Cryptocurrency is a mystical realm that is constantly evolving. The industry self-regulates, making room for fresh, brutal innovations. In this meticulously researched blog, we delve into the key events across the industry: the Hyperliquid hack amounting to 6.2 witching dollars, Ethereum swing down shocking correction, Ripple’s multibillion-dollar scoop, Bitcoin’s rollercoaster alongside approaching tariffs, US’s headline-defining law shifts, and the controversy surrounding the price soar from Pi Network.
Having set the context, allow us to take one step back: the $6.2 million exploit Hyperliquid fell victim to also places an efficiently growing De-Fi platform into the center of attention, allowing boundless opportunities for us to analyze the evolution of cryptocurrencies.
Exploited Hyperliquid: $6.2 Million Disappears from One Of The Most Efficient DeFi Platforms
By allowing controls in the form of predetermined risk limits, Jeremy became a victim of his success – recently developed decentralized finance platforms are boasting with promises. In accounts that are called ‘decentralized, ’ the removal of centrally located control mechanisms is advertised. The lack or presence of certain tools leads to the birth or death of challenges related to the protection mechanisms of user funds.
It’s not Hyperliquid’s first experience with a DeFi breach, but what’s striking is Hyperliquid’s sophisticated trading tool innovations and efficient execution. With their flash-in-the-pan popularity, they seem to have missed the fundamental security protocols.
Decentralized finance systems can champion decentralization, but as can be seen in this case, they’re only as good as their weakest smart contract. The aftermath of this incident is yet to be seen, but audits, risk models, and how future DEXs will sandbox themselves have risen in concern.
Key Takeaway: With so much potential, DeFi does need band-proof security alongside constant stress testing as even the most advanced platforms could risk crashing in an instant.
Is Bitcoin On The Edge: Are Tariffs the Reason BTC Will Soar Past $90,000 or Bring It Down?
As the face of cryptocurrency, Bitcoin (BTC) tends to lean toward a bullish inflation and macroeconomic pressure. The latest predictions note BTC hovering around $85700, which is not a far stretch as of April 8th, 2025. Uncertainty also rides along due to the reintroduction of economic tariffs under President Trump’s planned “Liberation Day”.
These tariffs set to boost domestic industries could support Bitcoin by creating a reason to hedge against inflation. Historically, turbulent times in traditional financial markets have often set the stage for a rise in decentralized assets like BTC.
But not everyone agrees. Analysts seem to be split, with some expecting a bullish breakout above $88,000 and others predicting a pullback to $73,000 should global sentiment sour.
Moreover, a Bitcoin Rainbow Chart, which is widely used for Bitcoin’s long-term valuation, shows that BTC lies in “HODL” to “Still Cheap” territory. This suggests that the leading cryptocurrency may still be undervalued relative to the recent surge it has experienced.
Key Takeaway: Global economic shifts will always impact Bitcoin’s volatility. Traders, in particular, need to tread carefully during a pre-halving year when speculative energy tends to amplify volatility.
Ethereum’s Roller Coaster: Whale Movements and Liquidations Rock the Market
The second largest cryptocurrency, Ethereum, is currently facing a rough patch. On the 7th of April, ETH plummeted to $1,410, its lowest value since March 2023. This fall was not just a minor dip. It was a triggering factor for a much larger issue of leveraged liquidations amounting to over 370 million within two days.
A well-known Ethereum Whale also closed a huge 50x leveraged long position on Hyperliquid, an ill-fated gamble that also went south. This decision marked a loss of faith in ETH price’s short-term stability among significant holders and those in the know, proving that even a big breach comes with stiff consequences.
The move has effects well beyond the price action. Whale behavior is usually a graven image of market sentiment, particularly when such aggressive positions are closed amid sell-offs. It also gets one thinking about how the Ethereum post-merge network performs and is Layer-2 scaling solutions are regarded by some institutional investors.
Key Takeaway: Ethereum suffers short-term pain that does not correspond to its long-standing promise, but recent whale movements and heavy liquidations do suggest that caution is reasonable.
Pi Network’s Price Surge: Real Momentum or False Hope?
Pi Network, a cryptocurrency mining project taking a foremost approach on mobile devices, has certainly attracted attention — and controversy. Recently, the price of Pi Coin surged by 6.5%, which has captivated many in its community and has some predicting an ‘adoption rally’ to the $3 mark.
However, some observers are noting real headwinds are. Starting from April 11, 1.5 million new Pi tokens will be unlocked daily. This egregious addition to the circulating supply could result in worsening the price trend, even if it stifles some recent optimism.
Not to mention, critics have long pointed fingers towards the perceived ignorance of the projects’ centralization. The Pi Network core team controls the validator nodes, which constitute them as gatekeepers to the coin while chilling on the blockchain. This goes against one of the most important principles of crypto — decentralization.
While debates from Binance and other major exchanges continue on whether to incorporate Pi, the project’s main challenge is dealing with scalability, decentralization, and regulatory challenges in the coming months.
