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On April 20, as the Trump administration pushed for a military overhaul, internal power fractures within the Pentagon continued to widen. Defense Secretary Pete Hegseth and Army Secretary Dan Driscoll have engaged in multiple public conflicts over personnel appointments and power boundaries. Reports indicate that Dan Driscoll publicly supported the dismissed Army Chief of Staff Randy George during a congressional hearing, which was seen as a direct challenge to Pete Hegseth. Previously, Pete Hegseth had swiftly dismissed Randy George via phone during his vacation, causing a stir within the military. The core of the conflict stems from a series of personnel appointment controversies. Sources say that Pete Hegseth had requested the removal of certain officers from the promotion list, which was rejected by Dan Driscoll, leading to a rapid deterioration of their relationship. Subsequently, the internal power struggle within the Pentagon regarding the appointments and authority of senior generals has escalated. Additionally, the Trump administration's previous bypassing of the Defense Department to directly involve Dan Driscoll in external affairs coordination is also seen as a significant factor exacerbating the conflict. Currently, this power struggle has affected the appointments of several senior generals and raised concerns about the stability of the U.S. military command structure.

[Pentagon Division Becomes Public: Conflict Between Defense Secretary and Army Secretary Over Personnel Disputes]On April 20, as the Trump administration pushed for a military overhaul, internal power fractures within the Pentagon continued to widen. Defense Secretary Pete Hegseth and Army Secretary Dan Driscoll have engaged in multiple public conflicts over personnel appointments and power boundaries. Reports indicate that Dan Driscoll publicly supported the dismissed Army Chief of Staff Randy George during a congressional hearing, which was seen as a direct challenge to Pete Hegseth. Previously, Pete Hegseth had swiftly dismissed Randy George via phone during his vacation, causing a stir within the military. The core of the conflict stems from a series of personnel appointment controversies. Sources say that Pete Hegseth had requested the removal of certain officers from the promotion list, which was rejected by Dan Driscoll, leading to a rapid deterioration of their relationship. Subsequently, the internal power struggle within the Pentagon regarding the appointments and authority of senior generals has escalated. Additionally, the Trump administration's previous bypassing of the Defense Department to directly involve Dan Driscoll in external affairs coordination is also seen as a significant factor exacerbating the conflict. Currently, this power struggle has affected the appointments of several senior generals and raised concerns about the stability of the U.S. military command structure.

Pentagon Division Becomes Public: Conflict Between Defense Secretary and Army Secretary Over Personnel Disputes

According to market news, Silicon Valley's Chuan sold 233,296 $HYPE at an average price of $41.46, totaling $9.67 million in $USDC, with profits exceeding $1.18 million. He currently still holds 8,529 $HYPE, valued at approximately $349,000.

[Silicon Valley's Chuan Cashes Out 233,296 HYPE, Profits Over $1.18 Million]According to market news, Silicon Valley's Chuan sold 233,296 $HYPE at an average price of $41.46, totaling $9.67 million in $USDC, with profits exceeding $1.18 million. He currently still holds 8,529 $HYPE, valued at approximately $349,000.

Silicon Valley's Chuan Cashes Out 233,296 HYPE, Profits Over $1.18 Million

On April 20, prominent developer and Yuga Labs Vice President 0xQuit posted on X that Aave's situation is dire and worsening, with multiple liquidity pools reaching 100% utilization, trapping depositors and putting the protocol at further risk of bad debt. If the price of ETH drops and Aave is unable to effectively liquidate (which is currently the case), it will ultimately lead to inefficient liquidations and more bad debt. If the issue is not resolved quickly, the situation could snowball.

[Aave Faces Increased Bad Debt Risk if ETH Price Plummets]On April 20, prominent developer and Yuga Labs Vice President 0xQuit posted on X that Aave's situation is dire and worsening, with multiple liquidity pools reaching 100% utilization, trapping depositors and putting the protocol at further risk of bad debt. If the price of ETH drops and Aave is unable to effectively liquidate (which is currently the case), it will ultimately lead to inefficient liquidations and more bad debt. If the issue is not resolved quickly, the situation could snowball.

Aave Faces Increased Bad Debt Risk if ETH Price Plummets

According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they are susceptible to being used for money laundering and other criminal activities, exacerbating illegal financial risks.

[Central Bank Officials Worldwide: Two Core Risks of Dollar Stablecoins]According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they are susceptible to being used for money laundering and other criminal activities, exacerbating illegal financial risks.

