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Gate Research Institute: BTC breaks through the 85,800 USDT resistance level, Vitalik proposes to enhance Ethereum performance by introducing RISC-V.
Summary
Market Commentary
BTC – The BTC price is up 2.4% in the last 24 hours and is currently quoted at 87,400 USDT. BTC broke through the previous sideways range, and the original resistance level of about 85,800 USDT above has been broken through in large volumes, and the trading volume has been significantly amplified, indicating that the bulls are attacking strongly. The lower support is near 84,000 USDT, and it has not been broken many times in the early stage, confirming a solid bottom foundation. The MACD indicator continued to increase after the golden cross, the kinetic energy column rose significantly, and the short-term trend has turned from shock to up. If the price can continue to stand above 86,000 USDT and maintain a high volume level, the market is expected to further hit the 90,000 USDT integer mark in the future. If there is a drawdown, you need to pay attention to the effectiveness of the 84,000 USDT first-line support. 【1】
Popular Tokens
According to Gate.io market data【9】, combined with the trading volume and price performance over the last 24 hours, the popular altcoins are as follows:
MAGIC (Magic) — A daily increase of approximately 39.30%, with a circulating market value of 57.96 million USD.
Magic (MAGIC) is a decentralized blockchain gaming ecosystem platform based on Arbitrum, aiming to build a community-driven "gaming metaverse network." It creates an interconnected ecosystem by linking various on-chain games, NFT projects, and narrative worlds. Treasure provides infrastructure, marketplaces, and tools to support developers in building games, while allowing players to share assets and economic systems across multiple projects. The core philosophy of the project is openness, decentralization, and community co-construction, and it is referred to as the "Nintendo of the blockchain gaming world."
Recently, Treasure announced a new roadmap, focusing on the AI field, marking the deep integration of NFTs and artificial intelligence. Users' L1 NFTs will be transformed into customizable AI companions, capable of linking social media accounts, automatically participating in games and tasks to earn rewards, and in the future will have independent wallets to execute transactions and interact. Treasure will be at the intersection of multiple top fields such as AI, DeFi, NFTs, and GameFi, enhancing the practicality and value-bearing capacity of MAGIC, greatly boosting the market's expectations for the future development of the Treasure ecosystem, thus attracting investors and driving up the price of MAGIC. [10]
USUAL (Usual) — Daily increase of approximately 36.11%, with a circulating market cap of 127 million USD.
Usual (USUAL) is a blockchain-based decentralized finance platform designed to provide a secure, transparent, and efficient financial trading environment through innovative algorithms and smart contracts. Its core goal is to help users participate in decentralized finance (DeFi) activities in the simplest way possible, addressing the high costs and efficiency issues of traditional financial systems. Through a decentralized automated market (AMM) mechanism, Usual supports liquidity pools for various digital assets, allowing users to engage in trading, lending, liquidity mining, and other operations while ensuring the security and privacy of user assets.
Since last Tuesday, all new early redemption fees and USUALx unbonding fees will be automatically redistributed to stakers every day, directly increasing their annual percentage yield (APY). This mechanism eliminates the traditional delays and proposal stages, allowing rewards to flow in real-time to USUALx holders, significantly enhancing staking returns. This efficient and transparent reward distribution method encourages more users to participate in staking, further driving the demand and price increase of USUAL.
ENJ (ENJ) — Daily increase of approximately 30.10%, with a circulating market value of 163 million USD.
Enjin is a feature-rich blockchain ecosystem that offers a variety of software products designed to help developers, businesses, and individuals easily create, manage, trade, distribute, and integrate NFTs.
Enjin held the "Enjin Snap Challenge" event on its NFT marketplace NFT.io. This event encourages users to utilize Enjin dApps and offers exclusive rare NFTs infused with ENJ as rewards. Such activities increase interaction and engagement within the Enjin ecosystem, while highlighting the connection and utility of the ENJ token with NFTs, attracting community attention and participation, thereby driving up the price of ENJ.
Highlight Data
Hyperliquid occupies about 70% of the on-chain perpetual contract market
Hyperliquid has recently made significant progress in the decentralized perpetual contract market, with a market share of about 70%. In March alone, it processed $175 billion, and by mid-April, it had already reached $122.6 billion. Compared to centralized exchange giants, Hyperliquid's trading volume has risen to nearly 10% of theirs, indicating that decentralized derivatives trading is becoming increasingly popular. [13]
Perpetual Futures have always been favored by traders due to their lack of expiration, support for leverage, and high liquidity. Hyperliquid leverages a decentralized smart contract execution mechanism, which not only enhances the transparency and automation of trading but also effectively mitigates the common risks of liquidation and fund custody associated with centralized exchanges.
