The Magnet team remains focused on tracking key developments in the market from the past week.
The ongoing developments around Trump and his administration continue to heavily influence the crypto market, and it’s beginning to feel like the entire industry is awaiting his next move. As “Liberation Day” looms closer, market watchers are focusing on any news regarding the tariffs. The big question on everyone’s mind: how much of this news is already factored into the market, and what could be next? While investors are bracing for potential negative shocks, there’s uncertainty about the market's direction, especially with upcoming developments surrounding tariffs. The next few days will likely determine whether the market continues to trend downward or if it will stabilize once Trump’s tariff policies are clearer.
For now, the market is cautiously treading water, and crypto investors seem to be protecting their capital in anticipation of any unforeseen negative impact. The big challenge remains: will the market be able to reclaim its own narrative once the dust settles, or will it continue to follow the volatility of traditional financial markets?
In the past week, several crypto giants have made notable moves that could shake up the industry:
Coinbase’s Move into Options TradingCoinbase has reportedly been in advanced talks to acquire Deribit, the world’s largest platform for Bitcoin and Ether options trading. With Deribit valued at up to $5 billion, this acquisition would significantly strengthen Coinbase’s position in the growing options market. As crypto trading continues to expand, Coinbase aims to broaden its offerings and reach a larger audience.
Kraken’s IPO Plans and Debt RaiseKraken is looking to raise up to $1 billion in debt ahead of its IPO, which is slated for 2026. By engaging in talks with major financial institutions like Goldman Sachs and JPMorgan, Kraken aims to fuel its expansion and prepare for an eventual public listing. This will likely help Kraken maintain its position as a major player in the crypto exchange landscape as the regulatory environment around cryptocurrencies evolves.
eToro’s IPO FilingeToro has also filed for an initial public offering (IPO) with the SEC, with plans to raise $400 million and achieve a $4.5 billion valuation. The timing is crucial as retail trading continues to surge, and crypto companies are increasingly turning to public markets to raise funds. This move comes as a sign of confidence in the crypto market, as eToro aims to capitalize on the growing trend of retail involvement in digital assets.
Binance has introduced an exciting initiative that gives its community a direct say in which tokens are listed on its exchange. Through the “Vote to List” program, Binance has allowed users to vote on which tokens should be listed, giving traders more influence and ensuring that the exchange’s listings reflect the interests of its user base.
The first successful vote resulted in the listing of four new tokens: $MUBARAK, CZ's Dog ($BROCCOLI714), $TUT , and $BANANAS31. While the voting process sparked interest and engagement from Binance users, the newly listed tokens have been tagged with a “Seed Tag,” which indicates they may experience higher volatility and are riskier compared to more established cryptocurrencies. Binance has urged traders to exercise caution when dealing with these newly listed tokens.
This new initiative marks a significant shift toward greater transparency and user engagement on the platform, and it’s something other exchanges may take note of in the future.
The crypto market has experienced a sharp decline, shedding a staggering $659 billion from its peak in 2025. Among the hardest hit were Ethereum and Solana, with Ethereum’s market cap plummeting 44% to $240 billion and Solana’s following closely behind with a 43% drop to $73 billion.
However, Bitcoin and Binance Coin have shown more resilience, with Bitcoin’s market cap down by only 18% to $1.735 trillion, while Binance Coin saw a 15% drop, bringing its market cap to $91 billion. Despite the downturn, Bitcoin and BNB remain more stable, but the crypto sentiment has taken a hit across the board, with some analysts suggesting that the market may experience further decline in the coming weeks.
Ethereum, in particular, has entered a position of extreme undervaluation relative to Bitcoin, with the ETH/BTC ratio dropping by 72% since September 2022. This is the first time since January 2020 that Ethereum’s price has been so low compared to Bitcoin, signaling a potential shift in investor sentiment.
XRP’s market capitalization soared after its victory over the SEC in a legal battle that spanned over three years. Following the court ruling, XRP’s valuation skyrocketed from $30 billion in November 2024 to $141 billion by March 2025. The increase in market cap was accompanied by a sharp rise in activity on the XRP Ledger (XRPL), where active addresses grew from 15,000 to 109,000.
However, despite the legal win, XRP’s momentum has begun to slow. The Ripple team continues to unlock 1 billion XRP from escrow each month, which has contributed to an increase in the circulating supply, pushing the total supply from 54 billion to 58 billion XRP in the last year. This has led to a decline in daily active addresses, which have dropped to between 20,000 and 40,000. Additionally, XRP’s price has fallen by about 10% in the past week.
Market sentiment surrounding XRP has become more cautious, with analysts attributing the decline to weak market conditions, the growing supply, and ongoing regulatory uncertainty. While the court ruling provided a temporary boost to XRP’s price, the market has struggled to sustain that positive momentum.
The Magnet team continues to keep a close eye on the ever-changing landscape of the Web3 space. Stay tuned for next week's update to keep up with the latest trends and insights!
