胡 杨

Trump's statements have undergone a 180-degree turnaround compared to the previous day, with many calling for preemptive interest rate cuts and the immediate firing of Powell. Until the day before, Trump had been continuously making such statements through his social media, and the reason behind his drastic change in attitude is that the U.S. is caught in a triple whammy of sell-offs in stocks, bonds, and currencies (the dollar).

The progress of U.S. tariffs and trade with various countries will become the focus. As long as the direction remains unclear, market doubts will not dissipate. Although most believe the last line will not be crossed, Trump's hardline basic stance will not change, and the situation remains uncertain.

Old Trump is indeed a character; true to his businessman roots, once he notices market fluctuations, he will adjust policies and bow to the market. If that's the case, then let the market educate this genius in the future.

#关税战 #股债汇三杀 #鲍威尔

#特朗普暂停新关税

The Federal Reserve faces a dilemma: should it cut interest rates to prevent an economic slowdown that could be triggered by Trump imposing tariffs on U.S. trade partners, or should it raise interest rates to prevent inflation from rising.

On April 7, 2025, Bitcoin briefly fell below $75,000, down 30% from its peak in November 2024; Ethereum dropped to $1,420, hitting a new low since October 2023. Other major cryptocurrencies (such as SOL, XRP, and Dogecoin) generally fell more than 14%.

In the past 24 hours, a total of 446,200 people globally were liquidated, with a total amount reaching $1.38 billion, including $328 million in Bitcoin and $293 million in Ethereum.

Triggering factors: The 'reciprocal tariff' policy signed by U.S. President Trump on April 2, which imposes a 45% tariff on goods from China, triggered a sell-off of risk assets globally, leading to a correlated drop in the cryptocurrency market. Additionally, concerns over the Federal Reserve's monetary policy and inflation pressures have heightened volatility.

Market sentiment is extremely fearful: The Fear and Greed Index has dropped to 23, with market sentiment shifting from 'fear' to 'extreme fear'.

The Shanghai Composite Index fell 7.34%, the Hang Seng Index dropped 13.22%, the Nikkei 225 Index decreased by 7.83%, and the Korean Composite Index fell by 5.57%. The European Stoxx 50 Index opened down 6.2%, and the German DAX Index fell by 7.1%.

Summary: The global financial market is generally experiencing turmoil, with significant declines in both the cryptocurrency market and the Web3 sector. Bitcoin and Ethereum prices have plummeted, and market panic has intensified. Meanwhile, the tariff policy standoff between the United States and China has further exacerbated market uncertainty. Despite this, innovation activities in the Web3 field continue to progress, demonstrating the industry's confidence in future development.

U.S. President Trump announced the imposition of baseline tariffs (10%) and higher equivalent tariffs on 185 countries, leading to a widespread decline in risk assets such as U.S. stocks and cryptocurrencies.

Bitcoin plummeted from $88,500 to $82,000 during trading, with related ETFs experiencing a net outflow of $8.7 billion. Ethereum dropped from $1,957 to $1,790, a decline of over 6%.

According to Coinglass, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached $500 million (approximately 3.65 billion RMB), with over 163,000 people being liquidated.

The cryptocurrency fear index fell to 25 (from 44 the previous day), entering a state of "extreme fear." Analysts believe that the tariff policy exacerbates market concerns about a global trade war and inflation, putting short-term risk assets under pressure, but in the long term, monetary easing expectations may favor the cryptocurrency market.

The A-share Shanghai Composite Index fell by 0.24%, the Shenzhen Component Index decreased by 1.4%, and the ChiNext Index dropped by 1.86%, while defensive sectors such as agriculture and electricity rose against the trend by 10%. The Hong Kong Hang Seng Index fell by 1.7%, with net inflows from southbound funds exceeding 10 billion Hong Kong dollars. The Chinese Ministry of Commerce stated that it would take countermeasures, and the market has strong confidence in domestic policy support.

About 55 million adults in the U.S. (21%) own cryptocurrencies, 39% use them for purchasing goods and services, and 76% believe cryptocurrencies have a positive impact.

Cryptocurrency exchange Bybit announced the closure of its Web3 NFT marketplace and inscription products, reflecting a 95% drop in NFT market trading volume from the peak in 2021.

Due to Justin Sun's accusation that First Digital Trust (the issuer of FDUSD) was insolvent, FDUSD briefly fell to $0.873, with Wintermute profiting over $3 million by bottom-fishing.

The issuer of USDC plans to list on the New York Stock Exchange, with reserve income reaching $1.66 billion, seen as an important signal for the compliance of stablecoins.

Russia plans to convert seized BTC into fiscal revenue: it intends to sell 1,032 BTC to supplement the treasury and promote the legalization of crypto assets.

Summary: On April 3, 2025, the cryptocurrency market experienced significant fluctuations due to the tariff policy announced by U.S. President Trump, with major cryptocurrencies like Bitcoin crashing in price, resulting in a large number of liquidations and capital outflows. The capital markets were also impacted by the tariff policy, with global stock markets generally declining, and the A-share market showing weakness as funds flowed towards defensive varieties.