Cronos defied a sector-wide downtick on Friday after the crypto asset manager Canary Capital filed for a CRO-based exchange-traded fund (ETF).

CRO is the native asset of the Cronos layer-1 blockchain, which was developed by the exchange Crypto.com.

Canary filed an S-1 Form with the U.S. Securities and Exchange Commission (SEC), proposing an ETF that would offer investors exposure to CRO. If approved, the product would also stake a portion of its CRO holdings to earn rewards.

The new S-1 statement represents the latest in a spree of recent ETF filings for Canary, which is also attempting to launch Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Pudgy Penguins (PENGU) funds.

The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

CRO is trading at $0.102 at time of writing and is up more than 8% in the past 24 hours. By comparison, the overall crypto market cap slumped by more than 4% over the same period.

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A forgettable Friday on the equities market and intensifying worries about the state of global trade inspired many investors to avoid cryptocurrencies throughout the day. In late afternoon trading, it was hard to find any that were even trading sideways, let alone adding to their value.

Among the host of decliners was top coin Ethereum (ETH -4.01%), serving as an uninspired example with a nearly 3% price tumble as of 4 p.m. ET. Utility cryptos Solana (SOL -5.91%) and Chainlink (LINK -6.12%) were doing worse with respective 4% and almost 7% plunges into the red at that point. Ditto for the over 8% slide of ever-volatile meme coin Dogecoin (DOGE -8.28%).

Dragging on

Like equity investors — and much of the business world, come to think of it — crypto-heads were, once again, fretting about the stubbornly persistent trade war. The web of tit-for-tat tariffs initially spun by the Trump administration continues to ensnare all sorts of investments, on very understandable fears that the levies will negatively affect economic growth.

Image source: Getty Images.

The most recent developments in trade weren’t encouraging. Towards the end of equity market hours on Thursday, an appeals court reversed a decision reached earlier in the day by the Court of International Trade. The latter body had ruled that many of the Trump tariffs were illegal, as the executive branch lacks the unilateral authority to levy them.

The relief this engendered among the investment community, crypto proponents included, didn’t last very long. Soon thereafter, that appeals court temporarily reinstated the tariffs in question, leaving them in place for an unpredictable length of time.

There is some degree of overreaction here, in my view. Of course tariffs are harmful to almost any kind of financial asset, but this war is turning out to be significantly less destructive than feared. Trump and his team have backed off from many of their most serious threats, exempting certain large product categories (for example, smartphones) and pausing or even drastically reducing other levies.

Going to the dogs?

That said, there are other headwinds buffeting certain coins and tokens, Dogecoin being one of them. The coin, almost unarguably the highest-profile meme crypto on the scene, has a strong and vocal proponent in Tesla CEO and (now apparently ex-) federal government functionary Elon Musk.

That was fine when Tesla was riding high on the stock exchange and Dogecoin received frequent shout-outs in Musk’s account on his X (formerly Twitter) account. It’s less beneficial now that the executive is becoming an increasingly polarized figure, not least for his divisive work with the Department of Government Efficiency (DOGE, as it’s known by its convenient acronym).

On Friday, The New York Times published an article detailing Musk’s conduct in the thick of DOGE’s efforts early in the current Trump administration. Citing unnamed “people familiar with his activities,” the newspaper alleged that Musk conducted himself both professionally and personally in quite an unbecoming manner.

Dogecoin holders were surely getting nervous about this latest hit to the reputation of the coin’s No. 1 advocate…and trading accordingly.

Bargain buys

I feel that while the trade war continues at any level, sentiment on cryptocurrencies will remain muted. That opens quite the possibility for bargain-hunting, though, as it’s often beneficial to buy while other investors are sitting on the sidelines at best, and selling assertively at worst. This would be a good time for crypto bulls to flag coins and tokens that have suffered notable drops in value.

That includes Ethereum, as it will undoubtedly stay a bellwether coin for the asset class as a whole. As I have previously, I’d recommend considering beaten-down utility coins, as they’re the motor that will help drive crypto development generally (as they perform useful functions, in contrast to still-not-very utilitarian plays like Dogecoin).

Shares of QuantumScape (QS 10.68%) jumped as much as 14% today with the stock holding onto a gain of 10.6% as of 3:35 p.m. ET. New Securities and Exchange Commission (SEC) filings might be what prompted the surge higher.

