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In the first quarter of 2026, the cryptocurrency market delivered a report card that most participants did not expect. Bitcoin continued to decline from its early-year high, with a total drop of over 25% for the quarter, Ethereum's decline was about 34% during the same period, and the Fear and Greed Index once fell to 8, remaining in the "Extreme Fear" zone for 59 consecutive days.
However, amid this chill, one sector charted a completely different trajectory. The AI crypto token sector was the only track to record positive returns in Q1. According to Gate Market data, the total market capitalization of AI tokens increased from approximately $14.1 billion in March to $19 billion in the same month, a total growth of over 30%. Among the leading tokens, Bittensor's TAO rose 67.5% in the past 30 days, Artificial Superintelligence

April 8, 2026, the privacy coin sector experienced a long-awaited explosive rally. Zcash (ZEC) climbed from around $250 in 24 hours to $325.46, a 22.66% increase for the day, with a peak near $340 during the session, reaching the highest price level since January of this year. During the same period, trading volume surged to $740 million, a roughly 77% increase compared to the previous trading day, reflecting a significant rise in market participation and capital inflow.
This was not an isolated price fluctuation. On the same trading day, the privacy coin sector as a whole performed strongly, with Zcash's gains far surpassing similar assets, making it one of the most prominent performers in the crypto market that day. Along with the price increase, market attention also heated up—mentions on social media increased by over 20% compared to the previous day, and market sentiment indicators remained at a high level of 81%.

As of April 9, 2026, on-chain Bitcoin data shows that the supply of short-term holders in loss has risen to 3,400,000 BTC, reaching the highest level since July 2018. This data comes from tracking the flow of on-chain chips over time—short-term holders generally refer to addresses holding Bitcoin for no more than 155 days. When market prices are below these addresses' average purchase cost, the corresponding supply is defined as being in a "loss" state. Currently, over 90% of the short-term holder supply is "underwater," meaning the vast majority of recent entrants have a cost basis higher than the current market price. This ratio has only appeared in deep bear markets or cycle bottoms in history, such as early 2015, late 2018, and after the FTX collapse in November 2022.
Who is bearing the brunt of this market adjustment?

Recently, the euro (EUR) has shifted from a one-sided trend to a range-bound fluctuation, influenced by multiple factors such as energy prices, interest rate paths, and economic growth expectations. The market lacks consensus expectations, leading policymakers to face a dilemma, and the exchange rate fluctuates amid uncertainty. Understanding these changes can help reassess the euro and related assets.

In April 2026, the privacy coin sector experienced two landmark events: Monero (XMR) completed its most significant cryptographic upgrade in history—the full-chain member proof FCMP++ was officially deployed; simultaneously, a privacy financial public chain called ANUBIS Chain announced the launch of its mainnet. These two events represent two ends of the privacy technology spectrum: one is Monero’s continued reinforcement of ultimate anonymity, and the other is ANUBIS’s attempt to find a third path between privacy protection and regulatory compliance. Within the same time frame, these two developments together outline the deep questions facing the privacy coin sector in 2026: in the context of tightening global regulations, where should privacy technology head?
Milestone moments for two privacy infrastructure projects
Monero officially completed the deployment of the FCMP++ upgrade in April 2026.

Morgan Stanley's proprietary spot Bitcoin exchange-traded fund (ETF)—Morgan Stanley Bitcoin Trust (MSBT)—was officially listed and traded on the NYSE Arca on April 8, 2026, Eastern Time. This is the first time a major U.S. bank has issued a Bitcoin spot ETF under its own name, marking a new stage of acceptance of digital assets by the traditional financial system. On its first day of trading, MSBT traded over 1.6 million shares, with approximately $34 million in net inflows. This event not only signifies the product's launch but also reflects a structural change in how institutions are allocating Bitcoin.
Wall Street banks enter the market under their own brands for the first time
On April 8, 2026, Morgan Stanley Bitcoin Trust (MSBT) was listed on NYSE Arca. The first-day trading volume was 1,658,176

On April 8, 2026, the Ethereum Foundation officially announced on X platform that it would convert 5,000 ETH into stablecoins using CoWSwap's time-weighted average price feature, to continuously fund research and development, grants, and donations. Based on the ETH price of approximately $2,214 on that day, the total amount involved in this transaction is about $11.07 million.
On April 9, on-chain analyst Yu Yan further monitored that 3,750 ETH of the planned 5,000 ETH sale had been executed, accounting for approximately 75%, with a total transaction amount of about $8.3 million and an average sale price of approximately $2,214. The remaining approximately 1,250 ETH is expected to be completed in subsequent periods in batches according to the established strategy.
According to on-chain data tracking, the funds for this transaction originate from...

With the crypto industry’s infrastructure gradually improving, cross-border payments and value anchoring have always been the core battleground connecting traditional finance with on-chain economies. Recently, a protocol called Unitas and its token UNITAS have sparked intense volatility and widespread attention in the secondary market. As of April 9, 2026, according to market data from Gate, UNITAS recorded an astonishing 196.56% gain over the past 30 days. Despite a short-term pullback, its market capitalization has climbed to around $229 million.
Behind these sharp price fluctuations, is it a market reassessment of the value narrative logic behind “decentralized fiat-pegged units,” or is it irrational frenzy fueled by short-term liquidity inflows? This article will strip away market sentiment and, based on a framework of structural analysis, a review of public sentiment, and risk projections, restore UNITAS’s true positioning in the industry.
High Bo

