The phased benefits of ARC have been fully realized, driven by the open-sourcing of the testnet and a security incentive mechanism, with the price breaking through the $0.065 resistance in the short term, indicating active participation from bulls. However, controversies over the upper limit of the bug bounty have exposed shortcomings in the security incentive, leading to price consolidation and bottom-building around the $0.073 level. Whether the price can hold above the $0.072 support is a key point to watch for the future. In the medium to long term, effective implementation of governance tokens and POS transformation would strengthen ecosystem value and consensus expectations, potentially leading the price for a new rally above $0.08. Beware of spillover risks from Bitcoin’s volatility around the $75,000 mark. Strategically, it is advised to focus on the $0.072 support for short-term trading, while for the long term, wait for a clear development path before following the trend and dynamically adjusting risk exposure.

On April 9, ARC’s testnet source code was released and immediately attracted significant market attention. Opening at $0.06008 that day, the price quickly rallied on increased volume, peaking at $0.07242 and closing at $0.07112—an over 18% intraday gain. Open-sourcing provides transparency and verifiability for developers, and combined with the launch of the bug bounty program, it has increased community participation. Short-term bullish sentiment clearly warmed up, trading volumes surged, and the price broke through the $0.065 resistance level.

Circle's L1 blockchain Arc has released its testnet code as open-source ahead of the mainnet launch, allowing developers to run testnet nodes and access the source code. Concurrently, Arc has initiated a bug bounty program on the HackerOne platform to encourage security testing and improvements.

Circle's Arc open-source testnet code is released and a bug bounty program is launched.

Subsequently, the community engaged in intense debate over the cap on the bug bounty, with criticisms focusing on the reward level being insufficient to attract top-tier security audits. From April 11 to 12, the price fell from $0.07673 to $0.07492 amid shrinking trading volume, indicating that bulls were divided on the effectiveness of the security incentive. During this phase, bears took the opportunity to test the support, and the price bottomed out around $0.073. The increased volatility reflected the market’s sensitivity to security assurances; technically, whether the $0.072 support can hold is key.

Circle has faced backlash for capping its bug bounty rewards at $5,000 for critical vulnerabilities in its Arc blockchain program. The payout limit drew criticism as the company launched its Arc testnet publicly, inviting external review before mainnet release. The program offers lower rewards for high, medium, and low-severity issues, with strict rules on report submissions and participant eligibility. Critics argue the top reward is too low to incentivize thorough security testing.

Circle’s $5,000 Bug Bounty Cap Sparks Backlash as Arc Testnet Goes Public

On April 14, company executives proposed introducing a native governance token and transitioning to a POS consensus mechanism, prompting the market to consider the long-term prospects for ecosystem implementation and value enhancement. However, the price opened low at $0.07256 and fell to $0.07031 that day with decreased volume, possibly reflecting early profit-taking and uncertainty about how the project would execute this path. If a clear timetable develops for this roadmap, it could restore bullish momentum after a downward correction, with a new resistance area likely to form above $0.080.

During the same period, Bitcoin broke through $74,000 and approached the critical $75,000 level, with the market mood turning optimistic and risk assets enjoying a synchronized upward move. As an emerging protocol token, ARC has also benefited from improved risk appetite in the broader crypto market. However, caution is needed regarding the negative gamma effect at the $75,000 band, which could bring correction pressure. If Bitcoin consolidates above $75,000 and pushes toward the $80,000 range, it will continue to support ARC’s bullish sentiment; otherwise, it may intensify downward volatility.

Bitcoin has surpassed a four-week high, rising above $74,000. Analysts identify $75,000 as a critical "volatility release point," where derivative market negative gamma effects may amplify price fluctuations. This level coincides with Bitcoin's 100-day moving average, a key resistance in January. Breaking $75,000 could accelerate an uptrend, while a pullback may increase downward pressure. The $80,000–$80,600 range is a positive gamma zone with lower volatility, and the 200-day moving average at $87,519 serves as a long-term reference.

Analysis: Bitcoin breaks four-week high, key price range may intensify market volatility

AI Rig Complex

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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