Memecoins, AI, and DeFi Tokens Surge Amid Eased Tariff Concerns
The crypto market saw consolidation on Wednesday, driven by a price bounce due to tariff pauses. Key points include:
- Memecoins, AI, and DeFi tokens outperformed, with HYPE, HBAR, and SHIB leading the recovery.
- Bullish technical patterns indicate potential further gains, despite U.S. equity futures dropping over 1%.
- Only LTC, TON, BCH, BNB, and PEPE showed growth in open interest, while major cryptocurrencies like BTC and ETH experienced declines, suggesting a recovery mainly from unwinding bearish bets.
- President Trump's tariff adjustments leave an average import tax rate of 24%, which is seen as anti-growth and pro-inflation.
- SEC's filing for Fidelity's Solana Fund moves it closer to potentially launching a SOL ETF.
- The Federal Reserve minutes indicate concerns about stagflation risks ahead.
- Upcoming U.S. consumer price index data is expected to show a minimal increase of 0.1% month-on-month.
What to Watch
- April 10: Status conference for Do Kwon in New York.
- April 11: SEC Crypto Task Force Roundtable on regulatory approaches.
- April 17: EigenLayer activates slashing on Ethereum mainnet.
- April 10: U.S. Bureau of Labor Statistics releases March CPI data.
- April 10: Senate Banking Committee hearing on Michelle Bowman's nomination.
- April 11: Release of March PPI data.
- April 14: Salvadoran President Nayib Bukele's visit to the White House.
Market Movements
- BTC down 1.74% at $81,748.51 (24hrs: +6.2%)
- ETH down 4.65% at $1,595.49 (24hrs: +7.78%)
- DXY down 0.85% at 102.03
- Gold up 2.23% at $3,124.6/oz
- U.S. 10-year Treasury rate down 7 bps at 4.29%
Overall, the crypto landscape remains cautious amid macroeconomic pressures and evolving regulatory scenarios.