The U.S. will raise tariffs on China to 104%, and the total DeFi borrowing volume plummeted 23% in a single week
Reprinted from jinse
04/09/2025·1MHeadlines
▌The United States has raised tariff rates on China to 104%
According to FOX BUSINESS, the White House press secretary said the additional 104% tariff on China had taken effect at noon Eastern Time. The additional 104% tariff will be imposed from April 9.
▌ DeFi lending platform 's total borrowing amount plummeted 23% in a single week, hitting a three-month low
According to CoinDesk, due to the violent fluctuations in the cryptocurrency market, the total borrowing amount of DeFi lending platforms plummeted 23% in a single week to US$18.2 billion, a three-month low. The borrowing scale of major agreements Aave and Compound, respectively, has shrunk by 28% and 19%, reflecting that traders are deleveraging on a large scale. Analysts pointed out that the spread of market panic has led investors to give priority to repaying loans rather than adding loans, a trend that could further intensify liquidity tightening if it continues.
Quotes
As of press time, according to Coingecko data:
BTC's recent transaction price is US$76,377.19, up and down -3.8% intraday;
ETH's latest transaction price is US$1,472.48, with an intraday increase and decrease of -5.6 % ;
BNB's recent transaction price is US$551.89, with an intraday increase and decline of -0.8% ;
SOL's latest transaction price is US$105.33, with an intraday increase and decrease of -1.9 % ;
DOGE's recent transaction price is US$0.1424, with an intraday increase and decrease of -5.1 % ;
XPR's recent transaction price is US$1.80, with an intraday increase and decrease of -5.5 % .
policy
▌Acting Chairman of the US FDIC: FDIC is expected to issue more guidance to enable banks to participate in digital asset business
Coinbase Chief Policy Officer Faryar Shirzad said that Travis Hill, acting chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), comments on cryptocurrencies and blockchain are worthy of recognition. He made it clear that the recent revocation of previous letters of approval by the FDIC and the U.S. Currency Complaint (OCC) has actually prevented banks from engaging in cryptocurrency activities is just the first step. The FDIC is expected to issue more guidance so that banks can participate in digital asset business.
Hill also acknowledged that “U.S. banking regulators actually prohibit” banks from interacting with public permissionless chains, a policy that needs to be reviewed. It is important to remember that these bans are incorporated into the Basel Committee’s standards, so the FDIC’s actions should be quickly accompanied by a comprehensive revision of international standards. While there is still much work to be done, it is encouraging to see Hill recognize the mission ahead.
▌U.S. Department of Justice: Developers of tools such as mixers or wallets are not responsible for user crimes
Major updates from the U.S. Department of Justice on digital assets:
Developers of tools such as mixers or wallets are not responsible for users' criminal behavior. Only criminals are responsible.
The Justice Department will no longer regulate through prosecution. The new memorandum states that the Justice Department is not a regulator and that the investigation that conflicts with this must end.
▌May hinder the legislative process, SEC Democratic Commissioner opposes the non-security qualitativeness of stablecoins
The TD Cowen report pointed out that U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw opposes the characterization of stablecoins as "non-securities" and may become a new obstacle to stablecoin legislation. Crenshaw criticized the SEC for underestimating the stablecoin risk, saying the statement was seriously flawed at both the legal and factual level.
The SEC said last week that stablecoins with reserve support and easy redemption do not constitute securities. Crenshaw spoke out against this, emphasizing that intermediaries may not redeem the US dollar at a 1:1 ratio, which poses risks to investors. Although the two houses of Congress have advanced different versions of the draft stablecoin regulation, differences within Crenshaw and the SEC may affect legislative consensus, especially at the critical Senate level of Democrats’ support. In addition, Maxine Waters, a Democratic leader of the House Financial Services Committee, also expressed concerns about former President Trump's involvement in crypto policies, warning that legislation could pave the way for entrepreneurs such as Musk to issue stablecoins.
