Key Takeaways
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Market Environment: U.S. March inflation cooled more than expected, recording the lowest year-on-year growth rate in four years. However, the risk of escalating tariff wars overshadowed the positive inflation data, with market panic regaining dominance. U.S. assets faced a broad sell-off, with stocks, bonds, and currencies all closing lower. Bitcoin fell in sync, dropping 3.63%.
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Regulatory Trends The U.S. continues advancing crypto-friendly regulations: 1) The SEC has mandated enhanced token disclosures from crypto projects, potentially adopting stock market-style reporting standards; 2) President Trump signed the first cryptocurrency bill into law, eliminating IRS DeFi broker regulations to actively embrace DeFi innovation.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,268.06 | -3.46% |
| NASDAQ | 18,343.57 | -4.19% |
| BTC | 79,602.90 | -3.63% |
| ETH | 1,552.48 | -8.79% |
Crypto Market Fear & Greed Index: 25 (39, 24 hours ago), level: Extreme Fear
Macro Economy
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U.S. March CPI rose 2.4% YoY, below market expectations; markets nearly fully priced in a Fed rate cut in June.
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The EU considers suspending its U.S. tariff countermeasures for 90 days starting April 15.
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The U.S. House passed a budget, clearing the way for Trump's tax cuts and debt ceiling increase.
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Yellen: The possibility of a U.S. recession has risen.
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Spot gold broke through $3,200 for the first time, hitting another all-time high.
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Trump: Plans to use tariff revenue to repay debt.
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Fed's Goolsbee: The threshold for policy changes at the Fed remains quite high.
Industry Highlights
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U.S. SEC issued new guidance requiring crypto projects to enhance token disclosures.
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Trump signed the first crypto bill, repealing the IRS DeFi broker rules.
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U.S. SEC dropped charges against Nova Labs for "selling unregistered securities."
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U.S. SEC officially accepted Fidelity's Solana ETF listing application.
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Hong Kong established a Digital Asset Alliance, with members including the Hong Kong Web 3.0 Association and six other institutions.
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New Hampshire House passed a Bitcoin reserve bill.
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DWF Labs launched a $250 million liquidity fund, now open for applications from mid-to-large cap token projects.
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Silk Road founder Ross Ulbricht will make his first public appearance at the Las Vegas Bitcoin Conference.
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MEV bots front-ran the Wayfinder PROMPT airdrop; TokenTable paused the process and promised compensation.
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Bitcoin staking protocol Babylon launched its Genesis mainnet.
Project Highlights
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Trending Tokens: BABY, XCN, GAS
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BABY: Bitcoin ecosystem token BABY debuted with high volatility, currently with a circulating market cap of ~$180M.
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ME: Magic Eden announced the acquisition of decentralized trading platform Slingshot.
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AVAX: VanEck submitted an Avalanche ETF application to the SEC.
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GAS: Trading volume concentrated in Korean capital, with contract funding rates hitting lower limits, triggering a short squeeze rally.
Weekly Outlook
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April 11: U.S. March PPI data; U.S. SEC's second crypto regulation roundtable; U.S. April one-year inflation expectation (preliminary); U.S. April Michigan Consumer Sentiment Index (preliminary).
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