Central Bank Officials Worldwide: Two Core Risks of Dollar Stablecoins

On April 20, Goldman Sachs released a report indicating that Hong Kong is set to reclaim the top spot in the global equity financing market by 2025. As we enter 2026, the momentum for Hong Kong IPOs is accelerating. So far this year, 40 companies have gone public, raising $14 billion, a year-on-year increase of 488%. Currently, there are about 400 active applications, highlighting the high confidence among issuers. Goldman Sachs' analysis shows that existing capital is sufficient to absorb the new issuances. The bank expects the total equity supply for the entire year of 2026 to reach $110 billion, with $60 billion coming from new IPOs and $50 billion from post-IPO financing. Goldman Sachs believes that the revival of IPO activity in Hong Kong could drive better growth for the Hong Kong Stock Exchange and mainland brokers with more overseas operations. (Dongxin News Agency)

[Goldman Sachs: Hong Kong IPO Fundraising Expected to Reach $60 Billion This Year]On April 20, Goldman Sachs released a report indicating that Hong Kong is set to reclaim the top spot in the global equity financing market by 2025. As we enter 2026, the momentum for Hong Kong IPOs is accelerating. So far this year, 40 companies have gone public, raising $14 billion, a year-on-year increase of 488%. Currently, there are about 400 active applications, highlighting the high confidence among issuers. Goldman Sachs' analysis shows that existing capital is sufficient to absorb the new issuances. The bank expects the total equity supply for the entire year of 2026 to reach $110 billion, with $60 billion coming from new IPOs and $50 billion from post-IPO financing. Goldman Sachs believes that the revival of IPO activity in Hong Kong could drive better growth for the Hong Kong Stock Exchange and mainland brokers with more overseas operations. (Dongxin News Agency)

Goldman Sachs: Hong Kong IPO Fundraising Expected to Reach $60 Billion This Year

According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they can be easily used for money laundering and other criminal activities, exacerbating illegal financial activities.

[Central Bank Officials Worldwide: Two Core Risks of Dollar Stablecoins]According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they can be easily used for money laundering and other criminal activities, exacerbating illegal financial activities.

On April 20, during the first day of the 2026 Hong Kong Web3 Carnival, Ethereum co-founder Vitalik Buterin delivered a keynote speech titled 'The Future Direction of the Ethereum Protocol,' systematically outlining the technical evolution plan for Ethereum over the next five years. Vitalik emphasized that Ethereum's core positioning is not to compete with high-frequency trading platforms but to become the world's most secure, decentralized, and always-online 'World Computer'—a globally shared layer that ensures user self-sovereignty, security, and verifiability. In line with this vision, Vitalik broke down the future roadmap into three phases: short-term challenges, mid-term status optimization, and long-term protocol solidification, focusing on quantum attack resistance, zero-knowledge proof verification (ZK-EVM), and the protocol's antifragility. Regarding execution layer scaling, Vitalik stated that short-term scaling will achieve radical optimization through multiple EIPs (Ethereum Improvement Proposals), including the introduction of block-level access lists to support parallel processing of transactions, recalibrating the Gas pricing mechanism, and implementing ePBS (execution block proposer separation) to allow for longer yet more efficient block validation processes. Additionally, improvements in node state synchronization will significantly enhance download efficiency. Vitalik particularly highlighted the importance of EIP-8141 (account abstraction), which redefines transactions as a series of calls, thereby natively supporting smart contract wallets, Gas fee payments, and more complex privacy protocols at the protocol layer. In terms of quantum security, Vitalik pointed out that while quantum-resistant signature algorithms have existed for twenty years, the main bottleneck is efficiency: current quantum-resistant signatures can be as large as 2-3KB (compared to the current 64 bytes), consuming about 200,000 Gas on-chain (currently 3,000). Solutions will rely on hash-based signatures and 'lattice + vectorization' optimization schemes, aiming to significantly reduce resource expenditure while ensuring security. Vitalik believes that scaling the state layer is the more challenging 'deep water zone.' The mid-term roadmap will focus on optimizing the state tree and exploring alternatives that do not rely on permanently storing all historical states to control the infinite expansion of state size. Looking further ahead, Vitalik anticipates that by around 2028, ZK-EVM is expected to become the primary method for validating the Ethereum chain, achieving single-slot finality within 10 to 20 seconds, allowing lightweight devices like smartphones to independently verify on-chain data.