Blockchain application
▌ M^0 's stablecoin platform has been launched in Solana
Solana posted on social platforms that KAST has launched the M^0 stablecoin platform, and KAST will build the first stablecoin supported by M^0 on Solana to unlock new digital dollar use cases for payments and savings. Integrators working with them include Spree Finance, Squads, Jito and Perena.
Cryptocurrency
▌Forbes reporter: The U.S. Department of Justice has clarified its interpretation of currency transfer license law
Forbes reporter Eleanor Terrett posted on X platform that the U.S. Department of Justice clarified its interpretation of currency transfer licensing laws after the DeFiEducationFund sent a letter to cryptocurrency and artificial intelligence tsar David Sacks on Monday morning. The letter urged the White House to protect the rights of DeFi developers, signed by industry giants such as Cameron Winklevoss and Tyler Winklevoss, Brian Armstrong, Chris Dixon, Matt Huang, Kyle Samani, Arjun Sethi and others.
▌ VanEck executive: Bitcoin is evolving from speculative assets to a functional currency tool
Matthew Sigel, director of research at VanEck, said Bitcoin is evolving from a speculative asset to a functional monetary tool—especially in economies that want to bypass the dollar and reduce the impact of the U.S.-dominated financial system.
▌ Pump.fun may have sold 84,358 SOLs again, with an average selling price of US$105
According to OnchainLens monitoring, the 84,358 SOLs deposited by Pump.fun into Kraken may have been sold. 84,358 SOLs were withdrawn from 4 new wallets, exchanged for 8.85 million USDC for USD 105 and transferred back to Kraken, corresponding to the number of SOLs deposited by Pump.fun 9 hours ago.
So far, Pump.fun has deposited 2,883,418 SOLs into Kraken, worth $543.5 million.
Important economic trends
Trump : U.S. government will cut spending targets of more than $1 trillion
On April 8 local time, US President Trump posted on his social platform "Real Social" that he had a good conversation with the Speaker of the House of Representatives and some more conservative members that day and expressed support for large-scale spending cuts. Trump said the U.S. government will cut spending, with a target of more than $1 trillion. He also said he would work with both houses of Congress to promote these massive spending cuts. (Jin Shi)
▌JPMorgan Chase: The probability of a US recession is close to 80%
JPMorgan said the probability of a recession digested by stocks closely related to the U.S. economy has soared to nearly 80%. Meanwhile, while financial pressures may intensify, credit product investors remain optimistic. According to JPMorgan’s market-based recession indicator dashboard, the Russell 2000 index, which has suffered a hard time in its recent sell-off, currently reflects a 79% chance of a recession. Other asset classes are also warnings: the S&P 500 index shows a 62% chance of a recession, a 68% chance of a base metal, and a 54% chance of a 5-year U.S. Treasury. By comparison, the probability of an economic recession digested by the investment-grade credit market is only 25%, compared with zero in November last year. (Jin Shi)
▌The three major U.S. stock indexes all turn down
US stocks continued to fall, the Dow Jones Industrial Average turned down during the day, after rising more than 3%, the Nasdaq index's decline expanded to 1%, after rising more than 4%, and the S&P 500 fell 0.6%. Apple (AAPL.O) fell more than 3%, and Trump said he believed the United States had the ability to make iPhones.
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in May is 45.2%
According to CME's "Federal Observation": The probability of the Fed keeping interest rates unchanged in May is 54.8%, and the probability of cutting interest rates by 25 basis points is 45.2%. The probability of the Federal Reserve keeping interest rates unchanged by June is 0, the probability of a cumulative interest rate cut of 25 basis points is 51%, the probability of a cumulative interest rate cut of 50 basis points is 45.9%, and the probability of a cumulative interest rate cut of 75 basis points is 3.2%.
Golden Encyclopedia
▌What is an address poisoning attack in cryptocurrency?
Address poisoning attacks are malicious means used by attackers. Attackers can rerout traffic, interrupt services, or access sensitive data without authorization by inserting fake data or changing routing tables. These attacks exploit flaws in network protocols that seriously threaten the integrity of data and network security.
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