Last week, the solid-state battery technology company named a new chief operating officer (COO). Luca Fasoli is experienced in advanced memory and storage technologies from his time spent at technology companies Western Digital and Sandisk. Today’s move might be due to the SEC filing that shows Fasoli acquired more than 1.3 million QuantumScape shares in a transaction dated May 13.

Investors might have jumped the gun, though, if that’s why they also jumped into QuantumScape stock today.

Image source: Getty Images.

QuantumScape technology is still on track

That’s because the new COO’s shares were part of his compensation for the job in the form of restricted stock units (RSUs). The shares include a signing bonus as well as a new-hire grant. The SEC filing is still meaningful for investors. Only 25% of those shares have vested as of today. The balance will vest in small increments over the future quarterly periods as long as Fasoli remains employed with QuantumScape.

QuantumScape is getting closer to the goal of commercializing its technology, though. In its first-quarter report released late last month, the company said it is ahead of schedule to bring its next planned phase into baseline production. That “Cobra” phase is its new solid-state battery production process for manufacturing solid-state battery cells.

It has also placed orders for equipment it plans to install this year for higher-volume cell assembly. QuantumScape said it was on track to produce cells with its solid separators this year with the goal of launching field testing next year.

Today’s move may not make sense solely based on the SEC filing as some investors may have misconstrued it as a company insider making a large purchase. But at least the company remains on track for potential commercialization of its electric vehicle battery technology.

Following the publication of its first-quarter results on Thursday morning, investors bailed from Krispy Kreme (DNUT -16.56%) stock.

On Friday, it was apparent that analysts were finding the stock distasteful, too. On the back of two pundit price target cuts, the donut slinger’s share price eroded again, posting a Friday decline of more than 16%. Meanwhile, the S&P 500 (^GSPC -0.07%) traded essentially flat on the day.

A pair of price target chops

Well before market open that day, Evercore ISI analyst David Palmer got the ball rolling with an updated take on Krispy Kreme. He changed his price target to $3 per share, quite the modification given his previous level was $9. He didn’t change his recommendation on the beleaguered comestibles company, though, as he still rates it an in-line (hold, in other words).

Image source: Getty Images.

According to reports, Palmer cited several troubling factors in his latest Krispy Kreme take. The state of the company’s deal with fast food king McDonald’s is one (Krispy Kreme has paused it for now), while ongoing weakness in the general U.S. retail sector should impact the donut maker — which draws around 30% of its revenue from these outlets.

Citigroup is also reducing its expectations for Krispy Kreme, as analyst Jon Tower lowered his fair value assessment on the stock. In his view, it’s worth $3.60 per share these days, down from the former $4.75 target. Like his Evercore ISI peer, however, Tower also maintained a neutral recommendation on the shares.

Sour taste

The food industry is tough, as it’s susceptible to weakness in consumer sentiment, and is often dependent on trends. I don’t see any trend favoring Krispy Kreme, and the McDonald’s situation is awfully disheartening. I can’t blame any investor for shunning this stock now.

Newly-confirmed United States Securities and Exchange Commission (SEC) Chair Paul Atkins is slated to speak at the agency’s upcoming crypto roundtable on Friday, the organization announced on April 23.

New SEC Chair To Give Opening Remarks At Roundtable

Titled “Know Your Custodian: Key Considerations for Crypto Custody,” the federal regulator is set to kick-off the roundtable with opening remarks from Atkins, Crypto Task Force Chief of Staff Richard Gabbert, and Commissioners Hester Peirce, Mark Uyeda, and Caroline Crenshaw.

Friday’s roundtable marks the third in a series launched by the SEC’s newly-established Crypto Task Force which seeks to develop a “comprehensive and clear regulatory framework for crypto” by collaborating with the public “to set the SEC on a sensible regulatory path.”

The event will be held at SEC headquarters in D.C. from 1-5 p.m. and will feature Etana Custody Inc. CEO Brandon Russell, 1kx General Counsel Larry Florio, and others

“It is important for the SEC to grapple with custody issues, which are some of the most challenging as we seek to integrate crypto assets into our regulatory structure,” said Peirce, leader of the Crypto Task Force. “We look forward to hearing from experts on these important issues.”

