Gate.io Launches INIT Perpetual Contract Pre-trading

On April 1, NFT marketplace Magic Eden announced its native wallet will switch to export-only mode starting April 1 and cease all operations by May 1. Users must export their private key or mnemonic phrase by May 1—failure to do so will result in permanent loss of access to their assets. The wallet has been removed from major app stores, and new users cannot download or recover it. Magic Eden previously shut down its Ethereum and Bitcoin markets, shifting its focus to entertainment and the Dicey app. The ME token will remain the core of the ecosystem’s incentive structure, with stakers earning USDC rewards. The team has also launched an ME token buyback program.

April 1st — Per The Block, Jaret Seiberg, Managing Director of TD Cowen’s Washington Research Group, says the outlook for the U.S. Crypto Market Structure Act (CLARITY Act) is growing increasingly pessimistic, with just a one-third chance of passage this year. He notes a recent compromise on stablecoin yields is insufficient to advance the bill: it fails to meet demands from crypto platforms like Coinbase and does little to address banks’ concerns over core deposit outflows. Seiberg adds the bill would only stand a chance if Congress set aside opposition from Coinbase and the banking industry to force the compromise through — a scenario he calls an exception, not the norm. He expects any progress on the bill would most likely come by late July, just ahead of the August recess. Congress is currently in a two-week Easter recess.

**April 1** Investment firm Benchmark has launched initial coverage on Securitize, assigning a Buy rating and $16 price target, per The Block. Analyst Mark Palmer frames Securitize as a "pickaxe and shovel" play in tokenization—meaning the firm stands to benefit no matter which tokenized products or issuers gain long-term traction. The report notes tokenization ranks among capital markets’ most transformative shifts since electronic trading emerged, with Securitize at the center of that change. The company holds ~70% of the U.S. tokenization market share and counts top asset manager BlackRock as a partner. Securitize plans to go public via a merger with Cantor Equity Partners II, listing on Nasdaq under the ticker SECZ.

U.S. stocks surged overnight on April 1, with Japanese and South Korean markets following suit. Per Bitget market data: - South Korea’s KOSPI index opened 267.92 points higher (a 5.3% rise) to 5,320.38 on Wednesday, April 1. - Japan’s Nikkei 225 index gained 883.17 points at the open (a 1.73% increase) to 51,946.89 the same day. Spot gold climbed to $4,700 an ounce in early Wednesday trading, posting an intraday gain of 0.7% — its first time hitting this level in nearly two weeks.

On April 1, Federal Reserve Board Member Michael Barr emphasized that stablecoin development must be rooted in strict regulation, warning that without effective constraints, the "long historical problems tied to private money" could repeat. In his speech, Barr noted that while the "GENIUS Stablecoin Act" has set a preliminary regulatory framework for the industry, the critical piece lies in follow-through—including ongoing oversight of reserve assets and safeguards to block illicit use. He stressed stablecoins can only be truly "stable" if they’re redeemable at face value in all market conditions. The liquidity and security of reserve assets are especially vital amid market stress or heightened risks from issuers. Additionally, Barr pointed out stablecoin issuers have an incentive to boost returns for profit, which may push them to take on greater risks in managing reserves—posing a potential threat to financial stability. (Source: The Block)

April 1st (Bloomberg) — New Hampshire’s Business Finance Authority plans to issue Bitcoin-backed municipal bonds worth roughly $100 million. Moody’s Investors Service has assigned the bonds a Ba2 rating—two notches below investment grade. Principal and interest on the bonds will be paid using proceeds from Bitcoin-backed assets, with extra returns available if Bitcoin’s price climbs. The bonds also include price-triggered liquidation provisions to protect payments; the related debt is not backed by the state’s credit or tax revenue.