CORRECT (April 3, 11:30 UTC): Corrects headline to say bitcoin fell after the announcement; an earlier version of the story said it held steady.
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
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
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%.
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!
Crypto:
April 5: The
April 9, 10:00 a.m.: U.S. House Financial Services Committee
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
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.”
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.
Governance votes & calls
Yearn DAO is discussing a revised
Lido DAO is discussing the
April 3, 9 a.m.: SafePal, Wallet Connect and Trader to host a monthly community livestream
April 3, 2 p.m.: Arbitrum to host an X Spaces session on
April 3, 3 p.m.: Movement to host an
April 3, 12 p.m.: Seamless Protocol, Morpho Labs and Gauntlet to
April 3, 12 p.m.: Wormhole to
April 7, 9 a.m.: OriginTrail to host a “
April 7, 4 p.m.: Livepeer to host a
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
CoinDesk's Consensus is taking place in
Day 2 of 2:
Day 2 of 4:
Day 1 of 4:
April 6-9:
April 8-10:
April 10:
April 15-16:
April 22-24:
April 23:
April 23-24:
April 24: Bitwise's
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
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.
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.
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
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%
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.
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
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:
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.
‘