Key takeaway: Pi Network is a promising project, however, its centralized governance and the looming token unlocks pose a threat to long-term sustainability.
Ripple’s most daring step yet…$1.25 billion acquisition to develop a worldwide crypto broker
This year, Ripple seems to be the center of attention, announcing its plan to buy Hidden Road, a leading brokerage firm, for an astounding $1.25 billion. By partnering with a traditional finance institution, Ripple plans on fundamentally changing the way crypto is traded by merging it with its blockchain systems.
Hidden Road is no small fish. The company services over 300 financial institutions and clears north of 3 trillion USD a year. After this merger, all post-trade activities are set to be done using the XRP Ledger (XRPL), which might increase demand for XRP and the use of Ripple’s RLUSD stablecoin.
This decision by Ripple marks a huge milestone in linking Traditional finance (Tradfi) and Decentralized finance (DeFi), allowing greater access to digital asset services for large institutions.
Key Takeaway: With the acquisition, Ripple is no longer just a payments company; it is building an ecosystem akin to what traditional prime brokers offer.
Major US Policy Shift: DOJ Shutters Crypto Crime Unit
In a diplomatic development, the U.S. Department of Justice (DOJ) has shuttered the National Cryptocurrency Enforcement Team (NCET), the unit tasked with prosecuting crimes involving digital assets such as Tornado Cash and North Korean hacking.
It now seems that the DOJ is following an executive decree made by former President Trump, which sought to ease the restrictions placed on cryptocurrency at a federal level, aligning with a broader initiative to laissez-faire attitudes toward crypto platforms in the U.S. The focus of the DOJ now shifts toward prosecution of fraud on investors instead.
That shift has caused rifts. Supporters claim that downsizing bureaucracies on crypto reduces red tape and fosters quicker innovation in the digital economy. Detractors fear that without sufficient guardrails, there will be increased opportunities for malicious actors alongside growing privacy tokens and mixers.
Key Takeaway: While relaxed enforcement of crypto policies in the US may lead to great innovations, unchecked fraud will become rampant, emphasizing the need for educating investors and self-custody.
Honorable Mentions: Other Noteworthy Developments
- XRP ETF Launch: Teucrium launched the first U.S.-based XRP ETF on April 7, 2025. It’s a leveraged ETF, meaning it offers investors twice the daily returns of XRP, aimed at funded traders. Its presence, however, demonstrates strengthening institutional interest for altcoins.
- Satoshi Nakamoto Lawsuit: Strangely, a crypto lawyer decided to sue the Department of Homeland Security, forcibly asking to make public whatever information they have on the person supposedly behind Bitcoin. Though this litigation is not likely going to bring forth any answers, it does support the case for more openness.
- North Korea’s Lazarus Group Laundering Scandal: Allegedly, after the Bybit hack amounting to 1.4 billion, the Lazarus Group laundered more than 1.2 billion through THORChain. It brought to light some of the more serious flaws that lie in the claim of how “decentralized” some protocols are.
Final Thoughts: Navigating the Crypto Rollercoaster
Wrapping up this week: riding the highs and lows of the crypto industry.
The crypto news from the past week captures perfectly how the industry works – somewhat exciting, unpredictable, and at times, self-contradictory. We have witnessed the promise they gave, tested decentralized finance, and Bitcoin’s resilience was questioned, Ethereum’s liquidity shaken, and Pi Network’s evaluation debated. Ripple is making moves on Wallstreet and the US government seems to be easing the control they have on crypto regulation.
These news pieces drained most of the enthusiasm that accompanied the promises of the multi-chain future envisioned last year. An investors, developers, and even enthusiasts every step of the way need to stay aware. This is a market that rewards innovation and punishes stagnancy. One thing is certain: whether trading, HODLing, or building, the story of crypto still has is flexible timeline to go through in the future.
FAQs
Hyperliquid, a decentralized exchange (DEX), fell victim to a $6.2 million exploit relating to the manipulation of its liquidation system. One trader came along and manipulated the controls that manage risk, exposing the DEX protocols to flaws that are apparent irrespective of their heightened popularity.
The price of Bitcoin has been continuously fluctuating based on macroeconomic factors such as tariffs from the US government coming back into effect through President Trump’s “Liberation Day” proposal. Analysts seem split on whether BTC will surpass the 88,000 level or regress back to 73,000 as market sentiments shift.
The price of ETH fell to $1,410 as a result of extreme sentiment and bearish leveraged liquidations. There were liquidated ETH futures positions worth more than $370 million. Additionally, even large whales exited high-leverage trades, which further deteriorated the price.
The speculation that Pi Coin would reach the $3 mark saw Pi Coin increase by 6.5%. However, as of April 11th, 1.5 million new tokens will be unlocked every day, which can be problematic due to oversupply and price correction. Concerns surrounding the centralization of the Pi Network also remain.
Indeed. Ripple is purchasing Hidden Road Global Inc, a prime brokerage firm, for the price tag of $1.25 billion. With this step, Ripple is trying to expand XRP and RLUSD usage by incorporating their blockchain technology into the legacy markets.
