Uncategorized
Crypto Daybook Americas: Bitcoin Slides to $83K as U.S. Tariffs Rattle Stocks, Currencies

By James Van Straten (All times ET unless indicated otherwise)
Liberation Day is done, and markets finally have clarity on U.S. tariffs. Starting April 5, all U.S. trading partners will face a minimum of a 10% import tariff, with higher, country-specific tariffs kicking in on April 9 for about 60 countries.
President Donald Trump introduced the tariffs based on perceived trade imbalances and non-tariff barriers, saying the goal is to encourage reshoring of production, generate revenue to help fund tax cuts and level the playing field for U.S. manufacturers.
Among the most affected countries is China, which faces a new 34% tariff on top the existing levy, bringing its total to 54%. Many other Asian economies have also been hit hard, while the European Union faces a 20% tariff.
There’s been growing interest in how the U.S. determined the tariff rates, which the administration called reciprocal. One user on X claims to have cracked the formula: Take a country’s trade deficit with the U.S. and divide it by that country’s exports to the U.S.
For example, Vietnam exports $136.6 billion to the U.S. and imports just $13.1 billion, resulting in a $123.5 billion trade deficit. When you divide the deficit by exports, you get about 90%, which aligns with the implied reciprocal tariff rate the U.S. has applied.
Global stocks are under pressure, with the Nikkei 225 losing 2.8% after dropping as much as 4.6% and the FTSE 100 losing more than 1%. Nasdaq futures are down over 3.5%. Vietnam led losses in Asia, falling 5.5% in its worst single-day drop for over four years.
The dollar weakened too, with the yen rallying to 147 against the U.S. currency and the pound to 1.31. The dollar index (DXY) fell to 102.5. Bitcoin (BTC) remains firm above $83,000, though still below its 200-day moving average of $86,400 — a key level it needs to reclaim.
The all-important U.S. 10-year Treasury yield is hovering just above 4%, the lowest level since October, which is seen as a positive for the administration in order to get interest-rates down. Stay alert!
What to Watch
Crypto:
April 5: The purported birthday of Satoshi Nakamoto.
April 9, 10:00 a.m.: U.S. House Financial Services Committee hearing about how the U.S. securities laws could be updated to take into account digital assets. Livestream link.
Macro
April 3, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended March 29.
Initial Jobless Claims Est. 225K vs. Prev. 224K
April 3, 9:00 a.m.: S&P Global releases Brazil March purchasing managers’ index (PMI) data.
Composite PMI Prev. 51.2
Services PMI Prev. 50.6
April 3, 9:30 a.m.: S&P Global releases Canada March purchasing managers’ index (PMI) data.
Composite PMI Prev. 46.8
Services PMI Prev. 46.6
April 3, 9:45 a.m.: S&P Global releases (Final) U.S. March purchasing managers’ index (PMI) data.
Composite PMI Est. 53.5 vs. Prev. 51.6
Services PMI Est. 54.3 vs. Prev. 51
April 3, 10:00 a.m.: Institute for Supply Management (ISM) releases U.S. March economic activity data.
Services PMI Est. 53 vs. Prev. 53.5
April 3, 10:00 a.m.: April 3, 10:00 a.m.: The U.S. Senate Banking Committee will meet in executive session to vote on the nominations of Paul Atkins as SEC chair and Jonathan Gould as comptroller of the currency. Livestream link.
April 3, 12:30 p.m.: Fed Vice Chair Philip N. Jefferson will give a speech titled “U.S. Economic Outlook and Central Bank Communications.” Livestream link.
April 4, 8:30 a.m.: Statistics Canada releases March employment data.
Unemployment Rate Est. 6.7% vs. Prev. 6.6%
April 4, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases March employment data.
Nonfarm Payrolls Est. 140K vs. Prev. 151K
Unemployment Rate Est. 4.1% vs. Prev. 4.1%
April 4, 11:25 a.m.: Fed Chair Jerome H. Powell will give a speech titled “Economic Outlook.”
April 5, 12:01 a.m.: The Trump administration’s 10% baseline tariff on imports from all countries takes effect.
April 9, 12:01 a.m.: The Trump administration’s higher individualized tariffs on imports from top U.S. trade deficit countries take effect.
Earnings (Estimates based on FactSet data)
No earnings scheduled.
