance blockchain interoperability with two new token requirements: ERC-7930 and ERC-7828.
“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem growth group Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and sensible contracts comply with completely different guidelines.
“The end result? A messy, inconsistent expertise that breaks crosschain UX,“ Wonderland said.
Wonderland is a gaggle of builders, researchers and knowledge scientists centered on bettering the Ethereum DeFi ecosystem. The group partnered with a number of DeFi protocols, together with Optimism, Aztec, Connext and Yearn.
In the publish, the group shared what was discussed at a latest Ethereum Foundation interoperability working group name. Teddy from Wonderland defined that the present aim is to finalize each token requirements throughout the subsequent two weeks. He added:
“We badly need feedback on the ETH-Magicians forum.”
Crypto hackers hit DeFi for $92 million in April as assaults double from March
Cryptocurrency hackers stole greater than $90 million in April, dealing one other blow to the trade’s mainstream repute regardless of ongoing efforts to enhance cybersecurity.
Hackers made off with $92 million of digital belongings throughout 15 incidents in April, in line with an April 30 analysis report by blockchain cybersecurity agency Immunefi.
The complete marks a 124% month-over-month improve from March, when hackers stole $41 million.
The month’s largest hack on open-source platform UPCX accounted for a lot of the injury in April, with over $70 million in losses, whereas KiloEx lost $7.5 million as April’s second-largest hack.
The KiloEx exploiter returned the stolen funds simply days after the assault occurred.
All of April’s reported assaults focused decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents throughout the month, the report famous.
Immunefi, which says it helps shield $190 billion in person funds, has paid greater than $116 million in bounties to white hat hackers.
Crypto group asks Trump to finish prosecution of crypto devs, Roman Storm
The crypto foyer group, the DeFi Education Fund, has petitioned the Trump administration to finish what it claimed was the “lawless prosecution” of open-source software program builders, together with Roman Storm, a creator of the crypto mixing service Tornado Cash.
In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.”
The letter particularly talked about the prosecution of Storm, who was charged in August 2023 with serving to launder over $1 billion in crypto by Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at giant and believed to be in Russia.
The DeFi Education Fund stated that in Storm’s case, the Department of Justice is trying to carry software developers criminally liable for the way others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”
The group additionally referred to as for the popularity that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) steerage from Trump’s first time period, which established that builders of self-custodial, peer-to-peer protocols will not be cash transmitters.
“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it additionally “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”
In January, a federal court docket in Texas dominated that the Treasury overstepped its authority by sanctioning Tornado Cash.
DeFi market overview
According to knowledge from Cointelegraph Markets Pro and TradingView, a lot of the 100 largest cryptocurrencies by market capitalization ended the week within the inexperienced.
The Virtuals Protocol (VIRTUAL) token rose over 103% because the week’s largest gainer, adopted by the Solayer (LAYER) token, up over 29% throughout the previous week.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Join us subsequent Friday for extra tales, insights and training relating to this dynamically advancing house.
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