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The Ministry of Foreign Affairs responded to the US imposing a 125% tariff on China: China does not want to fight a tariff war, but is not afraid of it

Regulatory/Macro

Pakistan plans to use surplus electricity for Bitcoin mining and AI data center construction

According to Reuters, Pakistan's Crypto Commission plans to use surplus domestic electricity to promote Bitcoin mining and AI data center construction to solve the problem of high electricity bills and energy surplus. The Commission has negotiated with several mining companies and will determine the location of the mine based on the power supply. Earlier news, market news: Pakistan appointed Zhao Changpeng as a cryptocurrency strategic advisor.

The Ministry of Foreign Affairs responded to the US imposing a 125% tariff on China: China does not want to fight a tariff war, but is not afraid of it

In response to the US announcement of a 125% tariff increase on China, Foreign Ministry Spokesperson Lin Jian said that the US uses tariffs as a tool of extreme pressure, which seriously infringes upon the legitimate rights and interests of all countries, violates WTO rules, undermines the multilateral trading system and impacts the global economic order. He stressed that there is no winner in a tariff war, China does not want to fight but is not afraid of it, and will never sit idly by and watch China's rights and interests being infringed or international rules being undermined. If the US insists on pushing forward the tariff war, China will fight to the end. Lin Jian pointed out that the US will sacrifice global interests to serve its own hegemony, which will inevitably be more strongly opposed by the international community.

US stocks closed: Trump postponed trade policy, Nasdaq surged 12%

Trump eased the implementation of reciprocal trade measures, and the three major U.S. stock indexes soared. The Dow Jones Industrial Average initially closed up 7.87%, the S&P 500 rose 9.51%, and the Nasdaq Composite Index rose 12.16%. Tesla (TSLA.O) rose 22%, Apple (AAPL.O) rose 15%, and Nvidia (NVDA.O) rose 18%. Among blockchain concept stocks, MARA Holdings (MARA) rose 17.02%, Strategy (MSTR.O) rose 24.76%, and Coinbase (COIN.O) rose 16.91%. U.S. President Trump said: The record performance of the stock market should continue.

White House: Tariff levels will be reduced to a general 10% during negotiations

Trump posted on social media that in view of the fact that more than 75 countries have called the United States representative agencies to negotiate solutions to issues related to trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs, I have approved a 90-day suspension of these countries. The suspension applies to reciprocal tariffs. During this period, the general tariff will be reduced to 10%, and the suspension will take effect immediately. The 90-day tariff suspension does not apply to US tariffs on Mexico and Canada. A White House spokesman said that tailored negotiations will continue, and the tariff level will be reduced to a general 10% during the negotiations. The White House posted on x that it would suspend for 90 days and reduce the reciprocal tariffs on most countries to 10%, effective immediately.

Viewpoint

Founder of Ethereum Newsweek: If ETH is not considered a currency, its value will approach zero

Evan Van Ness, founder of Ethereum Newsweek, posted on a social platform that if ETH does not have "currency attributes" and premium, its value will return to zero according to the discounted cash flow model, not only will it depreciate against legal tender, but it will also continue to weaken in the crypto market. He pointed out that the rise in ETH prices is a prerequisite for promoting ecological adoption, and the lack of currency status will weaken the Ethereum Foundation's finances and affect client development and platform adoption. He finally emphasized: "ETH is currency."

glassnode: If BTC falls below $72,000, it may face greater downside risks

According to glassnode analysis, the price of Bitcoin has fallen below two important long-term moving averages - the 111-day moving average ($93K) and the 200-day moving average ($87K), and has dropped to the 365-day moving average ($76K). These moving averages are generally regarded as important support levels in the market, and the current break may mean that market sentiment is changing. The cost price for short-term holders is about $93K. The price of Bitcoin is currently fluctuating between $131K and $72K, but it is close to testing the lower limit of $72K. If this level is broken, it may hit the confidence of short-term investors and cause prices to fall further. In addition, Bitcoin has deeper support areas near $65K and $71K, but these positions are in low liquidity areas. If the price falls into this range, it may cause large fluctuations and attract long-term investors to buy at the bottom.

Project News

Binance Wallet to Host Mind Network (FHE) Token Generation Event

Binance Wallet announced that it will hold its ninth exclusive token generation event (TGE) in cooperation with Mind Network through PancakeSwap from 19:00 to 20:00 Beijing time on April 10. The event will be held on the BNB Smart Chain, with a total fundraising amount of US$750,000, and a token price of $0.015 per token (denominated in BNB). It plans to issue 50 million FHE tokens, accounting for 5% of the total supply, and the upper limit for a single user to subscribe is 3 BNB. In addition, 10 million $FHE will be used for future market promotion.

Bithumb will launch Babylon (BABY) Korean Won trading market

South Korean exchange Bithumb announced that it will list Babylon (BABY) in the Korean won market. The supported network is the Babylon network, and recharges on other networks are not supported. Recharges and withdrawals are expected to be open at 19:00 on April 10.

Starknet announces STRK Staking v2 is now live on testnet

Starknet announced that its STRK Staking v2 has been launched on the testnet, and validators and delegators can familiarize themselves with the relevant content in advance and prepare for the launch of the mainnet. It is reported that the mainnet is scheduled to be launched within this quarter. Earlier news said that Starknet is about to start the STRK Staking V2 voting and plans to launch the testnet in a few weeks.

Melania Token Team Revealed to Have Cashed Out $4.2 Million in 25 Days

According to Lookonchain monitoring, the Melania ($MELANIA) token team has continuously added and withdrawn liquidity through 8 wallets in the past 25 days, selling a total of 6.72 million MELANIA and cashing out 34,168 SOL, equivalent to approximately US$4.2 million.

