BTC is currently trading around $78,300 and ETH around $1,550. Notable gainers in the last 24 hours are HYPE, DEXE and OM. The global crypto market cap is $2.58T, down 1.7% over the last day. DeFi Total Value Locked is ~$88b and BTC dominance is around 63%.
Equity markets and crypto continue to plummet as Trump pledged over the weekend to hold steadfast to his tariffs, downplaying the market impact and focusing on the potential benefit for the US. Asian stocks were hit particularly hard with the Hang Seng falling 13% and the Shanghai Composite closing 7% lower, though the FTSE and DAX were not spared and each fell 4% on the day. Meanwhile, BTC and ETH are down 7% and 15% from Friday’s close, and there were nearly $1.6b of liquidations in just the last 24 hours.
The tariff situation remains fluid and uncertain. For example, while Europe and Japan are reportedly ready to negotiate on tariffs, the situation appears to be escalating with China after China announced large retaliatory tariffs and Trump responded by threatening additional tariffs. Fed policy also remains unclear, with Chair Powell stating last week that the Fed will not cut interest rates until the impact of the tariffs is better understood, but the Fed holding a closed board meeting today and JP Morgan suggesting that the Fed may cut rates prior to its next meeting. Looking ahead, the markets will focus on any positive or negative tariff-related news and will closely watch Wednesday when the bulk of Trump’s reciprocal tariffs go into effect. In addition, investors will also watch the US CPI and PPI inflation reports on Thursday and Friday, respectively, for clues around what the Fed may be able to do, as well as the University of Michigan Consumer Sentiment Index on Friday.
Notable news includes: acting US SEC chair Uyeda directed SEC staff to reassess several staff statements regarding crypto, including guidance on applying the Howey test to digital assets; the US SEC released a statement saying it doesn’t consider ‘covered’ stablecoins securities; Hong Kong’s Securities and Futures Commissioned officially allowed licensed virtual asset trading platforms and ETFs to offer staking services; South Korea’s National Pension Service announced it will explore using blockchain infrastructure to enhance transparency and security in fund transactions; Pakistan’s recently formed Crypto Council appointed former Binance CEO and Founder Changpeng Zhao as an advisor; Circle, eToro and a few other crypto-adjacent firms are reportedly postponing their IPO plans given current macro conditions; Tether revealed it is considering launching a US-based stablecoin geared for institutional clients as regulation advances; Mantra announced the launch of a $108m fund aimed at fostering the growth of the chain’s RWA ecosystem; the Aave DAO green-lit a $1m weekly token buyback program, starting on April 9th, as part of a broader plan to strengthen Aave’s tokenomics; and, Eigenlayer announced it will enable stake slashing on its mainnet on April 17.
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Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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