Trump continued the trade war with China, officially increasing the tariff rate to 145%. US indices declined, partially erasing the previous gains. Market volatility remains high, with uncertainty remaining about what comes next on tariffs and how the trade measures will affect the economy.
China has now announced it would increase tariffs on US goods to 125%.
US consumer prices unexpectedly fell in March. In y/y terms, prices rose by 2.4%, below the expected level of 2.5%. The core inflation rate was 2.8%, compared to a forecast of 3%.
In crypto, the global crypto market cap is almost unchanged compared to 24 hours ago, at $2.59tn, while the total crypto market 24h volume decreased 36% to $102bn. Bitcoin is down 3.5% in the past 24 hours, currently trading around $81k. Ether is down almost 15% to $1,550.
In the past 24 hours, crypto liquidations decreased by 33%, and totaled $304m, with 64% of them long positions.
According to data from Farside Investors, US Bitcoin spot ETFs recorded their 6th consecutive daily net outflows; the Grayscale Bitcoin Mini Trust ETF (BTC) was the only BTC ETF to record net inflows ($9.9m), while others brought the total net outflows to $149.5m. ETH ETFs recorded net outflows of $38.8m, more than triple the previous session's outflowsm with Blackrock's ETHA being the only ETH ETF to see net inflows ($6.4m).
The US Department of Justice dismantled its National Cryptocurrency Enforcement Team (NCET), with Deputy Attorney General Todd Blanche sending a memo to employees on monday April 7, directing prosecutors to focus on crypto crimes tied to terrorism, cartels, and investor fraud, rather than pursuing cases against exchanges, mixers, or wallets. The decision, citing Trump’s executive order for clearer crypto regulations, has sparked backlash from Senate Democrats, with six of them, led by Elizabeth Warren, sending a letter on April 10 to Blanche, saying that the decision to disband the department’s NCET was a “grave mistake” that would support “sanctions evasion, drug trafficking, scams, and child sexual exploitation.”
Crypto exchange HashKey announced on social media that it received approval on April 10 to offer crypto staking, following new regulatory guidance from the Hong Kong Securities and Futures Commission (SFC) regarding staking services for Licensed Virtual Asset Trading Platforms (VATPs) and authorized funds.
According to Congressman Mike Carey on X, President Donald Trump has signed the first-ever crypto-related bill into law, officially overturning the IRS DeFi broker rule. The now-defeated regulation would have required decentralized finance platforms to report user transactions and crypto sales to the IRS starting in 2027. Critics, including Carey, argued the rule would have hindered innovation, infringed on privacy, and overwhelmed the IRS with excessive reporting requirements.
The US SEC, has issued a statement clarifying how federal securities laws apply to the crypto asset market through its Division of Corporation Finance. The guidance is intended to help market participants understand registration and disclosure requirements for securities tied to networks, applications, and crypto assets, including those classified as investment contracts.
Lawmakers in New Hampshire and Florida have advanced bills to allow the creation of state-level Bitcoin reserves. On April 10, New Hampshire’s House passed HB302 in a 192-179 vote, making it the fourth state—after Arizona, Texas, and Oklahoma—to pass such a bill through one chamber. If approved by the Senate and signed by the Governor, HB302 would authorize the state treasurer to invest up to 10% of public funds in precious metals and digital assets, limited to cryptocurrencies with a market cap over $500 billion, effectively restricting it to Bitcoin.
The US Securities and Exchange Commission (SEC) has dismissed its lawsuit against Nova Labs, developer of the network Helium, establishing that the project’s tokens are not securities.
The total value locked in DeFi decreased 3.3% in the past 24 hours to $87.78bn.
US Bitcoin miners are rushing to import mining rigs during the Trump administration’s 90-day pause on elevated tariffs, but the baseline 10% tariff still puts them at a competitive disadvantage, industry leaders say. Executives from Hashlabs and Luxor warned that tariff uncertainty is driving up equipment costs, stalling growth, and forcing companies to consider international expansion. Despite Trump’s campaign push for domestic mining and Eric Trump and Donald Trump Jr. are investing in a Bitcoin-mining company called American Bitcoin, the sector remains a low policy priority, with unpredictable trade rules hurting long-term investment planning.
