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The German Federal Financial Supervisory Authority, BaFin, has ordered Ethena GmbH to stop all public sales of its stablecoin USDe. This comes after the German financial markets regulator found serious flaws in Ethena GmbH’s USDe approval process. Per the BaFin announcement on March 21, 2025, the public sales of Ethena ( ENA )’s synthetic dollar Ethena USDe violates the European Union’s Markets in Crypto Asset Registration rules. With stablecoin regulation being one of the EU’s major enforcement priorities, a lack of MiCAR compliance has become a key obstacle for stablecoin issuers. “The BaFin also has reasonable grounds to suspect that Ethena GmbH in Germany sells securities in the form of sUSDe tokens from Ethena OpCo. Ltd. without the required prospectus,” the regulator said. BaFin has therefore ordered Ethena to immediately cease any sales to the public. The enforcement measures include a freeze on USDe reserves held by Ethena’s custodian. Additionally, Ethena GmbH is required to shut down its website portal and stop registering new customers. While Ethena GmbH has been prohibited from selling USDe, the order only applies to primary sales. In this case, BaFin’s order does not affect secondary sales. Ethena Labs issued a statement on X following the news. “We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.” According to the crypto platform, BaFin’s order doesn’t affect the stablecoin’s listing. The decision will also not affect minting and redemption through Ethena Limited, the company’s entity registered in the British Virgin Islands, which handles the majority of USDe minting. “USDe remains fully backed [and] no assets have been “frozen”” Ethena noted.

Digital token launchpad Pump.fun has launched its own native decentralized exchange (DEX), PumpSwap, on the Solana blockchain by the name of PumpSwap . The move comes after the platform saw its revenue drop by nearly 60% in the last month. According to reports, Pump.fun’s new DEX will eliminate the existing migration process in the previous system and discard the associated 6 SOL fee. Tokens launched on Pump.fun will now be immediately available for trading upon completion of their bonding curve, without the need for establishing a separate liquidity pool on Raydium. Pump.fun announced the innovation in its latest post on X, highlighting the deliverables of the new product. According to the announcement, the DEX will enable instant migrations, zero fees, increased liquidity, and a revenue-sharing feature. Related: Pump.fun in Freefall? Solana Token Platform Sees Graduations Plummet It is crucial to note that the newly launched DEX shares a few similarities with the Raydium V4 and Uniswap V2 decentralized solutions through its Constant Product AMM. The Pump.fun team highlighted that this new infrastructure will enable users to freely create and contribute to liquidity pools, as well as trade any token listed on the PumpSwap exchange. The core rationale behind PumpSwap’s creation is to achieve a frictionless environment for trading coins. Pump.fun acknowledged that the prior migration system introduced friction, potentially impeding the momentum of new tokens and adding unnecessary complexities for users. The new system aims to resolve these issues by providing instant and cost-free migrations. Related: Pump.fun Token Graduation Rate Plunge: Is the Platform in Trouble? In the meantime, Pump.fun noted that it is creating a more sustainable ecosystem besides the newly launched DEX. According to the project, the DEX will incorporate a revenue-sharing model for token creators, potentially distributing millions of dollars to these participants and their communities, thereby incentivizing the launch of higher-quality projects. Regarding transaction costs, PumpSwap’s fee structure is competitive. Each trade executed on the DEX will incur a fee of 0.25%. Of this, 0.20% will be allocated to liquidity providers, and the remaining 0.05% will be retained by the protocol. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Crypto’s a battlefield right now. Bitget’s spot market is where the war’s raging. I just pulled the top 10 by volume—fresh data, straight from the trenches. Some are bleeding. Some are soaring. Let’s break it down and see what’s worth your attention. 1. $BTC is leading the pack. 84,273.04. Down 0.32%. 323.95M in volume—nobody’s touching that. It’s the king, even on a red day. But 80K is looking shaky. 2. $PI CandyBomb—comes in hot at 1.0303. 247.91M in volume, but it’s down 1.67%. Heard the buzz on this one. Tied to some gamified staking event on Bitget. Hype’s real, but that dip stings. You in or out? 3. $ETH is steady at 1,983.63. 147.76M in volume, down 0.61%. DeFi’s still its bread and butter. No surprises here—it’s a grinder. But I’m not feeling the spark. Are you? 4. $BGB , Bitget’s own token, sits at 4.668. 