PA Daily | Trump hints "deliberately" triggering stock market crash; Phaver stops operations, token price drops 99% since TGE
Reprinted from panewslab
04/06/2025·24DToday's news tips:
Web3 social app Phaver has ceased operations and its token price has dropped 99% since TGE
Neon Machine, developer of crypto shooter "Shrapnel", is exposed to financial crisis
Forbes survey: More than one-third of Wall Street leaders oppose Trump's economic policy
Analysis: No winner in the trade war, Bitcoin price will soar
Regulatory/Macro
The so-called "reciprocal tariff" policy of the United States has caused turmoil in the U.S. and global stock markets. Analysts at AJ Bell Corporation estimate that global stock market value has evaporated by about $4.9 trillion. The Financial Times reported that the U.S. stock market has shrunk by $5.9 trillion in the past two days.
US President Trump recently reposted a video posted by his supporters on social media, which began with the video saying “Trump is triggering a stock market crash…but he did it on purpose. ”. The video was originally released by an internet user in March, and Trump retweeted the video on the social media platform “Real Social” on April 4.
Trump admitted on April 5 that tariffs caused global shocks, but he urged the American people to "stay patient." Trump posted on the "Real Social" platform that day: "We have always been stupid suckers in the past, but not now. We are revitalizing employment and business in unprecedented ways." He wrote: "This is an economic revolution and we will definitely win. Although it is not easy, we must hold on, and the end result will be historic."
Mark T. Uyeda, acting chairman of the Securities and Exchange Commission (SEC), directed the agency staff on Saturday to review several previously issued employee statements regarding the application of cryptocurrency investment and digital asset securities laws. This directive was issued in accordance with Executive Order 14192 (entitled “Promoting prosperity through relaxation of regulation”) and responded to the recommendations of the Ministry of Government Efficiency (DOGE). Uyeda said the statements will be reviewed to determine whether “modification or revocation” is required to comply with the current SEC priorities.
The statements for specific review include: 2019 guidance on whether digital assets constitute securities, involving how to evaluate whether digital assets belong to securities through the "Howay Test"; 2021 statement on Bitcoin Futures, which recommends investors to be particularly cautious when investing in mutual funds involving the Bitcoin futures market, emphasizing the speculative nature of the market, market manipulation risks, liquidity restrictions and volatility, especially in mutual funds; 2022 guidance on post-cryptocurrency bankruptcy incidents, which requires crypto companies to transparently disclose risks related to the crypto market, and emphasize the impact on investors, including custody risks, liquidity issues, reputational damage and regulatory review.
In addition, Uyeda directed a review of a risk warning issued in February 2021 warning investors about the “unique risks” of digital asset trading, and a 2020 statement on Wyoming’s permitted state charter trust companies to custody digital assets.
Speaking at the State Duma on April 3, the Governor of the Russian Central Bank, Elvira Nabiullina, reiterated the need to limit the use of cryptocurrencies in the domestic economy and advocated stricter penalties for violations of the ban. Nabiullina is an important ally of Russian President Vladimir Putin, who currently leads the Russian Central Bank's sovereign digital currency (digital ruble) project. She pointed out that although the central bank supports exploring cross-border applications of crypto assets under the specific "regulatory sandbox" framework, it firmly opposes its infiltration into its own monetary system and settlement activities.
Russia has banned payments in cryptocurrency since 2020, but the current law enforcement is relatively loose and related transactions lack a clear legal framework. Nabiullina called for increased legal liability for payments using cryptocurrencies in Russia, saying: "Our position has not changed. We cannot allow cryptocurrencies to penetrate domestic currency circulation and domestic settlement. We recommend seeking investment opportunities in cryptocurrencies at the same time and increasing liability for the use of cryptocurrencies in domestic settlements."
Nabiullina also supports allowing "high net worth qualified investors" to invest in crypto assets in the "sandbox", and proposes discussions on expanding some derivative investment rights to ordinary qualified investors. She stressed that retail investors should be protected from high volatility crypto market risks.
According to The Kobeissi Letter, the world's 500 richest people have just experienced the largest two-day loss of net worth in history. Between April 3 and 4, these people lost $536 billion in net assets. This figure is $83 billion higher than March 11 and 12, 2020.
