The Daily Digest Powered by XT.COM: 2025.04.09 Edition
Key Takeaways
- – Powell’s Quiet Pivot Signals Return of QE: Under growing fiscal pressure, the Fed is now dialing back QT and preparing to support Treasury markets—potentially reigniting crypto’s next bull run.
- – Trump’s Tariff Tsunami Shakes Global Markets: The 104% tariff shock sent equities, Treasuries, and currencies reeling, with ripple effects still unfolding across Asia, Europe, and beyond.
- – VCs Are Undervaluing Protocols in Favor of Chains: An overemphasis on new blockchains is starving vital DeFi protocols of funding—risking innovation bottlenecks and ecosystem fragility.
- – Ethereum Inches Toward Statelessness: EIP-2935 quietly marks a major architectural step for Ethereum, enabling better performance for light clients and bridging systems without compromising decentralization.
April 9 wasn’t just another Wednesday—it was a wake-up call for global markets. President Trump’s shock 104% tariff hike lit a fuse under equities, currencies, commodities, and even crypto, dragging everything into a fresh wave of volatility. Whether you’re a traditional investor, a crypto degen, or somewhere in between, this week’s macro moves were impossible to ignore. From Treasury fire sales to Bitcoin dips and central bankers quietly sweating in the background, this is a moment where headlines meet history. In this week’s report, we break down the ripple effects, from Wall Street to Web3, so you’re not just watching the chaos—you’re understanding it.
Table of Contents
Macro Overview
Global markets were rocked again this week as President Trump’s latest tariff hike—raising levies on Chinese imports to a historic 104%—sent shockwaves through equities, bonds, and commodities. European stocks plunged more than 3%, and U.S. futures reflected the turmoil: S&P 500 futures slipped 0.1%, Dow futures dropped 0.4%, while the Nasdaq 100 managed a modest 0.3% rebound. The message? The trade war isn’t just back—it’s boiling over.
S&P 500 Futures Image Credit: TradingView
Investors scrambled to reposition as fears of a U.S. recession mounted. JPMorgan and Goldman Sachs raised red flags, warning that the tariff-fueled inflation shock could tie the Fed’s hands just when rate cuts might be needed. Meanwhile, voices like Ray Dalio are calling this moment a potential “once-in-a-lifetime” breakdown of global order—monetary, political, and geopolitical.
There were glimmers of hope mid-day Tuesday when China signaled it was open to dialogue, helping U.S. futures briefly turn green and trimming some bond losses. But with both sides digging in, uncertainty reigns. China’s restraint—for now—provided markets with a sliver of relief, especially as Beijing refrained from immediate retaliation and allowed the yuan to strengthen slightly.
Currency traders sought refuge in the yen and euro, while the dollar weakened for a second day. Oil prices dropped to a four-year low, while gold surged to $3,050 an ounce as traders piled into safe-haven assets.
The bond market, once seen as a global bedrock, is now showing cracks. The 10-year Treasury yield surged to 4.37%, and liquidity across major markets is thinning. While there are few signs of outright panic, the mood is tense. Market plumbing is being tested, and everyone’s watching for what might break next.
Bottom line? The trade war is rewriting the global playbook. Markets are still functioning—but confidence is fraying at the edges
Crypto Price Overview
The crypto markets stumbled on April 9, weighed down by global jitters over Trump’s tariff escalation and a broader risk-off mood across financial markets. While not a total meltdown, the day was marked by red candles, shaky investor confidence, and some critical support levels being tested. Let’s break it down.
Bitcoin (BTC): Holding On—But Barely
Bitcoin price flirted dangerously close to the edge, dipping to an intraday low of $74,772 before clawing back to around $77,183, still down 2.46% on the day. While $80K remains a stubborn resistance point, the real question now is whether BTC price can defend its psychological floor at $74K. Traders are cautious, and with macro pressure mounting, even Bitcoin’s usual resilience is being stress-tested.
BTC/USDT Image Credit: TradingView
Ethereum (ETH): Leading the Pullback
Ethereum price didn’t fare much better. In fact, it took a steeper dive, dropping over 5.6% to hover around $1,473. Just days ago, ETH price showed signs of recovery, but those hopes were dashed as macro fears dragged it back below key levels. If ETH fails to hold the $1,400 range, more pain could follow—especially with whale sell-offs and liquidity fragmentation continuing to weigh on sentiment.
ETH/USDT Image Credit: TradingView
Other Movers to Watch:
- – BNB: Slipped to $555.43, down 0.28%, showing relative stability as Binance’s on-chain activity stays steady.
- – XRP: Dropped 1.61% to $1.83, cooling off after last week’s ETF hype.
- – Cardano (ADA): Fell 1.25% to $0.573, with staking activity keeping some investor faith alive.
- – Solana (SOL): Lost 0.82%, trading at $106.93, as developers continue to push updates despite network hiccups.
