PA Daily | Powell said tariffs far exceeded expectations and the Fed is not in a hurry to make a decision; Grayscale has submitted the S-1 form of Solana ETF to the US SEC

Today's news tips:

1. State Council Tariff Commission: 34% tariff will be imposed on all imported goods originating from the United States

2. Powell: The Fed maintains its expectation of two rate cuts in 2025

3. U.S. non-farm payrolls increased by 228,000 in March, and the unemployment rate was 4.2%

4. US stocks suffered the worst week in five years, and the Nasdaq fell into a technical bear market

5. Due to the impact of tariffs, many companies including Circle are considering postponing their IPOs

6. Grayscale has submitted the S-1 form for Solana ETF to the US SEC

7. Pump Fun live streaming has been launched to 5% of users, and a review policy has been formulated

8. Binance launches revamped Launchpool and BNB pages to track airdrops

9. Startup Codex completes $15.8 million seed round, led by Dragonfly

Regulatory/Macro

The State Council Tariff Commission: A 34% tariff will be imposed on all imported goods originating from the United States

On April 2, 2025, the US government announced the imposition of "reciprocal tariffs" on Chinese goods exported to the US. The US practice is inconsistent with international trade rules, seriously undermines China's legitimate rights and interests, and is a typical unilateral bullying practice that not only undermines the interests of the United States itself, but also endangers global economic development and the stability of the production and supply chain.

In accordance with the Tariff Law of the People's Republic of China, the Customs Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China and other laws and regulations and the basic principles of international law, and with the approval of the State Council, the State Council Tariff Commission announced that from 12:01 on April 10, 2025, a 34% tariff will be imposed on all imported goods originating from the United States. Goods that have been shipped from the place of departure before 12:01 on April 10, 2025 and imported between 12:01 on April 10, 2025 and 24:00 on May 13, 2025 will not be subject to the additional tariffs.

China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner.

U.S. nonfarm payrolls increased by 228,000 in March, with the unemployment rate at 4.2%

According to Jinshi.com, the seasonally adjusted non-farm payrolls in the United States in March were 228,000 (151,000 in the previous month and 135,000 in the expected number). The unemployment rate in the United States in March was 4.2%, 4.10% in the previous month and 4.1% in the expected number.

Grayscale has submitted the Solana ETF’s S-1 form to the US SEC

According to market news, Grayscale has submitted the S-1 form for the Solana ETF to the US SEC.

The Chairmen of the U.S. House of Representatives Financial Services and Agriculture Committees jointly proposed six principles for digital asset legislation

French Hill, Chairman of the U.S. House Financial Services Committee, and Glenn Thompson, Chairman of the Agriculture Committee, jointly proposed six principles to guide digital asset legislation to address digital asset regulatory issues. The six principles include: promoting innovation, clarifying asset classification, regulating the framework for the issuance of new digital assets, establishing supervision of spot market exchanges and intermediaries, establishing best practices for customer asset protection, and protecting innovative decentralized projects and activities.

Trump calls on Fed Chairman Powell to cut interest rates as soon as possible

Trump called on Federal Reserve Chairman Powell to cut interest rates as soon as possible, saying now is the best time to cut interest rates. He believed that Powell "always moves too slowly" and urged Powell to stop "playing politics."

Powell: Fed maintains forecast of two rate cuts by 2025

According to Jinshi, Federal Reserve Chairman Powell said that the offsetting effects of weak economic growth and rising inflation will allow the Fed to maintain its expectation of two interest rate cuts in 2025.

Powell: It's 'too early' to adjust monetary policy on tariffs

According to Cailian Press, Federal Reserve Chairman Jerome Powell said in a speech that the uncertainty of the new tariff policy will decline at some point, and the uncertainty should be much lower in a year. Now is a good time to step back and let the situation settle. The Fed is in a good position to deal with any possible situation. The Fed's policy may be moderately restrictive. The Fed is waiting for the conditions for policy clarity.

