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Bitcoin (BTC) briefly recovered to the $78,000 level. Meanwhile, BTC is trading at $78,112.01, up 0.63% from the previous day, as of 01:51 on the 10th, based on the Binance Tether (USDT) market.
On the 9th (local time), Eleanor Terrett, host of 'Crypto in America', reported via X (formerly Twitter) that Paul Atkins, nominee for the U.S. Securities and Exchange Commission (SEC) Chairman, passed the Senate floor vote with 51 votes in favor and 45 against. A final vote in the House is expected to follow.
According to Reuters on the 9th (local time), Pakistan plans to allocate some of its surplus power to Bitcoin (BTC) mining and artificial intelligence (AI) data centers. It is reported that Pakistani authorities have discussed related matters with several mining companies. Previously, the Pakistan Virtual Asset Committee appointed Changpeng Zhao, former CEO of Binance, as a strategic advisor.
Bo Hines, Chairman of the U.S. White House Presidential Advisory Committee on Virtual Assets (Cryptocurrency), stated on the 9th (local time) via X (formerly Twitter) that "President Donald Trump is truly a virtual asset president," and "under his leadership, the U.S. will usher in a golden era of virtual assets and new financial technology." He further claimed that "virtual asset companies became victims of the weaponized judicial system during the Biden administration."
Global asset management firm VanEck analyzed in a recent report that "the tariff war initiated by the Trump administration is expanding the payment role of cryptocurrencies, including Bitcoin (BTC)." The report stated, "It is known that China and Russia have started using BTC and other cryptocurrencies for some energy payments," and "Bolivia, France, Germany, etc., are also discussing BTC mining and power usage plans." It continued, "If geopolitical divisions deepen and the dollar weakens, BTC's role as a hedge could be strengthened," and explained, "However, the current trend is different from before. The movement to bypass the dollar-based payment system could accelerate the adoption of cryptocurrencies as an alternative payment method."
On the 9th (local time), Jamieson Greer, the U.S. Trade Representative, said that "President Donald Trump's authority to impose tariffs is not unlimited," as reported by Walter Bloomberg.
Bitcoin (BTC) temporarily returned the $77,000 level. Meanwhile, BTC is trading at $76,869.99, down 2.36% from the previous day as of 00:01 on the 10th, based on the Binance Tether (USDT) market.
The three major indices of the U.S. stock market are showing mixed trends. The Nasdaq Composite Index is trading at 15,328.72 points, up 0.40% from the previous day as of 00:00 on the 10th. The Dow Jones Index is down 0.68% at 37,390.19 points, and the S&P 500 Index is down 0.35% at 4,965.38 points.
Eric Balchunas, a Bloomberg ETF specialist analyst, announced on the 8th (local time) via X (formerly Twitter) that the 2x Long Ripple (XRP) Futures Exchange-Traded Fund (ETF) issued by the independent ETF issuer TeucriumETFs recorded a trading volume of $5 million on its first day. He explained, "Considering the recent market conditions, this is a very impressive figure," adding, "It ranks in the top 5% of newly launched ETFs and is about four times the trading volume of the 2x Solana ETF (SOLT)."
Virtual asset (cryptocurrency) trader Rekt Capital recently diagnosed via X (formerly Twitter) that Bitcoin (BTC) may form a bottom around $70,000. Citing the daily chart's Relative Strength Index (RSI), he explained, "The current daily RSI is estimated at 38. The weekly chart's RSI is 43, which is the lowest level since the bull market began in early 2023," adding, "Bitcoin may fall to $70,000 before recovering."
The virtual asset (cryptocurrency) investment management company Grayscale evaluated in a report that while risky assets such as stocks showed a significant decline after the US tariff policy announcement last week, Bitcoin (BTC) only fell by 8%, showing a relatively stable trend. According to the virtual asset specialized media CoinDesk on the 8th (local time), Zach Pandl, head of Grayscale Research, explained, "In the past, Bitcoin was expected to have about three times the volatility compared to Nasdaq, but as of April 8th (local time), Nasdaq fell by 15% compared to April 2nd, while Bitcoin only fell by 8%." He continued, "This is a better performance than the expected -45%, and virtual asset investors may view Bitcoin's mild decline positively." He also added, "Tariff policies can induce risk-averse sentiment in the market in the short term, but in the long term, they are likely to have a positive impact on Bitcoin adoption." Zach Pandl emphasized, "Bitcoin's mild decline is an example of this market reaction," and "Generally, stagflation negatively affects stocks and bonds, but has a positive impact on scarce assets. Recently, investors are seeking opportunities in alternative assets such as gold, copper, and Bitcoin."