Token Events
Governance votes & calls
Yearn DAO is discussing a revised proposal to endorse and fund “Bearn,” a new sub-DAO for building DeFi products including a yield-backed stablecoin and a BGT liquid locker. The proposal seeks $200,000 for audit costs and $1 million in locked liquidity, offering 5% of BEARN tokens to the Yearn Treasury in return.
Lido DAO is discussing the re-endorsement of wstETH on Starknet as the canonical bridge endpoint following a completed migration from the legacy token.
April 3, 9 a.m.: SafePal, Wallet Connect and Trader to host a monthly community livestream discussing monthly updates for the projects.
April 3, 2 p.m.: Arbitrum to host an X Spaces session on real-world assets on Arbitrum.
April 3, 3 p.m.: Movement to host an X Spaces session on non-fungible tokens.
April 3, 12 p.m.: Seamless Protocol, Morpho Labs and Gauntlet to host an Ask Me Anything (AMA) session.
April 3, 12 p.m.: Wormhole to host an ecosystem call covering the latest updates and developments.
April 7, 9 a.m.: OriginTrail to host a “Shaping AI for Good” Zoom talk.
April 7, 4 p.m.: Livepeer to host a monthly community call focused on governance, funding and the strategic direction of its on-chain treasury.
Unlocks
April 3: Wormhole (W) to unlock 47.64% of its circulating supply worth $118.42 million.
April 5: Ethena (ENA) to unlock 3.25% of its circulating supply worth $55.30 million.
April 7: Kaspa (KAS) to unlock 0.59% of its circulating supply worth $9.73 million.
April 9: Movement (MOVE) to unlock 2.04% of its circulating supply worth $19.71 million.
April 12: Aptos (APT) to unlock 1.87% of its circulating supply worth $59.49 million.
Token Listings
April 3: Mantle (MNT), Vine Coin (VINE), CZ’s Dog (BROCCOLI), Moca Network (MOCA) and Nakamoto Games (NAKA) to be listed on DigiFinex.
April 3: Binance to list Gunz (GUN).
April 4: Pintu (PTU), Spartan Protocol (SPARTA), Derby Stars (DSRUN), Veloce (VEXT), BOB, and Kryptonite (SEILOR) to be deslisted from Bybit.
Conferences
CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
Day 2 of 2: Southeast Asia Blockchain Week 2025 Main Conference (Bangkok)
Day 2 of 4: ETH Bucharest Conference & Hackathon (Romania)
Day 1 of 4: BitBlockBoom (Dallas)
April 6-9: Hong Kong Web3 Festival
April 8-10: Paris Blockchain Week
April 10: Bitcoin Educators Unconference (Nashville)
April 15-16: BUIDL Asia 2025 (Seoul)
April 22-24: Money20/20 Asia (Bangkok)
April 23: Crypto Horizons 2025 (Dubai)
April 23-24: Blockchain Forum 2025 (Moscow)
April 24: Bitwise’s Investor Day for Bitcoin Standard Corporations (New York)
Token Talk
By Shaurya Malwa
Treasure DAO, a decentralized video-game ecosystem, is restructuring to extend its financial runway to February 2026, with chief contributor John Patten resuming a leadership role and proposing a plan to streamline operations, cut costs, and focus on four key products: marketplace, Bridgeworld, Smolworld and AI agent.
As part of cost-cutting measures, 15 contributors have left or been laid off, Patten said in a video posted on X, and game publishing support and the treasure chain will be terminated.
He further proposed withdrawing $785,000 from Flowdesk to increase the DAO’s treasury, which currently holds $2.4 million and 22.3 million MAGIC tokens valued at $2.3 million.
Patten warned that with the current burn rate of $8.3 million annually and a potential decline in MAGIC’s value, the DAO could become unsustainable between December 2025 and February 2026 without these changes.
Derivatives Positioning
BTC, ETH basis on the CME and offshore exchanges is holding at around an annualized 5% after the overnight sell-off.
XRP, BNB and SOL are seeing negative funding rates in a sign of renewed bias for bearish, short bets, according to data source Velo.
XRM, BTC and OM stand out with positive cumulative volume deltas hinting at net buying in the past 24 hours.
The bearish mood in Deribit’s BTC and ETH options now extends out to the end of June as opposed to May before the U.S. tariff announcement.
