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Risk assets surged higher yesterday in a historic session after President Trump announced a 90-day pause on certain “reciprocal” tariffs. The news triggered a massive relief rally, but the market remains on edge. The latest tariff whiplash—on again, off again—has traders spinning, with White House advisors later admitting the recent chaos may have been part of the playbook all along. Last week's market rout? Apparently, just theater.
Equities went vertical. The S&P 500 surged over 9%, marking its third-largest single-day gain since WWII. Nasdaq blew past expectations too, logging its best day since Jan 2001 and second-best on record, driven by a staggering 30 billion shares traded across the board.
Crypto caught a strong bid. BTC rallied nearly 12% off yesterday’s lows, jumping from 75,000 to 83,500 before pulling back slightly. The move was partly fueled by March CPI coming in cooler than expected at 2.4% YoY (vs 2.5% est), but the bullish momentum faded as macro concerns around slowing growth resurfaced.
Open interest in BTC and ETH dropped into the rally, suggesting the spike was more about position unwinds—shorts covering and longs trimming—than fresh bullish conviction. From a technical lens, BTC broke through a double bottom neckline at 81,000 on the intraday chart. A pullback into the 80,000–81,000 zone would be textbook retest territory. Lose that level, and we’re looking at 78,000 and 76,000 as the next key supports.
Alts remain a mixed bag. TAO has been a standout, outperforming BTC by 30% since Monday with a 40%+ rise in open interest—clearly attracting fresh flows.
On the narrative front, Cardano’s Charles Hoskinson is back with a bold BTC call—$250K this year—citing rising adoption and pro-crypto legislation. He also expects big tech to jump into stablecoin usage once regulatory clarity lands.
Fed minutes from March painted a cautious picture. Policymakers flagged stagflation risks and warned of "difficult tradeoffs" ahead as inflation remains sticky and growth shows signs of stalling.
The News Room
SEC clears Ethereum ETF options trading for BlackRock and Fidelity
The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq and Cboe's proposals to list and trade options on spot Ethereum exchange-traded funds (ETFs) managed by BlackRock and Fidelity. This approval allows the iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH) to offer up to 25,000 options contracts each, featuring American-style exercise and physical settlement. These options are subject to existing ETF options rules, including margin requirements and trading increments. This development follows the SEC's prior authorization of spot Bitcoin ETF options in September 2024.
Pakistan considers using surplus energy for Bitcoin mining
Pakistan plans to utilize its surplus electricity by supporting Bitcoin mining and AI data centers, according to Bilal Bin Saqib, head of the Pakistan Crypto Council and adviser to the finance minister. This initiative aims to address high electricity tariffs and overcapacity in the energy sector, exacerbated by increased solar energy adoption. Changpeng Zhao, founder of Binance, will serve as a strategic adviser to the council, supporting blockchain infrastructure, regulatory frameworks, and national digital initiatives. Pakistan, with an estimated 15-20 million crypto users and ranking high among global crypto adopters and freelancers, seeks to boost innovation through regulatory sandboxes. Saqib emphasized the potential for economic growth, job creation, and increased digital exports through youth upskilling in blockchain and AI, positioning the country as a global tech talent hub.
Crypto Charts
ETF Flow
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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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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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