The three major indices of the US stock market closed lower. The Nasdaq Composite Index recorded 15,267.91 points, down 2.15% from the previous day on the 9th. The Dow Jones Index closed at 37,645.59 points, down 0.84%, and the S&P 500 Index closed at 4,987.76 points, down 1.47%.
There is a forecast that Ethereum (ETH) could fall further to the $990 level. On the 8th (local time), the cryptocurrency-focused media outlet CoinTelegraph reported, "The current price movement of ETH is very similar to the fractal patterns seen in 2018 and 2022," and "At that time, ETH plummeted after a strong rise and then experienced a long bear market. While the price peak increased, the Relative Strength Index (RSI) peak formed a 'bearish divergence' by decreasing, and then it broke through major support levels and underwent a significant correction." Furthermore, "Generally, the cycle bottom forms after the RSI enters the oversold zone (below 30)," and "Currently, the ETH/USD weekly RSI is above 30, so there is still a possibility of further decline. In this case, ETH could fall to the $990 to $1,240 range," it added. Meanwhile, ETH is trading at $1,467.43, down 5.12% from the previous day, based on the Binance Tether (USDT) market as of 5 AM on the 9th.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 8th (local time), it has been observed that DeFi loan demand is plummeting as traders engage in deleveraging amid market turmoil. The media stated, "As cryptocurrency price volatility increases, a risk-off sentiment is spreading in the market," adding, "Investors are repaying loans and unwinding positions, leading to a decrease in DeFi loan demand." It continued, "On the other hand, as the funds deposited in lending protocols maintain a certain level, stablecoin yields are decreasing," explaining, "In fact, the yield on dollar-based stablecoins has significantly dropped to 2.8% from 18% in December last year."
Blockchain gaming platform TreasureDAO (MAGIC) announced that it will significantly cut its spending, reducing quarterly expenses from $11.3 million to $1.2 million. According to Blockworks, a cryptocurrency-focused media outlet, as of the fourth quarter of last year, TreasureDAO's quarterly spending reached $11.3 million, but its revenue was only $40,000. It is explained that with the current funds, the platform can only operate until July this year. Meanwhile, TreasureDAO has recently implemented workforce reductions, including executives, and canceled game distribution plans.
According to cryptocurrency-focused media outlet Cointelegraph on the 8th (local time), it is expected that global banks will fully enter the cryptocurrency market, including Bitcoin (BTC), by the end of this year. Eric Turner, CEO of cryptocurrency data analysis firm Messari, predicted that "as the regulatory environment in the U.S. becomes more favorable to cryptocurrencies, global banks will begin to offer BTC-related services by the second half of this year." Thomas Eichenberger, co-founder of cryptocurrency bank Sygnum, explained that "as regulations for cryptocurrencies targeting banks are being organized, global banks headquartered in the U.S. are likely to start offering cryptocurrency services."
Richard Teng, CEO of Binance, stated on the 8th (local time) regarding the U.S. tariff measures that "an unstable and unpredictable macro environment could potentially accelerate cryptocurrency investment." He mentioned on X (formerly Twitter) that "the resurgence of protectionism is bringing significant volatility to global markets," adding that "cryptocurrencies are no exception." He continued, "This kind of macro uncertainty tends to induce risk-averse behavior in the short term," explaining that "investors will take a wait-and-see approach to how the situation surrounding policy and trade unfolds." Furthermore, he emphasized, "However, at the same time, this environment could accelerate interest in cryptocurrencies as a non-sovereign store of value," and "many long-term holders predict that cryptocurrencies like Bitcoin (BTC) will show resilience during periods when economic stress and policy changes interact."
Bitcoin (BTC) temporarily returned the $77,000 level. Meanwhile, BTC is trading at $76,981.99, down 1.46% from the previous day, based on the Binance Tether (USDT) market as of 02:14 on the 9th.
