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Top 10 News This Week
1. Trump Announces Reciprocal Tariff Plan to Take Effect on April 9 link
The United States will set a baseline tariff rate of 10% for all countries, with the reciprocal rate being half of their tariff rate.
President Trump announced specific reciprocal tariff rates for multiple countries, including 49% for Cambodia, 46% for Vietnam, 37% for Bangladesh, 36% for Thailand, 34% for China, 32% each for Taiwan and Indonesia, 31% for Switzerland, 30% for South Africa, 26% for India, 25% for South Korea, 24% each for Japan and Malaysia, 20% for the EU, 17% for Israel, and 10% each for the UK, Brazil, and Singapore.
The reciprocal tariffs will take effect at 12:01 AM on April 9. White House senior officials stated that the government plans to impose additional industry-specific tariffs on semiconductors, pharmaceutical products, and potentially critical minerals, which will not be included in this new tariff system. The US will continue to exempt goods from Canada and Mexico under the USMCA.
According to CNBC senior Washington correspondent Eamon Javers, confirmed via text with White House Press Secretary Karoline Leavitt, the 34% reciprocal tariff on China will be an addition to the previous 20% tariff, meaning Chinese goods will face a total tariff rate of 54% after the new tariffs take effect.
China International Capital Corporation (CICC) analysis points out that Trump's announced reciprocal tariffs on April 2 exceed market expectations, covering over 60 economies. The tariff magnitude could significantly raise the US effective tariff rate from 2.4% in 2024 to 25.1%, surpassing levels after the 1930 Smoot-Hawley Tariff Act. This could potentially push up US PCE inflation by 1.9 percentage points, reduce GDP growth by 1.3 percentage points, although it might generate over $700 billion in fiscal revenue. CICC believes this will intensify market uncertainty and US "stagflation" risks, making it difficult for the Federal Reserve to cut rates in the short term and further increasing downward economic pressure.
2. US Government to Complete Bitcoin Holdings Audit on April 5 link
The US Treasury and other federal agencies will disclose their Bitcoin and other crypto asset holdings on April 5. It will also be clarified whether XRP, Solana, and Cardano will be included in national digital asset reserves. According to a presidential document issued on March 11, all federal agencies must report their Bitcoin and other digital asset holdings to the Treasury Secretary within 30 days of the order's publication.
3. Goldman Sachs Expects Fed to Cut Rates Three Times in Second Half link
According to Wall Street Journal reporter Nick Timiraos, Goldman Sachs currently expects the core Personal Consumption Expenditures (PCE) growth rate to rise to 3.5% this year, up from the previous forecast of 3.0%. Simultaneously, Goldman Sachs anticipates the Federal Reserve will cut rates three times in the second half of the year to address impacts on economic growth and employment.
4. Eric Trump and Hut 8 Mining Announce New Bitcoin Mining Company American Bitcoin link
US President Trump's second son Eric Trump and mining company Hut 8 Mining announced the formation of a new Bitcoin mining company, American Bitcoin. Hut 8 will inject most of its ASIC mining machines into American Data Centers, invested in by Eric Trump and Donald Trump Jr. After the transaction, the company will be renamed American Bitcoin, with Hut 8 holding 80% of the shares. The new company plans to increase computing power to over 50 EH/s, with an average energy efficiency below 15 J/TH, and seeks future independent listing. Hut 8 will provide long-term infrastructure and operational services as its exclusive partner.
5. Fidelity Announces Commission-Free Crypto Individual Retirement Account link
Fidelity announced a commission-free Crypto IRA that allows US users aged 18 and above to invest in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) through Roth IRA, traditional IRA, or rollover IRA, with assets custodied and stored in cold wallets by Fidelity. This move aims to address user demand for tax-advantaged investment options in crypto assets.
6. Multiple Altcoins Experience Severe Drops on Binance link
Around 18:30 on Tuesday, multiple altcoins on Binance experienced sharp declines, with ACT/USDT dropping over 49% in 30 minutes, DEXE/USDT dropping over 23%, and DF/USDT dropping over 16%. The declines were caused by large sell orders in a short time, with spot trading volume significantly abnormal. Coinglass data shows that ACT perpetual contract positions dropped 60% in the past hour. At 18:30 UTC+8 that day, Binance updated position limits for multiple perpetual contracts including ACTUSDT and PNUTUSDT.
