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Crypto Daybook Americas: Memecoins, AI, DeFi Lead the Rebound as Tariff Concerns Ease
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market consolidated on Wednesday’s tariff pause-spurred price bounce with memecoins, AI and DeFi tokens standing out as the best-performing crypto sub-sectors. Coins including HYPE, HBAR and SHIB led the recovery.
Bullish technical patterns and a sharp overnight pullback in Treasury market volatility, as represented by the MOVE index, suggested further gains are in the offing. The China-sensitive Australian dollar extended Wednesday’s gain, offering positive cues to risk assets. U.S. equity futures, however, did not reflect that optimism, trading more than 1% lower.
Another note of caution showed in derivatives data. LTC, TON, BCH, BNB and PEPE were the only coins with 24-hour growth in open interest, validating price recovery. Open interest in other majors cryptocurrencies, including BTC and ETH, fell, a sign the recovery was mainly led by the unwinding of bearish bets and not fresh bullish positioning.
President Donald Trump’s decision to raise tariffs on China to 125% and reduce others to 10% for 90 days still leaves the U.S. with an average import tax rate of 24% versus 27% before Thursday. That’s still, anti-growth, pro-inflation and anti-risk assets, according to Bloomberg.
In broader crypto market news, the SEC published the 19b-4 filing by Cboe BZX Exchange to list the Fidelity Solana Fund in the Federal Register. That’s said to bring the regulator one step closer to listing the SOL ETF in the U.S.
The minutes of the Federal Reserve’s March meeting showed consensus among policymakers over the risk of the economy entering stagflation, characterized by higher inflation and slower growth, with some members saying «difficult tradeoffs» could lie ahead of the central bank.
The focus today will be on the U.S. consumer price index data for March, which is forecast to have increased by just 0.1% month-on-month, the slowest pace in eight months, according to FXStreet. A soft print may be dismissed as backward-looking, considering the trade war escalated more recently. On the other hand, a hotter-than-expected reading may lift Treasury yields and the dollar. Stay alert!
What to Watch
Crypto
April 10, 10:30 a.m.: Status conference for former Terraform Labs CEO Do Kwon at the U.S. District Court for the Southern District of New York.
April 11, 1 p.m.: U.S. SEC Crypto Task Force Roundtable on «Tailoring Regulation for Crypto Trading» in Washington.
April 17: EigenLayer (EIGEN) activates slashing on Ethereum mainnet, enforcing penalties for operator misconduct.
Macro
April 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March consumer price inflation data.
Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%
Core Inflation Rate YoY Est. 3% vs. Prev. 3.1%
Inflation Rate MoM Est. 0.1% vs. Prev. 0.2%
Inflation Rate YoY Est. 2.6% vs. Prev. 2.8%
April 10, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended April 5.
Initial Jobless Claims Est. 223K vs. Prev. 219K
April 10, 10:00 a.m.: U.S. Senate Banking Committee hearing on the nomination of Michelle Bowman as Federal Reserve Vice Chair for Supervision. Livestream link.
April 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March producer price inflation data.
Core PPI MoM Est. 0.3% vs. Prev. -0.1%
Core PPI YoY Est. 3.6% vs. Prev. 3.4%
PPI MoM Est. 0.2% vs. Prev. 0%
PPI YoY Est. 3.3% vs. Prev. 3.2%
April 14: Salvadoran President Nayib Bukele will join U.S. President Donald Trump at the White House for an official working visit.
Earnings (Estimates based on FactSet data)
April 22: Tesla (TSLA), post-market
April 30: Robinhood Markets (HOOD), post-market
Token Events
Governance votes & calls
Spartan Council is voting on raising the liquidation ratio for SNX solo stakers, with an initial increase to 250% on April 11, then to 500% on April 18 and “high enough to deprecate solo SNX staking” on April 21. Voting ends April 19.
Lido DAO is discussing onboarding credit delegation protocol Twyne into the Lido Alliance. Twyne aims to expand stETH’s use cases and is requesting strategic endorsement, promotional support and technical guidance from Lido.
April 10, 10 a.m.: Hedera to host a community call discussing the HBR Foundation joining ERC3643, the non-profit’s standards, and the Header Asset Tokenization Studio.
April 11, 3 p.m.: Zcash to host a town hall on lockbox distribution & governance.
April 14, 10 a.m.: Stacks to host a livestream with recent announcements from the project.
Unlocks
April 10: Internet Computer (ICP) to unlock 0.57% of its circulating supply worth $13.54 million.
April 12: Aptos (APT) to unlock 1.87% of its circulating supply worth $51.69 million.
