Crypto Morning News: Trump Imposes 25% Tariffs on Canadian Steel and Aluminum Products, Bubblemaps Unveils BMT Token Economics
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Crypto Morning News: Trump Imposes 25% Tariffs on Canadian Steel and Aluminum Products, Bubblemaps Unveils BMT Token Economics
Trump's comments on economic recession triggered market risk-off, leading to declining U.S. Treasury yields, which could benefit cryptocurrencies.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump: Imposes Additional 25% Tariff on All Steel and Aluminum Products from Canada
On March 11, according to Jinshi Data, U.S. President Trump announced he has directed the Secretary of Commerce to impose an additional 25% tariff on all steel and aluminum products imported from Canada, bringing the total tariff rate to 50%. The measure took effect the morning after the report.
Crypto Market Wipes Out $1.3 Trillion in Market Cap Over Three Months, Marking Largest Quarterly Decline in History
According to The Kobeissi Letter, since hitting an all-time high on December 16, 2024, the cryptocurrency market has lost $1.3 trillion in market capitalization—a 33% decline, equivalent to an average daily loss of $15.5 billion over 84 consecutive days.
The Kobeissi Letter noted this marks the largest three-month market cap correction in crypto history, with the total crypto market value now at its lowest level since November 6, 2024.
Michael Saylor: Owning Bitcoin Is the Next Best Option for Those Who Can't Move to the U.S.
According to Bitcoin Magazine, during the "Bitcoin For America" summit hosted by the Washington D.C.-based think tank Bitcoin Policy Institute (BPI), Strategy CEO Michael Saylor stated that a strategic Bitcoin reserve represents America’s digital sovereignty strategy in the 21st century. Saylor advocates viewing Bitcoin as digital property and believes the U.S. should acquire as much Bitcoin as possible to enable "leasing and financing" on top of it.
Saylor predicted that trillions of dollars in commercial activity will eventually flow through the Bitcoin network—an additional reason why the U.S. should prioritize capturing share of this network. He emphasized that Bitcoin embodies American values, and owning Bitcoin is the next best choice for those unable to move to the United States.
"If they could, people from Asia and Africa would all move to America. They want American money, safety, and values—but they can't get them," Saylor said. "So the second-best thing they can do is move their capital into the Bitcoin network, which carries all the values, protections, and security of America."
Bubblemaps Releases BMT Tokenomics: Airdrop Allocation at 22.2%
As officially disclosed, Bubblemaps has released its token distribution plan for a total supply of 1 billion tokens.
Distribution breakdown: Ecosystem and Community 26.3%, Investors 24.3%, Airdrop 22.2%, Liquidity 12.2%, Team 9%, Protocol Development and Research 6%.
BMT will be distributed across Solana and BNB Chain, with 12% on BNB Chain and 88% on Solana.
Jupiter Co-Founder's "Lock Until 2030" Proposal Passes with 63% Majority Vote
According to SolanaFloor, the "Lock Until 2030" proposal put forward by Jupiter co-founder Meow has passed with 63% of votes in favor. Under the proposal, Meow will lock his 280 million JUP tokens until 2030 and, in return, receive an additional reward of 220 million JUP tokens.
The vote saw approximately 489 million votes cast, with 63% (about 309 million) in support, 26% (about 129 million) opposed, and 10% (about 50.36 million) abstaining.
Lens Chain Announces Mainnet Launch Imminent
According to Lens Chain’s official X account, Lens Chain has passed ZKsync’s governance vote and will be integrated into the Elastic Network, signaling its mainnet launch is imminent.
Standard Chartered Strategist: Recession Fears Overblown, Expects Two Rate Cuts This Year
According to Jinshi Data, Steven Englander, Global Head of G10 FX Research and North American Macro Strategy at Standard Chartered Bank, said that despite slowing growth, concerns about a U.S. recession may be overstated. While high interest rates and government spending continue to raise concerns, he believes economic data does not fully support the most pessimistic scenarios.
Englander pointed out that falling energy prices and improving weather conditions in the coming months could boost consumer spending and thereby support economic growth. He expects the Federal Reserve to cut rates twice this year, once in Q2 and once in Q3. However, further cuts are unlikely given continued fiscal support for government spending. In contrast, due to stable inflation and wage growth, the Bank of Japan may raise rates twice, making the yen outperform other major currencies.