Viewpoint
Forbes survey: More than one-third of Wall Street leaders oppose Trump's economic policy
Forbes recently conducted an investigation into President Trump's economic policies and contacted 50 of the most influential senior Wall Street people, including billionaires investors, heads of asset management companies in large institutions, and top U.S. wealth advisers to understand their views on Trump's economic strategy since his administration.
These respondents were selected for their wide influence in the financial world. Of the financial heavyweights — more than half of whom remained supportive of their economic policies when Trump returned to the White House in January — 72% now say they are disappointed with the economic strategy of their team, and 66% explicitly say they no longer support their economic propositions. It is worth noting that more than one-third of the people who were still supportive a few weeks ago have changed their position, with most (54%) saying Trump has failed to fulfill his original commitments.
Forbes further asked these respondents to rate Trump's various economic policies in detail, with a score range of 1 to 5 points, with 5 points being the highest. The overall score results are not optimistic: in terms of tariff policy, Trump only scored 1.86 points, with 27 people giving the lowest score; the stock market policy score was 1.96 points, of which 25 people gave the lowest score; the executive order against law firms also scored only 2.10 points, which is regarded as a direct impact on the rule of law basis on which American free enterprises rely on. In addition, the cryptocurrency-related policies scored 2.00 points and the inflation control scored 2.16 points, both reflecting the general lack of confidence among respondents.
Hedge fund manager Bill Ackman: Trump may delay tariffs
Bill Ackman, a well-known hedge fund manager, posted on X that although President Trump announced his impetus to implement large-scale tariffs in a tough manner, there is actually not enough time to complete substantive negotiations with trading partners because the tariffs are too short to officially take effect. Therefore, he believes Trump is likely to announce a postponement of tariffs on Monday.
Ackman said the "unfair tariff system" is a crucial and urgent issue that cannot be resolved within a few days. The suspension of tariffs will not only buy the president more negotiation time, but also give enterprises large and small to have the opportunity to adjust their supply chain layout. "Otherwise, great uncertainty could have a shock to market confidence and even drag the U.S. economy into a serious recession."
Analysis: No winner in the trade war, Bitcoin price will soar
Bitwise analyst Jeff Park said Trump's trade policy could trigger global macroeconomic turmoil and short-term financial crisis, but it will also accelerate the widespread adoption of Bitcoin as a store of value tool.
Park believes that the uncertainty brought about by the trade war will prompt governments to adopt more inflationary fiscal and monetary policies, leading to further depreciation of fiat currencies. As economic growth is under pressure, global funds may pour into anti-inflation and non-sovereign assets such as Bitcoin to avoid risks. In the long run, this will become an important driving force for the rise in Bitcoin prices.
Xiao Feng: Public chains will become the underlying structure of the global financial market
At the Web3 Festival that opened today, Dr. Xiao Feng, Chairman and CEO of HashKey Group, delivered an opening speech entitled "Public Chain: A New Generation of Financial Infrastructure". He pointed out: "Based on blockchain, the financial market can establish a new governance system that allows the world to collaborate on a large scale." In his opinion, public chains will become the infrastructure of the future financial market system, providing open, transparent, decentralized and efficient technical support for global asset transactions, clearing and settlements.
Dragonfly partner Haseeb: Bitcoin has both gold and Nasdaq attributes
Dragonfly managing partner Haseeb Qureshi posted a report to analyze the current crypto market trends. He said that the price of Bitcoin remains stable, which may be because it has both gold and Nasdaq attributes, that is, it "survives in the gap" between gold rise and technology stocks decline. MicroStrategy's continued buying strength is also providing support.
Haseeb said that the market currently expects interest rate cuts and quantitative easing to restart, as the most risky asset, altcoin is the first to benefit. Furthermore, unlike stocks and bonds, altcoins are not directly affected by tariffs. He also believes that retail investors were buying at the bottom of the stock market last Friday, while institutional funds were flowing out; because altcoins were dominated by retail investors, the capital market did not fluctuate significantly, so the price remained firm.