According to Hamid Hosseini, spokesperson for the Iranian Oil, Gas, and Petrochemical Products Exporters Association, Iran plans to impose a toll on all oil tankers passing through the Strait of Hormuz during a two-week US-Iran ceasefire. The fee will be $1 per barrel of crude oil, with empty tankers allowed to pass free of charge. Ships must first report cargo information to Iranian authorities via email; after assessment, Iran will notify the payable amount. The vessel then has only a few seconds to complete the payment in Bitcoin upon receiving the notification.
Hosseini explicitly stated that paying with Bitcoin ensures that transactions cannot be tracked or confiscated due to sanctions. Iran also requires all transit ships to follow the northern route near its coast, adhering to Iran’s designated safe navigation lanes. Unauthorized ships may face military action. This complete process—from declaration, approval, payment, to passage—transforms Bitcoin from a purely speculative asset into a functional settlement method within a geopolitical strategic channel.

After Trump announced that the United States and Iran had reached a two-week ceasefire agreement, Bitcoin temporarily rebounded but quickly retreated due to increased ceasefire risk, leading to massive liquidations in the derivatives market. This event highlights the high sensitivity of the crypto market to geopolitical risks and its potential risk characteristics, emphasizing the importance for investors to adjust their risk management frameworks. Future trends will be influenced by the implementation of the ceasefire and the situation in the Middle East.

In the ongoing evolution of the crypto market landscape, the leading decentralized exchange Trader Joe within the Avalanche ecosystem and its native token JOE have recently attracted widespread attention. Since April 2026, the token has experienced significant price fluctuations, coupled with changes in the token unlock schedule and underlying blockchain ecosystem adjustments, making JOE an important case study for observing the value evolution of decentralized finance protocols. This article will provide a comprehensive review of JOE from four dimensions: event background, data structure, public opinion divergence, and evolutionary projection.
Short-term Volatility of JOE Price
According to Gate Market data, as of April 9, 2026, JOE's price was $0.0528, down 17.44% in the past 24 hours, with a 24-hour trading volume of $21.39M. Its market capitalization is approximately $21.39 million, with a circulating supply of 624.72k tokens, and a total supply of 499.7 million tokens.

In the wave of deep integration between artificial intelligence and Web3, the decentralized AI agent track continues to emerge with new narrative focal points. Recently, a project called Swarms and its native token SWARMS have entered industry observers' view due to their unique "collective intelligence" architecture design and significant market fluctuations. Its core concept is to build a network of multiple specialized AI agents working collaboratively to handle complex tasks that are difficult for traditional single models. However, alongside the short-term sharp fluctuations in the token price and the rapid rise in community attention, discussions about its technical implementation capabilities, the sustainability of its token economic model, and the overall narrative authenticity have been ongoing. This article will provide a structured review of the SWARMS project based on objective data and industry logic.
SWARMS Market Fluctuations and the Return of AI Agent Narratives
As of 2026

Russia will advance cryptocurrency regulation to a new stage in 2026, submitting a bill to establish fines and clarify compliance rules. All transactions must be conducted through licensed platforms, which will strengthen oversight of fund flows, and high fines will be imposed for violations, potentially even leading to criminal charges. This regulation aims to reduce risks and promote market legalization, while also impacting individual investors' trading behaviors.

The Russian cryptocurrency market is undergoing positive legal framework development, gradually shifting from a comprehensive ban to orderly regulation. Measures such as legalizing mining, licensing systems for exchanges, and investment restrictions will promote market transparency and user protection. By 2026, a comprehensive regulatory system is expected to be established, and cryptocurrencies will become regulated financial instruments.

Gate launches the digital Pre-IPO mechanism, breaking down the barriers between the crypto industry and traditional finance, allowing crypto users to directly participate in public stock offerings and enjoy the same rights as traditional shareholders. This innovation promotes the coordinated development of both sectors, enhances market access and efficiency, and signals a fundamental change in the structure of capital markets.

Gate will launch a digital Pre-IPO participation mechanism in April 2026, allowing users to subscribe using stablecoins within the platform without high thresholds. This mechanism lowers the participation barrier for ordinary investors while providing 100% priority subscription rights, enhancing investment convenience and transparency.

Gate DEX launches an on-chain contract trading competition, where users participate in the ranking by completing perpetual contract trades, sharing a prize pool of 10,000 USDT. The event sets multiple participation thresholds to support users with different trading volumes. The higher the trading volume, the higher the rank, and the greater the rewards. The event runs from April 9 to April 23, 2026.

Gate's Pre-IPO participation mechanism breaks down the barriers between the crypto industry and traditional finance, providing compliant and secure channels for participation, allowing crypto users to directly participate in IPOs and enjoy full shareholder rights. This mechanism marks the beginning of blockchain technology integrating into mainstream capital markets and helps promote the evolution and innovation of financial markets.

Gate's digital Pre-IPO mechanism provides ordinary investors with the opportunity to participate in high-quality IPOs. This mechanism combines traditional IPO processes with blockchain technology to enable on-chain delivery of real equity tokens, lowering participation barriers, increasing transaction efficiency, and ensuring compatibility with existing securities regulatory frameworks. Users will enjoy transparent ownership records and preferential subscription rights, reshaping global stock issuance rules.

The Bitcoin market in 2026 faces a major shift, with prices fluctuating between $70k and $72k. Ordinary investors encounter high-cost challenges in mining. Gate's low-threshold BTC mining product allows users to stake BTC for profit, with an annualized return of 2.57%. This solution is suitable for the current market conditions, offering flexibility and stable income options.