Overall market cap shrank to $2.43 trillion, a 3.8% drop on the day. The mood? Still fearful. While the fundamentals haven’t changed overnight, the macro environment has made crypto’s usual volatility feel just a little heavier.
Image Credit: CoinStats
Top Macro News
Trump’s Tariff Tsunami Hits: 104% and Rising
President Trump’s trade war just cranked up to historic levels. As of Wednesday, tariffs on Chinese goods soared to a jaw-dropping 104%, with new levies slapped on over 60 other trade partners. Trump calls it a “win for American workers,” but markets aren’t buying it. Investors are bracing for ripple effects: higher prices, slower growth, and a potential global trade meltdown. Countries like Canada and the EU are already retaliating, while others rush to Washington for backdoor deals. The mood? Tense, uncertain, and full of side-eye.
Treasuries Tank: Is the Safe Haven Cracking?
U.S. government bonds—the go-to during tough times—are now part of the chaos. Yields on 30-year Treasuries surged as much as 25 basis points, their biggest spike since the pandemic panic days. Why? A mix of tariff-induced inflation fears, foreign selling, and a sudden rush to cash. The bond market’s message is loud and clear: the old rules of safety don’t apply in a world where geopolitics and economics are crashing into each other.
China Plays It Cool with a Controlled Yuan Dip
While Trump turns up the heat, China’s taking a more subtle approach. The People’s Bank of China let the yuan slide—but not too much. State banks stepped in to stabilize the currency, signaling Beijing’s intent to manage the fallout without triggering panic. It’s a tightrope walk: keep exports competitive without eroding global trust in the yuan. So far, the strategy seems to be working, but markets are watching every tick for signs of strain.
Ray Dalio Says: This Isn’t Just Tariffs—It’s a Global Reset
Legendary investor Ray Dalio is looking past the headlines and warning of something much bigger: a once-in-a-generation breakdown of the global order. In a widely shared post, he says we’re witnessing the collapse of monetary stability, geopolitical trust, and even democracy itself. Massive debt, rising autocracy, and a move from cooperation to confrontation—Dalio thinks the world is headed into uncharted waters. His advice? Zoom out and prepare for a new economic playbook.
Top Crypto News
Ripple Goes Big: Acquires Hidden Road for $1.25 Billion
Ripple just made one of the boldest moves in crypto M&A history. The blockchain payments giant announced a $1.25 billion acquisition of Hidden Road, a key player in multi-asset prime brokerage services. This deal isn’t just about expansion—it’s about positioning. With U.S. regulatory uncertainty finally easing, Ripple is leaning into institutional growth. CEO Brad Garlinghouse called the timing “perfect,” as the company aims to bridge crypto with traditional finance at scale.
BlackRock Taps Anchorage Digital for Crypto Custody
Anchorage Digital has officially joined the big leagues. It’s now the digital asset custodian for BlackRock, the world’s largest asset manager. The move is tied to BlackRock’s growing tokenized treasury fund, BUIDL, which is backed by U.S. Treasuries and already pushing $2 billion in assets. Anchorage, the only federally chartered crypto bank in the U.S., will handle not just custody but also staking and settlement services—further proof that TradFi and DeFi are getting cozier by the day.
SUI ETF in the Works? CBOE Files on Behalf of Canary
Another day, another ETF proposal—but this one’s a first. The Cboe BZX Exchange has filed to list a SUI ETF, marking what could be the first exchange-traded fund tied to the native token of the Sui Network. Filed on behalf of asset manager Canary, the product signals rising institutional appetite for broader exposure beyond just Bitcoin and Ethereum. If approved, the SUI ETF would join a growing list of altcoin-backed investment vehicles knocking on the SEC’s door.
a16z Eyes $20 Billion Megafund—With an AI Twist
Venture powerhouse Andreessen Horowitz (a16z) is planning to raise a massive $20 billion fund, and it’s all about artificial intelligence. This would be a16z’s biggest raise to date, focused specifically on growth-stage AI companies. With portfolio stars like xAI, Databricks, and OpenAI already under its belt, the firm is doubling down on what it sees as the next frontier—not just in tech, but in the evolution of the internet itself.
Must-Read Web3 Articles
Arthur Hayes Unleashes Satirical Fury on the Fed
In a wildly creative essay titled The BBC, former BitMEX CEO Arthur Hayes blends satire and macro analysis to critique Jerome Powell’s recent pivot toward renewed quantitative easing (QE). Through a fictional therapy session between Powell and a Jungian analyst, Hayes dramatizes Powell’s submission to fiscal dominance under Treasury Secretary Scott Bessent. The core message? The Fed is effectively cornered. To fund Trump’s aggressive fiscal agenda and keep bond markets afloat, QE is back—whether the Fed likes it or not. Hayes argues this liquidity surge is rocket fuel for Bitcoin, projecting a path toward $250K if the “Powell pivot” holds.
