Gate.io Blog Daily News | Market Rebounded Strongly, BTC Broke Through $87K, AI Concept TAO Rose by More Than 10%

Daily News | Market Rebounded Strongly, BTC Broke Through $87K, AI Concept TAO Rose by More Than 10%

21 April 11:32

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## Crypto Daily Digest: The total number of addresses on the Monad testnet exceeded 210 million, and the stablecoin sUSD depegged to $0.7732
The U.S. stock market was closed over the weekend, and there was no change in funds for crypto spot ETFs.

**Viewpoint: The current market is more likely to be in a typical correction**

On April 21, CryptoQuant analyst Crypto Dan said: "The current market is more likely to be a typical correction rather than entering a full bear market cycle. The previous price increase was relatively mild, indicating that the market is overheated to a limited extent, which also means that the downside risk may be controllable."

**Stablecoin sUSD de-pegged to $0.7732**

On April 21, Kain, the founder of Synthetix, released the latest progress on the sUSD depegging issue: "The sUSD staking mechanism has been implemented, but this process still requires manual operation before the user interface is launched." According to market information, the current Synthetix stablecoin sUSD is depegged to $0.7732, down 4.25% in 24 hours.

**Approximately 8.8 million unclaimed HYPER will be used to incentivize the scalability of the Hyperlane network**

On April 20, the Hyperlane Foundation stated on social media that about 88% of the HYPER airdrop has been pre-claimed and will be distributed next week. The remaining 12% (about 8.8 million HYPER) will be reserved to incentivize future Hyperlane network scalability.

**The total number of addresses on the Monad testnet exceeded 210 million**

According to on-chain data, the total number of addresses on the Monad testnet has reached 218,407,938, with 7,907,340 new addresses added in the past 24 hours. Monad is a Layer 1 blockchain project based on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Virtual Machine (EVM) with high-performance scalability, dedicated to building a high-throughput, low-latency, and low-cost infrastructure platform for decentralized applications (DApps).

## Market Trends: Bitcoin broke through $87,000, TAO token rose 12.7% in 24 hours
### Market Hotspots
According to The Block, the seven-day average trading volume of global crypto exchanges fell to about $32 billion, the lowest since October 2024, and a plunge of more than 75% from its high in December 2024. In terms of the spot-to-futures trading ratio, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> fell to 0.19 and 0.20, respectively, the lowest levels since August 2024 and December 2023.

In the past 12 hours, the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has risen collectively, with a total liquidation amount of $121 million across the entire network, of which the main liquidation was short orders, with a liquidation amount of $102 million, accounting for more than 80%.

### Mainstream Coins
Impacted by the decline of the US dollar, the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> generally rose, with <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> breaking through $87,000 and rising 2.2% in 24 hours; the current price is $87,300, close to the rebound high at the beginning of the month, and the pressure level ahead is $88,400.

<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum price</a> rebounded with the market, but the performance was weak, rising only 1.02% in 24 hours, and currently priced at $1,633. Compared with the high of $1,950 at the beginning of the month, the current decline is still close to 20%. At the same time, according to social media, many long-term funds have begun to build positions in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>.

Altcoins generally rose, and the AI sector led the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> with a 6.28% increase. Among them, the price of TAO token exceeded $330, up 12.7% in 24 hours, and the <a href="/price/render-rndr" target="_blank" class="blog_inner_link">RENDER</a> token rose 4.5% in 24 hours and is currently priced at $4.50.

## Macro News: Gold price hit record highs as market worried over Fed independence
US President Trump and his team are considering removing Fed Chairman Powell from his post and calling for interest rate cuts, which has raised concerns about the independence of the Federal Reserve. As a result, the US dollar fell sharply on Monday, hitting multi-year lows against many currencies. The dollar fell to a three-year low against the euro ($1.1476), a seven-month low against the yen (141.40 yen), and a three-year low against a basket of currencies (98.623). As of press time, the US dollar index was quoted at 98.320, a three-year low.

Spot gold continued to rise in the early Asian session, breaking through the previous high and refreshing the historical high to $3,359.38 per ounce, with a cumulative increase of about $30 during the day, and the increase expanded to 0.9%.

<div class="blog-details-info">
<div>Author:**Rooick Z.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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