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Hyperliquid DEX trading volumes cut into CEX market share: Data

Hyperliquid is one of the current bull market’s standout DeFi success stories. With daily trading volumes having reached $4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, commanding nearly 60% of the market.

Hyperliquid still lags far behind Binance Futures’ $50 billion daily average volume, but the trend suggests that it has started to encroach on centralized exchange (CEX) territory.

What’s behind Hyperliquid’s parabolic rise?

Launched in 2023, Hyperliquid gained popularity in April 2024 after launching spot trading. This, combined with its aggressive listing strategy and easy-to-use onchain user interface, helped to lure in a wave of new users.

The platform’s real explosion, however, came in November 2024, following the launch of its HYPE (HYPE) token. Hyperliquid’s trading volume skyrocketed, and it now boasts over 400,000 users and more than 50 billion trades processed, according to data from Dune.

Hyperliquid cumulative trades

Crypto PAC-supported candidates make a final push to Florida voters

Two Republican candidates supported by at least a combined $1.5 million in media spending from a cryptocurrency-backed political action committee (PAC) are making final pleas to voters turning out for special elections in Florida congressional districts.

On April 1, voters in Florida’s 1st and 6th congressional districts will head to the polls to decide whether to keep Republican representatives or hand over control to Democrats for the first time in roughly 30 years. The Defend American Jobs PAC — an affiliate of Fairshake, which poured more than $131 million in the 2024 US election cycle — has spent a combined $1.5 million on media for Republicans Jimmy Patronis and Randy Fine, running against Democrats Gay Valimont and Josh Weil, respectively.

Source: Gay Valimont for Congress

Though the Florida congressional districts have historically favored Republican candidates, Democrats Valimont and Weil both <a data-ct-non-breakable="null"

4 key Bitcoin metrics suggest $80K BTC price is a discount

Bitcoin (BTC) price dropped from $87,241 to $81,331 between March 28 and March 31, erasing gains from the previous 17 days. The 6.8% correction liquidated $230 million in bullish BTC futures positions and largely followed the declining momentum in the US stock market, as the S&P 500 futures fell to their lowest levels since March 14.

Despite struggling to hold above $82,000 on March 31, four key indicators point to strong investor confidence and potential signs of Bitcoin decoupling from traditional markets in the near future.

S&P 500 index futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph

Traders fear the global trade war’s impact on economic growth, especially after the March 26 announcement of a 25% US tariff on foreign-made vehicles. According to Yahoo News, Goldman Sachs strategists cut the firm’s year-end S&P 500 target for the second time, lowering it from

VC Roundup: 8-figure funding deals suggest crypto bull market far from over

Venture capital funding continued to pour into the blockchain and cryptocurrency industry in March, even as market commentators sensationalized the end of the bull market amid Bitcoin’s 30% retracement.

VC flows are considered a vital sign for the blockchain industry, with higher deal activity indicative of strong investor appetite and growing innovation in the space.

As Cointelegraph reported, blockchain startups raised a combined $1.1 billion in February alone, with projects spanning decentralized finance, decentralized physical infrastructure networks and payments attracting the lion’s share of capital flows.

Despite fear and trepidation in the crypto market, February was a strong month for blockchain VC. Source: The TIE

Early signs suggest that March was arguably a stronger month for crypto VC deals, as evidenced by the growing size of the investment rounds and the number of investors participating.

Eight deals are featured in this month’s VC Roundup

APX Lending gains exemptive relief from Canadian Securities Administration

APX Lending, a crypto-backed loan company, has gained exemptive relief from the Canadian Securities Administration (CSA) to offer crypto-backed loans without requiring traditional dealer registration or prospectus filings.

“Over the last 2 years, APX developed a […] regulatory framework in collaboration with the Ontario Securities Commission (OSC) to facilitate this, as no such framework previously existed in Canada,” a spokesperson for APX told Cointelegraph. “This exemption is specific to APX and does not establish a precedent for other companies.”

The platform currently supports Bitcoin (BTC) and Ether (ETH) as backing collateral for loans in Canadian or US dollars, with terms ranging from three months to five years. APX plans to add more digital assets and fiat currencies options in the near future.