April 12: Axie Infinity (AXS) to unlock 5.68% of its circulating supply worth $21.73 million.
April 15: Starknet (STRK) to unlock 4.37% of its circulating supply worth $16.71 million.
April 16: Arbitrum (ARB) to unlock 2.01% of its circulating supply worth $26.27 million.
April 18: Official Trump (TRUMP) to unlock 20.25% of its circulating supply worth $324.35 million.
Token Launches
April 10: Stacks (STX) to be listed on Bitfinex.
April 10: Streamr (DATA) to be listed on Binance.US.
April 10: Babylon (BABY) to be listed on Binance, Bitget, Bybit, Bitrue, KuCoin, OKX, and others.
April 10: Ren (REN), KonPay (KON) and Symbol (XYM) to be delisted from Bybit.
April 22: Hyperlane to airdrop its HYPER tokens.
Conferences:
Day 3 of 3: Paris Blockchain Week
Day 2 of 2: FIBE Fintech Festival Berlin 2025
Day 2 of 2: Mexico Finance & Fintech Summit 2025 (Mexico City)
Day 2 of 2: Middle East Resilient Banking and Payments Symposium 2025 (Abu Dhabi)
April 10: Bitcoin Educators Unconference (Nashville)
April 10: FinXtex Malaysia 2025 (Kuala Lumpur)
April 10: Institutional Crypto Conference (New York)
April 10: SheFi Sumit 2025 (Seoul)
Day 1 of 2: BITE-CON 2025 Conference (Miami)
Day 1 of 2: 2025 Fintech and Financial Institutions Research Conference (Philadelphia)
April 11-12: Strategy’s OPNEXT Conference (Tysons, Va.)
April 12: Ethereum Argentina (Córdoba)
April 12-13: DeSci London 2025
Token Talk
By Shaurya Malwa
DeFi-focused upstart Berachain has recorded net outflows of $320 million in the past week, the most among all networks, followed by Arbitrum with just $30 million in exits.
Berachain’s daily active users dropped from a high of 630,000 on March 3, according to TokenTerminal, to just over 300,000 as of April 8.
The network’s BERA token is down 40% in a week, shrinking its market cap to $465 million and fully diluted value to $2.1 billion. It got a 12% lift on Thursday after Trump’s 90-day tariff pause, but it’s still a far cry from good news.
Total value locked is down 23% to $2.7 billion from a peak of $3.5 billion on March 26, DefiLlama data shows. Still, the blockchain enjoys a cult following and is hyped among retail traders making it one to watch when market conditions improve.
Meanwhile, Ethereum layer-2 Base, backed by Coinbase, has emerged as the top network with over $186 million in net inflows in the past 10 days.
Derivatives Positioning
BTC, ETH annualized futures basis held steady above 5% during the recent rout, signaling resilient market sentiment.
Put skews for the two largest cryptocurrencies on Deribit have weakened, but continue to show downside fears out to the June end expiry.
Flows featured purchases of $100K BTC calls expiring in December, reflecting a bullish long-term outlook.
Market Movements:
BTC is down 1.74% from 4 p.m. ET Wednesday at $81,748.51 (24hrs: +6.2%)
ETH is down 4.65%% at $1,595.49 (24hrs: +7.78%)
CoinDesk 20 is down 1.72% at 2,372.30 (24hrs: +7.55%)
Ether CESR Composite Staking Rate is unchanged at 3.69%
BTC funding rate is at 0.0043% (4.7085% annualized) on Binance
DXY is down 0.85% at 102.03
Gold is up 2.23% at $3,124.6/oz
Silver is up 1.68% at $30.83/oz
Nikkei 225 closed +9.13% at 34,609.00
Hang Seng closed +2.06% at 20,681.78
FTSE is up 3.97% at 7,984.64
Euro Stoxx 50 is up 5.33% at 4,868.37
DJIA closed on Wednesday +7.87% at 40,608.45
S&P 500 closed +9.52% at 5,456.90
Nasdaq closed +12.16% at 17,124.97
S&P/TSX Composite Index closed +5.42% at 23,727.00
S&P 40 Latin America closed +7.02% at 2,330.16
U.S. 10-year Treasury rate is down 7 bps at 4.29%
E-mini S&P 500 futures are down 2.13% at 5,374.00
E-mini Nasdaq-100 futures are down 2.44% at 18,818.50
E-mini Dow Jones Industrial Average Index futures are down 1.58% at 40,189.00
Bitcoin Stats:
BTC Dominance: 63.47 (0.34%)
Ethereum to bitcoin ratio: 0.01953 (-3.36%)
Hashrate (seven-day moving average): 899 EH/s
Hashprice (spot): $41.08
Total Fees: 5.6 BTC / $438,630
CME Futures Open Interest: 134,545
BTC priced in gold: 26.2 oz
BTC vs gold market cap: 7.47%
Technical Analysis
The per barrel prices for West Texas Intermediate crude oil have dropped below the long-held support at $67, suggesting more losses ahead.