Market Movements
BTC is down 2.17% from 4 p.m. ET Wednesday at $83,799.17 (24hrs: -1.62%)
ETH is down 1.93% at $1,844.66 (24hrs: -3.15%)
CoinDesk 20 is down 0.56% at 2,559.88 (24hrs: -0.07%)
Ether CESR Composite Staking Rate is down 8 bps at 3.02%
BTC funding rate is at 0.0047% (5.0983% annualized) on Binance
DXY is down 1.66% at 102.09
Gold is up 0.32% at $3,149.9/oz
Silver is down 4.14% at $33.07/oz
Nikkei 225 closed -2.77% at 34,735.93
Hang Seng closed -1.52% at 22,849.81
FTSE is down 1.33% at 8,494.33
Euro Stoxx 50 is down 2.13% at 5,191.06
DJIA closed on Wednesday +0.56% at 42,225.32
S&P 500 closed +0.67% at 5670.97
Nasdaq closed +0.87% at 17,601.05
S&P/TSX Composite Index closed +1.09% at 25,307.20
S&P 40 Latin America closed +0.3% at 2,448.23
U.S. 10-year Treasury rate is down 7 bps at 4.05%
E-mini S&P 500 futures are down 3.05% at 5,538.00
E-mini Nasdaq-100 futures are down 3.3% at 19,105.25
E-mini Dow Jones Industrial Average Index futures are down 2.53% at 41,416.00
Bitcoin Stats:
BTC Dominance: 62.86 (0.13%)
Ethereum to bitcoin ratio: 0.02176 (0.05%)
Hashrate (seven-day moving average): 835 EH/s
Hashprice (spot): $47.31
Total Fees: 4.43 BTC / $377,634
CME Futures Open Interest: 138,385 BTC
BTC priced in gold: 26.5 oz
BTC vs gold market cap: 7.53%
Technical Analysis
Solana’s SOL token dropped below $125, which acted as demand zone several times last year.
The breakdown of the key support signals continuation of the downtrend, with the next support at $100 followed by $78, the January 2024 low.
Crypto Equities
Strategy (MSTR): closed on Wednesday at $312.54 (+2.13%), down 4.69% at $297.89 in pre-market
Coinbase Global (COIN): closed at $182.95 (+4.83%), down 5.49% at $172.90
Galaxy Digital Holdings (GLXY): closed at C$17.10 (+4.72%)
MARA Holdings (MARA): closed at $12.42 (+4.9%), down 6.28% at $11.64
Riot Platforms (RIOT): closed at $8.02 (+6.37%), down 5.61% at $7.57
Core Scientific (CORZ): closed at $8.42 (+5.25%), down 6.18% at $7.90
CleanSpark (CLSK): closed at $8.02 (+6.08%), down 7.11% at $7.45
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.24 (+4.17%)
Semler Scientific (SMLR): closed at $37.03 (+1.4%)
Exodus Movement (EXOD): closed at $47.33 (+3.73%), down 0.72% at $46.99
ETF Flows
Spot BTC ETFs:
Daily net flow: $218.1 million
Cumulative net flows: $36.33 billion
Total BTC holdings ~ 1.12 million.
Spot ETH ETFs
Daily net flow: -$51.3 million
Cumulative net flows: $2.38 billion
Total ETH holdings ~ 3.42 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Traders on decentralized prediction platform Polymarket now see an above-50% chance of the U.S. economy slipping into a recession this year.
The outlook may weigh on risky assets in the short-term.
While You Were Sleeping
U.S. Recession Odds Surge in Prediction Markets on Tariff Shock. What Next for BTC? (CoinDesk): Recession odds on Kalshi and Polymarket jumped above 50% after the tariff announcement, sending U.S. stock futures and bitcoin lower on trade war fears.
Bitcoin Nears Death Cross, Yuan Tumbles With Asian Markets After Trump Tariffs Put Focus on China’s Response (CoinDesk): Asian equities and U.S. stock futures declined, while bitcoin approached a bearish technical pattern amid escalating trade tensions.
XRP in Focus as RLUSD Sees $100M Minted on Ripple Payments Boost (CoinDesk): Ripple’s RLUSD stablecoin saw increased issuance this week following its addition to the company’s payments platform.
Trump’s ‘Reciprocal’ Tariff Formula Is All About Trade Deficits (Bloomberg): The White House said the individualized reciprocal tariffs were set by halving each country’s 2024 trade surplus with the U.S. as a share of its exports.
EU’s Von Der Leyen Vows Response to Trump’s 20% Tariffs (The Wall Street Journal): Von Der Leyen said the bloc is finalizing a response to steel tariffs and warned further retaliatory measures were in the works if talks with the U.S. fail.