Earlier, US President Trump urged that now is the perfect time to cut interest rates. In response, Powell said that US tariffs could lead to rising inflation, slower economic growth, and increased unemployment risks in the United States. On the issue of tariffs, it is "too early" to adjust monetary policy.

US SEC: Some types of stablecoins are not securities, and the minting or exchange process does not require registration

The U.S. Securities and Exchange Commission's Division of Corporation Finance issued a statement on stablecoins, stating that under current regulations, certain types of crypto assets (i.e., "Covered Stablecoins") are not securities, and persons involved in the process of "minting" and exchanging stablecoins do not need to register these transactions with the Commission under the Securities Act, nor do they need to comply with one of the registration exemptions under the Securities Act. Covered Stablecoins are a type of currency designed to maintain a stable value relative to the U.S. dollar or "USD" on a one-to-one basis, which can be exchanged for US dollars on a one-to-one basis (i.e., one stablecoin for one dollar) and is backed by assets held in reserves that are considered low-risk and easy to liquid, and whose dollar value meets or exceeds the redemption value of the stablecoins in circulation. This type of stablecoin is mainly used for payment, transfer and storage of value, not as an investment tool, and its sale and trading do not involve the provisions of securities laws.

U.S. stocks suffered their worst week in five years, with the Nasdaq falling into a technical bear market

According to Cailianshe, the U.S. stock market suffered its worst week in five years, and the Nasdaq fell into a technical bear market. On Friday, Eastern Time, the three major U.S. stock indexes closed sharply lower, with the S&P 500 index falling 5.97%, the largest single-day drop since March 2020; it closed down 9.08% this week, the largest single-week drop since March 2020. The Nasdaq fell 5.82%, more than 20% below its record high closing price, confirming that it has entered a technical bear market. The Dow fell 5.50%, closing more than 10% below its record high closing price, confirming that it has entered a correction range.

Circle, other companies considering postponing IPOs due to tariffs

According to WSJ, against the backdrop of the trade war and a new round of tariffs, several companies are considering postponing their initial public offerings (IPOs). These include social trading platform eToro Group, medical technology company Medline, virtual physical therapy company Hinge Health, financial technology company Chime, and crypto company Circle. Chime has decided to postpone the public submission of financial documents to regulators, thereby delaying its IPO process. Circle, which had previously been actively preparing for its IPO, is now cautiously watching the market trend.

Viewpoint

Greek.live: The community is generally bearish, and traders believe that tariffs have destroyed market trust

Greek.live macro researcher Adam wrote that the community is generally bearish, and most traders expect prices to fall in the coming weeks, mainly affected by macro concerns centered on Trump's tariffs. Key price monitoring levels include $80,000 as immediate support, with bearish targets extending to $40,000, and only a few isolated bullish voices believe that it is possible to reach $100,000 in a few months.

Traders believe that tariffs have destroyed market trust, and even if tariffs are reduced before the April 9 deadline, the damage to trade relations has already been done. Most members expect continued downside, with one trader predicting that "BTC will fall below 70k this month, move sideways for two months, and then continue to fall in Q3/Q4 - below $40k."

Short-term trading strategies focus on selling call options and shorting on rallies, with put option sellers believing that current option premiums remain attractive despite downside risks.

Some traders are preparing for a possible oversold bounce through calendar spread strategies, while others are taking profits on bearish positions. Gold is seen as a hedge against Bitcoin volatility, and some traders use PAXG to maintain portfolio stability during uncertain market conditions.

Justin Sun: A dedicated portal for the $50 million bounty program for the FDT “fraud” incident will be launched

Justin Sun officially launched a $50 million bounty program for FDT’s alleged fraud (equivalent to about 10% of its liquidity support or stolen TUSD reserves) to recover TUSD reserves misappropriated by bad actors including First Digital Trust (FDT). He said:

• Any insider or whistleblower who provides important clues to help recover the funds will receive a reward.
• Full transparency: A dedicated portal (#web3bounty.io) will be launched soon with real-time updates.
• Independent Verification: All claims will be rigorously evaluated before rewards are issued.