Binance will suspend Filecoin (FIL) network token deposits and withdrawals on the 11th to support its network upgrade

Binance is expected to suspend the token deposit and withdrawal services of the Filecoin (FIL) network at 06:00 (ET) on April 11, 2025 to support its network upgrade. The project will perform a network upgrade at 07:00 (ET) on April 11, 2025.

Binance's second round of "voting to delist" projects announced: FTT, ZEC and other 17 projects are on the list

According to Binance Square, Binance has announced the second round of "Vote to Delist" candidate projects, including FTT, ZEC, JASMY, STPT, ARK, ARDR, GPS, MBL, PERP, NKN, WING, LTO, FLM, BSW, ALPACA, VOXEL and PDA. Earlier today, Binance launched the second round of "Vote to Delist" mechanism, and voting will continue until April 17.

Wayfinder to distribute 5 million PROMPT tokens via Kaito Dashboard

Wayfinder Foundation tweeted that the KaitoAI social mission plan has completed the snapshot and officially ended on April 8, and 5 million $PROMPT tokens will be issued through the Kaito Dashboard. Among them, 4 million will be allocated to "Emerging Yappers" who have reached 90 Yaps and less than 1,100 followers, and the remaining 1 million will be awarded to users who have not reached the standard but have made contributions. Qualified users holding $KAITO can also receive an additional 30% bonus.

M^0 stablecoin platform is launched on Solana, KAST will issue the first digital dollar based on M^0

According to the official X account of M^0, its stablecoin platform is now online on the Solana network. The first partner, KAST, will issue KAST Dollar based on the M^0 architecture, focusing on payment and savings scenarios. Other integrated parties include Spree Finance, Squads Protocol, Jito and Perena. M^0 supports developers to build branded and feature-rich digital dollar solutions through its $M extension framework.

Synthetix ecological stablecoin sUSD has expanded its decoupling degree to more than 10%, and is now trading at $0.8946

The stablecoin sUSD of the Synthetix ecosystem has been depegging recently, and the degree of depegging has now expanded to over 10%. sUSD is now trading at $0.8946. The market value of the sUSD stablecoin is currently about $27 million. Kain Warwick, the founder of Synthetix, tweeted on April 2 to respond to users' concerns about the depegging of the sUSD stablecoin, saying that "Synthetix is not dying," and explained the background of sUSD's volatility by reviewing the history of stablecoins. He pointed out that sUSD is indeed more volatile than USDT and DAI, but its design mechanism is different, which is normal. He also reviewed the evolution of stablecoins since the birth of USDT, bitUSD, and Nubits in 2014, emphasizing that even centralized stablecoins such as USDC have been significantly depegged.

Important data

Deribit: Over $2.59 billion in BTC and ETH options will expire on April 11, with BTC’s biggest pain point at $82,000

Deribit officially announced that more than $2.59 billion of crypto options will expire at 16:00 Beijing time on April 11. Among them, the notional value of Bitcoin options is $2.32 billion, the Put/Call ratio is 0.97, and the maximum pain point price is $82,000; the notional value of Ethereum options is $270 million, the Put/Call ratio is 0.91, and the maximum pain point price is $1,750.

CryptoQuant: BTC trading volume has dropped 77% from its February high, and Binance's market share has risen to about 50%

According to CryptoQuant, Bitcoin spot trading volume fell from a high of $44 billion on February 3 to $10 billion at the end of the first quarter, a drop of 77%. At the same time, altcoin spot trading volume fell from $122 billion to $23 billion, a drop of more than 80%. The significant decline in trading volume indicates that investors are reducing their participation due to market uncertainty or fear. Despite the decline in overall trading volume, Binance's market share has continued to grow, with its daily average Bitcoin spot trading volume share rising from 33% on February 3 to 49% at the end of the first quarter, and its total crypto market trading share approaching 50%. In addition, Binance's daily average spot trading volume of altcoins also increased from 38% to 44%. Trading activities of major altcoins such as BNB, TON and EOS on Binance remain at a high level. Earlier news, data: Binance BTC reserves have surged by more than 22,000 in 12 days.

Fetch.ai team address transferred out 15 million FET again, suspected to be sold/market-making through DWF Labs

According to @ai_9684xtpa, the multi-signature address of the Fetch.ai team transferred 15 million FETs to the DWF Labs deposit address on Binance again after five months, which is about $6.58 million at the current price. In the past year, the address has transferred a total of 40 million FETs to the exchange, worth about $43.17 million.

Tether Treasury issues 1 billion USDT on Tron chain, and has issued 8 billion USDT so far this year

According to Lookonchain monitoring, Tether Treasury issued an additional $1 billion USDT on the Tron network 4 hours ago. Since 2025, Tether has issued a total of $8 billion USDT on the Tron chain and destroyed $1 billion USDT on the Ethereum chain.

Financing

Magic Eden acquires decentralized exchange Slingshot

NFT platform Magic Eden has completed the acquisition of decentralized trading platform Slingshot. Magic Eden said that this move will promote its vision of building a cross-chain asset trading platform, supporting 8M+ tokens, covering all chains (including Bitcoin, which will be launched soon) and without the need for cross-bridges or centralized exchanges.

Web3 social media platform Wunder.Social completes $50 million in financing

According to CoinDesk, Web3 social media platform Wunder.Social announced the completion of a $50 million financing round led by Rollman Management. Wunder.Social said in the announcement that the project uses blockchain technology to verify user identities, thereby eliminating robots, and shares advertising revenue with users, allowing users to fund the causes they care about. The company plans to issue tokens later this month, and potential users who are interested can register on the company's website. The project also announced that Ryan Martin, former marketing director of TikTok, has joined Wunder.Social as chief marketing officer.

PancakeSwap Expands Cross-Chain Swap Capabilities to Solana

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