‘Absolutely Nothing Good’ Coming out of Trump’s Tariff Announcement: Analysts React to Latest U.S. Levies (CNBC): Analysts warned Trump’s sweeping tariffs could spark stagflation, damage global growth and drive the U.S. into recession, with some noting the measures rival 1930s-era trade barriers.
China Urges U.S. to Immediately Lift Tariffs, Vows Retaliation (Reuters): China’s Commerce Ministry said the U.S. tariffs ignore past multilateral trade agreements and overlook how much Washington has historically gained from global commerce.
In the Ether
Uncategorized
Bitcoin Poised for Strongest Weekly Gain Since Trump Win as ETFs Gobble $2.7B Inflows

Bitcoin (BTC) continued its spring rally on Friday and is on track for its strongest weekly showing since Trump’s election victory.
The largest and oldest cryptocurrency held around $95,000 during U.S. afternoon hours, up 1.8% over the past 24 hours. Ethereum’s ether (ETH) followed closely, gaining 2% to hover just over $1,800. Sui’s native (SUI), Bitcoin Cash (BCH), and Hedera’s HBAR led gains in the broad-market crypto benchmark CoinDesk 20 Index.
Today’s gains cap an exceptional momentum for crypto markets recovering from the early April lows amid tariff turmoil. BTC is up over 11% since Monday, putting it at its largest weekly gain since November 2024, when Donald Trump clinched the U.S. presidency, kickstarting a broad-market crypto rally.
Read more: Bitcoin Traders Target $95K in Near Term; SUI Continues Multiday Rally
Investor appetite from ETF investors also bounced back strongly: U.S.-listed spot bitcoin ETFs recorded $2.68 billion in net inflows this week so far, the largest since December, according to SoSoValue data. (Friday inflow data will be published later.)
BTC decoupling
Bitcoin’s recent strength relative to U.S. stocks and gold underscores BTC’s decoupling from traditional macro assets, said David Duong, Coinbase Institutional’s global head of research.
«It’s rare to witness market inflection points in real time, as we only tend to recognize major regime shifts with the benefit of time and reflection,» Duong said in a Friday report. «This week’s decoupling of bitcoin’s performance from that of traditional macro assets may be as close as we come to such a moment.»
«In our view, this divergence highlights bitcoin’s maturing role as a store-of-value asset—one that is increasingly being viewed by institutional and retail investors alike as resilient against the macroeconomic forces affecting risk assets more broadly,» he wrote.
Doung noted that the thesis is gaining traction with more companies adopting BTC corporate treasuries. Following the success of Michael Saylor’s Strategy, Twenty One Capital, a new firm backed by Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, also plans to hold 42,000 BTC at launch.
Due in part to recent accumulation, liquidity in the spot BTC market has been «significantly drained,» Dr. Kirill Kretov, lead strategist at trading automation platform CoinPanel, said in a Telegram note. According to the firm’s proprietary blockchain analysis, a large portion of bitcoin liquidity has been withdrawn from actively transacting addresses, including exchanges, since November 2024, exposing markets to volatile price swings.
“The market is thin, vulnerable, and easily moved by large players,» Kretov said. «Sharp swings of 10% up or down are likely to remain the norm for now.»
Bitcoin’s route to fresh records
While the route could be choppy, this week’s rally is likely the early innings of bitcoin’s next leg higher to new records, said John Glover, chief investment officer of crypto lender Ledn.
Based on his technical analysis using Elliott Waves, he said BTC began the fifth and final wave of its multi-year bull market.
Elliott Wave theory suggests asset prices move in predictable patterns called waves, driven by collective investor psychology. These patterns typically unfold in five-wave trends, in which the first, third, and fifth waves are impulsive rallies, while the second and fourth waves are corrective phases.
While retesting this month’s low at $75,000 cannot be ruled out, Glover sees BTC climbing to a cycle top around late 2025, early 2026.
«My expectations continue to be for a rally to $133-$136k into the end of this year, beginning of next,” he said.
Read more: Bitcoin Whales Return in Force, Buy the BTC Price Rally, On-Chain Data Show
Uncategorized
Swiss National Bank Rejects Calls to Add Bitcoin Reserves

The Swiss National Bank has rejected holding bitcoin reserves, citing concerns over cryptocurrency market liquidity and volatility.
«For cryptocurrencies, market liquidity, even if it may seem ok at times, is especially during crises naturally called into question,” said SNB President Martin Schlegel at the bank’s General Assembly meeting Friday.
