Crypto Morning News: Trump unveils reciprocal tariff policy, Binance launches second round of voting for new token listings
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Crypto Morning News: Trump unveils reciprocal tariff policy, Binance launches second round of voting for new token listings
Arthur Hayes posted on social media stating that if Bitcoin can hold above $76,500 by April 15, it will exit the danger zone.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump unveiled tariff plan in early hours today; reciprocal tariffs to take effect on April 9
According to Jin10 News, U.S. President Donald Trump signed two executive orders on "reciprocal tariffs" at the White House on Wednesday (April 2). He announced a 10% "minimum base tariff" on all trade partners and higher tariffs on multiple countries.
Trump stated that the U.S. will impose reciprocal tariffs on dozens of trading partners, though these tariffs won't be fully symmetrical—instead, the U.S. will collect approximately half the combined rate. During his announcement, Trump displayed a chart listing the proposed rates: 34% on China, 20% on the European Union, 10% on Brazil and the UK, 31% on Switzerland, 26% on India, 25% on South Korea, 24% on Japan, 32% on Indonesia, 36% on Thailand, 46% on Vietnam, and 49% on Cambodia.
A senior White House official said the baseline tariff rate (10%) will take effect in the early hours of April 5, while reciprocal tariffs will come into force on April 9. Tariff exemptions under the USMCA will continue, but for goods not qualifying under USMCA, tariffs will remain at 25%. Several trade partners have already indicated retaliatory measures. European Commission President Ursula von der Leyen said the EU “has many cards to play” against the incoming U.S. tariffs and has prepared strong countermeasures ready for implementation if necessary. Canadian Prime Minister Mark Carney warned that if Trump follows through on his reciprocal tariff promise, Canada plans to impose retaliatory tariffs on U.S. goods this week, adding that relations between Canada and the U.S. have fundamentally changed and that Canada has “multiple tools available to respond.”
China International Capital Corporation (CICC): Reciprocal tariffs exceed market expectations, increasing U.S. stagflation risks
Jin10 News reports that CICC published an analysis stating Trump’s April 2 announcement of "reciprocal tariffs" exceeds market expectations. The policy combines broad-based ("carpet bombing") tariffs with a "one country, one rate" approach, covering over 60 major economies.
Calculations show that if fully implemented, U.S. effective tariff rates could rise by 22.7 percentage points from 2.4% in 2024 to 25.1%, surpassing the tariff levels seen after the 1930 Smoot-Hawley Tariff Act.
CICC believes these tariffs may heighten uncertainty and market anxiety, exacerbating the risk of U.S. economic "stagflation." Their estimates suggest the tariffs could increase PCE inflation by 1.9 percentage points and reduce real GDP growth by 1.3 percentage points, although they might also generate over $700 billion in fiscal revenue. Facing stagflationary pressures, the Federal Reserve would likely opt to wait and see, making rate cuts unlikely in the short term. This could further increase downside risks to the economy and pressure markets lower.
Arthur Hayes, BitMEX Co-Founder: If Bitcoin holds above $76,500 before April 15, it will exit the danger zone
Arthur Hayes, co-founder of BitMEX, posted on social media that markets reacted negatively to "Liberation Day." Hayes noted that if Bitcoin can maintain a price above $76,500 between now and U.S. tax day (April 15), it would signal an exit from the danger zone. He also cautioned investors against being shaken out by volatility during this period.
U.S. March ADP Employment Change: 155,000 vs. expected 115,000
According to Jin10 News, U.S. March ADP employment increased by 155,000, compared to an expected 115,000. The previous figure was revised upward from 77,000 to 84,000.
PayPal adds SOL and LINK payment options for U.S. customers
As reported by Cointelegraph, PayPal has added Solana (SOL) and Chainlink (LINK) as payment options for customers in the U.S. and U.S. territories.
BNB Chain announces first recipients of its $100 million liquidity incentive program
According to an official BNB Chain announcement, the chain has revealed the list of projects selected in the first round of its $100 million liquidity incentive program. The five winning projects are KiloEX (KILO), Mubarak (MUBARAK), CZ'S Dog (BROCCOLI714), Tutorial (TUT), and Banana For Scale (BANANAS31).
The total reward amount is up to $2.3 million, limited to assets listed on centralized exchanges (CEXs) after March 24. Projects listed on Binance are eligible for a maximum support of $500,000. Rewards will be distributed within the week.
BNB Chain noted that previously awarded projects can earn additional rewards by listing on more exchanges, and non-selected projects still have opportunities in future rounds.
Binance launches second round of voting for new listings
According to an official announcement, Binance has initiated its second round of community voting for new token listings, including VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME.
16 crypto billionaires make Forbes' latest billionaire list
Bitcoin.com News reports that 16 major figures from the cryptocurrency industry have made it onto Forbes’ latest “World Billionaires List.”
Binance founder Changpeng Zhao (@cz_binance) ranks among them with a net worth of $63 billion. Tether co-founder Giancarlo Devasini (@gian_devasini) has a net worth of $22.4 billion.
Coinbase founder Brian Armstrong (@brian_armstrong) and MicroStrategy’s Michael Saylor (@saylor) appear with $9.5 billion and $7.4 billion in wealth, respectively.
FDT denies Sun Yucheng’s allegations; Binance confirms FDUSD audit shows full 1:1 reserve backing
In an official statement, Binance said that according to a recently completed audit, the stablecoin FDUSD maintains full 1:1 reserve backing, meaning each FDUSD is fully backed by equivalent U.S. dollar assets.
First Digital Trust (FDT) responded, stating that Sun Yucheng’s recent allegations against FDT are entirely false. The dispute concerns TUSD, not FDUSD. First Digital Trust is fully solvent. Every dollar backing FDUSD is complete, secure, reliable, and documented via U.S.-backed treasury bills. They labeled the claims as a typical defamation campaign by Sun Yucheng aimed at attacking business competitors.
Earlier, Sun Yucheng claimed that FDT had gone bankrupt and could no longer meet customer redemption requests.
ETF Store President: Still expects index-based crypto ETFs to be approved by year-end
Nate Geraci, President of ETF Store, posted on X reiterating his expectation that index-based cryptocurrency ETFs will be approved by the end of this year.
Previously, Grayscale filed an S-3 registration for its Digital Large Cap Fund, signaling plans to launch an ETF.
National Development and Reform Commission’s Li Chunlin: Exploring blockchain technology to put key data “on-chain”
According to Securities Times Network, Li Chunlin, Deputy Director of China’s National Development and Reform Commission, said at a State Council Information Office press conference that, in strengthening technical infrastructure, the NDRC has already applied new technologies such as privacy computing to credit information sharing to reduce data leakage risks. Additionally, the commission will explore using blockchain technology to put key data “on-chain,” achieving encrypted data processing and traceable workflows.
Market Data
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