Standard Chartered Bank analyst: Bitcoin is expected to rebound to $88,500 this week

Standard Chartered created the hypothetical "Mag7B" index last week, exchanging Tesla for Bitcoin, and now calls Bitcoin a "strongman" because it has outperformed most technology stocks in the recent market sell-off. Jeffrey Kendrick, global head of digital asset research at Standard Chartered, said that Bitcoin has shown strength amid a general sell-off in traditional financial markets driven by U.S. President Donald Trump's tariffs, and can now be seen as a hedge against "U.S. isolation."

“Bitcoin is proving itself to be the best technology (when stocks go up, Bitcoin has upside potential) and a hedge in multiple scenarios.” “Today, Bitcoin has a good chance of breaking the key $85,000 level after the jobs data. This would start a return to the pre-tariff level of $88,500 starting Wednesday, and possibly this weekend.”

Arthur Hayes: Bitcoin may have broken its correlation with Nasdaq

Arthur Hayes tweeted that Bitcoin holders need to learn to embrace tariff policies, and perhaps Bitcoin has finally broken its association with Nasdaq and become the purest "smoke alarm" for fiat currency liquidity.

Arthur Hayes: The era of U.S. Treasuries and U.S. stocks as global reserve assets is coming to an end, and gold and Bitcoin will rise

Arthur Hayes tweeted that US Treasuries and US stocks (to a lesser extent) serve as global reserve assets. Since Nixon took the US off the gold standard in 1971, the US national debt has grown 85 times. The US must create the credit dollars needed for world economic growth. This is good for some Americans and bad for others. Trump's election was driven by those who feel they have not shared in the "fruits of prosperity" of the past 50 years.

Once the U.S. current account deficit is eliminated, foreigners will have no dollars to buy bonds and stocks. If foreigners must stimulate their own economies, they will sell the U.S. bonds and stocks they own to finance their national priorities. Even if Trump softens on the severity of his tariffs, no Treasury secretary or world leader would bet against his reversal, so things cannot go back to the way they were. Every country must fight for itself.

Gold will be a neutral reserve asset. The dollar will remain the global reserve currency, but countries will settle global trade by holding gold. Trump has hinted at this, because gold is tariff-free. In the new monetary system, gold must circulate freely and cheaply. Today, most of those who benefited greatly from the old system are still in denial and have illusions that everything will eventually return to "normal". Absurd.

For those who want to adjust to a return to pre-1971 trade relations, they should buy gold, gold mining companies, and BTC.

Analyst: Bitcoin is still expected to hit new highs between the third quarter of this year and the first quarter of 2026

Crypto analyst Miles Deutscher tweeted in support of Bitcoin, firmly believing that Bitcoin will hit a new ATH between the third quarter of this year and the first quarter of 2026. He believes that people are ignoring the bigger picture, and the final rebound will be stronger than ever before. The reasons are as follows:

• Trump’s plan causes short-term pain as it seeks to push down USD/yields (which are currently in the process of the market digesting the new baseline).
• The medium-term scenario is that tariffs will force domestic absorption of treasuries to offset the reduction in foreign purchases (BTC is extremely sensitive to global liquidity).
• The market may bottom out on recession fears (it’s a scary word, markets hate uncertainty), but when a recession officially arrives, the market will already be looking at the Fed’s response.
• The Fed will eventually be forced to cut rates, paving the way for possible QE in 2026 (remember that markets are forward-looking, and in my opinion QE may be less important this year than other liquidity measures - they have options: repo operations, BTFP, Treasury purchases, etc.).
• As for altcoins, the quality offerings will likely follow BTC’s trajectory and find a bottom before recovering — and low-quality projects will be left behind.
• In a tighter liquidity environment, market participants tend to consolidate around higher quality assets (BTC first) and then move down the risk curve once confidence and liquidity improve.
• As for the short term, anything can happen. Trying to predict anything in the 1-12 week range right now is extremely difficult and largely a fool's game.

