Bloomberg strategist Mike McGlone says the crypto bear market may be in its early stages, and Bitcoin could fall to $10k. Even though Bitcoin ETFs have matched S&P 500 ETF returns, Bitcoin ETFs have higher volatility and the valuation of underlying assets that lack real support remains elevated.

Gate News message. On April 12, according to on-chain data monitoring, Sky (formerly MakerDAO) co-founder Rune’s 7x leveraged Nasdaq 100 short positions have all been closed. He currently still holds 20x leveraged WTI crude oil futures long positions, 7x leveraged Brent crude oil long positions, and 20x leveraged S&P 500 short positions, and all of them are in a loss position. His overall position value has now fallen to about $680k, with an unrealized loss of about $60k, and the return on investment is -21.78%.

The three major U.S. stock indexes finished mixed, with the Nasdaq up 0.35% to set an eight-session winning streak, while the S&P 500 fell 0.11% and the Dow Jones fell 0.56%. Tech stocks were broadly higher, and the Nasdaq’s gain for the week reached 4.68%. Blockchain-related stocks showed mixed performance.

U.S. stocks rose across the board on Thursday. The Dow rose 0.58%, the S&P 500 rose 0.6%, and the Nasdaq rose 0.8%. Tech stocks were broadly higher, with Amazon up more than 5%. The Nasdaq China Golden Dragon Index fell 1.3%, while NIO and Baidu fell more than 4.5%. Crypto-related stocks showed mixed performance.

An S&P Global Market Intelligence report shows that although the stablecoin market has already surpassed $316B, the banking industry’s strategic positioning for stablecoins is still in an early stage, with only 7% of surveyed banks developing relevant frameworks. Banks are concerned about issues such as deposit outflows and impacts on revenue, and it is expected that large banks will explore tokenized deposits, while mid-sized and smaller banks will use fiat deposits to participate.

After Donald Trump’s announcement of a two-week temporary ceasefire between the U.S. and Iran, the three major U.S. stock indexes rebounded sharply. The Dow gained more than 1,300 points, posting its best performance in nearly a year. The market is confirming a partial bottom, and it is expected that the S&P 500 will rise to 7,300 points within the year. Sectors such as technology stocks are seen as having promising prospects.

Well-known analyst Tom Lee said in an interview that despite the U.S.-Iran conflict and rising oil prices, the stock market did not fall, showing that the market has strong resilience. He believes that most S&P constituents have undergone significant adjustments, that the worst-case scenario for the overall market may already be behind us, and that there is room for upside from here. He is bullish on Ethereum as well as technology, industrial, and mid- and small-cap stocks.

Gate News update: April 9. Yesterday’s close of U.S. stocks saw the Dow rise 2.85%, the S&P 500 index rise 2.51%, and the Nasdaq rise 2.8%. The crypto sector generally rose; ABTC rose more than 10.63%, BMNR rose more than 6.69%, MARA rose more than 6.03%, MSTR rose more than 3.7%, and SBET rose more than 2.88%. According to data from msx.com.

On April 8, the U.S. stock market closed: the Dow fell 0.18%, the S&P 500 rose 0.08%, and the Nasdaq rose 0.1%. The crypto market was mixed—TRON fell by more than 7.92%, while CRCL rose by more than 2.14%. The decentralized RWA trading platform msx.com has launched hundreds of RWA tokens.