Although Hyperliquid has achieved significant market share in the decentralized perpetual contract market, several recent events have raised concerns about its risk management and security. For example, the JELLY token on the Hyperliquid platform suffered a complex market manipulation event that resulted in a loss of more than $10 million. In addition, there have been reports that wallets associated with the North Korean hacking group are active on Hyperliquid, possibly testing the platform's security vulnerabilities. These incidents highlight the challenges Hyperliquid faces in its rapid expansion, particularly in terms of risk control and security protection.
Tether has over 450 million users, with a quarterly growth of over 30 million users
Tether announced that its stablecoin USDT has surpassed 450 million users in emerging markets, primarily concentrated in Turkey, Vietnam, Brazil, Argentina, and several African countries. The quarterly addition of new users for USDT exceeds 30 million, demonstrating its rapid expansion globally. Tether's CEO Paolo Ardoino stated that USDT is becoming the most commonly used "digital dollar" in emerging markets, not only for crypto trading but also more broadly for everyday payments and savings.
The widespread adoption of USDT is attributed to its provision of a convenient dollar alternative in economically unstable regions. In countries like Argentina, Turkey, and Egypt, the public has turned to USDT for savings and transactions due to local currency devaluation and a shortage of dollars. For instance, in Brazil, Tether has partnered with ATM companies to make USDT available at over 24,000 ATMs, significantly enhancing its accessibility. 【14】
Major economies represented by the United States have recently made frequent adjustments to import tariffs, combined with geopolitical tensions, leading to a decline in market confidence in traditional financial assets and cryptocurrency assets, causing a large amount of funds to flow into stablecoins for hedging. USDT, as a cryptocurrency pegged to the US dollar, has become the preferred choice for enterprises and individuals to avoid trade risks and protect asset value due to its stable value and convenience of use. In addition, USDT meets the urgent demand for reliable financial instruments in different regions, further consolidating the dominant position of the US dollar in the global financial system and driving user growth.
Bitcoin network difficulty hits a new high, hash rate steadily rises
On April 19, 2025, at 17:13:37, the Bitcoin network completed a new round of difficulty adjustment at block height 893,088. The difficulty was increased by 1.42%, raising the Bitcoin mining difficulty to 123.23T, setting a new historical high for the network. At the same time, the average hash rate across the Bitcoin network has risen to 888.37 EH/s, indicating a continued growth in network participation. [15]
The Bitcoin network automatically adjusts the mining difficulty approximately every two weeks (i.e., every 2,016 blocks) based on changes in network hash power, in order to maintain a constant rate of one block every 10 minutes. This adjustment is yet another in a series of consecutive increases, indicating that the number of miners or the efficiency of mining equipment across the network is continuously improving. The next difficulty adjustment is expected to take place in about 13 days and 21 hours, at which point the network status will again receive dynamic feedback.
The difficulty increase benefited from the recovery of Bitcoin prices this month and the funding of spot ETFs, and the recovery of the return on mining revenue, prompting a large amount of computing power to be put back into the market. At the same time, the gradual implementation of large-scale mine capacity expansion in North America and the Middle East, as well as the improvement of energy efficiency brought about by the iteration of chip technology, have also positively promoted the computing power level of the entire network, and indirectly promoted the continuous increase in network difficulty.
Hot Comments
Global retail giant SPAR is testing cryptocurrency payments in Switzerland
SPAR is currently testing cryptocurrency payments in Switzerland. SPAR is a global grocery retailer with over 13,900 stores in 48 countries across Europe, Asia, Africa, and Australia. Its SPAR store in Zug, Switzerland, is accepting Bitcoin payments through the Lightning Network. This trial is one of the largest scale tests of crypto payments by a major retail chain.
This pilot project utilizes the advantages of the Lightning Network to achieve fast and low-cost microtransactions. Customers only need to scan a QR code with a wallet that supports the Lightning Network to complete the payment, with the entire process settling almost instantly and transaction fees much lower than traditional bank card payments. Switzerland, as a crypto-friendly country, already has more than 230 merchants supporting Lightning Network payments, with the "Crypto Valley" where Zug is located being the core area of this trend.