91.89M in volume, down 0.15%. Small dip, big presence. Utility on the platform keeps it alive. I like it as a slow burn. 5. $SOL is the green in the storm—128.93. Up 0.15%, 72.13M in volume. This one’s got my attention. Fast, cheap, and Telegram mini-app rumors are swirling. Could be a breakout. 6. $XRP is at 2.4019, down 1.80%. 66.77M in volume. Ripple’s legal drama feels like ancient history. But the price isn’t screaming “buy” yet. I’m on the fence. 7. $BTC / $USDC mirrors BTC/USDT—84,244.35. Down 0.33%, 51.34M in volume. Same story, different pair. Stablecoin traders are in, but the dip’s the dip. Nothing new here. Let’s move on. 8. $X is getting crushed—0.000010524. Down 15.30%. 42.18M in volume, though—people are still trading. Meme coin vibes, but this bleed is ugly. I’ve seen worse recover. 9. $ORCA is the dark horse—3.1220. Up 98.47%. 41.09M in volume. Solana ecosystem token, DeFi roots. This kind of spike screams momentum. But is it a pump or the real deal? I’m digging deeper. 10. $VIRTUAL rounds it out at 0.7200. Up 4.15%, 37.81M in volume. Another Solana play—metaverse angle, maybe? Solid gain, decent volume. I’m intrigued, but I need more. Bitget’s a pressure cooker right now. Solana’s ecosystem is stealing the show—ORCA and VIRTUAL are proof. But the bloodbath on X and XRP? That’s a warning. I’m keeping my eyes on Solana’s green and ORCA’s spike. What’s got your attention? Drop your thoughts—I’m all ears.

Ethereum price is under focus in crypto space and particularly in relation to Bitcoin as it gets closer to a historically strong support level on ETH/BTC pair. After a descending triangle trend from mid 2021 through early 2025, the ETH/BTC pair has now reached a level where it showed a buying range in late 2020. Such a technical development combined with increased open interest in the futures is fueling the debate on trend reversal Ethereum Price Eyes Recovery: Key Support Level Could Spark Reversal According to a recent post on X, analyst AndrewCryptoHQ noted that ETH/BTC is now trading at a crucial technical level. This level previously acted as a launchpad for gains during Q4 2020. Since its peak in mid-2021, the pair has remained in a downtrend, posting consistent lower highs and lower lows. As of late March 2025, ETH/BTC is resting near a multi-year support zone. Market participants are watching closely to see whether this zone can hold and initiate an altcoin rebound. If supported, it could mark a key turning point in Ethereum price performance compared to Bitcoin. However, downside risks remain. A decline in Bitcoin could put pressure on Ethereum price action. ETH has shown sensitivity to Bitcoin’s market direction in previous cycles. Without a confirmed breakout or higher low formation, traders remain cautious about calling a full reversal. ETH Futures Open Interest Hits Record as Caution Lingers On March 21, Ether futures open interest reached a record high of 10.23 million ETH, according to data from CoinGlass. This figure represents a 15% increase over two weeks, signaling growing participation in derivative markets. Despite the rise in open interest, the futures premium dropped below 4%, down from 5% two weeks prior. This lower premium suggests subdued bullish sentiment, as traders are not aggressively pursuing leveraged long positions. Binance, Gate.io, and Bitget accounted for over half of the futures market, while CME captured 9%. The increased leverage does not automatically indicate upward price movement. Open interest simply reflects matched positions between buyers and sellers. The absence of a strong premium points to a neutral stance from investors regarding the altcoin price trajectory. Ethereum Network Fees Fall as On-Chain Activity Slows However, Ethereum network fees fell by 50% over the past seven days, according to IntoTheBlock. The reduction signals a decline in user activity and overall demand on the Ethereum mainnet. Total revenue for Ethereum’s base layer dropped to $605,000 as of March 17, compared to $2.5 million just two weeks earlier. Lower fees are partly due to the growing use of Layer 2 solutions, which move transactions off the mainnet to improve scalability. However, the shift has also reduced transaction volume on the core network. Users and protocols are increasingly exploring alternative chains such as Solana and Avalanche. This slowdown in network usage presents challenges for Ethereum price support. The downturn in activity may contribute to hesitancy around the altcoin’s near-term outlook. However, Ethereum whales have started to accumulate again as one of them bought nearly $270 million worth of ETH. This goes hand in hand with the increase in the daily active addresses by 26%, which may signal a reversal of the Ethereum price chart. $ETH