Crypto Daily | Bitcoin Drops Below $67,000; Solana-Based DeFi Project Drift Hit by $285 Million Exploit

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Bitcoin(BTC) Drops Below $67,000 with a 2.22% Decrease in 24 Hours

Bitcoin has dropped below $67,000 and is now trading at $66,610, with a narrowed 2.22% decrease in 24 hours.

Solana-Based DeFi Project Drift Hit by $285 Million Exploit

Drift, a decentralized finance project built on the Solana blockchain, has been hit by a major exploit that drained nearly $300 million in digital assets from the protocol, according to cybersecurity and data analytics firms.

PeckShield Inc. was among the firms that flagged the incident on Wednesday, saying that about $285 million in crypto was stolen. Some of the stolen cryptocurrencies were converted into USDC, a dollar-pegged stablecoin issued by Circle Internet Group Inc., based on the blockchain data, the firms said.

Drift said through its official X account that the project is facing “an active attack,” and both deposits and withdrawals have been suspected.

Goldman Sachs Predicts Two Rate Cuts by 2026 Despite Fed's Current Stance

On April 2, despite the recent shift in market sentiment towards interest rate hikes by the Federal Reserve, Goldman Sachs maintains its forecast of two rate cuts by 2026. According to BlockBeats, the financial institution cites four main reasons for its outlook, suggesting that the market's concerns may be overstated.

Firstly, the current oil shock is not as severe as previous ones. Secondly, a slowing labor market and decelerating wage growth are expected to mitigate inflationary pressures. Thirdly, the current Federal Reserve interest rate levels are approximately in line with the benchmark rate. Lastly, the Federal Reserve typically does not adjust rates solely in response to oil price shocks.

Iran Warns of Intensified Military Attacks

Iran has announced plans for more extensive and destructive military operations. According to BlockBeats, a spokesperson from Iran's military indicated that these attacks will continue until the adversary surrenders and expresses lasting regret. The statement suggests an escalation in military activities, signaling a prolonged conflict.

SpaceX IPO Probability Increases on Polymarket

The probability of SpaceX conducting an initial public offering (IPO) by June 15 has risen to 75% on Polymarket, marking a 24% increase over the past 24 hours. According to Odaily, the likelihood of SpaceX going public by June 30 is currently at 72%, while the probability for an IPO by December 31 stands at 94%.

Recent reports indicate that SpaceX has submitted a draft registration for an IPO to the U.S. Securities and Exchange Commission (SEC). The company is expected to go public in June, potentially becoming the first of three major IPOs, ahead of OpenAI and Anthropic.

Polymarket's Fee Model Generates Significant Revenue

Polymarket, a prediction market platform, reported $927,000 in fees on April 1, marking its transition to a fully fee-based model. According to NS3.AI, this daily total suggests an annualized fee run rate of approximately $338 million.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $173.73 million. The total net asset value of Bitcoin spot ETFs is $87.71 billion, and the ETF net asset ratio (market value compared to the total Bitcoin market value) is 6.43%.

The Bitcoin spot ETF with the highest net outflow was iShares Bitcoin Trust ETF, with a net outflow of $86.52 million, according to SoSoValue.

SoSoValue