SPAR is increasingly catering to the growing number of people holding cryptocurrencies and the willingness to explore digital payment methods. This experiment may draw close attention to assess the feasibility of cryptocurrency payments in mainstream retail settings and customer demand. As payment giants like Visa and Stripe gradually enter the crypto payment space, the Lightning Network is expected to become an important part of the global payment infrastructure, further driving Bitcoin's transition from "digital gold" to "digital cash."
Canary Capital applies to the US SEC to launch a TRX staking ETF
Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking approval to launch a spot exchange-traded fund (ETF) based on staked TRON (TRX). If approved, this fund, named "Canary Staked TRX ETF," will feature token staking functionality, which is an innovation in the U.S. cryptocurrency ETF market. At the same time, Canary Capital is considering launching a series of cryptocurrency ETFs, including those related to Pengu, Sui, Hedera, and Litecoin.
TRX, as the native token of the TRON blockchain, features a stable staking mechanism and a wide range of application scenarios, making it attractive to institutional investors seeking stable returns. However, the SEC typically requires relevant assets to have a federally regulated futures market when approving such products, and TRX currently does not meet this criterion. Additionally, the SEC has not approved any ETFs related to TRX, which could pose challenges for the approval process.
Since Donald Trump took office as the President of the United States in January of this year, the SEC has shown a more open stance towards the cryptocurrency industry, holding multiple public cryptocurrency roundtable discussions and gradually dismissing several lawsuits against cryptocurrency companies. If this ETF is approved, it will mark another significant breakthrough in the field of cryptocurrency asset ETFs, potentially attracting more institutional investors to focus on staked cryptocurrency assets and further promoting the development of TRX and the Tron ecosystem. At the same time, this may also encourage other cryptocurrency issuers to accelerate the launch of similar products, promoting the diversification of the entire cryptocurrency ETF market. However, given the uncertainty of regulation, market participants still need to closely monitor the SEC's approval progress and related policy changes.
Vitalik Buterin proposed replacing EVM with RISC-V to significantly expand the Ethereum execution layer
Ethereum co-founder Vitalik Buterin recently proposed a new long-term technical proposal at the Ethereum Magicians forum: to transform the underlying execution architecture of the Ethereum Virtual Machine (EVM) from the current bytecode to the open-source instruction set RISC-V, greatly enhancing execution efficiency and network scalability. He believes this is the "only viable path" to achieve significant performance breakthroughs in the execution layer and pointed out that this transformation has the potential to reduce some on-chain execution costs by up to 100 times.
RISC-V is an open-source Reduced Instruction Set Architecture (RISC) that emphasizes simplicity and efficiency, allowing anyone to implement it without a license. Its design philosophy helps simplify chip design, reduce complexity, and optimize the interaction between hardware and software. Developers believe that while the current EVM is cost-effective, it carries a higher execution risk, hence the proposal to introduce RISC-V on the beacon chain for a more secure and verifiable EVM implementation.
Utilizing the openness and modularity of RISC-V enables formal verification of the EVM, enhancing the network's security and stability. Its simplified architecture also helps to reduce development and maintenance costs, while enhancing the system's scalability. However, this transition may also bring some challenges, such as the need to adapt existing infrastructure and ensure compatibility with current smart contracts. Nonetheless, introducing RISC-V will remain an important pathway to drive Ethereum's continuous evolution in performance and security, with the potential to further enhance its overall competitiveness in the blockchain space.
Airdrop Opportunity
Recall is a decentralized intelligent network designed to provide a storage, sharing, and exchange platform for on-chain knowledge for autonomous AI agents. The project is a merger of 3Box Labs and Textile, integrating technologies such as Ceramic and Tableland to build a permissionless AI data collaboration ecosystem. Recall supports verification, training, and monetization between AI agents, promoting the development of decentralized AI applications.【19】
Currently, Recall has received investments from institutions such as Multicoin Capital and Coinbase Ventures, and has launched a points incentive program to encourage users to participate in testing and tasks to earn potential airdrop rewards.
Participation Method:
Tip: The airdrop plan and participation methods may be updated at any time. It is recommended that users pay attention to Recall's official channels for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Materials:
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Disclaimer Investing in the cryptocurrency market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages resulting from such investment decisions.