KEYTAKEAWAYS
- Trade tensions escalate with China announcing 34% tariffs on all US imports starting April 10, as JPMorgan warns Trump's tariff policies increase global recession risk to 60%.
- Crypto market responds to economic uncertainty with BitMEX co-founder predicting money printing will benefit Bitcoin, while institutional players deposit $117M in ETH to exchanges.
- Regulatory developments continue with Coinbase applying to launch XRP futures, BlackRock's BUIDL fund setting dividend records, and Massachusetts fining UAE crypto firm $428K for market manipulation.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
1. Coinbase Files Application for XRP Futures Contract
Coinbase Derivatives announced it has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch an XRP futures contract, expected to be available on April 21, 2025.
2. JPMorgan Warns Tariffs Could Trigger Global Recession
Bruce Kasman, chief economist of JPMorgan Chase, warned that if the Trump administration’s tariff policy continues, it could push the US and global economy into recession in 2025.
He noted the risk of a global recession this year has risen from 40% to 60%, calling these tariffs the largest tax increase on US households and businesses since 1968.
Kasman warned their impact may be amplified by retaliatory measures, deteriorating business sentiment and supply chain disruptions.
3. Coinbase International to Launch Four New Perpetual Contracts
According to an announcement by Coinbase International Exchange, it will launch perpetual contract transactions for four projects—NIL, VINE, GUNZ and Definitive—on its international site and Advanced platform starting at 9:30 UTC on April 10, 2025.
The contract codes are NIL-PERP, VINE-PERP, GUN-PERP and EDGE-PERP respectively.
4. Arthur Hayes: Money Printing Will Benefit Bitcoin and Gold
Arthur Hayes, co-founder of BitMEX, stated that global economic imbalances will be alleviated by printing money, which is beneficial to the medium-term performance of Bitcoin and gold.
He noted the US dollar is weakening, with foreign investors selling US tech stocks and transferring funds back to their own countries.
Hayes suggested China should respond to tariff pressure by easing domestic credit flows overseas and letting the RMB exchange rate fall below 8.00, while predicting the Federal Reserve may soon cut interest rates and restart quantitative easing.
5. QCP Capital: Tariffs Trigger Bitcoin Price Drop and Market Liquidations
QCP Capital analyzed that US President Trump’s announcement of a 10% tariff on all imported goods and “reciprocal tariffs” triggered global trade tensions, causing Bitcoin to plummet from $88,500 to $81,200.
This price drop erased previous gains and led to widespread liquidation in the crypto market, with more than $221 million in long positions being closed. US stock futures also suffered, with S&P 500 futures falling 3.38% and Nasdaq 100 futures falling 4.28%.
Market focus now turns to the US non-farm payrolls report, with investors buying downside protection amid high volatility, though oversold conditions may create short-term rebound opportunities.
6. Large ETH Deposits to Exchanges Total $117 Million
According to monitoring by The Data Nerd, multiple addresses deposited a large amount of ETH into exchanges in the past 24 hours, totaling 65,231 ETH worth about $117.14 million.
The deposits included Grayscale (16,247 ETH/$28.63M), BlackRock (10,000 ETH/$17.94M), Wintermute (34,634 ETH/$62.94M), Andre Cronje/Fantom (2,000 ETH/$3.44M), and James Fickle (2,350 ETH/$4.19M).
7. Bitcoin ETFs See $99.86 Million Net Outflow
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $99.86 million on April 3.
- BlackRock’s IBIT had the largest single-day net inflow of $65.25 million, bringing its historical total net inflow to $39.91 billion.
- Grayscale’s GBTC had the largest net outflow of $60.20 million, with a historical total net outflow of $22.60 billion.
The total net asset value of Bitcoin spot ETFs now stands at $92.18 billion, representing 5.64% of Bitcoin’s total market cap, with historical cumulative net inflows of $36.14 billion.
