KEYTAKEAWAYS
- Trump dramatically shifts tariff policy, pausing higher rates for 90 days on most countries while raising China tariffs to 125%, sparking a historic market rally with S&P 500 gaining 9%.
- SEC developments accelerate with Senate voting 51-45 to advance Paul Atkins' nomination for chairman and approving options trading for spot Ethereum ETFs after months of delays.
- China implements 84% tariff on all US goods and blacklists 18 US companies as WTO warns the escalating trade feud could slash US-China trade by 80% and reduce global GDP by 7%
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.
MORNING NEWS
1. Senate Advances Paul Atkins’ Nomination for SEC Chairman
The Senate has voted 51-45 to move forward with Paul Atkins’s nomination as SEC chairman, with a final vote potentially occurring as soon as this evening.
Atkins, who served as an SEC commissioner from 2002 to 2008, is viewed by the crypto community as pro-innovation and market-friendly, unlike his predecessor Gary Gensler who took a stricter approach to compliance.
Democrats, including Sen. Elizabeth Warren, opposed the nomination due to Atkins’ ties to the collapsed crypto exchange FTX through his consulting firm Patomak Global Partners, which reportedly became an assistant to FTX in early 2022.
2. Trump Pauses Higher Tariffs for 90 Days, Raises China Tariffs to 125%
President Donald Trump announced a 90-day pause on higher tariff rates for most trading partners while maintaining the 10% baseline tariff imposed last week, giving time for negotiations.
Simultaneously, Trump raised tariffs on imports from China to 125% “effective immediately,” citing “the lack of respect that China has shown to the World’s Markets.”
Trump claimed “more than 75 Countries” contacted U.S. officials to negotiate after last week’s tariff announcement. Stock markets responded with their largest single-day gain in years, with the S&P 500 surging 9% and the Nasdaq having its biggest day in 24 years.
3. SEC Approves Options Trading for Spot Ethereum ETFs
The SEC has officially approved options trading on the iShares Ethereum Trust (ETHA), a spot Ethereum ETF, after months of delays and scrutiny.
The options will trade on Nasdaq ISE, following the same rules as other ETF options, with a cap of 25,000 contracts on the same side of the market to maintain stability.
ETHA had an average daily trading volume of over 5.3 million shares between July and December 2024, with 93,352 shareholders and a market value of about $1.16 billion by year-end.
4. Fed Rate Cuts Likely Delayed Until Second Half of 2025
Kevin Flanagan, head of fixed income strategy at WisdomTree Funds, suggests the Federal Reserve will make two rate cuts throughout 2025, with the first potentially in June.
Flanagan believes the Fed needs to identify the actual impacts of Trump’s tariffs before making cuts, noting “The Fed is in reactionary mode right now” and is “not only data dependent they are District of Columbia, policy dependent.”
Despite market turmoil, he believes Fed Chair Jerome Powell’s experience dealing with Trump’s first administration gives him the ability to make bold decisions under difficult circumstances.
5. Markets Surge as Trump Pauses Tariffs, China Retaliates
U.S. stocks surged Wednesday after Trump paused higher tariff rates for most trading partners while maintaining the 10% baseline tariff. The S&P 500 gained more than 9%, wiping out much of the week’s losses, while the Dow surged nearly 3,000 points.
Before the rally, analysts warned that the government bond sell-off could lead to financial instability, with Deutsche Bank suggesting the Federal Reserve might need to intervene with emergency purchases of U.S. Treasuries.
JPMorgan Chase CEO Jamie Dimon had warned that a U.S. recession seemed likely due to Trump’s tariffs, while former Treasury Secretary Lawrence Summers noted the unusual pattern of rising long-term interest rates and falling stocks suggested “a generalized aversion to US assets in global financial markets.”
NOON NEWS
1. Huobi HTX Reports Asset Reserve Ratio Above 100%
According to the official website of Huobi HTX, the Merkle tree asset proof data updated on April 1 showed that the platform’s overall asset reserve ratio remained above 100%, with specific ratios for BTC (101%), ETH (100%), TRX (105%), USDT (101%), HTX (105%), XRP (101%), DOGE (100%), and SOL (101%).
