PA Daily | Powell says tariffs are far beyond expectations and the Fed is not in a hurry to make decisions; Grayscale has submitted the S-1 form of Solana ETF to the US SEC
Reprinted from panewslab
04/06/2025·26DToday's news tips:
1. State Council Tariff Commission: 34% tariff is imposed on all imported goods originating from the United States
2. Powell: The Federal Reserve maintains expectations for two rate cuts in 2025
3. The number of non-farm employment in the United States increased by 228,000 in March, with an unemployment rate of 4.2%.
4. US stocks suffered the worst week in five years, and the Nasdaq fell into a technical bear market
5. Due to tariffs, many companies including Circle are considering postponing their IPOs
6. Grayscale has submitted the S-1 form of Solana ETF to the US SEC
7.pump fun live broadcast function has been launched to 5% of users and a review policy has been formulated.
8. Binance launched the revised Launchpool and BNB pages to track airdrops
9. Startup Codex completed a $15.8 million seed round, led by Dragonfly
Regulatory/Macro
On April 2, 2025, the US government announced that it would impose "reciprocal tariffs" on Chinese goods imported to the US. The US's approach does not comply with international trade rules and seriously damages China's legitimate rights and interests. It is a typical unilateral bullying practice, which not only harms the US's own interests, but also endangers global economic development and stability of production and supply chains.
In accordance with the "Tariff Law of the People's Republic of China", "Customs Law of the People's Republic of China", "Foreign Trade Law of the People's Republic of China" and other laws and basic principles of international law, with the approval of the State Council, the Tariffs Commission of the State Council issued an announcement that from 12:01 on April 10, 2025, a 34% tariff will be imposed on all imported goods originating from the United States. Before 12:01 on April 10, 2025, the goods have been shipped from the place of departure and imported from 12:01 on April 10, 2025 to 24:00 on May 13, 2025, the tariffs imposed this time will not be imposed.
China urges the US to immediately abolish unilateral tariff measures and resolve trade differences through consultations through equality, respect and reciprocity.
According to Jinshi, the non-farm employment population in the United States after the seasonal adjustment in March was 228,000, the previous value was 151,000, and the expected 135,000 people. The U.S. unemployment rate in March was 4.2%, the previous value was 4.10%, and expected to be 4.1%.
Grayscale has submitted the S-1 form of Solana ETF to the US SEC
According to market news, Grayscale has submitted the S-1 form of the Solana ETF to the US SEC.
French Hill, chairman of the U.S. House Financial Services Committee, and Glenn Thompson, chairman of the Agriculture Committee, jointly proposed six principles that guide digital asset legislation to address digital asset regulation issues. Six principles include: promoting innovation, clarifying asset classification, standardizing the framework for issuing new digital asset, establishing supervision of spot market exchanges and intermediaries, establishing best practices for customer asset protection, and protecting innovation decentralized projects and activities.
Trump calls on Fed Chairman Powell to cut interest rates as soon as possible
Trump called on Fed Chairman Powell to cut interest rates as soon as possible, saying that now is the best time to cut interest rates, and believed that Powell was "always too slow" and urged Powell to stop "playing with politics."
Powell: Fed maintains expectations for two rate cuts in 2025
According to Kingshin, Fed Chairman Powell said that weak economic growth and rising inflation offset each other will allow the Fed to maintain its expectations for two interest rate cuts in 2025.
Powell: On the issue of tariffs, it is "too early" to adjust monetary policy
According to Cailianshe, Fed Chairman Jerome Powell said in a speech that the uncertainty of the new tariff policy will decline at some point, and the uncertainty in a year should be much lower. Now is a good time to take a step back and let the situation settle. The Fed is in a good position to deal with anything that might happen. Fed policy may be moderately restrictive. The Fed is waiting for the conditions for clear policy.
Earlier, U.S. President Trump urged that now is a great time to cut interest rates. In response, Powell said that US tariffs may lead to rising inflation, slowing economic growth, and rising risk of unemployment in the United States. On the issue of tariffs, it is "too early" to adjust monetary policy.
The Securities and Exchange Commission Corporate Finance Department issued a statement on stablecoins, saying that under current regulations, certain types of crypto assets (i.e., "Covered Stablecoins") do not belong to securities, and those involved in the "minting" and exchange of stablecoins are not required to register these transactions with the Commission under the Securities Act, nor to comply with one of the registration exemptions under the Securities Act. Covered Stablecoins is a one-to-one way to maintain stable value relative to the US dollar or “USD”, which can be converted into US dollars in a one-to-one way (i.e., one stablecoin is exchanged for one dollar) and backed by assets held in the reserves that are considered low-risk and easy to flow, with a dollar value reaching or exceeding the redemption value of the stablecoin in circulation. This type of stablecoins is mainly used for payment, transfer and storage of value, and is not used as an investment vehicle, and its sales and transactions do not involve the provisions of the Securities Law.