“Cryptocurrencies also are known for their high volatility, which is a risk for long term value preservation. In short, one can say that cryptocurrencies for the moment do not fulfill the high requirements for our currency reserves.”
Schlegel’s comments were prompted by the Bitcoin Initiative, a bitcoin advocacy group whose research demonstrates that adding bitcoin to Switzerland’s treasury would complement its overall portfolio and yield substantial return with minimal volatility.
Without bitcoin, the Swiss National Bank’s investments grew by about 10% since 2015. A 1% bitcoin allocation to the central bank’s portfolio would have nearly doubled returns over the same period, according to a Bitcoin Initiative portfolio simulation. Annualized volatility would have increased only slightly.
The Bitcoin Initiative emphasized that bitcoin’s volatility should not be evaluated in isolation, but in terms of its influence on the overall dynamics and performance of the investment portfolio.
“[Bitcoin] price reached new highs, it showed resilience under market stress, and it continues to be highly liquid with trading volumes in the double digit billions, every day and night, even on bank holidays,” said Luzius Meisser, a member of the Bitcoin Initiative and board member of Bitcoin Suisse.
“The Bitcoin network remains one of the most reliable and secure IT systems ever created. And most remarkably, the United States has started a strategic bitcoin stockpile.”
In an emailed statement to CoinDesk, the Bitcoin Initiative suggested the Swiss National Bank’s aversion to bitcoin might be political, as it could be perceived as “an expression of distrust towards other currencies” and harm delicate relations between Switzerland and the European Union.
European Central Bank President Christine LaGarde has consistently criticized bitcoin, calling it “worth nothing” and a “highly speculative asset” linked to money laundering. In January, Lagarde said “I’m confident” that “bitcoins will not enter the reserves of any of the central banks of the General Council” of the ECB.
That was in response to comments made by Czech National Bank Governor Ales Michl that his institution was evaluating adding bitcoin to its reserves. LaGarde argued that bitcoin fails to meet the ECB’s criteria for liquidity, security, and safety from criminal associations.
In February, Poland’s central bank ruled out “keeping reserves in bitcoins under any circumstances” and the Romanian central bank warned banks not to issue loans to crypto companies.
Federal Reserve chair Jerome Powell said in December 2024 that the U.S. central bank was “not allowed to own bitcoin” per the Federal Reserve Act and it’s not looking to change the law.
The Swiss National Bank has indirect bitcoin exposure through stocks that own corporate bitcoin treasuries, including 520,000 shares of Strategy, 8.12 million shares of Tesla, 580,000 shares of MARA Holdings, and 500,000 shares of CleanSpark, as of the end of 2024 according to Fintel data.
Schlegel rejected citizen calls to add bitcoin reserves to the Swiss central bank’s coffers as recently as last month. When it comes to technological advancements, Schlegel noted Thursday that the SNB is running a pilot project using central bank digital currencies to facilitate payments between financial institutions.
By contrast, U.S. President Donald Trump signed an executive order this year that establishes a strategic bitcoin reserve and crypto stockpile, along with a Crypto Council that will evaluate budget neutral ways to supplement U.S. digital reserves. The order further prohibits government agencies from creating or promoting a central bank digital currency in the United States out of privacy concerns for citizens.
Uncategorized
CoinDesk Announces Consensus 2026 in Miami

Consensus, one of the leading events in the crypto conference calendar, will take place in Miami, Florida, CoinDesk announced today.
Consensus 2026 will take place May 5-7 at the Miami Beach Convention Center. The first Consensus was in 2015, starting in New York City. The event went virtual during the pandemic lockdown before moving to Austin, Texas in 2022, 2023 and 2024. This February, CoinDesk held its first Consensus in Hong Kong, attracting more than 10,000 attendees.
Consensus 2025, the North American flagship event, will take place in Toronto May 14-16, featuring headline speakers such as Eric Trump, Charles Hoskinson and Sergey Nazarov. Up to 15,000 people are expected, according to the organizers.
«We are excited to announce that the Consensus conference will be relocating to Miami in 2026,” said Michael Lau, Consensus Chairman.
“As a leading tech and crypto hub, Miami provides an exceptional setting for innovation and collaboration. Its vibrant culture, strategic location, and international connectivity make it an ideal destination for participants from around the world.
“The largest industry-wide conference across the Americas, Consensus in Miami will serve as a pivotal meeting point for innovators and leaders, facilitating the most consequential conversations and business opportunities in this thriving metropolis.»
Tickets for Consensus Miami will go on sale during Consensus 2025 in Toronto.
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