Key Takeaways
- Market Environment: Strong U.S. non-farm payroll data contrasted with escalating global tariff wars. Powell showed no intention of market intervention, sparking recession fears and triggering a two-day stock market crash—the fourth-largest since WWII and the worst weekly drop since the pandemic. Over the weekend, Trump’s team maintained a hardline stance on tariffs, casting a shadow over global markets on Monday. A "Black Monday" ensued: U.S. stock futures plummeted at the open, Japanese stocks triggered a circuit breaker, and Bitcoin—previously resilient—broke below the $81,200 support level, closing down 6.11%. ETH fell below $1,600, triggering cascading liquidations. The ETH/BTC ratio dropped below 0.02, hitting a five-year low, while Bitcoin dominance surged past 63%, with altcoins broadly declining.
Major Assets Changes
Crypto Fear & Greed Index: 25(34 a day earlier), indicating "Extreme Fear."
Macro Economy
- U.S. March Non-Farm Payrolls: 228K (above expectations).
-
U.S. March Unemployment Rate: 4.2% (higher than forecast).
- Powell:
a. Trump’s tariffs exceed Fed expectations.
b. Tariff impacts may be worse than anticipated; downside risks are rising, but the economy remains strong.
c. Progress toward 2% inflation has slowed; policy adjustments will wait for clearer signals.
d. The Fed maintains expectations for two rate cuts in 2025.
-
U.S. Commerce Secretary: No delay in tariff implementation.
-
JPMorgan raised its 2024 global recession probability to 60%.
-
UNCTAD warned of escalating global trade tensions.
-
Hedge funds recorded their largest single-day sell-off since 2010, nearing Lehman Crisis (2008) levels.
-
U.S. Treasury Secretary Yellen downplayed the market crash as a "short-term reaction."
Industry Highlights
-
SEC issued stablecoin guidance, stating that "regulated stablecoins" are not securities.
-
SEC Chair nominee Paul Atkins passed the Senate Banking Committee vote, advancing to a full Senate vote.
-
South African Revenue Service: Crypto traders must register or face legal consequences.
-
Brazilian court authorized seizing crypto for debt repayment.
-
SEC will hold a second crypto regulation roundtable on April 11.
-
Ethereum’s Pectra upgrade scheduled for May 7.
-
SEC accepted Fidelity’s Solana ETF application.
-
BlackRock met with the SEC’s crypto working group to discuss in-kind ETF redemptions.
-
Trump’s tariffs disrupt U.S. IPO market; Circle (USDC issuer) delayed its IPO.
-
Tether CEO: Considering a new U.S.-registered compliant stablecoin.
-
Brazil’s largest bank, Itaú Unibanco, plans to launch a stablecoin.
-
Cango sold its auto business for $352M to focus on Bitcoin mining.
-
Pump.fun reopened live trading for 5% of users with stricter moderation.
-
U.S. Treasury Secretary: Bitcoin is becoming a store of value.
Project Highlights
-
No major altcoin trends.
-
Cardano Foundation launched Veridian, a digital identity platform.
-
BUZZ founder relinquished ownership; new leadership will drive development.
Weekly Outlook
-
April 7: BNB Chain’s AI Agent Competition concludes.
- April 8: TNSR unlocks 35.86% of circulating supply (~$15.1M).
-
April 9: Trump’s "reciprocal tariffs" take effect. U.S. House hearing on digital asset regulation. SAGA unlocks 118.54% of circulating supply (~$35.1M).
-
April 10: Fed releases March FOMC minutes. U.S. March CPI data. China imposes 34% tariffs on U.S. goods.
-
April 11: U.S. March PPI data. SEC’s second crypto regulation roundtable.
Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