Sliding crude could help compensate for the inflationary impact of Trump’s tariffs, helping central banks, including the Fed, to cut interest rates and support risk assets in case of a major market instability.
Crypto Equities
Strategy (MSTR): closed on Wednesday at $2296.86 (+24.76%), down 3.64% at $286.06 in pre-market
Coinbase Global (COIN): closed at $177.09 (+16.91%), down 2.31% at $173
Galaxy Digital Holdings (GLXY): closed at C$15.19 (+14.9%)
MARA Holdings (MARA): closed at $12.31 (+17.02%), down 2.44% at $12.01
Riot Platforms (RIOT): closed at $7.38(+12.84%), down 1.56% at $7.26
Core Scientific (CORZ): closed at $7.51 (+15.36%), down 3.6% at $7.24
CleanSpark (CLSK): closed at $7.63 (+13.2%), down 2.75% at $7.42
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $13.06 (+13.66%)
Semler Scientific (SMLR): closed at $35.16 (+9.98%)
Exodus Movement (EXOD): closed at $43.14 (+7.47%), up 8.92% at $46.99
ETF Flows
Spot BTC ETFs:
Daily net flow: -$127.2 million
Cumulative net flows: $35.61 billion
Total BTC holdings ~ 1.11 million
Spot ETH ETFs
Daily net flow: -$11.2 million
Cumulative net flows: $2.36 billion
Total ETH holdings ~ 3.37 million
Source: Farside Investors
Overnight Flows
Chart of the Day
The chart shows the breakdown of BTC options block trades on Deribit. Block trades are large trades executed on over-the-counter tech platforms and then listed on Deribit.
Selling call options has been the most popular play, a sign market participants are betting on a drop in volatility and slow price ascent.
While You Were Sleeping
China State Media Hints at Rate Cuts to Counter Trump’s Tariffs (Bloomberg): Front-page commentary in the state-run Securities Daily urged rate cuts and lower bank reserve requirements to fight deflation and offset Trump’s tariffs.
Russia, United States to Hold Talks on Diplomatic Missions (Reuters): Talks in Istanbul aim to resolve embassy issues, including restrictions on diplomat movements and frozen assets such as consulates, trade missions, and historic estates.
Crypto Investors Flee Spot Bitcoin, Ether ETFs on Tariff-Driven Uncertainty (CoinDesk): U.S.-listed spot BTC and ETH ETFs saw outflows Wednesday even as cryptocurrency prices surged.
Bitcoin Eyes $87K After Double Bottom Breakout; Dogecoin, XRP Bulls Look to Establish Control (CoinDesk): Bitcoin rebounded from two recent lows near $74,600 and broke above $80,800, a move analysts say could push it toward $87,000.
Binance Gains Market Share as Bitcoin Volume Declined 77% From Yearly Peak: CryptoQuant (CoinDesk): A volume drop of such magnitude suggests traders and investors are losing interest or confidence.
NFT Marketplace Magic Eden Buys Trading App Slingshot (CoinDesk): Slingshot allows trading tokens from a single USDC balance, removing the need for wallet setup, gas fees or moving assets across blockchains, expanding Magic Eden beyond Solana to all chains.
In the Ether
Bitcoin (BTC) was treading water just below $85,000 late Thursday as tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell added another layer of uncertainty for investors.
Markets dipped on Wednesday after hawkish comments from Powell, who criticized Trump’s tariffs policy, saying that it would likely result in a slowing economy and rising prices — what economists call “stagflation.» In his remarks, Powell made clear his larger focus for now would be on prices, suggesting tighter Fed policy than otherwise thought.
Trump — who nominated the former investment banker and lawyer as Fed chair during his first term (Powell was given a second four-year term by President Biden) — has expressed his displeasure with Powell since retaking the White House. Powell, though, who is set to remain atop the central bank until May 2026, has repeatedly stated his determination to finish his term and suggested the president has no standing to fire him.
On Thursday, the WSJ reported that Trump has been privately discussing firing Powell for months, according to people familiar with the matter. Former Fed Governor Kevin Warsh is reportedly waiting in the wings as Powell’s replacement, but Warsh has lobbied the president not to move against the Fed chair, according to the story.
Joining Warsh in that warning is Treasury Secretary Scott Bessent, who said the move could roil already shaky U.S. markets as the central bank is supposed to be independent from political influences.
