Crypto Market Recap: U.S. Loses $2B in Bitcoin Amid Tariff Shock, Pakistan Bets on Mining

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) was displaying a slight recovery to US$78,142.37, down 1.8 percent in 24 hours. The day’s range has brought a low of US$75,822.10 and a high of US$80,818.20.

Bitcoin performance, April 7, 2025.

Chart via TradingView.

Within a 24 hour period, Bitcoin saw US$468.88 million worth of positions closed due to liquidations, based on data from Coinglass at the time of this writing. However, as the top cryptocurrency’s price plummets, its network has demonstrated a surge in computational power, with the hashrate establishing a new all-time high.

Data gathered from Glassnode by CoinDesk shows Bitcoinâ€s hashrate hit 1.025 zetahashes per second on April 4 for the first time since its inception, exceeding the previous record set on January 31 of this year.

Bloomberg strategist Mike McGlone suggested to Cointelegraph that Bitcoin could potentially fall to US$10,000.

Ethereum (ETH) is priced at US$1,544.90, a 5 percent decline over the past 24 hours.

The cryptocurrency reached an intraday low of US$1,486.10 and a high of US$1,608.86. Coinglass data shows liquidations totalling US$348.04 million in 24 hours.

Altcoin price update

Solana (SOL) is currently valued at US$105.93, down 1.9 percent over the past 24 hours. SOL experienced a low of US$101.06 and a high of US$110.64 on Monday.

XRP is trading at US$1.90, reflecting a 4.9 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$1.76 and a high of US$1.97.

Sui (SUI) is priced at US$2.01, showing an increaseof 3 percent over the past 24 hours. It achieved a daily low of US$1.83 and a high of US$2.04.

Cardano (ADA) is trading at US$0.5771, reflecting a 2.1 percent decrease over the past 24 hours. Its lowest price on Monday was US$0.5374, with a high of US$0.5926.

Crypto news to know

Strategy to log US$5.9 billion unrealized loss

Michael Saylorâ€s Strategy (NASDAQ:MSTR) said it will register an eye-watering US$5.9 billion unrealized loss in Q1 after adopting fair-value accounting for its Bitcoin reserves — a policy shift that reflects BTCâ€s steep pullback this year.

The loss comes after a fresh buying spree in early 2025, which left the firm with roughly US$1 billion in paper losses on recent acquisitions alone. The company will also log a US$13 billion boost to retained earnings due to the new accounting standards, highlighting the volatile nature of being Wall Streetâ€s leading BTC proxy.

Strategy shares tumbled as much as 14 percent on Monday, raising new questions about whether Saylorâ€s “buy-and-hold foreverâ€� ethos can withstand institutional scrutiny in a more volatile macro climate.

Mantra launches US$108 million ecosystem fund for RWA and DeFi projects

Mantra, a layer-1 blockchain built for tokenized real-world assets (RWAs), has launched the Mantra Ecosystem Fund (MEF), a US$108,888,888 ecosystem fund to accelerate the growth and adoption of projects and startups on its network.

According to a press release, MEF will find potential investments through Mantra’s large network of partners, which includes incubators, accelerators and investment firms like Laser Digital, Shorooq and others.

Mantra CEO John Patrick Mullin told Cointelegraph that the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWAâ€s and DeFi.â€�

Pakistan enlists Changpeng Zhao as crypto advisor

Pakistanâ€s Crypto Council (PCC), a newly formed regulatory body overseeing the countryâ€s adoption of blockchain technology and digital assets, has appointed former Binance CEO Changpeng Zhao (CZ) to act as a strategic advisor on matters such as regulation, infrastructure and adoption.

‘Pakistan is opening its doors to the future of finance,’ said PCC CEO Bilal Bin Saqib.

‘And who better to guide us on this journey than CZ — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom.’

Last month, Saqib told Bloomberg that Pakistan intends to pursue international investment in the crypto sector. The country aims to capitalize on its young, tech-savvy population and its potential as a growing, cost-effective market.

CZ was also tapped to advise the Kyrgyz Republic on blockchain and crypto-related regulation on April 3.

Hong Kong okays staking for licensed crypto exchanges

Hong Kongâ€s Securities and Futures Commission has unveiled formal guidelines allowing licensed exchanges and funds to offer staking services, provided strict custodial and disclosure requirements are met.

Staking, crucial for securing proof-of-stake networks and generating passive returns, had previously been a regulatory gray area in the city. Under the new rules, exchanges must retain direct control of client assets, explicitly barring third-party delegation, and provide full transparency on risks, fees and lockup periods.

The move reflects Hong Kongâ€s ambitions to rival other financial hubs and attract global digital asset firms amid the regulatory vacuum in jurisdictions like the US, where staking remains under scrutiny.

South Koreaâ€s US$890 billion pension fund to adopt blockchain

South Koreaâ€s National Pension Service (NPS), one of the worldâ€s largest public pension funds, is moving to incorporate blockchain technology into its operational infrastructure, according to a recent Seoul Economic Daily report.

With over US$800 billion in assets under management, the NPS aims to use blockchain to improve tracking of transactions, client withdrawals and investment flows, especially for foreign clients.

Though the fund is not directly investing in crypto, it has taken equity positions in firms like Coinbase and Strategy, signaling long-term confidence in the industryâ€s underlying technology.

The NPS initiative aligns with the nationâ€s growing retail enthusiasm for crypto. South Korea now boasts more than 16 million crypto investors, a surge that has accelerated since US President Donald Trump’s electoral win, with market participants anticipating a more favorable global crypto environment.