Bitcoin Drops Below $77,000

According to official sources on April 17th, Binance Alpha has launched the Meme coin DARK based on Solana.

On April 17th, as monitored by OnchainLens, a new address withdrew 38,592 SOL from Binance, with a value of $5.15 million.

On April 17th, Trump posted on Truth Social and stated that the European Central Bank is anticipated to implement its seventh interest rate cut. Nevertheless, the actions of Fed Chair Powell were "too late," constantly acting late and making incorrect decisions. Yesterday, his remarks were once again a typical and complete "mess." Currently, oil prices are on the decline, grocery prices are also dropping, and the US is reaping significant benefits from tariffs. The Fed should have lowered interest rates a long time ago, just like the European Central Bank. This should have been done a long time ago. Now, the Fed definitely should cut interest rates. Powell should be dismissed as soon as possible.

On April 17th, BNB Chain made an announcement regarding the winners of the BNB AI Hackathon in Quarter 1. The winners include: DeFAI Operating System BINK AI, the AI Autonomous Trading Platform Botzilla, the AI Eco Assistant Tutorial Agent, the AI Trading Assistant Tokrio, the NFT Platform Polycruz, the On-chain AI Agent Protocol WORLD3 Protocol, the Multi-agent Platform Sentism AI, the Web3 Game Platform iDos Games, the AI Token Deployment Bot Boomie, the AI Agent Marketplace VitaminAI, the Decentralized Knowledge Hub Stitch AI, the Web3 Automation Eco Tearline, and the AI Agent Commitment Framework Kudo. The winning projects will be awarded $50,000 in seed funding and receive MVB Incubation support. As the hackathon activities will continue until 2025, more winning projects will be announced and supported. BNB Chain encourages participants to submit their projects in a timely manner.

April 17th. Based on market data, Synthetix's USD-pegged stablecoin sUSD witnessed intensified de-pegging. It dropped by 9.9% within a day and is now trading at $0.77, with its market cap decreasing to $24.6 million. Previously, Synthetix founder Kain mentioned that the sUSD peg restoration mechanism is currently in a transition phase. He has sold 90% of ETH and increased SNX holdings. Earlier, BlockBeats reported that the de-pegging of Synthetix's stablecoin sUSD was not due to bad debt or mechanism failure. Instead, it was a side effect of SIP-420. The introduction of SIP-420 means that SNX stakers no longer individually mint sUSD and manage their debt. Instead, they delegate funds to a common pool to achieve effects such as no liquidation and no individual debt. Since debt is concentrated in a public pool, when the sUSD trading price deviates from the peg, stakers lack a direct incentive to buy sUSD at a lower price to repay debt, and the previously existing self-adjusting defense

On April 17th, according to CloverPool data, the total network hash rate of Bitcoin once exceeded 1000 EH/s, reaching a record high. It is currently reported at 893 EH/s; the current seven-day moving average hash rate of the network is 888.85 EH/s. Although the growth of Bitcoin's hash rate indicates an improvement in network security, it also means that the cost of mining 1 Bitcoin is increasing. Combined with the expected block reward reduction in 2024, the growth in hash rate may lead to the consolidation among small mining companies.