Bitcoin gives back the weekend’s gains, with it temporarily trading at around $68,800 as of April 7. The U.S. Securities and Exchange Commission (SEC) has submitted its crypto “safe harbor” proposal to the White House for review, and it may be announced soon. Argentina’s president was revealed to have called the founder of the LIBRA project seven times late at night on and around the time he posted LIBRA token-related content on X, with the “unrelated” claim being questioned.
Macro Events & Key Happenings in Crypto
1、SEC Chair Paul Atkins said that the “safe harbor” framework proposal, intended to provide startup exemptions for crypto projects, has been submitted to the Office of Management and Budget (OIRA) in the White House for review, which is the final step before formal release. The proposal includes a “startup exemption,” allowing stakeholders in the crypto industry to raise a certain amount of funds within four years while providing specific disclosures. In addition, Atkins also put forward a “safe harbor for investment contracts” proposal combined with the token classification-based interpretive guidance the SEC issued in March this year.
Atkins noted that legislation is necessary because it can provide a more solid and durable regulatory framework than agency rulemaking. In addition, the SEC is also studying an “innovation exemption” as a regulatory sandbox for on-chain assets. This proposal has sparked broad discussion over the past year between crypto supporters and traditional financial institutions. Atkins said the SEC has the authority to move forward with the innovation exemption and will release related parameters soon. He believes there is still a lot of work to be done in this area.
2、On April 7, according to a report by The New York Times, Argentine President Javier Milei had promoted a cryptocurrency called $Libra last year. The coin surged sharply at one point, then quickly collapsed, causing investors to lose millions of dollars and triggering a scandal and an investigation. Milei previously claimed he had nothing to do with the digital currency and was only promoting a private project.
However, the latest court documents show that in 2025, Milei had called the founder of $Libra seven times late at night around the time he posted $Libra-related content on social media platform X. In addition, newly discovered message records also suggest that while serving as a member of Congress, Milei regularly received payments from one of the founders.
So far, Milei has not responded. He has been listed as a “related person” in the federal prosecutors’ investigation but has not been formally charged with any crime. Previously, judicial documents revealed that the Libra token scam may involve an agreement to pay Argentine President Milei $5 million.
News Roundup
1、Riot Platforms appears to be reselling 500 BTC; it accumulated 1,500 BTC in transfers within 5 days
2、After MARA announces 15% layoffs, Bitcoin miner transfers 250 BTC out
3、Grayscale calls for early deployment of post-quantum encryption technology: Solana and XRP Ledger, etc., are already conducting related experiments
4、Argentina’s president was revealed to have called the founder of $Libra seven times late at night on and around the time he posted $Libra content on X
5、A large-scale petrochemical industrial facility in Saudi Arabia involving U.S. capital was reported to have been hit on a large scale
6、Polymarket will upgrade the exchange in 2–3 weeks, replacing USDC.e with Polymarket USD
7、SEC submits crypto “safe harbor” proposal to White House for review; may be announced soon
8、Bloomberg analyst: BTC may face a “crypto bubble burst,” with the price possibly falling back to the $10,000 level
9、Chaos Labs announces it is exiting Aave DAO; BGD and ACI had already left earlier
10、Clear regulatory dividing line for U.S. prediction markets: Kalshi lawsuit confirms it falls under federal jurisdiction
Market Performance
1、Latest on Bitcoin: $BTC gives back the weekend’s gains, temporarily trading around $68,800; in the past 24 hours, liquidations totaled $110 million, with liquidations heavily skewed toward short positions.
2、U.S. stocks finished higher on April 6. The S&P 500 rose for a fourth straight trading day, even though U.S. President Trump escalated threats to Iran, saying that if Iran does not reopen the Strait of Hormuz, he would further increase the intensity of strikes. Investors, meanwhile, looked for signs that progress is being made on a possible U.S.–Iran ceasefire deal. The Dow Jones Industrial Average closed up 165.21 points, up 0.36%, at 46,669.88. The S&P 500 rose 29.33 points, up 0.45%, at 6,612.02; the Nasdaq rose 117.16 points, up 0.54%, at 21,996.34. The Philadelphia Semiconductor Index rose 82.72, up 1.06%, to 7,916.10.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, taking the current 68,850.60 USDT as the reference: if it drops to around $68,511, the cumulative long liquidation amount would exceed $246 million; if it rises to around $70,402, the cumulative short liquidation amount would exceed $491 million. The liquidation amount for shorts is significantly higher than for longs. It is recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows totaled $2.38 billion, outflows totaled $2.22 billion, for net outflows of $160 million.
（Source: Coinglass）
5、Over the past 24 hours, net outflows from $ETH, $TAO, $ZEC, $SUI, $XRP, and other contracts have led, presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni（@Phyrex_Ni）：「Today’s homework is very similar to last Tuesday. Last time, the media talked about Iran saying it would stop the war, and it proactively sought reconciliation with the U.S.—but it turned out to be outdated news. Today, a new report came out that Iran and the U.S. are preparing a 45-day ceasefire, but it was directly denied by both sides. Over at the White House, they didn’t even give it to Trump for approval. Both times, the rally came from the information itself. Last time, when it was about to touch $70,000, it fell back down. I don’t know whether this time will be able to kick off a rebound from here.」
「The key may still be 8:00 a.m. Beijing time on Wednesday. That timing is the final deadline Trump gave Iran. Of course, nobody knows whether Trump will continue TACO this time, but I believe if Trump continues TACO, it won’t be good for his approval ratings. Considering Iran’s tough stance, if Trump does not TACO, it may indeed cause the fighting to escalate less.」
「But then again, there’s also a possibility. Wednesday’s timing is when Iran opens the Strait of Hormuz, and now there are already more and more ships passing through. Even though it may not be allowed in sensitive areas, maybe Trump just assumes it’s open and declares unilaterally that he has won—withdraws troops from the Strait of Hormuz—then the U.S. won’t be as hardline. Iran would likely be able to start talks.」
「If this really is the script, it’s not bad—at least the market can ease off for a while.」
「Coming back to the Bitcoin data: on Monday, the turnover rate jumped significantly, but it still remains dominated by short-term investors. We basically talk about this almost every day. At this point, it’s very clear that high-net-worth and long-term investors aren’t very interested in selling off in the short-term price, or in the context of geopolitical conflict. Instead, there are signs of adding to positions, and the positioning structure also looks healthy. But because liquidity is still quite poor, short-term investors remain the main driver of price changes.」
What to Watch Today
1、China’s foreign exchange reserves (in billions of dollars) for late March, previous value 3427.81
2、U.S. February orders for durable goods, initial estimate (monthly rate), previous value 0.0%