Odds of Trump removing Powell this year on the blockchain-based prediction market Polymarket rose to 19%, the highest reading since the contract’s late January launch.
Trump’s comments came on the back of the European Central Bank (ECB) cutting key interest rates for the seventh consecutive occasion on Thursday as it warned of a deteriorating growth outlook.
More pressure on markets came from the latest Philadelphia Fed manufacturing index, published Thursday morning, which showed a nosedive in activity this month, sinking to its lowest level (-26.4) in two years. Meanwhile, the prices paid index climbed to its highest reading since July 2022, adding to concerns about the Trump administration’s large-scale tariff policy pushing the U.S. economy into stagflation.
The S&P 500 and tech-heavy Nasdaq stock indexes traded mostly flat during the day.
A look at the crypto market showed BTC and Ethereum’s ETH up 0.8% over the past 24 hours. Most assets in the CoinDesk 20 Index traded higher during the day, with bitcoin cash (BCH), NEAR and AAVE leading gains.
How bitcoin traders position amid heightened fear on Wall Street ?
Bitcoin has stabilized between $83k and $86k with traders chasing bullish bets while still seeking downside protection.
On Deribit, traders are actively chasing calls at the 90k to $100k strikes expiring in May and June, the exchange said in a market update Thursday. The demand for calls indicates expectations for a continued price rally.
Some of these bullish bets have been funded by premiums collected by selling put options.
At the same time, there has been renewed interest in buying put options at $80k expiring this month, representing preparations for potential price declines. Buying a put option is akin to purchasing insurance against price slides.
The diverse two-way flow comes as the VIX, Wall Street’s fear gauge measuring the 30-day implied volatility, still remains well above its 50-day average, despite the pullback from recent highs above 50.
The VIX is warning that the macro situation is still unraveling rather than resolving, the exchange said on X.
Kyrgyzstan President Sadyr Japarov took his country a step closer to issuing its own central bank digital currency Thursday, signing legislation that gives the «digital som» legal status.
The central Asian country is still deciding whether or not to issue a CBDC, but Thursday’s amendments to the Constitutional Law of the Kyrgyz Republic ensures that the digital som will be treated as legal tender if the central bank goes ahead with issuing a CBDC.
«The purpose of the Constitutional Law is to launch a pilot project of a prototype of a national digital currency, the ‘digital som,’ as well as to create a legal basis and its status,» a statement on the president’s site said.
Under the new provisions, the National Bank of the Kyrgyz Republic will be able to develop and approve rules for conducting payments on the digital som platform.
These provisions, described as amendments on the president’s website, were first adopted on March 20 by Kyrgyzstan’s supreme council. The country is due to begin testing the digital som this year, according to local news outlet Trend News Agency. The country is not expected to make a final decision on whether to issue the CBDC until next year.
The idea of CBDCs has been controversial among some crypto proponents, but countries like the U.K., Nigeria, Jamaica and the Bahamas — as well as the European Union’s multinational bloc — have moved in the direction of issuing a CBDC, while other countries like the U.S. have largely moved away from the idea of issuing one.
Hidden Road, the prime brokerage firm that’s being acquired by Ripple, has obtained approval to operate as a U.S. broker-dealer from the Financial Industry Regulatory Authority (FINRA), the company said Thursday.
The license, granted to its subsidiary Hidden Road Partners CIV US LLC, will allow the firm to expand its fixed income prime brokerage platform, according to the press release. With the broker-dealer status, the firm plans to offer institutional clients a broader range of regulatory-compliant services in clearing, financing and prime brokerage of fixed income assets.
«[This] is a significant step in the development of Hidden Road’s fixed income prime brokerage platform and bolsters our capabilities in traditional financial markets,» Noel Kimmel, the firm’s president, said in a statement.
The development follows Hidden Road’s announcement earlier this month that it had entered into an agreement to be acquired for $1.25 billion by Ripple, the blockchain infrastructure services firm closely associated with the XRP Ledger (XRPL) network. The acquisition is subject to regulatory approval and expected to close in the coming months.
Backed by Ripple’s resources, Hidden Road said it expects to scale services significantly and position itself as one of the largest non-bank prime brokers. The firm also said earlier that it plans to migrate its post-trade operations onto the XRPL network, aiming to reduce costs and streamline settlement processes.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Bitcoin in Standstill at $85K as Trump Increases Pressure on Fed’s Powell
Kyrgyzstan President Brings CBDC a Step Closer to Reality
Hidden Road, Set to Be Acquired by Ripple, Wins U.S. Broker-Dealer License
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