Key Takeaways
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Macro Environment: Ongoing uncertainty around tariff tensions continues to weigh on risk assets. U.S. stocks initially rallied to session highs on media reports suggesting potential tariff easing, but later pared gains after Treasury Secretary Besant stated Trump has not proposed unilateral tariff reductions for any major economy, noting a comprehensive trade deal could take 2-3 years and ruling out unilateral concessions.
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Crypto Market: Sentiment remains optimistic, with Bitcoin (+0.26%) moving in sync with equities. ETH/BTC rebounded for a second day ahead of Ethereum’s Pectra upgrade (May 7). Bitcoin’s dominance dipped 0.24% as altcoin sentiment improved slightly.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,375.85 | +1.67% |
| NASDAQ | 16,708.05 | +2.50% |
| BTC | 93,690.30 | +0.26% |
| ETH | 1,795.22 | +2.21% |
Crypto Fear & Greed Index: 63 (72 a day ago), level: Greed
Macro Economy
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WSJ: U.S. may cut tariffs on some Chinese goods by more than half.
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Treasury Sec. Besant: Trump hasn’t proposed unilateral tariff cuts; comprehensive trade deal may take 2-3 years; no unilateral reductions.
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Trump plans partial tariff exemptions for automakers.
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Trump: "Will implement significant tax cuts."
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Fed Beige Book: Economic activity stable, but uncertainty darkens outlook in several regions.
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11 U.S. states sue Trump administration over "illegal" tariff abuse (following California).
Industry Highlights
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SEC Chair Paul Atkins to speak at the next crypto roundtable (April 25).
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Bloomberg: Details on U.S. strategic Bitcoin reserves may emerge in coming weeks.
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Ethereum Mainnet: Pectra upgrade scheduled for May 7.
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U.S. Commerce Secretary’s son partners with SoftBank & Tether to launch a $3B crypto JV, aiming to build a multi-billion-dollar Bitcoin acquisition platform.
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USDT & USDC market caps hit record highs.
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Solana Foundation introduces new validator delegation policies to enhance decentralization.
Project Highlights
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Hot Tokens: TRUMP, SUI
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TRUMP: Trump to host "TRUMP DINNER" for token holders on May 22 in D.C.
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SUI: 21Shares files for SUI ETF in Delaware.
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SEI: Canary registers stakeable SEI ETF.
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MASK: DWF Labs invests $5M in MASK to accelerate decentralized social infrastructure.
Weekly Outlook
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Apr 24: Binance Launchpool lists Initia (INIT); Google earnings.
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Apr 25: SEC’s third crypto roundtable (focus: custody).
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