Being patient is not easy but it is what is needed right now. I will personally increase my exposure in the coming weeks/months as these overall conditions will be quite good from a Q1 perspective next year.

Project News

Binance Launches Revamped Launchpool and BNB Pages for Tracking Airdrops

According to the official announcement, BiAnX has launched a new version of the Launchpool and BNB pages to allow users to easily track and participate in token airdrops.

The main updates to the Launchpool page are as follows:

• Push Notifications: Turn on notifications to get the latest airdrop opportunities and information at any time.
• Optimized navigation: Track the activity status and token distribution ratio of each project.
• HODLer Airdrop: Integrated into the Launchpool page, users can now directly view their HODLer Airdrop allocation.
• Financial product subscription: Easily subscribe to BNB to earn capital and automatically participate in each Launchpool.
• Allocation Overview: View eligible locked positions in the Capital Guaranteed Earning Coin Fixed-Term Products.

The main functions of the new BNB page are as follows:

• Utility Overview: Learn about the benefits of holding BNB on Binance, including trading fee reductions, VIP benefits, and more.
• Airdrop Overview: Stay up to date with all ongoing airdrops to ensure users don’t miss out on opportunities to participate in airdrops and maximize their returns.
• Historical returns: See the value of past airdrop tokens to make more informed decisions.

Cardano Foundation launches open-source digital identity platform Veridian

According to the official announcement, the Cardano Foundation has launched Veridian, an open source digital identity platform for individuals and organizations. The platform, launched with its first product, Veridian Wallet, is designed to protect personal information security and allow users to prove their identity online without the hassle of sharing sensitive data.

Tether CEO: Considering creating a new compliant stablecoin registered in the United States

Tether CEO Paolo Ardoino said he does not mind USDT being banned in the United States due to new regulations. Tether is actively considering creating a new stablecoin registered in the United States and will comply with the upcoming US stablecoin law. "We need two products with different value propositions." Ardoino believes that USDT is more suitable for emerging markets and said that USDT may no longer dominate the United States and Europe in the future.

As currently stipulated, both the U.S. House of Representatives and the Senate require foreign stablecoin issuers such as Tether, which is based in El Salvador, to comply with the strict anti-money laundering requirements of the Bank Secrecy Act and to conduct rigorous audits of their reserves. Tether, the $144 billion stablecoin giant, has never undergone a comprehensive financial audit, and critics and competitors believe that if the company had to comply with complex anti-terrorism and anti-money laundering rules, it would withdraw from the United States altogether. Critics have also questioned for years whether Tether actually has the money to back each USDT token.

PayPal will support the purchase, sale, holding and transfer of LINK and SOL

According to an official announcement, PayPal announced that cryptocurrencies Chainlink (LINK) and Solana (SOL) will be available for PayPal and Venmo users to buy, hold, sell, and transfer directly in their respective accounts.

Coinbase plans to launch 24/7 Bitcoin and Ethereum futures trading on May 9

According to an official announcement, Coinbase will launch the first US-regulated 24x7 Bitcoin and Ethereum futures contracts through its derivatives division, and trading will begin on May 9.

Pump Fun live streaming has been rolled out to 5% of users, and a review policy has been established

Alon, co-founder of pump.fun, tweeted that the Pump Fun live broadcast function has been launched to 5% of users and a live broadcast review policy has been formulated. Violation of this policy may result in the termination of the live broadcast and user account.

Lens Chain mainnet is now online

Lens Chain, a L2 network built specifically for SocialFi, is now live. The functions provided by Lens are as follows:

• Lens Chain: Use GHO stablecoin as gas for scalable, fast and low-cost transactions.
• Social Protocol (Lens V3): Pre-built social primitives such as accounts and groups. These primitives are flexible and modular and can be integrated into existing applications as separate features.
• Grove: On-chain permissioned storage of user-controlled content.
• Developer Dashboard: Manage apps, onboard users easily, and integrate without coding expertise.

