Trader Now Betting Fed Could Cut Rates as Soon as May

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.

On April 17th, the L1 blockchain Initia made an announcement stating that its mainnet will be launched on April 24th.
BlockBeats had previously reported that Initia (INIT) would be listed on Binance Launchpool. From 08:00 on April 18, 2025 (UTC+8), users could stake BNB, FDUSD, and USDC in the INIT reward pool to earn INIT tokens. The event will last for a total of 6 days. Binance will list Initia (INIT) for spot trading at 19:00 on April 24, 2025 (UTC+8).

April 17th. In reaction to the U.S. government's decision to impose restrictions on the export of Nvidia's H20 chip to China, Nvidia CEO Jensen Huang declared that the U.S. government's enhanced export control of chips has had a substantial impact on Nvidia's business. Having deeply cultivated the Chinese market for three decades, Nvidia has grown in tandem with and achieved mutual success in the Chinese market. China is not merely one of the world's largest consumer markets; its flourishing industrial ecosystem and leading software capabilities have become a crucial driving force for their continuous innovation. Nvidia will continue to make every effort to optimize its product system to meet regulatory requirements and will firmly serve the Chinese market. Huang also mentioned that artificial intelligence is profoundly transforming the development landscape of many industries, but this is just the beginning. Whether it is healthcare, financial services, climate technology, or manufact

On April 17th, as per an official announcement, Binance Alpha will remove GOUT and GAMEAI from its platform on April 17, 2025, at 19:00 (UTC+8) due to technical compatibility problems. Holders will still be able to sell the relevant tokens through their Binance CEX Alpha account.

On April 17th, as per the monitoring of LookOnChain, the Meme coin MELANIA team has been constantly selling MELANIA by means of adding and removing liquidity. During the past month, 13 million MELANIA tokens have been sold, with a trading volume of 60,304 SOL tokens, amounting to a total of 8.02 million USD.