Key Takeaways
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Market Environment: U.S. ADP employment rose more than expected in March, pushing U.S. stocks and Bitcoin higher ahead of Trump's tariff announcement. Trump's speech began by indicating a 10% baseline tariff, and the market assumed all reciprocal tariffs would be 10%, with risk assets all trending higher, with Bitcoin even spiking to $88,000 at one point. However, market sentiment took a sharp turn for the worse when specific tariff charts showed tariffs far exceeding expectations. U.S. stocks dived after the bell and Bitcoin fell to near $82,000. Crypto market sentiment has turned to extreme fear once again, with Bitcoin dominance on a 6-gain streak and no hot trends in the torrents.
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Market Highlights: Justin Sun claimed that FDUSD's issuer was insolvent, causing FDUSD to depeg to $0.87. Binance and FDUSD’s issuer refuted this, stating they maintain full solvency backed by audit reports, leading to a partial recovery in FDUSD’s peg. The conflicting narratives sparked market turmoil.
Major Assets Changes
| Index | Value | % Change |
| S&P 500 | 5,670.98 | +0.67% |
| NASDAQ | 19,581.78 | +0.75% |
| BTC | 82,513.40 | -3.10% |
| ETH | 1,794.92 | -5.79% |
Crypto Fear & Greed Index: 25 (44 a day earlier), indicating "Extreme Fear."
Macro Economy
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Trump declared a national emergency, imposing comprehensive tariffs with a 10% "baseline minimum tariff," while higher rates apply to nations with the largest trade deficits with the U.S.
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White House: Baseline tariffs take effect at midnight on April 5, with reciprocal tariffs following at midnight on April 9.
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U.S. March ADP employment: Increased by 155K, surpassing prior and forecasted figures.
Industry Highlights
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Fidelity launched a retirement plan allowing direct crypto investments (BTC, ETH, LTC).
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VanEck registered a BNB ETF in Delaware.
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Franklin Templeton plans to introduce Bitcoin and crypto ETPs in Europe.
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Galaxy Digital secured a U.K. derivatives trading license.
- CoinDesk reported: CoinDesk Article: Sun Yuchen Fills $456 Million Funding Shortfall for TUSD; Justin Sun Posts Article Saying FDUSD Issuer Is Insolvent, Unable to Meet Redemption Obligations and Suspected of Fraud, Calls on Hong Kong Regulators to Take Decisive Measures; FDUSD Rapidly Drops Off Anchor to 0.883; FDUSD Issuer Responds, Says Justin Sun Posted False Statements. Company has full solvency; Binance releases FDUSD audit report confirming full support by 1:1 USD
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BNB Chain announced: KILO, MUBARAK, BROCCOLI714, TUT, and BANANAS31 as the first winners of its $100M liquidity incentive program.
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Circle paid Binance $60.25M for a two-year USDC promotion deal, contingent on Binance holding ≥1.5B USDC.
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DTCC unveiled a blockchain collateral platform, accelerating financial tokenization.
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Indian listed firm Jerking’s board approved fundraising to purchase Bitcoin.
Project Highlights
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BIGTIME (+16%): Listed on Binance’s second "Vote-to-List" round.
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BANANAS31 (+10%): Awarded BNB Chain liquidity incentives.
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W (+8%): Unusual pre-unlock rally; on April 3, 47.4% of W’s circulating supply (~$117M) unlocks.
Weekly Outlook
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April 3: U.S. March S&P Global Services PMI (final); U.S. March ISM Non-Manufacturing PMI; W token unlock (47.4% of circulating supply, ~$117M).
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April 4: U.S. March Nonfarm Payrolls; Fed Chair Powell’s speech.
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April 6–9: 2025 Hong Kong Web3 Carnival.
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