Bitget Daily Digest (April 3) | Trump's tariff orders spark market declines; Fidelity adds crypto to retirement plans

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远山洞见2025/04/03 09:34

By:远山洞见

Today's preview

1. U.S. initial jobless claims (March 29): The report for the week ending March 29 will be released today. Previous value: 224,000.

2. Wormhole (W) will unlock approximately 1.39 billion tokens today, representing 47.4% of its circulating supply, with a value of around $117 million.

3. Big Time (BIGTIME) will unlock approximately 333 million tokens today, representing 18.44% of its circulating supply, with a value of around $16.7 million.

4. The AI+ZK public chain Polyhedra will officially distribute rewards for its first phase of additional staking promotions today. During this period, ZKJ stakers will receive additional token rewards such as ZRO, ETH, and BNB, alongside the regular rewards.

Key market highlights

1. U.S. President Donald Trump signed two executive orders last night concerning "reciprocal tariffs," setting a 10% minimum baseline tariff and imposing higher tax rates on multiple countries. The White House announced that the baseline tariffs will take effect at midnight on April 5th, with reciprocal tariffs to be implemented on April 9th. This has caused significant market fluctuations, with risk assets facing pressure and both the cryptocurrency market and U.S. stocks falling in tandem. Market participants are concerned about the potential escalation of trade tensions, which could introduce uncertainty regarding global liquidity and inflation pathways.

2. Bitcoin Laws revealed that the Arizona State House Committee has passed two bills related to Bitcoin reserves (SB 1025 and SB 1373). The bills are now moving to the third reading process and, if approved, will be submitted to the governor for signing into law. This is seen as an important milestone for promoting the narrative of Bitcoin as a "state-level asset allocation."

3. Justin Sun posted on social media stating that FDUSD issuer First Digital Trust (FDT) is technically insolvent and unable to fulfill client redemption obligations. He urged users to take immediate action to safeguard their assets. The FDUSD stablecoin briefly lost its peg, and subsequent remarks from CEX staff sparked heated discussions on social media, with claims that they were creating information asymmetry within a small circle.

4. U.S. financial giant Fidelity Investments launched a retirement plan that allows direct investment in cryptocurrencies, opening up new channels for investors to allocate digital assets. According to information on Fidelity's website, the crypto IRA (Individual Retirement Account) product is available to all U.S. citizens over the age of 18 and supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). All cryptocurrency assets will be held in cold wallets by Fidelity, which will not charge any management fees. Investors can choose between Roth IRA, traditional IRA, or transfer IRA account types.

Market overview

1. $BTC experienced a sharp short-term drop, falling to $82,000, with the entire market declining. The FDUSD stablecoin briefly lost its peg. The $EOS token surged into the top 10 in terms of trading volume.

2. U.S. stock index futures fell sharply after hours, with Nasdaq futures dropping over 4%, and Apple falling more than 7% in after-hours trading. U.S. Treasury bonds rebounded, while spot gold rose above $3150 to set a new high.

Bitget Daily Digest (April 3) | Trump's tariff orders spark market declines; Fidelity adds crypto to retirement plans image 1

3. Currently standing at 82,571 USDT, Bitcoin is in a potential liquidation zone. A 1000-point drop to around 81,571 USDT could trigger over $163 million in cumulative long-position liquidations. Conversely, a rise to 83,571 USDT could lead to more than $67 million in cumulative short-position liquidations. With long liquidation volumes far surpassing short positions, it's advisable to manage leverage carefully to avoid large-scale liquidations.

Bitget Daily Digest (April 3) | Trump's tariff orders spark market declines; Fidelity adds crypto to retirement plans image 2

4. Over the last 24 hours, BTC spot saw $35.1 billion in inflows and $34.6 billion in outflows, resulting in a net inflow of $500 million.

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5. In the last 24 hours, $ETH, $SOL, $XRP, $TRUMP, and $DOGE led in net outflows in futures trading, signaling potential trading opportunities.

Bitget Daily Digest (April 3) | Trump's tariff orders spark market declines; Fidelity adds crypto to retirement plans image 4

Institutional insights

K33: The U.S. "Bitcoin Reserve Plan" narrative is expected to reignite the market once the tariff issue subsides.

Read the full article here: https://www.theblock.co

Glassnode: The majority of BTC investors who bought between 2020 and 2022 are still holding their positions.

Read the full article here: https://x.com/glassnode/status/1907001005251625160

Standard Chartered: Bullish on AVAX, with a target price of $250 by 2029.