SpaceX: Dragon spacecraft has been confirmed to have landed safely

SpaceX tweeted congratulations that the Dragon spacecraft has been confirmed to have landed safely.

Earlier news said that F2Pool co-founder Wang Chun will lead a four-day SpaceX orbital flight.

Important data

BlackRock's BUIDL Fund paid out $4.17 million in dividends in March, bringing the total dividend to more than $25 million

According to Cryptoslate, BlackRock's BUIDL fund paid out $4.17 million in dividends in March, setting a record for the largest monthly dividend payout for a tokenized Treasury fund. The March record was about twice the previous peak of $2.1 million set in July 2024. According to a report by BUIDL issuer Securitize, this record dividend brings BUIDL's cumulative dividend payments since its inception to $25.4 million, reflecting the growing interest of institutions in investing in traditional financial products on the chain.

GameStop CEO adds $10.78 million in GME stock

GameStop Chairman and CEO Ryan Cohen purchased 500,000 shares of GME for $10.78 million. The purchase increased Cohen's total holdings to 37,347,842 shares, or about 8.4% of GameStop's outstanding shares.

Revenues of most DeFi protocols on Solana, Ethereum, and BNB Chain fell by more than 50% in March

Revenue for most major DeFi protocols on Solana, Ethereum, and BNB Chain fell by more than 50% in March, reflecting a broad decline in on-chain activity and transaction volume.

Solana-based DeFi protocols, including Pump.fun, Jito, and Raydium, generated a cumulative revenue of approximately $42 million in March. This is down about 55% from February and about 75% from the all-time high in January. On BNB Chain, Pancakeswap generated only $21 million in revenue in March, down 54% month-over-month. Meanwhile, Ethereum-based DeFi protocols include Ethena, Lido, Aave, Curve, Compound, and Sushi. This group of protocols generated a cumulative revenue of only $24.5 million in March, down 52% and more than 65% since February and January, respectively. MakerDAO (now known as Sky) saw a month-over-month increase in revenue, with $10 million in revenue in March, an increase of 11%. MakerDAO (Sky) is the only protocol of the 11 protocols mentioned so far to have a month-over-month increase in revenue.

Whales/institutions that have been selling IMX recently have once again transferred 9.03 million IMX to Binance, worth about $4.05 million

According to on-chain analyst Yu Jin, 2 hours ago, the whale/institution that has been selling IMX recently continued to transfer 9.03 million IMX (US$4.05 million) in the same way: first deposited into FalconX, and then from FalconX to Binance. The whale/institution sold a total of 26.2 million IMX (US$13.72 million) in the past 9 days, and the price of IMX fell by 39% (US$0.72 → US$0.44).

A whale who participated in IC0 sold another 612 ETH and currently still holds 32,788 ETH

According to @ai_9684xtpa, "OG who sold 100,000 ETH in ICO in 2015" sold 612 ETH (1.12 million USD) again two days later, with the cost as low as 0.31 USD. The whale has sold 2,213 ETH since April, making a profit of 4.076 million USD; currently, three wallet addresses still hold 32,788 ETH, worth 59.34 million USD.

Ethereum spot ETF had a net inflow of $2.0627 million yesterday, and none of the nine ETFs had a net outflow

Bitcoin spot ETF had a net outflow of $64.8776 million yesterday, and none of the twelve ETFs had a net inflow

Financing

Startup Codex completes $15.8 million seed round of financing, led by Dragonfly

According to Fortune, the startup Codex has raised $15.8 million in a seed round led by Dragonfly Capital. Codex is building a blockchain designed specifically for stablecoins. Other investors include the venture capital arms of Coinbase and Circle. Crypto market makers such as Cumberland, Wintermute and Selini Capital also contributed. Rob Hadick, general partner of Dragonfly, said the company invested about $14 million in this round of financing.