Crypto KOL Benson Sun analyzed that at 18:30, ACT suddenly crashed 50% because Binance adjusted its leverage position limits, with one-times leverage limited to a maximum of $4.5 million in positions. Some market makers' positions exceeded the limit and were automatically liquidated at market price, causing a contract price collapse and a significant price difference with spot markets, leading to a spot market crash. Binance's announcement was issued on April 1 at 15:32, taking effect at 18:30 on the same day, giving users less than 3 hours to react. On March 31, Binance had already modified ACT's position limits once, and on April 1, they further reduced low-leverage position limits by 50%.
On Wednesday, Binance's initial investigation showed that three VIP users sold about 514,000 USDT of tokens in a short time, and another non-VIP user transferred and sold about 540,000 USDT of ACT from other platforms, causing price drops and triggering futures contract liquidations that affected other tokens. No single account was found to have significant profits, and Binance did not actively liquidate any user positions. Binance stated that since the token is fully circulating in the secondary market, the platform cannot intervene in user selling behaviors. Binance also offers a comprehensive market-making plan to encourage more market makers to join and improve market liquidity.
7. Justin Sun Accuses FDT of Bankruptcy, Unable to Redeem Funds link
Justin Sun accused FDT/First Digital Trust of managing $501 million in TUSD reserves but refusing to redeem them. FDT stated concerns about AML/KYC and the true identity of the ultimate beneficial owners. Justin Sun claimed FDT is actually bankrupt and unable to fulfill customer fund redemptions. FDT is also the issuer of FDUSD, currently mainly supported by Binance. Affected by this, FDUSD dropped to as low as $0.87 and has since recovered to around $1 at the time of writing.
First Digital stated that Justin Sun's recent accusations against First Digital Trust are completely false. The dispute is related to TUSD and has nothing to do with FDUSD. First Digital is fully solvent. Every dollar supporting FDUSD is fully, safely, and reliably backed by US Treasury notes. This is a typical defamation activity by Justin Sun, attempting to attack his business competitors.
Binance announced that it has completed a review of the February reserve audit report for the stablecoin FDUSD, which was commissioned by the issuer FD121 Limited and conducted by the third-party audit firm Prescient Assurance. As of March 1, 2025, the total FDUSD reserves were $2.051 billion, held in U.S. Treasury bonds and overnight time deposits, exceeding the circulating supply and confirming its 1:1 redemption capability. Binance stated that it will conduct an in-depth review of the March audit report, which is expected to be released in the next two weeks.
8. Circle Plans to List on NYSE with Ticker CRCL, Annual Revenue Reaches $1.7 Billion link
Circle has submitted an S-1 filing to the U.S. Securities and Exchange Commission, intending to conduct an initial public offering with the stock ticker "CRCL" and apply for listing on the New York Stock Exchange. The IPO price range has not yet been determined. According to the filing, Circle has established partnerships with Coinbase, Binance, BlackRock, and others to promote USDC circulation and ecosystem development. In its agreement with Coinbase, Circle sets a payment base based on the daily net revenue of USDC reserves, retaining 0.1% to 2% after deducting management fees, and distributing the remainder proportionally based on platform holdings. It will pay 50% of the remaining payment base to Coinbase. The cooperation with Binance began in November 2024, with Circle paying a $60.25 million upfront fee and issuing incentive fees based on the platform's USDC balance and quarterly adjusted interest rates.
9. Coinbase CEO: U.S. Stablecoin Legislation Should Allow Consumers to Earn Interest on Stablecoins link
Coinbase CEO Brian Armstrong stated that U.S. stablecoin legislation should allow consumers to earn interest on stablecoins, directly paying the interest earned from reserve assets to stablecoin holders, essentially creating an interest-bearing checking account. The technology exists, but the law has not caught up, and stablecoins currently cannot enjoy the securities law exemption that allows issuers to pay interest to users. He suggests creating a fair competitive environment that ensures these laws pave the way for all regulated stablecoins to directly provide interest to consumers, similar to savings or checking accounts.
10. STRATEGY Acquires 22,048 Bitcoins link
STRATEGY purchased 22,048 bitcoins between March 24 and March 30 for $1.92 billion, at an average price of $86,969. As of March 30, 2025, STRATEGY holds 528,185 BTC, with an average price of $67,458, totaling approximately $35.63 billion in acquisition costs.
Key Financing Events
- Ambient Completes $7.2 Million Seed Funding Round link
- AI Startup Mahojin Announces $5 Million Funding link
- Blockchain Gaming Platform Ultra Announces $12 Million New Funding Round link
For more industry financing events, please visit crypto-fundraising.info.
