Crypto Market Overview: April 11 Recap
Bitcoin and Ethereum Latest Pricing
As of 9:00 p.m. UTC on April 11, Bitcoin (BTC) was trading at US$83,823.99, reflecting a 5.2 percent increase over the past 24 hours. The day’s trading range spanned from a low of US$81,675.28 to a high of US$83,968.58.
Chart via TradingView.
Bitcoin performance, April 11, 2025.
Market conditions improved Friday afternoon, following a turbulent week influenced by escalating trade tensions between the US and China. Stronger-than-expected producer price index data from the US hints at a potential easing of inflation, contributing to a resurgence in both cryptocurrency and stock markets.
Ethereum (ETH) is currently priced at US$1,565, showcasing a 3 percent rise in the last 24 hours. Throughout the trading day, Ethereum saw a low of US$1,549.00 and a peak of US$1,582.64.
Altcoin Status
- Solana (SOL) is now valued at US$120.57, marking an 8.4 percent increase in the past day. SOL experienced a low of US$118.23 and a high of US$121.52 on Friday.
- XRP is trading at US$2.05, reflecting a 4.2 percent climb over the previous 24 hours, with an intraday low of US$1.99 and a high of US$2.06.
- Sui (SUI) trades at US$2.22, up by 6.5 percent within the last day. It reached a daily low of US$2.17 and a high of US$2.24.
- Cardano (ADA) is priced at US$0.6279, reflecting a 4.9 percent increase today. The lowest price noted was US$0.6175, and the highest was US$0.6313.
Significant Crypto News
Trump Overturns Controversial IRS DeFi Rule
US President Donald Trump has signed a bill that nullifies an IRS rule that broadened the definition of “broker” to include decentralized finance (DeFi) platforms.
This regulation, enacted during the previous administration, would have forced DeFi protocols to report user transaction data to the IRS. Critics argued this requirement was both practically infeasible and legally contentious.
With bipartisan support, Congress employed the Congressional Review Act to reverse this regulation. The move aligns with Trump’s ongoing commitment to establish the US as a leader in the global crypto landscape.
In his initial week back in office, Trump appointed a federal working group to focus on cryptocurrency regulation and signed an executive order aimed at creating a national Bitcoin reserve. Additionally, the Trump administration has previously criticized the IRS framework from the Biden era for hindering innovation and imposing legal risks on developers.
SEC Guidance for Crypto Securities Disclosures
The US Securities and Exchange Commission (SEC) is building on its Crypto Task Force by releasing guidance from the Division of Corporation Finance on how securities laws apply to cryptocurrencies.
The SEC aims for companies dealing with tokens that might be classified as securities to provide comprehensive operational details. However, the statement fell short of clarifying which digital assets fall under securities regulations.
Typically, crypto firms must outline their operations, token functionality, and revenue generation plans. They are also expected to clarify their future roles regarding any launched crypto networks or applications and designate accountability if the company steps back.
The SEC requests specifics about the technological foundation of these products, including whether they utilize proof-of-work or proof-of-stake mechanisms, transaction speeds, and security protocols. Critical details like the token supply, issuance process, and executive involvement are also required.
New York’s Proposal for Crypto Payments
New York is moving towards becoming one of the first US states to incorporate cryptocurrency into its government operations officially.
A newly introduced bill, Assembly Bill A7788, aims to enable state agencies to accept various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, for payments like taxes and fines.
The proposed legislation would allow state agencies to partner with crypto payment processors while ensuring all conversions to fiat currency protect the state’s budget from market fluctuations.
Debts would be only considered settled once the state receives full fiat payment, which safeguards public financial processes. Moreover, agencies might levy service fees to cover transaction costs. Although previous attempts have failed, the current pro-crypto sentiment and increased adoption could shift the legislative tide.
SEC and Ripple Request Legal Proceedings Pause
The SEC and Ripple have submitted a joint motion to halt their legal proceedings, indicating both parties expect a settlement with the newly appointed SEC Chairman Paul Atkins.
Atkins was confirmed on April 9; however, the date for his swearing-in remains pending. In their court filing, the parties stated, “An abeyance would conserve judicial and party resources while the parties continue to pursue a negotiated resolution of this matter.” Ripple’s defense attorney noted that this filing supersedes the previous deadline for Ripple’s response to the SEC’s earlier brief.
In another development, the SEC has dismissed its case against Helium developer Nova Labs concerning unregistered securities.
BlackRock Reports Strong Digital Asset Inflows
On Friday, BlackRock (NASDAQ:BLK) announced its Q1 earnings report, disclosing US$84 billion in total net inflows during the first quarter of 2025. This marked a 3 percent annualized growth rate in assets under management (AUM).
Contributing to this performance was US$107 billion in net inflows into its iShares ETFs, with approximately US$3 billion or 2.8 percent allocated to digital asset products. By the end of Q1, digital assets accounted for about US$50.3 billion, representing roughly 0.5 percent of BlackRock’s total AUM of US$11.6 trillion.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
