On a hilltop above Ashfield, a sculpture of a miner watches over the local towns.
In a part of Nottinghamshire with a proud mining heritage, almost a third of working-age people are now economically inactive.
It’s places like this where they’re bracing for the impact of welfare reform.
‘I practically live off’ personal independence payments, says Holly
A group of young people meet here in a local park, before the government unveiled its benefit crackdown designed to save £5bn. They’re among the UK’s almost a million so-called NEETS – people aged 16-24 not in employment, education or training.
Holly, 17, had to drop out of college for having too much time off and explained she has a long-term condition that makes her sick, as well as autism and ADHD.
“I’m still living with my parents but I’m also on PIP,” she says.
She’s concerned that the government is tightening eligibility for PIP – personal independence payments – as part of cuts to sickness and disability benefits.
“It shouldn’t happen because I practically live off of it,” she says. “I use it to get around – transport – because I struggle to get buses and trains and stuff so I get Ubers a lot which can be quite pricey.”
It’s places like Ashfield, in Nottinghamshire, that are bracing for the government’s welfare reforms
She accepts that as a PIP claimant, she can work and says she’s been looking for jobs. “I do want to work,” she insists.
“It’s just the fact that I don’t know if I could work full time with it, and because I’m off sick a lot, I just don’t know if I’d be able to hold a job.”
It’s that concern that’s led her to pursue another option.
“I’m working on getting a fit note at the moment,” she says, referring to a note from her doctor that could lead to her being signed off.
‘Because I’m off sick a lot, I just don’t know if I’d be able to hold a job’
It would mean she’d get more money in benefits – around double the amount a jobseeker receives with no condition to look for work – but she’d then risk losing it if she got a job, a situation she believes is perverse.
“If you have a fit note then it tells you that you cannot work ever – you shouldn’t be looking for a job – which I think is wrong,” she says.
Other young people who are looking for jobs here say when they apply for work they often don’t hear back.
Read more:
The key changes to benefits announced
Further benefit cuts not ruled out
Pippa Carter, the director of the Inspire and Achieve Foundation, which works with more than 200 young people a year, says: “Mental health is the largest barrier with our young people.
“And COVID was an impact as well. They’re just not really able to get out of their rooms. They haven’t got that social confidence.
“And then if you then layer on top of that the benefits and welfare system… if they are signed off sick, for example, with their struggling mental health, they’re then stopped from trying to get employment and take steps forward.”
Pippa Carter tells Sky News young people ‘haven’t got that social confidence’
Many here would welcome a system that gives more help to young people taking their first steps into the workplace.
However, others worry that changes to health-related benefits will push some of society’s most vulnerable people deeper into poverty.
In the centre of Sutton in Ashfield, former care assistant Allison leans on a Zimmer frame as she walks along the high street.
Now 59, she says she was signed off sick with a range of health conditions around 15 years ago and claims PIP.
Recently, life has become a struggle. “We did use a food bank the other day for the first time, so degrading,” she says.
Allison, almost 60, is afraid a cut to benefits would force her to use food banks ‘every week’
But she’s afraid that cuts to benefits would force her to rely on it.
“I’d be going there every week, I’d have to because I wouldn’t be able to survive.”
Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.
On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post.
The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added.
Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post.
“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.
In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report.
More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.
Related: Crypto hacks top $1.6B in Q1 2025 — PeckShield
Unique DeFi lending model
Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.
It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph.
Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.
Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs.
The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.
Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22
United States Senator Jon Ossoff expressed support for impeaching President Donald Trump during an April 25 town hall, citing the President’s plan to host a private dinner for top Official Trump memecoin holders.
“I mean, I saw just 48 hours ago, he is granting audiences to people who buy his meme coin,” said Ossoff, a Democrat, according to a report by NBC News.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”
Senator Ossoff said he “strongly” supports impeachment proceedings during a town hall in the state of Georgia, where he is running for reelection to the Senate.
The Senator added that an impeachment is unlikely unless the Democratic Party gains control of Congress during the US midterm elections in 2026. Trump’s own Republican Party currently has a majority in both the House of Representatives and the Senate.
Related: US lawmaker says TRUMP coin could risk national security
Conflicts of interest
On April 23, the Official Trump (TRUMP) memecoin’s website announced plans for Trump to host an exclusive dinner at his Washington, DC golf club with the top 220 TRUMP holders.
The website subsequently posted a leaderboard tracking top TRUMP wallets and a link to register for the event. The TRUMP token’s price has gained more than 50% since the announcement, according to data from CoinMarketCap.
The specific guest list is unclear, but the memecoin’s website states that applicants must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and cannot bring any additional guests.
On April 25, the team behind TRUMP denied social media rumors that TRUMP holders need at least $300,000 to participate in an upcoming dinner with the president.
“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” they wrote.
Legal experts told Cointelegraph that Trump’s cryptocurrency ventures, including the TRUMP memecoin and Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial, raise significant concerns about potential conflicts of interest.
“Within just a couple of days of him taking office, he’s signed a number of executive orders that are significantly going to affect the way that our crypto and digital assets industry works,” Charlyn Ho of law firm Rikka told Cointelegraph in February.
“So if he has a personal pecuniary benefit arising from his own policies, that’s a conflict of interest.”
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.
Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”
However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:
“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”
“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.
Related: Trump fought the bond market, the bond market won: Saifedean Ammous
Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.
Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.
The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.
Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor
“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.
“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.
Crypto investors may have “maxed out on tariff-related fears”
Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.
“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:
“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”
“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.
Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.
The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.
Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8
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