CRYPTO UPDATE: Bitcoin boosted after Trump's tariff pause, China-Russia reportedly settling energy trades in BTC

24 Hour Prices:

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  Bitcoin is on a strong footing with the crypto complex boosted after the US President Trump announced a 90-day tariff reduction for the worst offenders, whilst China saw a total tariff hike to 125% and Canada and Mexico had their respective tariff policies maintained.


• The Trump tariff update sparked immediate risk-on price action across financial markets. Bitcoin climbed from USD 78k to over USD 82k, in the hour proceeding the announcement.


• As for today, Bitcoin currently holds around USD 81.7k in a USD 81,300-82,772 range; upside levels include its 21DMA at 83,389 and then fairly strong resistance at the USD 85k mark. Downside levels will bring into the USD 80k, and then some potential support levels at USD 77,270 and then USD 74k thereafter. From a technical standpoint, the 14d RSI (46) still resides just shy of the “neutral” mark.

What banks/analysts are saying:

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  Standard Chartered analyst Kendrick has suggested that “bitcoin will become a hedge against tariff risks this time around”; he suggests that US isolationism will increase the risk of holding fiat, and this will benefit Bitcoin. It is worth noting that Kendrick has been a long-term Bitcoin bull, with their year-end PT set at USD 200k; to reach USD 500k by end-2028. (The Block)


• 
  Bernstein analysts write that Bitcoin’s recent pressure “has been nothing but impressive”. (The Block)

In the news (since the last update):

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  China and Russia settle energy trades in Bitcoin, as the countries seek to avoid uncertainty regarding US assets amid the recent tariff turmoil, according to CoinMarketCap. Analysts at VanEck say that this shows Bitcoin is evolving from a “speculative assets into a functional monetary tool”. (CoinMarketCap / VanEck)


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  21Shares filed for a Dogecoin ETF on Wednesday, via The Block. (The Block)


• 
  Pakistan plans to allocate some of its 10GW surplus electricity for Bitcoin mining, via CCN. (CCN)


• 
  South Korean banks have called for more flexible regulations over their collaboration with crypto firms, via The Block. (The Block)


• 
  US Senate confirms US President Trump’s pick to lead the SEC, via Reuters. (Reuters)

In the news (earlier in the week):

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  China is reportedly considering frontloading stimulus in order to counter the tariff hit, via Bloomberg.


• 
  The first ever XRP ETF in the US is set to launch on Tuesday; it will have 2x leveraged exposure. (CoinDesk)


• Hong Kong FSC has released its guidance for licensed ETFs to offer staking services, via The Block. (The Block)


• CoinShares writes that Digital Assets investment products saw total outflows of USD 240mln last week, citing the latest tariff announcements; flows were primarily from Bitcoin. (CoinShares)


• ARK Investment Management purchased 83k shares of Coinbase (COIN), as it aims to increase its crypto exposure amid the recent market downturn. (The Block)


• Strategy (MSTR) says unrealized loss on digital assets for Q1 USD 5.91bln and generated net losses in recent periods; expects a net loss for Q1, according to Bloomberg. (Bloomberg)


• GameStop CEO Ryan Cohen purchased 500K shares on April 3rd for a total USD 10.8mln.


• Galaxy Digital received SEC approval for a Nasdaq direct listing after announcing plans to relocate from the Cayman Islands to Delaware; a shareholder vote has been set for May 9th, with a listing expected soon after under ticker GLXY.

Macro schedule:

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  US CPI (THU): Analysts expect headline US CPI to rise 0.2% M/M in March, matching the February reading; the core rate of inflation is seen climbing by 0.3% M/M, picking up from the prior pace of 0.2%. However, the market may not be as sensitive to the data as it has been in recent months, given the US announcement of tariffs on trading partners has the potential to boost prices ahead, analysts have said.


• 
  US EARNINGS SEASON (FRI): With Q1 25 earnings kicking off next week with the banking sector on Friday, FactSet highlights that the expected annual earnings growth rate for the S&P 500 is 7.3% Y/Y. “If 7.3% is the actual growth rate for the quarter, it will mark the seventh-straight quarter of (year-over-year) earnings growth reported by the index.” FactSet also highlights that all 11 sectors are expected to report lower earnings when compared to the end of 2024, due to downward revisions to EPS estimates.

Check out the Newsquawk Research Suite for the full previews for each event

Liquidation data, via Coinglass:

• Bitcoin (BTC) 24h long: USD 46.50mln / 24h short: USD 126.95mln


• Ethereum (ETH) 24h long: USD 41.45mln / 24h short: USD 90.83mln


• Solana (SOL) 24h long: USD 7.80mln / 24h short: USD 16.70mln


• Ripple (XRP) 24h long: USD 7.01mln / 24h short: USD 17.10mln


• Dogecoin (DOGE) 24h long: USD 4.84mln / 24h short: USD 7.47mln

10 Apr 2025 - 11:44- ForexData- Source: Newswires