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Selected News

1. The total market value of cryptocurrencies has evaporated by 874 billion dollars since Trump officially took office.
2. The ETH/BTC exchange rate continues to decline, setting a new low since June 2020.
3. Trump raises taxes, causing a bloodbath in the US stock market, with the Dow Jones plunging over a thousand points.
4. Morgan Stanley: Currently expected that the Federal Reserve will not cut interest rates in 2025.
5. Trader Eugene: Macroeconomic predictions are no longer certain, and a potential wave of LP redemptions may trigger a token sell-off.

Article & Threads

1. "2025 Cryptocurrency Holder Survey Report: A Digital Asset Landscape of 55 Million Americans, Who is Using Cryptocurrency?"

2. "How Much Do You Know About On-Chain Security: How Ordinary People Can Build a Firewall for Crypto Assets"

Market Data

Daily overall market capital

Web3 was initially established by pioneers pursuing freedom, but with the intervention of capitalism, it has turned into a capital-dominated speculative paradise. The flooding of block space has led to a decline in value, and Web2 users hesitate to migrate due to complexity and risk, while big players manipulate the market for profit, straying from the original intention. Capital dominance has shattered the true ideals of decentralization.

The ratio of Ethereum to Bitcoin has hit a new low, raising concerns within the community. The year 2021 was a peak period for Decentralized Finance, but EIP-1559 caused a split, and the concept of deflationary assets has far-reaching effects. Currently, Ethereum is embroiled in politicization surrounding core value controversies. Despite multiple upgrades, the community questions progress and has missed advantages in the AI era. In the future, Ethereum may experience a pullback, and the value created by enterprises within its protocol will not be directly reflected in ETH.

Last night, U.S. President Trump signed two executive orders regarding the so-called "reciprocal tariffs" at the White House, announcing that the U.S. would establish a 10% "minimum Benchmark tariff" on trade partners and impose higher tariffs on certain trade partners. Senior White House officials stated that the Benchmark tariff rate (10%) will take effect at midnight on April 5, and the reciprocal tariffs will take effect at midnight on April 9.

U.S. Treasury Secretary Basent stated, "I advise all countries not to take retaliatory actions. We can see if there will be different tariff thresholds (from the announced figures). Trump's mindset may be to stabilize things temporarily. I was not involved in the negotiations, and we will see if there are any negotiations before April 9 (the effective date of the reciprocal tariffs)."

The cryptocurrency market experienced a moment of dual slaughter last night. When the meeting just began and announced that the tariff benchmark was 10%, Bitcoin surged to 88.

The article analyzes the impact mechanism of tariffs, including basic layers such as fiscal revenue, efficiency loss, inflation differentiation, and industry protection, as well as deeper impacts like national policy countermeasures, Exchange Rate, and dynamic adjustments of monetary policy. The article points out that global imbalances require drastic adjustments, and the long-term effects depend on market trust and national competitiveness. It also explores the debt dependency issue brought by the privilege of the US dollar and predicts that China and the US may reach a currency agreement through non-market means, triggering complex policy responses.

The article mentions the recent issuance of tokens by multiple projects within the Berachain ecosystem. It emphasizes that the timing of token issuance is crucial and that teams should not blindly issue coins, but rather focus on product-market fit and growth. It warns that a fall in token prices could harm the product's image and user adoption rates. The author suggests that teams avoid competing at the same time, ensure reasonable valuations, and concentrate on long-term value. The author supports Berachain's development but stresses that success requires patience and strategy, recommending that teams prioritize ensuring profitability and user growth.

The crypto industry is currently showing a trend of lackluster development and a lack of real innovation. The article proposes that the combination of energy, cutting-edge technology, and stablecoins can promote the development of the crypto industry to a higher level. The authors believe that the crypto space needs to create products that truly solve macro problems, combining core features such as incentives, asset liquidity, and seamless transfers. This tripartite combination can stimulate new products and incentive mechanisms to drive the progress of the industry.