Crypto Morning News: Bitcoin Falls Below $80,000 as Wall Street Executives Seek Treasury Intervention on Tariff Policy
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Crypto Morning News: Bitcoin Falls Below $80,000 as Wall Street Executives Seek Treasury Intervention on Tariff Policy
Arthur Hayes believes that Trump's tough tariff stance stems from his supporter base, which largely does not hold financial assets.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. stock futures continue sharp decline; spot gold falls below $3,000
According to Jin10 News, U.S. stock futures continued their steep drop, with Nasdaq 100 futures down 4.6%, S&P 500 futures down 3.8%, and Dow Jones futures down 3.4%. Spot gold extended losses, plunging 2.00% on the day to $2,977.76 per ounce. New York futures gold stood at $2,996 per ounce, with spot gold falling below $3,000 per ounce for the first time since March 21.
Trump announces sweeping tariff policy; Wall Street executives seek intervention from Treasury Secretary Bessent
According to Bloomberg, after U.S. President Trump announced a sweeping tariff policy on April 2, markets were thrown into turmoil. Treasury Secretary Scott Bessent subsequently received messages from multiple hedge fund managers and financial executives urging him to explain to the president that excessive tariffs would harm the economy and further disrupt markets.
As former chief investment officer of Soros Fund Management, Bessent is seen by Wall Street as a potential ally who could influence presidential decisions on tariffs. The announcement triggered strong reactions from the financial community, highlighting growing concerns about Trump’s trade policies.
Trump: "One day people will realize tariffs are a very beautiful thing for America"
Trump posted on Truth Social that the U.S. runs massive fiscal deficits with China, the EU, and others, claiming tariffs are the only solution. He stated that tariffs have already brought tens of billions in revenue to the U.S., criticized the growing trade surplus under Biden, and pledged to “quickly reverse” this trend. He emphasized that tariffs are a “very beautiful thing” for America.
Arthur Hayes: Trump’s hardline tariff stance stems from supporters largely not holding financial assets
Arthur Hayes, co-founder of BitMEX, posted on X that Trump’s tariff policy has triggered market volatility and caused major pre-market declines in U.S. equities. Hayes noted that Trump’s base primarily consists of individuals who do not hold significant financial assets, allowing him to pursue tariff policies more aggressively. Economic advisor Bessent pointed out that around 50% of Americans don’t own stocks and are burdened with debt, saying it’s time to help "Main Street" rather than "Wall Street." Market participants are divided: some fear layoffs and shrinking consumption could trigger negative ripple effects, while others fully support the move. Analysts warn that the long-term impact of such tariff policies could be severe and require careful assessment of broad economic consequences.
Federal Reserve Governor Waller: Not supportive of Fed adopting full-scale digital currency, sees limited real-world demand
According to Jin10 News, Federal Reserve Governor Waller said the biggest friction currently lies in cross-border payments. He expressed limited support for the Fed adopting a full-scale central bank digital currency (CBDC), citing insufficient real-world demand. Momentum behind a digital dollar initiative at the Fed has gradually faded.
Social app Phaver shuts down due to funding exhaustion; token drops 99%
According to DeFi researcher Ignas, social media app Phaver has ceased operations, with its token price dropping 99% since its TGE in September 2024. Team members cited several reasons: technical issues during TGE and airdrop prevented users from claiming tokens promptly, causing FUD; Phaver paid over $1 million in fees to list on five CEXs; and due to poor market sentiment, the team did not sell tokens during TGE, leading to insufficient operating capital. As a Finnish company, Phaver must also pay employees one to two months of severance. Some former team members are now developing SocialDAO to explore new use cases for the SOCIAL token.
Mechanism Capital Partner: High likelihood ETH returns to $1,000–$1,500 this year
Andrew Kang, partner at Mechanism Capital, posted on X that although he hasn’t closely followed crypto recently, there’s a strong chance ETH will return to the $1,000–$1,500 range this year. In an environment where speculation has clearly subsided, he finds it absurd for an asset with negative growth and no earnings to maintain a $215 billion market cap—validating bearish arguments.
Grayscale submits S-1 form for Solana ETF to U.S. SEC
According to information from the U.S. Securities and Exchange Commission (SEC) website, Grayscale has submitted an S-1 form for a Solana ETF.
U.S. SEC: Dollar stablecoins meeting specific criteria are not securities
The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance officially stated that certain types of dollar stablecoins do not fall under the definition of securities.
The statement clarifies that regulated stablecoins possessing the following characteristics do not require registration as securities: pegged 1:1 to the U.S. dollar, redeemable 1:1 for USD at any time, backed by low-risk, highly liquid assets, and having reserve assets valued equal to or exceeding the redemption value of outstanding stablecoins.
The SEC emphasized these stablecoins serve payment, transfer, or value storage purposes—not investment objectives. Proceeds from sales must be held in reserve accounts and cannot be used for operational expenses, business activities, or collateral. This guidance applies solely to dollar-denominated stablecoins and excludes algorithmic stablecoins, other fiat-backed stablecoins, or any yield-bearing stablecoin products.
HashKey launches on-chain exchange "DJDOG," focusing on news signal trading
HashKey expands its ecosystem with the launch of DJDOG (Chinese name "Da Jin Gou"), a fully on-chain exchange whose test version is now available via Apple TestFlight for closed testing.
DJDOG specializes in trading signal monitoring, integrating alpha information capture with execution capabilities. Invited users can currently experience alpha information distillation and push notifications in the test environment. Upcoming features launching throughout April include smart money scrapers, Twitter scrapers, deleted tweet alerts, major exchange listing monitors, whale movement tracking with copy-trading functionality, and more.
DJDOG will focus on the Apple ecosystem, optimizing iOS user experience. It plans to integrate Dynamic Island, Live Activities, Widgets, and Apple Intelligence within the first half of the year, delivering a premium on-chain experience tailored for iPhone users.
Prior to this, DJDOG deployed a Telegram mini-program, and its Alpha news channel already boasts 3.7 million subscribers (including 90,000 paying users) and tens of millions of registered users.
Mind Network reveals first $FHE token airdrop details; five user categories eligible
Mind Network, a fully homomorphic encryption (FHE) infrastructure provider, has officially opened $FHE token airdrop eligibility checks, allowing users to view their allocation on the official website.
The airdrop targets five user groups: holders of CitizenZ Passport NFTs, $vFHE stakers and mainnet participants, invite campaign participants, AgentConnect Hub registrants, and community contributors. The team stated the airdrop aims to reward early supporters and active users for contributing to ecosystem development and to advance FHE technology and agentic AI ecosystems.
Data shows Mind Network previously raised $12.5 million in funding from prominent institutions including YZi Labs and Animoca.
Market Overview
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New Wine in Old Bottles: How Is the Restructured Sonic Doing Now?
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Channels Are King: Unlocking the Key to Global Stablecoin Expansion
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Beneath the Sun and FDT Dispute: Did $456 Million Sent to Plug the TUSD Hole Get Misappropriated?
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Full Text of Powell's Speech: Tariffs Higher Than Expected, Impact Will Be Greater Than Anticipated
This article presents the full text of Federal Reserve Chair Jerome Powell’s speech, in which he reaffirmed the Fed’s dual mandate of maximizing employment and stabilizing prices. Powell noted the economy remains solid but faces uncertainties, particularly from trade policy. He warned that tariffs could have larger-than-expected impacts, including higher inflation and slower growth. He stressed that monetary policy will remain data-dependent and steady until conditions become clearer. The article also includes recent developments and analysis in the cryptocurrency market.
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