Dive-in: https://cryptohayes.substack.com/p/the-bbc
VC Obsession with Blockchains Is Stalling Real Innovation
Anthony DeMartino’s Are VCs Limiting Crypto’s Future? shines a spotlight on a critical misallocation in crypto VC funding. While flashy new Layer 1 and Layer 2 chains get billion-dollar valuations, the actual protocols—like lending platforms, DEXs, and bridges—struggle for support. This has led to ecosystems riddled with half-baked infrastructure and insecure forks. DeMartino calls for rebalancing priorities: fund the builders, not just the chain wrappers.
Dive-in: https://medium.com/@anthonydemartino/are-vcs-limiting-cryptos-future-04d3b662aef9
EIP-2935: A Step Toward Stateless Ethereum
Yiğit Yektin breaks down the technical brilliance behind EIP-2935, a proposal that helps Ethereum shift closer to stateless architecture by storing the last 8,192 block hashes in a dedicated contract. This change enhances efficiency for light clients, improves oracle accuracy, and makes cross-chain bridges more seamless. While it’s a behind-the-scenes upgrade, it’s foundational for Ethereum’s scalability and long-term decentralization.
Dive-in: https://research.2077.xyz/eip-2935-a-step-to-achieving-stateless-execution
Crypto Twitter Buzz
This week on Crypto Twitter, the energy was all about user empowerment, fresh experiments, and sharp alpha.
🧪 Gamified Identity: DeeLabs’ Soul System
DeeLabs launched their “mint-to-reveal” Soul System, where holders earn XP and unlock NFTs based on their on-chain choices. Gamified UX meets community engagement.
Jump-to-Tweet: 👉 https://x.com/deelabsxyz/status/1907062976378442008
📊 Solana’s DEX Advantage
Delphi Digital broke down Solana’s DEX dominance, highlighting its unique blend of speed and scalability that’s driving massive user retention.
Jump-to-Tweet: 👉 https://x.com/Delphi_Digital/status/1908184738483040698
🧠 DeFi Real Yields Explained
@Defi0xJeff offered a must-read thread on real yields in DeFi—how to spot them, how they work, and why they matter in a post-incentive era.
Jump-to-Tweet: 👉 https://x.com/Defi0xJeff/status/1907101785791365343
💬 Web3 Social Gets Real
@0xMrDiaz gave a breakdown of Web3 social platforms and what could finally make crypto-native networks go mainstream.
Jump-to-Tweet: 👉 https://x.com/0xMrDiaz/status/1906649524095082708
🧵 Luca Netz on Brand Building
Luca Netz dropped a candid 25-tweet reflection on what it really takes to build a winning Web3 consumer brand.
Jump-to-Tweet: 👉 https://x.com/LucaNetz/status/1906099012324749823
Conclusion
The market’s mood this week can be summed up in one word: edge. Whether it’s the equity selloff sparked by Trump’s tariff nuke, the shattering of confidence in Treasuries, or the dip in digital assets, global investors are feeling the weight of geopolitical pressure and economic recalibration. And while China’s restraint and Powell’s pivot offer brief moments of calm, the bigger picture points to a world rewriting the rules in real-time.
But here’s the flip side: change creates opportunity. Arthur Hayes sees a Bitcoin rally brewing under the surface. Ethereum developers are quietly laying groundwork for a more scalable future. And venture capital, despite its recent misfires, is still fueling innovation—albeit unevenly.
In this evolving macro-meets-Web3 moment, those who can keep their cool and think long-term may find themselves not just surviving—but thriving. So stay sharp, stay curious, and as always, don’t just follow the trend—understand the context.
Disclaimer: Everything in this article reflects the personal views of the author and does not represent the opinions of XT.COM. The content is for informational purposes only and should not be considered financial advice. Always do your own research.
Quick Links:
- – April Economic Calendar for Crypto Traders
- – Trade War & the Emergence of a Crypto Strategic Reserve: What to Expect
- – Top 9 Crypto Narratives Shaping 2025: AI, DeFi, Tokenization, and More
- – Beyond the Candlesticks: How On-Chain & Macro Factors Drive Bitcoin’s Growth
- – Ethereum Pectra Upgrade Breakdown: Account Abstraction, Staking, and More
- – Monad Blockchain Explained: A Faster, Scalable Alternative to Ethereum
About XT.COM
Founded in 2018, XT.COM now serves nearly 7.8 million registered users, over 1,000,000+ monthly active users and 40+ million users in the ecosystem. Our comprehensive trading platform supports 800+ high-quality tokens and 1000+ trading pairs. XT.COM crypto exchange supports a rich variety of trading, such as spot trading, margin trading, and futures trading together with an aggregated NFT marketplace. Our platform strives to cater to our large user base by providing a secure, trusted and intuitive trading experience.
О нас
Продукт
Поддержка
Cервисы
Свяжитесь с Нами
© 2018-2025 XT.COM. Все права защищены. | Пользовательское соглашение | Защита & Условия