The platform reported a significant increase in asset deposit volume, with USDT user assets growing from about 665 million to 1.15 billion, a 73% increase compared to March.
Huobi HTX has publicly disclosed reserve data for 30 consecutive months using the Merkle tree verification mechanism.
2. OpenSea Asks SEC for Regulatory Clarity on NFT Marketplaces
NFT marketplace OpenSea is asking U.S. regulators to clarify that it and similar platforms should not be treated as securities exchanges or brokers.
In an April 9 letter to SEC Commissioner Hester Peirce, OpenSea’s legal team urged the Commission to issue informal guidance affirming that NFT marketplaces fall outside the scope of broker-dealer and exchange rules.
The company argues it doesn’t meet the legal definition of an exchange because it doesn’t execute transactions or act as an intermediary, describing itself more as a “digital bazaar” that connects buyers and sellers rather than facilitating trades.
3. China Implements 84% Tariff on US Goods, Calls for Dialogue
China has implemented an 84% tariff on all United States goods, a 50% hike on its previous 34% levy, taking effect at 12:01am Eastern Time on Thursday.
Beijing has also blacklisted 18 U.S. companies, including aerospace manufacturer Sierra Nevada Corporation. China’s Ministry of Commerce stated that China is open to dialogue with the U.S. but this must be on “the basis of mutual respect and equality.”
World Trade Organization Director-General Ngozi Okonjo-Iweala warned that the escalating trade feud could slash U.S.-China trade by as much as 80%, potentially leading to “a long-term reduction in global real GDP by nearly 7 percent.”
4. South Korean Banks Call for Easing of Crypto Regulations
Leaders of South Korea’s top banking institutions have urged the country’s ruling party lawmakers to ease regulations hindering collaboration with cryptocurrency exchanges.
Representatives from KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, Jeonbuk Bank, and Toss Bank specifically requested that local crypto exchanges be allowed to partner with more than one bank, citing current risk to systemic stability.
Current regulations mandate a one-exchange-to-one-bank model, which has favored some institutions like K-Bank, whose user base tripled after securing a partnership with Upbit in 2020.
EVENING NEWS
1. Binance Wallet to Launch Exclusive FHE Token Generation Event
BinanceWallet will soon launch an exclusive FHE Token Generation Event (TGE).
2. Crypto Analyst Miles Deutscher Adjusts Strategy Amid Market Volatility
Crypto analyst Miles Deutscher has highlighted the extreme market volatility, noting that even top global fund managers are struggling to navigate the current environment.
Deutscher describes the present conditions as among the worst for short to medium-term fundamental trading and has adjusted his strategy to focus on holding long-term core positions for over ten months, managing risk, and actively de-risking some aggressive positions.
He plans to reduce trading activities and allocate more effort toward business development and long-term planning, emphasizing the importance of ‘surviving’ current market conditions.
3. Babylon Genesis Blockchain Goes Live, Binance Lists BABY Token
Babylon Genesis Blockchain has officially launched, with Binance announcing the listing of its native token, Babylon (BABY).
Described as the “world’s first Layer-1 blockchain enhanced with Bitcoin security,” Babylon enables Bitcoin holders to stake their BTC to secure the Babylon network and earn BABY tokens as rewards.
The Babylon Foundation has completed an airdrop of 600 million BABY tokens (6% of the total 10 billion supply) to early ecosystem contributors. Binance is supporting trading pairs with USDT, USDC, BNB, FDUSD, and TRY, with BABY currently priced at $0.1032 and a market capitalization of $234 million.
4. sUSD Continues to Depeg, Drops Below $0.83
According to market data, sUSD continues to depeg, with the lowest price dropping below $0.83 and currently quoted at $0.85122.
Synthetix founder Kain previously stated that the sUSD peg repair mechanism is in transition, having sold 90% of ETH and increased holdings in SNX.
5. Wayfinder Foundation Announces PROMPT Airdrop Claim Start
The Wayfinder Foundation has announced that the PROMPT airdrop claim will start on April 10, 2025, at 20:00.
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