U.S. stocks suffer the worst week in five years, and Nasdaq falls into technical bear market
According to Cailianshe, the U.S. stock market suffered its worst week in five years, and the Nasdaq fell into a technical bear market. On Friday, Eastern Time, the three major U.S. stock indexes closed sharply, with the S&P 500 falling 5.97%, the largest single-day decline since March 2020; closed down 9.08% this week, the largest single-week decline since March 2020. The Nasdaq fell 5.82%, down more than 20% from its historical high closing record, confirming its entry into a technical bear market. The Dow Jones Industrial Average fell 5.50%, closing more than 10% lower than the historical high closing record, confirming that it entered the correction range.
Due to tariffs, several companies, including Circle, are considering postponing IPOs
According to WSJ, amid the trade war and a new round of tariff measures, several companies are considering postponing their initial public offering (IPO). These include social trading platform eToro Group, medical technology company Medline, virtual physical therapy company Hinge Health, fintech company Chime and crypto company Circle. Chime has decided to postpone its IPO process by suspending the public submission of financial documents to regulators. Circle, which was previously actively preparing for listing, has now turned to be cautious in waiting and watching the market trend.
Viewpoint
Greek.live: The community is generally bearish, traders believe tariffs have destroyed market trust
Greek.live macro researcher Adam said that the community is generally bearish, and most traders expect prices to fall in the next few weeks, mainly affected by macro concerns centered on Trump's tariffs. Key price monitoring points include $80,000 as instant support, with bearish target extending to $40,000, with only a few isolated bullish voices saying it is possible to reach $100,000 in a few months.
Traders believe tariffs have destroyed market trust, and even if tariffs are lowered before the April 9 deadline, damage to trade relations has been caused. Most members expect to continue to decline, with one trader expecting "Bitcoin will fall below 70,000 this month, for two months, and then continue to fall in the third/fourth quarter - below $40,000".
Short-term trading strategies focus on selling call options and shorting when rebounds, and put options sellers believe that the current option fee is still attractive despite the downside risks.
Some traders are preparing for a possible oversold rebound through a calendar spread strategy, while others are taking profits on bearish positions. Gold is seen as a tool to hedge Bitcoin volatility, and some traders use PAXG to maintain portfolio stability under uncertain market conditions.
Justin Sun officially launched the $50 million bounty program for FDT's alleged fraud (equivalent to approximately 10% of its liquidity support or stolen TUSD reserves) to recover TUSD reserves misappropriated by bad actors including First Digital Trust (FDT). It means:
- Any insider or whistleblower who provides important clues to help recover funds will be rewarded.
- Fully Transparent: A dedicated portal (#web3bounty.io) is coming soon and offers real-time updates.
- Independent Verification: All claims will be rigorously evaluated before the reward is issued.
Standard Chartered Bank analyst: Bitcoin is expected to rebound to $88,500 this week
Standard Chartered last week created the hypothetical “Mag7B” index, converting Tesla into Bitcoin, and now calls Bitcoin a “strongman” because Bitcoin has performed better than most tech stocks in the recent market selloff. Geoffrey Kendrick, global head of digital asset research at Standard Chartered Bank, said traditional financial markets were generally sold out under tariffs from US President Donald Trump, while Bitcoin showed strong performance and can now be seen as a "U.S. isolation" hedging tool.
“Bitcoin is proving itself to be the best technology (Bitcoin has upside potential when stocks rise) and is a hedge tool in many cases.” “Today, after job data is released, it is very likely that Bitcoin will break through the critical $85,000 level. This will open to the $88,500 level before tariffs starting on Wednesday (probably this weekend).
Arthur Hayes: Bitcoin may have broken its association with Nasdaq
Arthur Hayes tweeted that Bitcoin holders need to learn to embrace tariff policies, and perhaps Bitcoin has finally broken its connection with Nasdaq and become the purest "smoke alarm" of fiat currency liquidity.
Arthur Hayes tweeted that U.S. Treasury bonds and U.S. stocks (to a lesser extent) are global reserve assets. Since Nixon abolished the U.S. gold standard in 1971, U.S. Treasury balances have increased by 85 times. The United States must create the credit dollars needed for world economic growth. This is a good thing for some Americans and a bad thing for others. Trump's election is driven by groups who think they have not shared the "prosperity" of the past 50 years.
