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SOTM April 17 – April 23, 2025

Welcome to our 218th issue of State of the Market, where we provide an overview of crypto market activity from April 17 – April 23, 2025.

This week in crypto markets:

  • Crypto markets rebounded as Bitcoin reclaimed $94K, showing signs of decoupling from equities amid dollar weakness.
  • Tether, Cantor Fitzgerald, and SoftBank launched “Twenty One Capital,” a new Bitcoin investment vehicle led by Strike’s Jack Mallers.
  • Circle unveiled the Circle Payments Network, a global infrastructure for cross-border payments using USDC and EURC.
  • PayPal is set to introduce a 3.7% yield on its PYUSD stablecoin for U.S. customers this summer to boost adoption.
  • CME Group will debut XRP futures in May, following last month’s launch of Solana futures.
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