Project News
Web3 social app Phaver has ceased operations and its token price has dropped 99% since TGE
According to DeFi researcher Ignas, Web3 social media app Phaver has ceased operations and its token price has fallen 99% since TGE in September 2024. Phaver team members said that, first, there were technical problems with TGE and airdrops, which caused users to be unable to collect them in time, causing FUD; second, Phaver paid more than $1 million for the five CEXs to be launched; third, due to the sluggish market sentiment, the team did not sell tokens at TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay 1 to 2 months of severance fees for employees. Some former team members are developing SocialDAO to seek new uses for SOCIAL tokens.
Neon Machine, developer of crypto shooter "Shrapnel", is exposed to financial crisis
Neon Machine, a developer of crypto shooter Shrapnel, is facing serious financial difficulties. As of now, the company has spent nearly $86.9 million in operating funds, and its revenue in 2024 reached $21.7 million, but the high operating costs of about $33 million have made it unable to make a profit, with a net loss of $11.4 million.
Sources say Neon Machine has consumed as much as $2 million to $3.5 million per month and is currently in cash-drying state, with a large amount of outstanding debt and owing millions of dollars to external suppliers. The new round of financing that Neon Machine, which was originally scheduled to be completed in early 2025, has not been implemented. Previously, the company completed a US$20 million Series A financing in October 2023 and led by Polychain Capital.
Not only that, the company's employees have also dropped sharply from nearly 100 at its peak to only more than ten. Currently, only a very small number of people have truly participated in the development of "Shrapnel". To extend cash flow, the company has implemented at least three rounds of layoffs and requires high-paying employees to voluntarily cut their salaries by about 20%. The Seattle-based office space was also closed at the end of March.
Although SOL prices fell 9% between March 28 and April 4, key indicators on the Solana chain continued to strengthen. On April 2, the total lockout (TVL) of Solana's network decentralized applications (DApps) reached 53.8 million SOLs, a record high since June 2022, with approximately US$6.5 billion in US dollars, leading BNB Chain by approximately US$780 million. Core DApps such as Jito, Jupiter and Kamino are the main drivers of growth.
During the same period, Solana's decentralized exchange (DEX) trading volume performed strongly, accounting for about 24% of the market share, surpassing BNB Chain (12%) and Base (10%). However, the unlocking of about 1.79 million SOLs on April 4 released significant selling pressure, and with the decline in memecoin's popularity, the price rebound in the short term is still facing uncertainty.
Virtuals Protocol recently launched the Virgen Points system, which will be used to access the upcoming AI agent. How to earn points include active participation in Virtuals Trenches, holding VIRTUAL, and other contribution activities.
GMGN Lianchuang: GMGN processing fee earns about US$60 million SOL and is pledged
At the "2025 Hong Kong Web3 Carnival" conference, GMGN co-founder Haze said in his keynote speech "GMGN Borrowed for Fast" that GMGN earns about US$60 million worth of SOL through handling fee income, which has not been sold and pledged in all, and is a "builder of the public chain." Haze also said that GMGN has now been on the Solana transaction to be on the chain for 0.58 seconds.
Sonic Network TVL breaks $1 billion, with a 21.11% increase in the past week
According to DefiLlama data, Sonic Network TVL has exceeded US$1 billion and is now at US$1.077 billion, an increase of 21.11% in the past week. The top three protocols for this network TVL are Aave, Silo Finance and Beets.
Important data
According to CME's "Feder Observation" data, the probability of the Fed cutting interest rates by 25 basis points in May is 33.3%, and the probability of remaining unchanged is 66.7%.
UBS predicts the Fed will cut interest rates by 75-100 basis points for the remainder of 2025
UBS report pointed out that in terms of inflation, it is expected that by the end of this year, the tariffs announced by the new administration so far may increase US consumer prices by about 2 percentage points, provided that they are only partially transferred to end consumers. “While higher inflation will challenge the Fed, we believe that a sharp slowdown in economic growth and possible weakness in the labor market will mean that the Fed will cut interest rates by 75-100 basis points for the remainder of 2025.”
Market: GUN price rebounded to US$0.068, with an increase of more than 60% in 24 hours
According to CoinGecko data, as of 1:40 pm on April 6, the price of GUN token rebounded sharply, breaking through the highest of US$0.068, with an increase of more than 60% in 24 hours.
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