Once the current account deficit in the United States is eliminated, foreigners have no dollar purchases of bonds and stocks. If foreigners must stimulate their own economy, they will sell their own U.S. bonds and stocks to fund their national priority policies. Even if Trump softens to the severity of tariffs, no Treasury Secretary or world leader dares to bet that he won't go back to the point of doing so again, so things cannot return to their original state. Every country must fight for itself.
Gold will be used as a neutral reserve asset. The US dollar will remain the global reserve currency, but countries will settle global trade by holding gold. Trump has hinted that it is because gold is tariff-free. In the new monetary system, gold must be circulated freely and at low cost. Nowadays, most of those who have benefited greatly from the old system are still in the denial stage and have fantasies that everything will eventually return to "normal". Extremely ridiculous.
For those who want to adapt to the trade relations before 1971, gold, gold mining companies and BTC should be purchased.
Crypto analyst Miles Deutscher tweeted to back Bitcoin, believing that Bitcoin will set a new ATH between the third quarter of this year and the first quarter of 2026. It believes that people ignore the bigger picture and the final rebound will be stronger than ever. The reasons are as follows:
- Trump’s plan causes short-term pain as it tries to lower the dollar/yield rate (currently in the process of market digesting a new baseline).
- The medium term is that tariffs will force domestic government bond absorption to offset the reduction in foreign purchases (BTC is extremely sensitive to global liquidity).
- Markets may bottom out with concerns about recession (a terrible word, markets hate uncertainty), but when the recession officially arrives, markets will already start paying attention to the Fed's reaction
- The Fed will eventually be forced to cut interest rates, paving the way for possible quantitative easing in 2026 (remember that the market is forward-looking, in my opinion, quantitative easing this year may not be as important as other liquidity measures - they have options: buyback operations, BTFP, buying Treasury bonds, etc.).
- As for altcoins, quality products may follow the trajectory of BTC and find the bottom before recovery – low-quality projects will be eliminated.
- In tighter liquidity environments, market participants tend to integrate around higher quality assets (first BTC) and then lower the risk curve after confidence and liquidity improves.
- As for the short term, anything can happen. Now it's extremely difficult to predict anything in the 1-12 week range and is largely a stupid game.
It’s not easy to be patient, but it’s what you need now. Individuals will increase their exposure in the coming weeks/months, as these overall situations will be pretty good from the first quarter of next year.
Project News
Binance launched the revised Launchpool and BNB pages to track airdrops
According to the official announcement, Coin Security has launched the newly revised Launchpool and BNB pages so that users can easily track and participate in token airdrops.
The main updates to the Launchpool page are as follows:
- Push notifications: Turn on notifications and get the latest airdrop opportunities and information at any time.
- Optimized Guide: Tracks the activity status and token allocation ratio of each project.
- HODLer Airdrop: Integrated into the Launchpool page, users can now directly view their HODLer Airdrop allocations.
- Financial product subscription: Easily subscribe to BNB to earn coins by guaranteed, and automatically participate in each Launchpool.
- Distribution Overview: Check out the locked positions in the fixed-current products that meet the conditions.
The main functions of the new BNB page are as follows:
- Utility Overview: Understand the utility of holding BNB on Binance, including transaction fee reductions and VIP rights.
- Airdrop Overview: Stay up to date on all ongoing airdrops, ensuring users don’t miss the opportunity to participate in airdrops and maximize revenue.
- Historical benefits: View the value of airdrop tokens for past projects to make smarter decisions.
Cardano Foundation launches open source digital identity platform Veridian
According to the official announcement, the Cardano Foundation launched Veridian, an open source digital identity platform for individuals and organizations. The platform, along with its first product, Veridian Wallet, is designed to protect personal information and allows users to prove their identity online without the hassle of sharing sensitive data.
Tether CEO: Consider creating a new U.S.-registered compliant stablecoin
Tether CEO Paolo Ardoino said he didn't mind USDT being banned in the United States due to new regulatory regulations. Tether is actively considering creating a new stablecoin registered in the United States and will comply with the upcoming U.S. stablecoin laws. “We need two products with different value propositions.” Ardoino believes that USDT is more suitable for emerging markets and says USDT may no longer dominate the United States and Europe in the future.
Under current regulations, both the U.S. House and Senate require foreign stablecoin issuers such as El Salvador-based Tether to comply with the strict anti-money laundering requirements of the Bank Secrecy Act and to conduct a strict audit of their reserves. Tether, a stablecoin giant with a market capitalization of $144 billion, has never undergone a comprehensive financial audit, and critics and competitors believe it will completely withdraw from the U.S. if the company has to comply with complex anti-terrorism and anti-money laundering rules. Critics have also questioned for years whether Tether has the money to support every USDT token.
