Wall Street tumbled on Wednesday after Fed Chair Jerome Powell dampened hopes for imminent rate cuts, warning that policymakers need more clarity on the economic impact of tariffs and more data on the economy's direction before taking action. The S&P 500 (-2.2%), the Nasdaq 100 (-3%), and the Dow (-1.7%) all slumped as Powell pushed back against the idea of a “Fed put.” Tech stocks led the losses, with Nvidia plunging nearly 7% after the company warned it would take a $5.5 billion writedown tied to unsold inventory and export restrictions, and the broader semiconductor sector down sharply amid renewed US-China trade tensions. Bond yields declined as investors flocked to safe havens, pushing gold to a record $3,337.90.
In crypto, the global crypto market cap increased 1.33% over the past 24 hours to $2.67tn. The total crypto market 24h volume increased 3% to $77bn. Bitcoin is up 1.3% in the past day, now trading around $84,700, while Ether is up 1.6%, currently trading around $1,600. The crypto memecoin sector gained 2.2%.
In the past 24 hours, crypto liquidations increased by 16% and totaled $259.5m, with 54% of them long positions.
According to data from Farside Investors, US Bitcoin spot ETFs saw mixed flows on April 16, 2025, with total net outflows of $171.1 million. While funds like IBIT (+$30.6m), BITB (+$12.8m), BTCO (+$6.7m), HODL (+$2.4m), and BTC (+$3.4m) recorded modest inflows, these were outweighed by sharp outflows from FBTC (-$113.8m) and ARKB (-$113.2m), marking a day of uneven sentiment across issuers. US Ethereum spot ETFs posted net outflows of $12.1 million. Grayscale’s ETHE led the redemptions with $8.2 million in outflows, followed by BlackRock’s ETHA (-$4.3m) and Franklin’s EZET (-$1.8m). Meanwhile, Grayscale's ETH fund recorded $2.2 million in inflows, though this was not enough to offset the broader negative flows.
A token promoted by Base, Coinbase’s Ethereum Layer 2 network, collapsed nearly 99% within minutes on April 16 after surging to a $15–20 million market cap in a speculative frenzy. The token, called “Base is for Everyone,” saw rapid accumulation by top holders—three wallets alone held 47% of the supply and dumped their tokens, triggering a crash. Blockchain analysis by Lookonchain revealed that these wallets had bought in just before the official announcement and sold them at a profit of ~$666k, raising suspicions of insider activity. The incident has sparked widespread backlash and reputational damage, with critics accusing Base of negligence and warning of heightened regulatory scrutiny.
Bitwise has listed four Germany-issued crypto ETPs on the London Stock Exchange as part of its broader push into European markets. The newly listed products—BTC1, BTCE, ZETH, and ET32—offer institutional-grade exposure to Bitcoin and Ethereum, including staking options.
Crypto exchange OKX is entering the US market with the launch of a centralized trading platform and wallet service, establishing its headquarters in San Jose and appointing former Morgan Stanley executive Roshan Robert as US CEO. The move follows a $500 million settlement with the Department of Justice over unlicensed operations, including $84 million in penalties and $421 million in forfeited earnings. OKX will migrate users from affiliate OKCoin and plans a phased rollout of its services, aiming for a nationwide launch by the end of 2025.
Huaxia Fund (Hong Kong) announced on April 16 that its Huaxia Ethereum ETF has received approval from the Hong Kong Securities and Futures Commission to offer staking services as a spot ETF product.
According to Lookonchain and Arkham Intelligence data, Galaxy Digital has deposited even more ETH to Binance, bringing the total to 49,681 ETH ($79.37m) deposited to Binance and Coinbase in the past 5 days.
Also according to Lookonchain and Arkham Intelligence data, 14,929 BTC ($1.26bn) was unstaked from Babylon in the past day. This represents more than 30% of the TVL prior to the withdrawal according to data from DefiLlama.
Lookonchain revealed that nearly a year, an investor has sold 1,160 ETH—worth about $1.83 million—at a loss of $2.6 million, or 58.6%. According to on-chain data, the ETH was originally withdrawn from OKX 11 months ago at a price of $3,816 and re-deposited earlier today when ETH was trading around $1,580.
According to Reuters, senior judges, police, and legal experts in China are debating new rules that could transform how confiscated cryptocurrencies are treated—a move that may reshape the country’s approach to digital assets. Although crypto trading is banned and tokens aren’t recognized as legal tender, local governments have been using private firms to liquidate seized coins to bolster strained public finances. China’s local authorities reportedly held around 15,000 BTC—worth over $1.4 billion—at the end of 2024, making the country one of the world’s largest state holders of bitcoin. The talks come amid rising US-China tensions and Trump’s push to deregulate crypto and build a national bitcoin reserve.
Mantra CEO John Mullin has pledged to burn 300 million locked OM tokens allocated to the project’s team in a move to rebuild trust after the token’s dramatic collapse on April 13, which wiped over $5.5 billion in market value. The tokens, representing nearly 17% of OM’s total supply, were initially scheduled for release between 2027 and 2029. While some in the community welcomed the gesture, others warned it could undermine long-term team incentives. Mullin also floated the idea of a community vote on the burn and outlined recovery plans, including potential buybacks using the project’s $109 million ecosystem fund.
DWF Labs, a Web3 investment and crypto market-making firm, announced the opening of a new office in New York City as part of its US expansion strategy. Alongside the move, DWF disclosed a $25 million purchase of World Liberty Financial (WLFI) governance tokens, deepening its involvement with the Trump-inspired DeFi platform. The firm aims to bolster institutional partnerships, engage with US regulators, and provide liquidity for WLFI’s upcoming USD1 stablecoin, which is backed 1:1 by US dollar assets.
A senior Russian Finance Ministry official has called for the development of Russia’s own stablecoins, following the recent blocking of Russia-linked wallets holding USDT by Tether. The deputy head of the ministry’s financial policy department said the move highlights the need for internal alternatives pegged to foreign currencies. Meanwhile, Russia’s central bank confirmed that firms are actively testing cross-border crypto transactions.