Trading Desk Insights
Yesterday, President Trump signed a new tariff policy that sets a 10% baseline tariff on all imports, aiming to push countries to rethink their trade practices and open up their markets to more U.S. goods. The policy includes hefty tariffs on several nations: 34% on China, 24% on Japan, and 20% on the European Union, among others. Economists and U.S. trading partners are questioning how the White House determined these rates, which supposedly reflect what other countries charge the U.S. China has called for the U.S. to cancel its tariffs and warned that it would respond firmly to protect its own interests.
The markets took a major hit Wednesday afternoon after the announcement, with everything from stocks to crypto tumbling, raising concerns about a potential global trade war that could further hurt the already struggling U.S. economy. However, Glassnode data shows that Bitcoin whales started accumulating again for the first time since last August, which could signal some confidence in the current price range. These whales typically buy during sharp declines and sell when prices rise. Despite the market chaos, liquidations were relatively low at $550 million, suggesting light positioning going into the news. The release of the nonfarm payrolls on Friday could add another layer of uncertainty when it comes to positioning for the week ahead.
From a technical point of view, BTC pulled back straight from the 50-day moving average near our resistance level of 88,800 which has proven to be quite effective. Prices are now trading below their 20-day, 50-day and 200-day moving averages, a sign of bearish momentum. A break below our support of 81,200 might trigger bearish implications sending prices towards the yearly low of 76,600. Altcoins are definitely feeling more pressure with SOL testing its yearly low and approaching the lowest figure since Feb 2024. XRP is about to break below a Head-and-Shoulders pattern, potentially dragging prices lower towards $1. For now, prices are trading above the neckline of the pattern which also intersects with the 200-day moving average.
The News Room
Fidelity launches zero-fee crypto retirement accounts with exposure to Bitcoin, Ethereum and Litecoin
Fidelity Investments has introduced zero-fee retirement accounts, allowing U.S. investors aged 18 and over, residing in supported states, to gain tax-advantaged exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). These accounts include Roth IRAs, Traditional IRAs, and Rollover IRAs, all with no maintenance fees. However, Fidelity applies a 1% spread to buy and sell orders, representing the difference between the execution price and the price at which Fidelity Digital Assets sources the asset. To open a Fidelity Crypto IRA, investors must also hold a Fidelity brokerage IRA of the same registration type, which acts as a funding account. Users can transfer funds from the linked brokerage IRA into the crypto IRA to execute trades.
RLUSD joins Ripple Payments platform amid 118% monthly growth
Ripple has integrated RLUSD, a US dollar-pegged stablecoin, into its Ripple Payments platform. This integration expands RLUSD's utility within Ripple's global transaction infrastructure and coincides with its listing on Kraken, enhancing access for both institutional and retail users. In March, RLUSD's market capitalization reached nearly $200 million, with monthly transfer volume increasing by 54.6% to over $720 million. Ripple plans a phased rollout of RLUSD, with select customers already utilizing it for cross-border treasury operations, and aims to expand its role to additional enterprise customers over time.
Donald Trump White House meeting with Nayib Bukele ignites Bitcoin discussion hopes
President Donald Trump has invited El Salvador's President Nayib Bukele to the White House for a meeting on April 14, 2025. The invitation highlights Bukele's strong stance against gang violence and his cooperation with U.S. immigration enforcement, including housing deported gang members in El Salvador's high-security Terrorism Confinement Center. Both leaders share an interest in Bitcoin; Bukele's administration holds over 6,100 BTC, and the Trump administration has established a National Bitcoin Reserve. This shared interest has led to speculation that their upcoming meeting may include discussions on cryptocurrency policies and potential collaborations. The meeting underscores the strengthening ties between the U.S. and El Salvador, with potential implications for security cooperation and cryptocurrency policy.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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