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Happy Friday All!

Here are the top crypto stories of the week …👇💡

Bitcoin Showing ‘Impressive Resilience’ as Nasdaq Approaches Bear Market Territory 🐻

• Bitcoin demonstrated "impressive resilience" amid global market turmoil, trading around $83,000, a 1% increase over the past day, despite fluctuations between $84,600 and $81,700.

• Tensions escalated as China announced a 34% import tax on U.S. products and classified 11 U.S. firms as "unreliable entities," following U.S. President Trump's tariffs on Chinese goods.

• The S&P 500 experienced its worst day since June 2020, with the Nasdaq nearing a bear market, reflecting investor concerns over trade-driven earnings impacts.

• Despite strong U.S. job growth in March, with nonfarm payrolls increasing by 228,000, the unemployment rate rose slightly to 4.2%, overshadowed by fears of economic challenges due to tariffs and job cuts.

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Grayscale files S-1 to list Solana ETF on NYSE 🏛️

• Grayscale has filed an S-1 with the SEC to list its Solana (SOL) Trust as an exchange-traded fund (ETF) on the New York Stock Exchange under the ticker "GSOL."

• This move is part of Grayscale's plan to convert its existing Solana Trust into an ETF, following a 19b-4 application submitted in December 2024.

• The filing is among several crypto ETF applications in the U.S., with Solana expected to be the next digital asset ETF approved by the SEC.

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Stablecoin Firm ‘Circle’ Mulls IPO Delay Amid Economic Uncertainty 🛑

• Circle, the issuer of the USDC stablecoin, is reportedly considering delaying its IPO due to economic uncertainty linked to trade policies from the Trump administration.

• The Wall Street Journal reports that Circle is among several companies, including Klarna and StubHub, contemplating IPO delays amid market volatility.

• Circle filed an S-1 registration with the SEC on April 1, aiming for an IPO in April 2025 under the ticker "CRCL," though details on share quantity and pricing remain unspecified.

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SEC Declares USDT, USDC, and Other Covered Stablecoins Not Securities 💸

• The U.S. Securities and Exchange Commission (SEC) has clarified that certain stablecoins, including USDT and USDC, are not considered securities.

• These stablecoins, referred to as 'Covered Stablecoins,' are designed to maintain a stable value relative to the U.S. dollar and can be redeemed at a one-to-one rate.

• The SEC's Division of Corporation Finance stated that the minting and redeeming of these stablecoins, backed by low-risk and liquid assets, do not require registration under the Securities Act.

• The statement specifically addresses stablecoins used for commerce, payment, money transmission, and value storage, rather than as investments.

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PayPal Expands Cryptocurrency Offerings for 200 Million U.S. Users, Adding Solana and Chainlink ⚡

• PayPal has expanded its cryptocurrency offerings by adding Solana (SOL) and Chainlink (LINK) to its platform, allowing over 200 million U.S. users to buy, sell, and hold these tokens directly.

• This move marks a significant step in PayPal's ongoing crypto expansion, as users previously had to purchase SOL and LINK through MoonPay.

• The addition of these tokens is part of PayPal's broader strategy to enhance its cryptocurrency services, which already include support for five major crypto assets.

• The new tokens will be available for purchase over the coming weeks, further integrating cryptocurrency into PayPal's financial ecosystem.

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