SEC Shifts Crypto Regulatory Course

The latest SEC task force stands in opposition to the agency’s previous regulation-by-enforcement approach toward the digital asset sector under former head Gary Gensler.

However, the regulator has pulled back on its enforcement strategy in recent months, dropping litigation against several crypto industry mainstays such as Kraken, Coinbase, and more.

Paul Atkins, who was formally sworn in as SEC chair on Tuesday, is largely seen as a crypto-friendly choice to lead the agency.

“A top priority of my chairmanship will be to provide a formal regulatory foundation for digital assets,” Atkins said during his swearing-in on Tuesday.

“Through a rational, coherent, and principled approach, we will work to ensure that the United States is the best and most secure place in the world to do business,” he added.

The post SEC’s Paul Atkins Leads Friday Crypto Custody Roundtable Amid Regulation Shift appeared first on Cryptonews.

Bitcoin traded flat near $84,500 on Friday, holding its range as U.S. markets observed Good Friday.

With equities, bonds, and commodities largely offline, the crypto market offered a rare window into investor sentiment absent broader liquidity and institutional flow.

The muted price action followed a session on Thursday that saw sharp moves across traditional assets before the holiday shutdown.

Gold climbs, oil surges as macro signals diverge

Gold rose 1.74% on Thursday, bolstered by a convergence of dollar weakness and renewed physical demand.

As Reuters reported, Citi raised its three-month gold target to $3,500, citing supply deficits and increased purchases by newly authorized Chinese insurers. Physical tightness continues to shape the bullion market, with strategic allocations growing more common among state-linked institutions.

Oil registered a 5.04 percent gain after the U.S. announced fresh sanctions on Iran’s state-linked shipping firm, Sahara Thunder.

The Treasury Department’s move curtailed expectations of supply normalization, fueling concern over the availability of key Persian Gulf crude. The announcement came in thin liquidity, exaggerating price movements into the Thursday close.

U.S. dollar weakness further amplified both commodity moves. The dollar index fell 0.46% as the European Central Bank cut rates again and U.S. political uncertainty intensified.

President Trump revived speculation over Fed leadership by floating the potential removal of Chair Jerome Powell. That commentary, alongside renewed dovish pressure from Europe, weighed on the dollar and bolstered dollar-denominated alternatives.

Risk assets retreat on policy and legal uncertainty

S&P 500 futures dropped 1.1% before the close as traders de-risked into the long weekend. While cash equities were shut on Friday, Thursday’s sell-off was attributed to judicial and executive tensions over central bank independence.

Earlier this month, the U.S. Supreme Court issued a ruling potentially easing the path for removing the heads of independent federal agencies. Combined with White House commentary about replacing Powell, futures trading responded with reduced risk appetite.

Bond prices were also adjusted. U.S. 10-year Treasury prices declined marginally by 0.03%, with a slight yield uptick. New York Fed President John Williams pushed back on expectations for near-term easing, noting that inflation data, particularly from tariffs, did not warrant immediate action.

The next scheduled release of the Fed’s preferred inflation gauge, the PCE index, on April 30 adds pressure to reposition ahead of the data, even as fixed income desks prepared to close for the long weekend.

Chinese 10-year government bond prices remained stable, reflecting Beijing’s plan to hold Loan Prime Rates steady. Officials opted to maintain current levels to preserve financial stability, especially as the yuan showed resilience amid shifting global trade conditions.

Bitcoin rangebound as volatility concentrates elsewhere

Despite the activity in traditional markets, Bitcoin’s response was subdued. The digital asset held its level even as gold, oil, and equities reacted to macroeconomic and geopolitical developments.

That divergence, while not unusual during U.S. holidays, reflects both reduced institutional volume and the absence of a dominant crypto-specific catalyst.

In recent sessions, Bitcoin has mostly outperformed macro flows, diverging from its recent correlation with equity futures and inflation-sensitive assets.

Traders are watching for holiday developments in the ongoing global trade war, which has seen Trump escalate via Truth Social over the past weekends. Repositioning may begin when CME futures and bond markets resume trading.

Until then, Bitcoin is one of the few live indicators of sentiment in a macro environment increasingly shaped by policy signaling and cross-asset volatility.

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