[Vitalik Unveils Ethereum's Five-Year Roadmap: Focus on Quantum Security, ZK-EVM, and Ultimate Resilience of the 'World Computer']On April 20, during the first day of the 2026 Hong Kong Web3 Carnival, Ethereum co-founder Vitalik Buterin delivered a keynote speech titled 'The Future Direction of the Ethereum Protocol,' systematically outlining the technical evolution plan for Ethereum over the next five years. Vitalik emphasized that Ethereum's core positioning is not to compete with high-frequency trading platforms but to become the world's most secure, decentralized, and always-online 'World Computer'—a globally shared layer that ensures user self-sovereignty, security, and verifiability. In line with this vision, Vitalik broke down the future roadmap into three phases: short-term challenges, mid-term status optimization, and long-term protocol solidification, focusing on quantum attack resistance, zero-knowledge proof verification (ZK-EVM), and the protocol's antifragility. Regarding execution layer scaling, Vitalik stated that short-term scaling will achieve radical optimization through multiple EIPs (Ethereum Improvement Proposals), including the introduction of block-level access lists to support parallel processing of transactions, recalibrating the Gas pricing mechanism, and implementing ePBS (execution block proposer separation) to allow for longer yet more efficient block validation processes. Additionally, improvements in node state synchronization will significantly enhance download efficiency. Vitalik particularly highlighted the importance of EIP-8141 (account abstraction), which redefines transactions as a series of calls, thereby natively supporting smart contract wallets, Gas fee payments, and more complex privacy protocols at the protocol layer. In terms of quantum security, Vitalik pointed out that while quantum-resistant signature algorithms have existed for twenty years, the main bottleneck is efficiency: current quantum-resistant signatures can be as large as 2-3KB (compared to the current 64 bytes), consuming about 200,000 Gas on-chain (currently 3,000). Solutions will rely on hash-based signatures and 'lattice + vectorization' optimization schemes, aiming to significantly reduce resource expenditure while ensuring security. Vitalik believes that scaling the state layer is the more challenging 'deep water zone.' The mid-term roadmap will focus on optimizing the state tree and exploring alternatives that do not rely on permanently storing all historical states to control the infinite expansion of state size. Looking further ahead, Vitalik anticipates that by around 2028, ZK-EVM is expected to become the primary method for validating the Ethereum chain, achieving single-slot finality within 10 to 20 seconds, allowing lightweight devices like smartphones to independently verify on-chain data.

Vitalik Unveils Ethereum's Five-Year Roadmap: Focus on Quantum Security, ZK-EVM, and Ultimate Resilience of the 'World Computer'

Alibaba ATH announced that HappyHorse-1.0 will gradually open API testing through the Alibaba Cloud Bailian platform on April 27, with the first batch of invitees being enterprise-level clients. This 'dark horse' in the video generation field is about to unveil its mysteries. According to Alibaba ATH, the company has been deeply involved in AI video generation for many years, with the HappyHorse project led by the ATH Innovation Division, in collaboration with multiple teams including Alibaba Platform Technology, Tongyi Laboratory, and Taotian Technology. After the testing opens at the end of April, HappyHorse-1.0 is set for official commercial release in May. (Jinshi)

[Alibaba's HappyHorse to Open Testing on April 27]Alibaba ATH announced that HappyHorse-1.0 will gradually open API testing through the Alibaba Cloud Bailian platform on April 27, with the first batch of invitees being enterprise-level clients. This 'dark horse' in the video generation field is about to unveil its mysteries. According to Alibaba ATH, the company has been deeply involved in AI video generation for many years, with the HappyHorse project led by the ATH Innovation Division, in collaboration with multiple teams including Alibaba Platform Technology, Tongyi Laboratory, and Taotian Technology. After the testing opens at the end of April, HappyHorse-1.0 is set for official commercial release in May. (Jinshi)

Alibaba's HappyHorse to Open Testing on April 27

On April 20, news from Artemis data revealed that Hyperliquid is expected to generate $78 million per capita by 2025, making it the company with the highest per capita output in the world.

[Hyperliquid Projected to Generate $78 Million Per Capita by 2025]On April 20, news from Artemis data revealed that Hyperliquid is expected to generate $78 million per capita by 2025, making it the company with the highest per capita output in the world.

Hyperliquid Projected to Generate $78 Million Per Capita by 2025

July 5 (Huobi) - Hong Kong-based virtual asset rating agency HKVAC announced its invitation to virtual asset trading platforms, virtual asset-related organizations, and financial institutions from around the world to join HKVAC as members, in order to jointly promote industry development.

[Hong Kong Virtual Asset Rating Agency (HKVAC) has officially announced an Invitation for Members to join]July 5 (Huobi) - Hong Kong-based virtual asset rating agency HKVAC announced its invitation to virtual asset trading platforms, virtual asset-related organizations, and financial institutions from around the world to join HKVAC as members, in order to jointly promote industry development.

Hong Kong Virtual Asset Rating Agency (HKVAC) has officially announced an Invitation for Members to join

Bitcoin Created By The CIA? Chinese Professor Jiang Xueqin Makes Bold Claim

BIT Research: Five Signals Flash Simultaneously, Has the Bitcoin Bear Market Ended?

Bitcoin Recovery Fails To Lift Market Sentiment From Extreme Fear

Crypto And Financial Industry Giants Reveal What X Money Launch Means

Analyst Exposes Bitcoin Market Maker Buy Strategy, Shows What Happens When Accumulation Ends

Bitcoin Mining Network Collapsing Into AI At Record Pace, Analyst Warns

Conversation with Bitwise Advisor: From K-Shaped Economy to AI Taking Jobs, How Can Bitcoin Save the Younger Generation?

Analyst Reveals The Chances Of Bitcoin Price Crashing Again

$20M Crypto Scam Lands Texas Man 23-Year Prison Sentence

Bitcoin Miners Selling Nears Exhaustion – What Comes Next

Article

Analysis: Divergence Between Bitcoin's Price Action and Realized Profit Indicates Possible Peak in Rebound

Hong Kong Virtual Asset Rating Agency (HKVAC) has officially announced an Invitation for Members to join

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