Read the full article here: https://www.theblock.co

News updates

1. U.S. lawmakers accuse Trump of seeking to replace the U.S. dollar with a personal stablecoin.

2. Senior White House officials announced that the baseline tariff rate will take effect at midnight on April 5, and reciprocal tariffs will take effect on April 9.

3. Trump plans to impose a 20% retaliatory tariff on EU countries and a 24% tariff on Japanese goods.

4. The state of Alabama passes a bill allowing its state investment committee to allocate funds to Bitcoin.

Project updates

1. Jupiter acquires Solana ecosystem creator platform DRIP.

2. Justin Sun: FDT's insolvency is a fact, and the consequences for founders due to fraudulent behavior will be determined by the judicial system and regulatory agencies.

3. Fidelity launches a retirement plan supporting direct investments in BTC, ETH, and LTC.

4. Ripple: The USD stablecoin RLUSD has been integrated into Ripple Payments.

5. Synthetix founder: The sUSD peg mechanism is undergoing transition, with 90% of ETH sold and additional SNX accumulated.

6. Franklin Templeton plans to launch Bitcoin and cryptocurrency ETP in Europe.

7. CertiK releases its Q1 2025 security report, revealing a 300% quarter-on-quarter increase in Web3 asset theft.

8. Sam Altman releases another Ghibli-style image.

9. Ethereum researcher proposes EIP-7922 to improve flexibility in Ethereum exit queues.

10. Ethereum-based DEX trading volume reaches $1.643 billion in the past 24 hours, ranking first among all chains.

Highlights on X

1. @CryptoD: The memecoin craze is fading, and funds are shifting focus towards RWA and the Bitcoin narrative

Memecoins aren't disappearing, but it appears that Trump's issuance has overstretched market sentiment. In the short term, the market cap ceiling for memecoins is continuously being adjusted downward, indicating a more intense PvP (player versus player) environment. In contrast, secondary market potential is more likely to emerge in the RWA (Real World Asset) sector or in narratives centered around Bitcoin itself. After two full bull-bear cycles, the performance race among L1 has likely peaked, and ETH currently lacks fresh imaginative narratives. The Web3 ideal has failed to transform real-world systems, further solidifying Bitcoin's role as "digital gold." The next wave of growth may revolve around Bitcoin, especially as more listed companies and even nations gradually integrate it into their asset reserve systems. Bitcoin-related asset management could become the next long-term, high-conviction sector.

X post: https://x.com/CryptoDevinL/status/1907463979230011555

2. @Defi_Mochi: Sonic's breakout moment: The only next-generation DeFi hub worth focusing on

Sonic's total value locked (TVL) has now surpassed $1 billion, with stablecoin farming funds approaching $500 million. The ecosystem includes major protocols such as Pendle and Aave, with weekly TVL growth exceeding 20%. The on-chain contract deployment count has exceeded 100,000, and 108 DeFi projects are listed on DefiLlama. Daily transactions have reached 698,000, with transactions per second (TPS) peaking at 1500, and over 50 million transactions processed to date. With the FeeM model attracting over 150 projects to build, continued growth in native projects, and protocol annual revenue exceeding $32 million, Sonic is defining the next generation of DeFi hub.

X post: https://x.com/defi_mochi/status/1907352888206299192

3. @Michael_Liu93: The market is entering its darkest moment, and the real bull market has not begun

The market has entered its most pessimistic phase, with on-chain and altcoins collapsing. If U.S. stocks continue to decline, core assets such as Bitcoin will likely follow. Markets are always slaves to expectations; such as "a coin listing on Binance," can instantly become a bearish signal once it materializes. At the macro level, the market has shifted from a "liquidity rush" to "betting on recession." Once market expectations turn negative, liquidity will begin to contract reacting upon expectations, pushing asset prices lower. However, the real bull market has yet to start. That turning point will arrive when the Federal Reserve fully acknowledges a recession, and asset prices reflect that reality. Everything happening now may be part of their plan. Trust the process.

X post: https://x.com/Michael_Liu93/status/1907277459827126366

4. @Yuyue: The trust crisis of CEX: Who are the true achievers?

Industry leadership isn't built on the one-sided glory of a platform alone, but on the collective efforts of users, project teams, and the broader market. From making jokes at the expense of users' losses to core employees creating information asymmetry within insider circles, the so-called leading platform is steadily consuming its most valuable asset — trust. This is not a complaint from retail investors but a fundamental expectation for fairness and transparency. In financial markets, fair disclosure of information is the baseline; once information is distorted or handled unfairly, it will erode user confidence and undermine the foundation of capital.

X post: https://x.com/yuyue_chris/status/1907514871949963594

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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