Crypto Market Recap: Bitcoin Hashrate Soars, Price Dips and Pakistan Enlists CZ

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) has displayed a slight recovery to US$78,142.37, down 1.8 percent in 24 hours. The day’s range has brought a low of US$75,822.10 and a high of US$80,818.20.

Bitcoin performance, April 7, 2025

Chart via TradingView

Within a 24-hour period, Bitcoin saw US$468.88 million worth of positions closed due to liquidations, based on data from Coinglass at the time of writing. Bloomberg strategist Mike McGlone suggested to Cointelegraph that Bitcoin’s price could potentially fall to US$10,000.

Ethereum (ETH) is priced at US$1,544.90, a 5 percent decline over the past 24 hours. The cryptocurrency reached an intraday low of US$1,486.10 and a high of US$1,608.86. Coinglass data shows liquidations totalling US$348.04 million in 24 hours.

Altcoin price update

Solana (SOL) is currently valued at US$105.93, down 1.9 percent over the past 24 hours. SOL experienced a low of US$101.06 and a high of US$110.64 on Monday.

XRP is trading at US$1.90, reflecting a 4.9 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$1.76 and a high of US$1.97.

Sui (SUI) is priced at US$2.01, showing an increaseof 3 percent over the past 24 hours. It achieved a daily low of US$1.83 and a high of US$2.04.

Cardano (ADA) is trading at US$0.5771, reflecting a 2.1 percent decrease over the past 24 hours. Its lowest price on Monday was US$0.5374, with a high of US$0.5926.

Crypto news to know

Mantra launches US$108 million ecosystem fund for RWA and DeFi projects

Mantra, a layer-1 (L1) blockchain built for tokenized real-world assets (RWAs), has launched the Mantra Ecosystem Fund (MEF), a US$108,888,888 ecosystem fund to accelerate the growth and adoption of projects and startups on its network.

According to a press release, MEF will find potential investments through Mantra’s large network of partners, which includes incubators, accelerators, and investment firms like Laser Digital, Shorooq, and others. This wide network will help the MEF discover high-quality projects globally.

Mantra CEO John Patrick Mullin told Cointelegraph that the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.”

Pakistan enlists Changpeng Zhao as crypto advisor

Pakistan’s Crypto Council (PCC), a newly formed regulatory body overseeing the country’s adoption of blockchain technology and digital assets, has appointed former Binance CEO Changpeng Zhao (CZ) to act as a strategic advisor on matters such as regulation, infrastructure and adoption.

‘Pakistan is opening its doors to the future of finance,’ said PCC CEO Bilal Bin Saqib. ‘And who better to guide us on this journey than CZ — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom.’

Last month, Saqib told Bloomberg that Pakistan intends to actively pursue international investment in the cryptocurrency sector. The country aims to capitalize on its young, tech-savvy population and its potential as a growing, cost-effective market.

CZ was also tapped to advise the Kyrgyz Republic on blockchain and crypto-related regulation on April 3.

Bitcoin hashrate reaches all-time high amidst price drop

As Bitcoin’s price plummets, its network has demonstrated a surge in computational power, with the hasrate establishing a new all-time high record. Data gathered from Glassnode by CoinDesk shows Bitcoin’s hashrate hit 1.025 zetahash per second (ZH/s) on April 4 (Friday) for the first time since its inception, exceeding the previous record set on January 31, 2025.

Bitcoin slides below US$75,000 as tariff chaos spooks markets

Bitcoin dropped over 5 percent on Monday (April 7) morning, briefly dipping below US$75,000 for the first time since Donald Trump’s re-election in November, as sweeping US tariffs and China’s retaliation triggered a market-wide selloff.

Ether plummeted over 10 percent to levels not seen since March 2023, while altcoins like XRP, Solana, and Cardano also posted heavy losses.

The total crypto market cap fell by 11 percent to US$2.5 trillion, wiping out nearly all gains made since Trump’s victory.

Traders had hoped a crypto-friendly administration would usher in tailwinds, but rising global tensions have proved overwhelming.

Analysts say the carnage could continue, with options markets flashing signs of sustained bearish pressure and over US$1.2 billion in long liquidations recorded in just 24 hours.

Strategy to log US$5.9B unrealized loss under new Bitcoin accounting rule

Michael Saylor’s Strategy (NASDAQ:MSTER) (formerly MicroStrategy) announced it will register an eye-watering US$5.9 billion unrealized loss in Q1 after adopting fair-value accounting for its Bitcoin reserves—a policy shift that reflects BTC’s steep price pullback this year.

The loss comes after a fresh buying spree in early 2025, which left the firm with roughly US$1 billion in paper losses on recent acquisitions alone.

Yet paradoxically, the company will also log a US$13 billion boost to retained earnings due to the new accounting standards, highlighting the volatile nature of being Wall Street’s leading BTC proxy.

Strategy’s stock tumbled as much as 14 percent Monday, raising new questions about whether Saylor’s “buy-and-hold forever” ethos can withstand institutional scrutiny in a more volatile macro climate.

Hong Kong greenlights staking for licensed crypto exchanges under strict new rules

In a major step toward institutionalizing crypto, Hong Kong’s Securities and Futures Commission (SFC) unveiled formal guidelines allowing licensed exchanges and funds to offer staking services, provided strict custodial and disclosure requirements are met.

Staking, crucial for securing Proof-of-Stake (PoS) networks and generating passive returns, had previously been a regulatory gray area in the city.

Under the new rules, exchanges must retain direct control of client assets, explicitly barring third-party delegation, and provide full transparency on risks, fees, and lock-up periods.

The move reflects Hong Kong’s ambition to rival other financial hubs and attract global digital asset firms amid the regulatory vacuum in jurisdictions like the US, where staking remains under scrutiny from the SEC.

South Korea’s US$890B pension fund to adopt blockchain for fund operations and oversight

South Korea’s National Pension Service (NPS), one of the world’s largest public pension funds, is moving to incorporate blockchain technology into its operational infrastructure, according to a recent Seoul Economic Daily report.

With over US$800 billion in assets under management, the NPS aims to use blockchain to improve tracking of transactions, client withdrawals, and investment flows, especially for foreign clients.

Though the fund is not directly investing in crypto, it has taken equity positions in firms like Coinbase and Strategy, signaling long-term confidence in the industry’s underlying technology.

The NPS initiative aligns with the nation’s growing retail enthusiasm for crypto—South Korea now boasts more than 16 million crypto investors, a surge that has accelerated since Trump’s 2024 electoral win sparked hopes of a more favorable global crypto environment.