Key Takeaways
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Market Environment: On the day before the tariff announcement, data performance remained weak, with the labor market cooling and the U.S. ISM Manufacturing Index contracting for the first time this year. U.S. stocks opened lower but closed higher, driven by a rebound in tech stocks. Bitcoin mirrored the stock market rally, briefly surpassing $85,500. Bitcoin dominance extended its gains for the fifth consecutive day, while altcoin market sentiment remained sluggish.
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Market Highlights:
a. Binance adjusted leverage and position tiers for ACT, SATS, PNUT, and other contracts, triggering stop-losses or capitulation among some large holders. ACT plummeted over 60%, sparking heated market discussions.
b. Circle spent $210 million to acquire Coinbase' s stake in Centre Consortium, becoming the sole issuer of USDC.
Major Assets Changes
| Index | Value | % Change |
| S&P 500 | 5,633.06 | +0.38% |
| NASDAQ | 19,436.42 | +0.82% |
| BTC | 85,152.70 | +3.16% |
| ETH | 1,905.15 | +4.55% |
Yesterday' s Crypto Fear & Greed Index: 44 (34 a day earlier), indicating "Fear."
Macro Economy
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U.S. Treasury Secretary: The tariffs announced on Wednesday are set at the highest level, after which countries may take steps to reduce them.
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U.S. March ISM Manufacturing PMI: 49, below previous and expected figures.
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Reserve Bank of Australia: Kept interest rates unchanged, pausing rate-cut plans.
Industry Highlights
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U.S. SEC Crypto Special Unit: Plans to hold four additional meetings in the first half of this year, covering regulatory rules, custody, on-chain asset tokenization, and DeFi.
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BlackRock: Approved by the U.K. Financial Conduct Authority (FCA) to register as a crypto company.
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European Regulators: Warned that relaxed U.S. crypto regulations could increase risks in traditional finance.
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Circle: Filed for an IPO, planning to list on the NYSE.
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Circle: Spent $210 million to acquire Coinbase’s stake in Centre Consortium, becoming the sole issuer of USDC.
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Backpack: Completed the acquisition of FTX EU and will initiate user fund repayments.
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GameStop: Raised $1.5 billion to accumulate BTC.
Project Highlights
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COMP: Upbit' s KRW market added a COMP trading pair, causing COMP' s price to surge nearly 100% briefly.
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GHIBLI: Sam Altman shared another AI-generated image themed around Ghibli.
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Binance: Adjusted leverage and position tiers for ACT, SATS, PNUT, and other contracts, triggering cascading liquidations and sell-offs. Related tokens declined, with ACT dropping over 60%.
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VANA: Announced the launch of the VRC-20 data token standard.
Weekly Outlook
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April 2: Reciprocal tariffs take effect; U.S. March ADP employment data.
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April 3: U.S. March S&P Global Services PMI final reading; U.S. March ISM Non-Manufacturing PMI; W token unlock (47.4% of circulating supply, ~$117 million).
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April 4: U.S. March Nonfarm Payrolls report; Fed Chair Powell’s speech.
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April 6–9: 2025 Hong Kong Web3 Carnival.
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