Here’s what happened in crypto today
Today in crypto, a new report from Coinbase outlines a shrinking crypto market but predicts a potential rebound in late 2025. Meanwhile, Strive Asset Management is urging Intuit to buy Bitcoin after convincing GameStop to add it to their balance sheet, and Ethena Labs is withdrawing from the German market following regulatory concerns over its USDe stablecoin.Crypto in a bear market, rebound likely in Q3
Coinbase’s April 15 monthly outlook for institutional investors paints a bleak picture of the current crypto landscape. The altcoin market capitalization has dropped 41% since its December 2024 peak of $1.6 trillion, sitting at $950 billion by mid-April. According to BTC Tools, the lowest point reached was $906.9 billion on April 9, with a slight recovery to $976.9 billion at press time. The report also highlights a significant decline in venture capital investment, which has dropped by 50% to 60% from the 2021 to 2022 period. David Duong, Coinbase’s global head of research, warned that the market may be entering a new "crypto winter" due to negative sentiment triggered by global tariffs and economic uncertainty. Duong referenced key indicators like the 200-day moving average and Bitcoin’s Z-score, an analytic tool used to assess overbought or oversold market conditions, to suggest that the most recent bull market ended in February. Coinbase’s model now categorizes the market as neutral but anticipates possible recovery in Q3.
Strive urges Intuit to buy Bitcoin after converting GameStop
Strive Asset Management’s CEO Matt Cole is pushing Intuit, the financial software firm behind TurboTax and QuickBooks, to add Bitcoin to its treasury. In an open letter dated April 14, Cole warned that AI could disrupt Intuit’s core business, especially tax preparation. He pitched Bitcoin as a strategic hedge, citing it as the “best option available” for building a financial buffer amid AI-driven changes. Cole emphasized that a Bitcoin “war chest” would allow Intuit to maintain its position of strength and adaptability. The letter mirrors one Cole sent to GameStop CEO Ryan Cohen in February, which led to the company raising $1.5 billion, partly allocated for Bitcoin purchases.
Ethena Labs exits German market following agreement with BaFin
Ethena Labs, the developer behind the synthetic USDe stablecoin, is shutting down its German operations following regulatory intervention. On April 15, the company announced an agreement with Germany’s Federal Financial Supervisory Authority (BaFin) to cease all local activities through its subsidiary, Ethena GmbH. This move follows BaFin’s March 21 order halting the minting and redemption of USDe due to identified compliance deficiencies and potential securities violations. Ethena confirmed that it had not conducted any minting or redemption since BaFin’s action and will no longer pursue MiCAR (Markets in Crypto-Assets Regulation) authorization in Germany. This marks a broader trend of increasing regulatory scrutiny on stablecoins and crypto operations across Europe.
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