Cryptocurrency Market Daily: 3-Minute Summary

📰 Today’s News

🔥 South Korea’s People Power Party Proposes Elimination of Crypto Tax

The People Power Party, which governs South Korea, proposed removing a 22% tax on cryptocurrency trading profits, which was scheduled to take effect on January 1, 2027. This measure aims to promote growth in the crypto market, as the tax would apply to annual profits exceeding US$ 1,665.

⚡ Drift Protocol Suffers $285 Million Crypto Exploit

Drift Protocol experienced a significant security breach on Wednesday, resulting in the theft of approximately US$ 285 million in cryptocurrency. The incident, flagged by PeckShield, involved attackers exploiting administrative keys and transferring assets from the main vault, leading to a 35% drop in the DRIFT token price.

📉 US Treasury Begins Implementation of Stablecoin Innovation Law

The US Treasury officially started implementing the Stablecoin Innovation Law, known as the GENIUS Act, on April 2. This law aims to provide a regulatory framework for stablecoins, initially focusing on smaller issuers with less than US$ 10 billion in assets.

📈 Top Asset Performance (24h)

BTC: -2.9% — Bitcoin fell below US$ 67,000, trading at US$ 66,855.31, amid broader market correction and geopolitical concerns.

ETH: -3.5% — Ethereum dropped to US$ 2,059.22, influenced by overall market slowdown and increased volatility.

SOL: -5.4% — Solana experienced a notable decline to US$ 79.05, partly due to the Drift Protocol exploit.