On the 8th (local time), a spokesperson for the US White House stated that "a 104% tariff on China has already been applied, and additional tariffs are scheduled to be imposed starting April 9th (local time)," according to Walter Bloomberg.
Bitcoin (BTC) temporarily returned the $78,000 level. Meanwhile, BTC is trading at $77,876, up 0.26% from the previous day, as of 01:25 on the 9th in the Binance Tether (USDT) market.
According to the virtual asset (cryptocurrency) specialized media CoinDesk on the 8th (local time), the Bitcoin (BTC) sidechain Rootstock is set to launch a software development kit (SDK) for BTC Layer 2. For this, a modified version of the BitVM programming language, BitVMX, was utilized. Rootstock explained that developers can use the SDK to build BTC Layer 2 based on BitVMX.
According to the virtual asset (cryptocurrency) specialized media Decrypt on the 8th (local time), the Ethereum (ETH) Layer 2 ZKcandy, based on zkSync, has launched its mainnet. Previously, ZKcandy raised $4 million in a private funding round led by WEMIX and Animoca Ventures.
The three major indices of the U.S. stock market are showing an upward trend. The Nasdaq Composite Index is trading at 16,098.70 points, up 3.18% from the previous day as of 00:00 on the 9th. The Dow Jones Index is up 2.63% at 38,964.67 points, and the S&P 500 Index is up 2.76% at 5,201.88 points.
The three major indices of the U.S. stock market closed mixed. The Nasdaq Composite Index rose 0.10% from the previous session on the 8th, recording 15,603.26 points. The Dow Jones Index fell 0.91% to 37,965.60 points, and the S&P 500 Index fell 0.18% to 5,065.04 points.
Binance Research analyzed in a report that "despite the declining trend in gold futures prices, institutional investors view gold as a safer asset than Bitcoin (BTC)." According to Cointelegraph, a cryptocurrency-focused media outlet, the report stated, "Almost all asset classes plummeted after U.S. President Donald Trump triggered a broad tariff war last week, but Bitcoin showed some rebound." It further noted, "The supply of investors holding Bitcoin for the long term is steadily increasing." The report continued, "The question now is whether Bitcoin can solidify its narrative as a safe asset after the global market adapts to the tariff war." It explained, "The correlation coefficient between gold and Bitcoin has remained low at 0.12 over the past 90 days, while the correlation between cryptocurrencies and stocks is at 0.32."
JP Morgan's Global Head of Fixed Income, Bob Michele, stated in an interview with Bloomberg on the 7th (local time) that "due to severe market stress, the US Federal Reserve (Fed) might implement an emergency rate cut before the May meeting." He said, "Last week's market turmoil was as severe as historical crises like the 1987 stock market crash, the 2008 financial crisis, and the 2020 COVID-19 market downturn," adding that "in past such crises, the Fed quickly decided to cut rates." He continued, "The Fed might intervene similarly this time," analyzing that "the Fed has previously stated it would act preemptively before problems arise. I doubt they can wait until the May meeting." Furthermore, he added, "We are experiencing a severe situation now, and if the Fed does not take action, it is likely to worsen, leading to a massive collapse," stating that "the Fed cannot just sit and wait."
James Seyffart, a Bloomberg ETF specialist, announced on the 7th (local time) via X (formerly Twitter) that the independent ETF issuer Teucrium (TeucriumETFs) will launch a 2x long Ripple (XRP) futures exchange-traded fund (ETF) on the 8th (local time). The ticker is XXRP.
According to the Walter Bloomberg X (formerly Twitter) account, a US economic news Twitter account, on the 7th (local time), the European Commission has proposed imposing a 25% retaliatory tariff on some US imports.
According to the Walter Bloomberg X (formerly Twitter) account, a US economic news Twitter account, the US White House announced that the joint press conference between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu after their summit has been canceled on the 7th (local time). Previously, President Trump and Prime Minister Netanyahu were scheduled to hold a joint press conference at 2:30 PM (local time) on the same day.
Bitcoin (BTC) briefly recovered to the $79,000 level. Meanwhile, BTC is trading at $79,013.77, down 2.70% from the previous day as of 02:49 on the 8th, based on the Binance Tether (USDT) market.