PayPal will support the purchase, sale, holding and transfer of LINK and SOL
According to the official announcement, PayPal announced that cryptocurrencies Chainlink (LINK) and Solana (SOL) will be available for PayPal and Venmo users to purchase, hold, sell and transfer directly in their respective accounts.
Coinbase plans to launch all-weather Bitcoin and Ether futures trading on May 9
According to an official announcement, Coinbase will launch its first U.S.-regulated 24x7 Bitcoin and Ethereum futures contract through its derivatives division, with trading set to begin on May 9.
pump.fun co-founder alon tweeted that pump fun live broadcast function has been launched to 5% of users and has formulated a live broadcast review policy. Violation of this policy may result in the termination of live streaming and user accounts.
The L2 network Lens Chain main network, specially designed for SocialFi, is online. The functions provided by Lens are as follows:
- Lens Chain: Use GHO stablecoins as gas for scalable, fast and low-cost transactions.
- Social Protocol (Lens V3): Pre-built social primitives such as accounts and groups. These primitives are flexible and modular and can be integrated into existing applications as separate features.
- Grove: On-chain licensed storage of user-controlled content.
- Developer Dashboard: Manage applications, guide users easily and integrate without coding expertise.
SpaceX: Dragon spacecraft has confirmed landing safely
SpaceX tweeted to congratulate Dragon's spacecraft on confirming a safe landing.
Previous news , F2Pool United Creation Wang Chun will lead the four-day SpaceX space orbit flight.
Important data
BlackRock's BUIDL fund paid $4.17 million in March, with a total dividend of more than $25 million
BlackRock’s BUIDL fund paid $4.17 million in dividends in March, setting the largest monthly dividend record for tokenized Treasury funds, Cryptoslate reported. The March record is about twice the peak of $2.1 million set in July 2024. According to the BUIDL issuer Securities report , the record dividend has brought the cumulative dividend payments of BUIDL since its inception to US$25.4 million, reflecting the growing interest of institutions in investing in traditional financial products on-chain.
GameStop CEO increases GME stock by $10.78 million
Ryan Cohen, Chairman and CEO of GameStop, purchased 500,000 shares of GME shares for $10.78 million. The acquisition has increased Cohen's total holdings to 37,347,842 shares, accounting for approximately 8.4% of GameStop's outstanding shares.
Revenues on most DeFi protocols on Solana, Ethereum and BNB Chain fell by more than 50% in March
Revenues for most major DeFi protocols on Solana, Ethereum and BNB Chain all fell by more than 50% in March, reflecting a general decline in on-chain activity and transaction volume.
Solana-based DeFi protocols (including Pump.fun, Jito and Raydium) generated approximately $42 million in revenue in March. It fell about 55% compared to February and about 75% compared to January's all-time high. At BNB Chain, Pancakeswap generated only $21 million in revenue in March, down 54% month-on-month. Meanwhile, Ethereum-based DeFi protocols include Ethena, Lido, Aave, Curve, Compound, and Sushi. The series of agreements generated only $24.5 million in revenue in March, down more than 52% and 65% since February and January, respectively. MakerDAO (now known as Sky) grew month-on-month, with revenue reaching $10 million in March, an increase of 11%. MakerDAO (Sky) is the only one of the 11 mentioned protocols with month-on-month growth in revenue.
According to on-chain analyst Ember Monitor, 2 hours ago, whales/institutions that have recently continued to sell IMX continue to transfer 9.03 million IMX ($4.05 million) in the same way: deposit FalconX first, and then enter Binance from FalconX. The whale/institution sold a total of 26.2 million IMX ($13.72 million) in the last 9 days, and the price of IMX has also dropped by 39% ($0.72 → $0.44).
A whale that once participated in IC0 sold 612 ETH again and still holds 32,788 ETH
According to @ai_9684xtpa monitoring, the "2015 ICO 100,000 ETH OG" sold again 612 ETH (US$1.12 million) after 2 days, with a cost as low as US$0.31. The giant whale has sold 2213 ETH in total since April, making a profit of US$4.076 million; currently, three wallet addresses still hold 32,788 ETH, worth US$59.34 million.
Ethereum spot ETF net inflows of US$2.0627 million yesterday, and no net outflow of nine ETFs
Bitcoin spot ETF net outflows of US$64.8776 million yesterday, and no net inflows of twelve ETFs
Financing
Startup Codex completes $15.8 million seed round, Dragonfly leads investment
Startup Codex raised $15.8 million in a seed round led by Dragonfly Capital, Fortune reported. Codex is building a blockchain designed specifically for stablecoins. Other investors include Coinbase and Circle's venture capital divisions. Crypto market makers such as Cumberland, Wintermute and Selini Capital also contributed. Dragonfly's general partner Rob Hadick said the company has invested about $14 million in this round.