The company claims to be expanding its reach to the United States, with future expansions planned for Australia and New Zealand

Bitcoin whale accumulation trend mirrors 2020-era bullish activity after BTC price bounces off $81K

Bitcoin (BTC) price dipped below its ascending channel pattern over the weekend, dropping to $81,222 on March 31. The top cryptocurrency is set to register its worst quarterly return since 2018, but a group of whale entities are mirroring a 2020-era bull run signal.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

In a recent quick take post, onchain analyst Mignolet explained that “market-leading” whale addresses holding between 1,000 to 10,000 BTC exhibited a high correlation with Bitcoin price. The analyst said that these entities are resilient to market volatility and show accumulation behavior, mirroring patterns of the 2020 bull cycle.

Bitcoin whale accumulation analysis. Source: CryptoQuant

In the current bull market, this distinct pattern emerged three times and is marked by Bitcoin whales’ rapid BTC accumulation, even as retail investors doubted a positive directional bias.

These periods were riddled with bearish market sentiment and

'Dire consequences' if Musk accesses SEC — US lawmaker

The top Democrat on the US House Financial Services Committee issued a warning after reports suggested that Tesla CEO Elon Musk’s “government efficiency” team would be given access to data and systems at the Securities and Exchange Commission (SEC).

In a March 31 notice, Representative Maxine Waters reiterated a warning from a letter she sent to acting SEC Chair Mark Uyeda in February in response to the Musk-led Department of Government Efficiency’s reported access to sensitive SEC information. DOGE is an advisory body to US President Donald Trump rather than an official department established by Congress. According to the California lawmaker, giving Musk such access would have “dire consequences” for US investors and present conflicts of interest.

“[…] as a result of this takeover, the agency is at greater risk of data breaches and market disruptions, both of which could result in investors, including retirees, losing their

Price analysis 3/31: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON

Bitcoin (BTC) fell 4.29% last week, but the bulls started a recovery by pushing the price back above $83,500 on March 31. However, traders are likely to remain on edge until April 2, when new US trade tariffs are set to kick in. The event could trigger a sharp, knee-jerk reaction on either side of the market.

Traders remain cautious in the near term, but a minor positive is that lower levels are attracting buyers. Cryptocurrency exchange-traded products (ETPs) witnessed modest inflows of $226 million last week, CoinShares reported on March 31.

Daily cryptocurrency market performance. Source: Coin360

Strategy took advantage of the pullback in Bitcoin by adding 22,048 Bitcoin for $1.92 billion at an average price of $86,969. After the latest purchase, the company holds 528,185 Bitcoin bought for roughly $35.63 billion.

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Bitcoin could reduce dominance of US dollar — BlackRock

The US dollar could lose its status as the world’s reserve currency to Bitcoin or other digital assets if the United States does not get its debt under control, according to BlackRock CEO Larry Fink.

Fink wrote in his Annual Chairman’s Letter to Investors that “decentralized finance is an extraordinary innovation” that makes “markets faster, cheaper, and more transparent.” But “that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.”

According to Trading Economics, the US debt equaled 122.3% of the country’s gross domestic product in 2023. That is a considerably higher percentage than the 105% observed in 2018. Moody’s Ratings retains the US’s AAA credit rating but has downgraded its outlook to negative, indicating a possible future rating downgrade.

The US’s Joint Economic Committee <a

XRP funding rate flips negative — Will smart traders flip long or short?

On March 19, Ripple CEO Brad Garlinghouse announced that the company had been cleared by the US Securities and Exchange Commission regarding an alleged $1.3 billion unregistered securities offering. Following the news, XRP (XRP) surged to $2.59, but the gains gradually faded as the cryptocurrency experienced a 22% correction, dropping to $2.02 by March 31.

Investors worry that a deeper price correction is imminent, as XRP is trading 39% below its all-time high of $3.40 from Jan. 16. Additionally, XRP perpetual futures (inverse swaps) indicate strong demand for leveraged bearish bets.

Demand for bearish bets increased amid XRP’s decline

The funding rate turns positive when longs (buyers) seek more leverage and negative when demand for shorts (sellers) dominates. In neutral markets, it typically fluctuates between 0.1% and 0.3% per seven days to offset exchange risks and capital costs. Conversely, negative funding rates are