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Risk assets are staging a recovery today as traders digest the latest tariff headlines and attempt to close out a volatile week on firmer footing. China fired back at the U.S. by raising tariffs on American goods to 125% (up from 84%), while the White House confirmed U.S. levies on Chinese imports now total 145%. Equities initially sold off on the news, but sentiment improved after the EU announced its trade rep is headed to D.C. this Sunday to “try and sign deals.”
One standout: BTC volatility has compressed relative to the S&P 500, acting more like a low-beta hedge than a high-octane risk asset. That’s notable. Meanwhile, Trump’s aggressive stance on trade is sapping demand for U.S. assets, pushing treasury yields higher even as the dollar weakens—a rare combo that typically signals lower growth expectations and fading interest in U.S. exposure.
In crypto, investors are rotating into tokenized gold plays like Tether’s XAUT and Paxos’ PAXG, with both outperforming the broader market. Gold remains a classic safe-haven bid, and the lack of coherent U.S. policy continues to drive capital into stores of value during this macro uncertainty.
BTC remains capped by its declining trend line since January 20th, reinforcing the bearish outlook. Prices are also trading below their 20-day and 50-day moving averages. We would need to see a recovery with these elements before engaging in any bullish conversations. Altcoins continue to be mixed. XRP rebounded right off the 61.8% Fibonacci level on Monday, resulting in a great entry target. TAO rebounded off the previous lows of August 2024 and has since traded higher by 45%, outperforming its peers. Memecoins are starting to flourish. POPCAT is trading +80% since the recent lows while FARTCOIN is up over 300% in the last month.
The News Room
SEC and Ripple file joint motion to pause appeals to pursue settlement terms
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have jointly filed a motion with the Second Circuit Court of Appeals to pause their ongoing legal appeals, aiming to finalize a comprehensive settlement. This proposed agreement would resolve the SEC's appeal, Ripple's cross-appeal, and claims against Ripple executives Brad Garlinghouse and Chris Larsen. As part of the settlement, Ripple has agreed to pay a $50 million civil penalty and withdraw its cross-appeal. The motion, filed on April 10, seeks to suspend proceedings while the parties finalize the settlement terms, pending the SEC’s formal approval. If granted, the motion would pause the appeals process and eliminate the requirement for the parties to submit briefs by the previously scheduled April 16 deadline
SEC issues new guidance for crypto asset registration and reporting
On April 10, 2025, the U.S. Securities and Exchange Commission (SEC) issued new guidance outlining how federal securities laws apply to the registration and offering of crypto-related securities. The guidance emphasizes transparency in business operations, token design, governance, technical specifications, and financial reporting. It also details disclosure requirements on investment risks, including token volatility, liquidity limitations, legal classification, and security vulnerabilities. This move reflects the SEC staff’s current expectations for how firms should prepare their filings, indicating a more open approach to crypto regulation under its new leadership.
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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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