Macro Overview
- US CPI Y/Y: Came in at 2.4% vs expected 2.5% and previous 2.8%. This is positive for the economy and market. However, the market initially reacted negatively before rebounding, implying a mixed reaction.
- US PPI M/M: Came in lower than both expected and previous values, which is bullish for the market. However, the market did not react significantly following the data release.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -3.97% fall, bringing the total market capitalization to $2.57 trillion. Notably, BTC saw a fall of -3.24% and ETH saw a fall of -13.95%. Bitcoin’s dominance stands at 64.25%, while Ethereum’s holds at 7.34%.
- Trump Ends IRS DeFi Broker Rule: President Trump has signed a new crypto law that removes the IRS rule requiring DeFi platforms to report user data. This is the first crypto law passed in the U.S. and a major win for the industry.
- Trump’s 90-Day Tariff Pause Boosts Bitcoin: Bitcoin jumped back above $81,000 after President Trump hiked tariffs on China to 125% but announced a 90-day pause and lower tariffs (10%) for other countries. The move eased market tensions and sparked a quick BTC rally.
- PayPal Adds Solana and Chainlink to Crypto Offerings in the US: PayPal has expanded its crypto lineup by adding support for Solana (SOL) and Chainlink (LINK) in the US. The move highlights the growing importance of both tokens—Solana for its speed and low costs in powering DeFi and Web3, and Chainlink for its crucial role as a decentralized oracle connecting smart contracts to real-world data.
Top Tokens Update
- Trump-Linked WLFI Sells Ethereum at 55% Loss Amid Market Volatility: World Liberty Financial Inc. (WLFI), associated with a Trump-aligned group, sold a large amount of Ethereum at a steep 55% loss. The move, made during a shaky crypto market, has raised eyebrows about the timing and intent—whether it was to free up liquidity, rebalance, or simply a reaction to market uncertainty. The decision has sparked fresh speculation and chatter across the crypto space.
- 21Shares Files for Spot Dogecoin ETF, Partners with House of Doge: 21Shares has officially filed for a spot Dogecoin ETF with the U.S. SEC. Alongside the filing, the firm announced an exclusive partnership with the House of Doge to launch Dogecoin Foundation-endorsed funds. This marks another major step in bringing meme coins to mainstream financial markets.
- Binance Lists ONDO, VIRTUAL, and BIGTIME After Community Vote: Binance has announced the listing of ONDO, VIRTUAL, and BIGTIME tokens, following its recent ‘Vote To List’ event. Trading for all three will begin on April 11 at 14:00 UTC. The exchange noted that these tokens were chosen after evaluating factors like trading demand, historical performance, and risk. Each token will carry a ‘Seed Tag,’ signaling their higher risk and volatility.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Apr-17 | 5:45 PM | EZ Monetary Policy Statement | More dovish than expected is good for crypto |
| Apr-17 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral to Bullish.
- BTC traded sideways as markets reacted to Trump’s tariff announcements. With the situation now appearing settled and supported by positive macro data, Bitcoin looks bullish for the upcoming week.
- Key support levels to consider are around $81,300 and $78,500 On the upside, resistance level is at $88,500 and $92,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- ETH witnessed a sharp fall this week, driven by the ongoing tariff war and significant whale sell-offs. ETH dominance has dropped to a multi-year low, and the price action remains choppy with no clear reversal signals. Although ETH is currently at a key support level, our outlook for the coming week remains neutral.
- Significant support levels include $1530 and $1375, while resistance levels to watch are at $1800 and $1950.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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