Recent U.S. tariff hikes could push up inflation, but the impact is expected to be manageable. Englander believes that while tariffs may lead to higher prices, their overall shock remains contained. He also forecasts that U.S. fiscal policy will support economic growth, potentially driving the dollar stronger in the second half of the year.
QCP Capital: Trump’s Comments on Recession Spark Market Risk-Off Sentiment; Falling Treasury Yields Could Benefit Crypto
QCP Capital’s latest analysis notes that bearish sentiment has erupted globally, with U.S. equity put option volume reaching its highest level since 2020. Trump’s weekend interview with Fox, where he expressed indifference toward recession risks and suggested economic downturns might be necessary “correctives” for America, served as the trigger for the market sell-off.
In this context, Bitcoin—often seen as a leading indicator for risk assets—briefly dropped below $80,000. However, early Asian session trading showed unexpected demand for long-dated call options, possibly indicating the market is positioning for a sharp pre-election rebound from the $75,000 support level.
Notably, current risk-off sentiment has driven the 10-year U.S. Treasury yield down by about 60 basis points and weakened the dollar—historically positive for dollar-denominated risk assets such as U.S. equities and cryptocurrencies. Lower yields also ease government borrowing costs during a period of massive refinancing needs.
U.S. SEC Delays Decisions on Spot ETF Applications for DOGE, XRP, LTC, SOL, and ADA
According to market reports, the U.S. Securities and Exchange Commission (SEC) has announced delays in decisions on several spot cryptocurrency ETF applications, including Grayscale’s spot ETFs for Cardano (ADA) and DOGE, Canary’s spot ETFs for XRP, Solana, and LTC, and VanEck’s Solana spot ETF.
CZ: Preparing to Test and Invest in One of Three Projects Building on BNB/BSC Payments
According to Binance co-founder Changpeng Zhao (CZ), there are already three minimum viable products (MVPs) being developed that use BNB/BSC as the primary payment option, and he plans to select one for testing and investment.
Data: Sonic TVL Surpasses $1 Billion
According to DefiLlama data, Sonic’s total value locked (TVL) has surpassed $1 billion, reaching $1.086 billion. This figure includes rewards and liquidity from lent and staked assets within lending protocols.
Market Update
Suggested Reading
Bull vs Bear Perspectives: Are You Still Bullish on the Market?
This article analyzes the cyclical changes in the cryptocurrency market, focusing on the evolution from bull markets to phases of "wealth destruction." It combines on-chain data and market dynamics to forecast potential future trends, while exploring contrasting bull and bear viewpoints along with associated risks and opportunities.
Bitwise CIO: Bitcoin’s Current Short-Term Weakness Is a Gift
This article discusses recent market volatility in Bitcoin triggered by the U.S. government’s announcement of establishing a strategic reserve. Although this move is considered a historic milestone for Bitcoin’s development, market disappointment over the lack of immediate large-scale purchases led to a sharp price drop. However, the article argues this short-term weakness presents an investment opportunity and emphasizes that Bitcoin’s strategic role in global finance should remain the long-term focus.
Ethereum at a Crossroads: Facing Challenges in Price and Fundamentals
This article provides a detailed analysis of Ethereum’s current challenges in both price performance and fundamentals, examining its competitive position among smart contract platforms, issues in community governance, and future development directions. It also discusses Ethereum’s differentiation from competitors like Solana and offers improvement suggestions.
Sonic’s ve(3,3) Flywheel Returns: Explaining the Yield Mechanism and Ecosystem Status
This article discusses Sonic, a new Layer-1 blockchain project aiming to surpass the success of predecessor Fantom through high-speed execution, innovative economic models, and cross-chain bridging capabilities. Having launched its mainnet, Sonic has attracted significant liquidity and developer attention, driving ecosystem growth via large-scale airdrops and developer incentive programs.
GMGN Co-Founder Haze: P-Nation Class – How to Greatly Reduce Sandwich and Small Pool Loss Risks?
This article primarily discusses key concepts in on-chain trading such as gas fees, slippage, and MEV sandwich attacks, offering protective measures and strategic trading recommendations.
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