8. EU Considers $1 Billion Fine Against Elon Musk’s X
European Union regulators are reportedly considering a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures including Tesla and SpaceX, according to The New York Times.
EU regulators allege X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue from other companies Musk controls.
Under the Digital Services Act, which came into law in October 2022 to police social media companies, violators can be fined up to 6% of global revenue.
X’s Global Government Affairs team called the potential fine “an unprecedented act of political censorship and an attack on free speech.”
9. FTX Wallet Deposits 2.68 Million JTO Worth $5.2 Million
According to monitoring by The Data Nerd, a wallet suspected to belong to FTX deposited 2.68 million JTOs into the FalconX platform nine hours ago, worth approximately $5.2 million.
10. Justin Sun Claims to Absorb $500M Risk to Support TUSD
Tron founder Justin Sun announced he has personally absorbed $500 million in risk by providing a loan to support TUSD, while simultaneously accusing Hong Kong custodian First Digital Trust of conducting a “rug pull.”
Sun stated, “By extending the loan, token holders have dodged a bullet,” framing his action as necessary to prevent FDT’s alleged fund misappropriation from causing industry-wide damage.
He will collaborate with Hong Kong legislator Johnny Ng to advocate for stronger trust regulations and web3 development, while FDT denies all allegations.
11. China Announces 34% Tariffs on US Imports
China has announced it will impose a 34% tariff on all imported goods originating from the United States, beginning at 12:01 on April 10, 2025.
The Chinese government called the US “reciprocal tariffs” announced on April 2 “inconsistent with international trade rules” and “a typical unilateral bullying practice.”
Goods shipped before April 10 but imported between April 10 and May 13 will be exempt from the additional tariffs.
China urged the United States to “immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner.”
12. Justin Sun Accuses FDT of Further Regulatory Violations
Justin Sun issued additional accusations against First Digital Trust (FDT), claiming it “blatantly disregarded all fiduciary obligations and regulatory norms” by managing a securities portfolio worth $501.8 million without proper licensing.
Sun alleged that FDT is violating Hong Kong’s Securities and Futures Ordinance by providing securities portfolio management services without holding a required Type 9 license from the Hong Kong Securities and Futures Commission.
He further claimed FDT has had negative net assets for three consecutive years, with net assets of negative HK$100 million as of the end of 2024, not including alleged losses from “misappropriation of user assets.”
13. BlackRock’s BUIDL Fund Distributes Record $4.17M in Dividends
According to Cryptoslate, BlackRock’s BUIDL fund distributed $4.17 million in dividends in March, setting a record for the largest monthly dividend for a tokenized treasury fund.
The March record is about twice the previous peak of $2.1 million set in July 2024.
According to a report by BUIDL issuer Securitize, this brings BUIDL’s cumulative dividend payments since inception to $25.4 million, reflecting growing institutional interest in on-chain traditional financial products.
14. Scottish Police Report 2,000% Increase in Crypto Crimes Since 2019
According to Cryptonews, a new report from the Scottish Police shows that crypto-related crimes have increased by 2,000% since 2019.
The 2025 annual report submitted to the Scottish Police Policing Performance Committee outlines growing challenges in combating cybercrime and fraud, especially those involving cryptocurrencies.
Despite advances in digital forensics and tracing technology, Scotland still lacks a dedicated cryptocurrency crime unit, though plans are underway to create a Cyber and Fraud Command Unit to consolidate Scotland’s approach to investigating digital crime.
15. Massachusetts Fines UAE Crypto Firm for Market Manipulation
A federal court in Boston has sentenced crypto financial services firm CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume.
In addition to a $428,059 fine, the court prohibited CLS Global, a crypto market maker registered in the UAE, from offering services in the US for a probation period of three years.
The charges followed an undercover FBI operation involving NexFundAI, a token created as part of a sting operation in May 2024, where CLS agreed to provide “market maker services” including a fraudulent scheme to attract investors.
According to blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, representing about 2% of total daily crypto trading volume.
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