Author: Deep Tide TechFlow
yesterdayMarket Dynamics
Iran has implemented new regulations for passage through the Strait of Hormuz, requiring vessels to complete an application process to ensure safe passage.
According to CNN, Iran has implemented new regulations for passage through the Strait of Hormuz, requiring ships to complete an application process to ensure safe passage.
Trump's 10% tariffs suffered a legal setback, but the ruling is not universally applicable.
According to a CNN report cited by Jinshi, a federal court ruled on Thursday that US President Trump's 10% tariffs were illegal, jeopardizing the policy. A panel of judges at the US Court of International Trade ruled 2-1 that the government lacked grounds to impose tariffs under Section 122 of the Trade Act of 1974. The report states that Thursday's ruling requires the government to halt the tariffs imposed on the plaintiffs (a group of small businesses and several Democratic-governed states) and to refund previously paid amounts. The tariffs against all importers other than the plaintiffs will remain in effect until July. It was also reported that the court has currently only blocked the two companies that filed the lawsuit and the state of Washington from imposing the tariffs.
Sources: The U.S. Department of Justice is investigating a $2.6 billion oil deal related to the war with Iran.
According to ABC News, sources revealed that the U.S. Department of Justice is investigating a series of suspicious transactions in the oil market ahead of President Donald Trump's major announcement regarding the war with Iran. The Department of Justice and the Commodity Futures Trading Commission are investigating at least four such transactions, in which traders collectively bet over $2.6 billion that oil prices would fall before prices declined.
The specific transactions include:
Fifteen minutes before Trump announced a delay in the attack on Iran's power grid on March 23, transactions exceeded $500 million.
Hours before the temporary ceasefire was announced on April 7, trading volume reached $960 million;
Twenty minutes before the Iranian Foreign Minister announced the opening of the Strait of Hormuz on April 17, the trading volume reached $760 million.
Fifteen minutes before Trump announced an extension of the ceasefire on April 21, the deal was worth $430 million.
21Shares launches the first US ETF tracking Canton Network's native token.
According to The Block, 21Shares' Canton Network ETF listed on Nasdaq on Thursday under the ticker symbol TCAN. This fund is the first US ETF to directly offer exposure to Canton Coin, the native utility token of Canton Network. The report states that Canton Network is a privacy-preserving blockchain ecosystem built for institutional finance, with its core developer, Digital Asset, backed by Goldman Sachs, Microsoft, and DTCC. Over the past year, the US market has seen the launch of ETFs tracking various crypto assets, including SOL, XRP, DOGE, HBAR, and Polkadot.
The Zcash Foundation takes over asset management in three core communities.
The Zcash Foundation has officially taken over three core community-facing Zcash assets: the Zcash GitHub organization, the z.cash website and domain, and the X platform account @Zcash. The GitHub organization includes the librustzcash, zips, lightwalletd, and zcashd codebases. The Zcash Foundation stated that this move will unify protocol infrastructure and community asset management, improve coordination efficiency, and clarify long-term responsibilities. Meanwhile, z.cash has ceased independent operation and moved to zechub.wiki. The day-to-day management of @Zcash and related community assets will be handled by ZecHub with multi-year funding support.
mETH Protocol will gradually shut down the liquidity restaking token cmETH, ceasing minting starting May 7th.
mETH Protocol announced that it will gradually shut down its liquidity restaking token, cmETH, to optimize long-term protocol consistency; other products will continue to operate normally. According to the schedule, cmETH minting will cease on May 7, 2026. Existing holdings will not be affected, and unstaking and cross-chain bridge functions will remain available. The final EigenLayer reward distribution will take place in mid-June 2026, and rewards generated before October 20, 2025 but not yet distributed will be available for collection. The reward collection window for previous cmETH activities will close on November 7, 2026. mETH Protocol reminds cmETH holders to continue unstaking or cross-chaining and advises users of relevant partner protocols to check whether their platforms continue to support cmETH.
AWS, in partnership with Coinbase and Stripe, has launched an AI-powered agent for stablecoin payments, enabling small-amount payments using USDC.
According to The Block, Amazon Web Services (AWS) has partnered with Coinbase and Stripe to launch Amazon Bedrock AgentCore Payments, enabling AI agents to complete transactions using stablecoins. Coinbase states that developers can build "agent-based payment" solutions based on the x402 protocol, allowing AI agents to make small payments using USDC. This feature allows AI agents to instantly pay for web content, APIs, MCP servers, and other agents. AWS says developers can choose between Coinbase or Stripe wallets and top up their wallets using either stablecoins or fiat currency.
Coinbase reported a net loss of $394 million in the first quarter; the CEO stated that the company is transforming into a multi-asset platform.
According to The Block, Coinbase released its Q1 2026 financial report, showing a net loss of $394 million, including $482 million in losses from holding crypto assets. Total revenue for the quarter was $1.41 billion, a 31% year-over-year decrease; trading revenue fell 40% year-over-year to $756 million; subscription and service revenue fell 14% to $584 million; stablecoin revenue bucked the trend, growing 11% to $305 million. Adjusted EBITDA was $303 million, a significant decrease from $930 million in the same period last year.
CEO Brian Armstrong stated that the company is transforming from a spot crypto platform into a comprehensive platform supporting diverse asset classes including derivatives, commodities, futures, and prediction markets, emphasizing that the fundamentals of the on-chain economy remain strong. Following the earnings release, Coinbase's stock price fell approximately 6% to $182 in after-hours trading.
Block recorded a $173 million Bitcoin revaluation loss in the first quarter, but raised its full-year guidance.
According to The Block, Block Inc., the fintech company owned by Jack Dorsey, reported its Q1 2026 financial results, recording a $173 million non-cash Bitcoin revaluation loss due to the measurement of Bitcoin's fair value, resulting in a net loss attributable to common shareholders of $309 million. Block currently holds 28,355 BTC, worth approximately $2.2 billion. Despite this, the company's overall performance remained robust, with total gross profit increasing by 27% year-over-year to $2.91 billion, and Cash App gross profit increasing by 38% to $1.91 billion; adjusted operating margin reached a record high of 25%, and adjusted earnings per share increased by 52% to $0.85.
It's worth noting that Cash App's Bitcoin business declined by 31% year-over-year, and the contribution of crypto business to gross profit was almost negligible. Block also raised its full-year guidance, projecting a 19% year-over-year increase in gross profit and a 62% increase in adjusted diluted earnings per share in 2026.
Kraken's parent company, Payward, will acquire Reap Technologies for $600 million.
According to Bloomberg, Kraken's parent company, Payward Inc., has agreed to acquire Hong Kong-based Reap Technologies, a provider specializing in stablecoin cross-border payments and business payments, for $600 million in cash and stock. Payward and Kraken co-CEO Arjun Sethi stated that the shares issued in the deal value Payward at $20 billion. This acquisition aims to expand into the Asian market.
Kalshi raises $1 billion in funding, led by Coatue Management.
According to The New York Times, prediction market platform Kalshi announced the completion of a new $1 billion funding round, led by Coatue Management, valuing the company at $22 billion.
The report points out that this is Kalshi's third round of financing in the past seven months, with its valuation nearly doubling after each round. Kalshi currently provides prediction market trading services for events such as sports, politics, and weather, and states that large financial institutions are a key area for future expansion.
Market Dynamics
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