Crypto news

When Trump’s Tariffs Tango with Crypto: PumpSwap’s Golden Goose or Gooseberry?

BBG News

What to know, Jeeves: 📈📉

By J. Van Straten (All times ET, unless otherwise stated)

Good gracious, what a hullabaloo! The markets are as skittish as a cat in a room full of rocking chairs. With trade tensions tightening like a boa constrictor, Asian and European stocks have been taking a tumble, reminiscent of a particularly unfortunate game of musical chairs. Japan’s Nikkei 225 has fallen faster than a soufflé in a cold oven, dropping a whopping 4% and entering correction territory, having lost over 10% from its record high. European indexes such as the FTSE 100, DAX, and CAC 40 opened in the red, painting a rather gloomy picture alongside U.S. stock futures that look like they’ve seen better days.

And then there’s President Trump’s new tariffs, set to be unveiled on what he’s dubbed “Liberation Day,” a term that’s as ominous as it sounds. The POTUS plans to impose levies on any country deemed to have an unfair trading relationship with the U.S., a move that could ruffle more feathers than a peacock at a bird-watching convention.

“We shall begin with all countries, let’s see what happens,” Trump mused, according to the Financial Times. His words suggest that while the tariffs may initially apply broadly, he’s open to making concessions for some countries, much like a chef who adds a pinch of salt here and a dash of pepper there until the dish tastes just right.

U.S. equities took a nosedive last Friday after a hotter-than-expected reading in core PCE inflation, the Federal Reserve’s preferred inflation gauge. Market uncertainty may persist with the U.S. jobs report due on Friday. Economists forecast the unemployment rate to rise to 4.2%, while nonfarm payrolls are projected at 128,000, down from 151,000 the previous month. It’s enough to make one reach for the smelling salts.

Meanwhile, gold is rallying like a champion boxer, surging past $3,100 per ounce for the first time ever — up 1.2% on the day and nearly 20% year-to-date. Bitcoin (BTC), on the other hand, continues to struggle, hovering just above $80,000. It’s down more than 3% this month and 12% for the quarter, marking its worst performance since fourth-quarter 2022. Poor dear.

As for ether (ETH), the second-largest cryptocurrency has performed significantly worse than bitcoin this quarter, losing 46% in a slide that’s the worst since 2018. The ether-to-bitcoin ratio has dropped to 0.02195, marking its lowest level since May 2020. At that time, bitcoin was trading below $10,000, while ether hovered just above $200. Stay alert, my dears!

Token Talk 🗣️

By Francisco Rodrigues

  • Token launchpad Pump.fun’s trading platform PumpSwap, which allows tokens to be traded on its own platform rather than on decentralized exchange Raydium, has traded a cumulative $2.6 billion since its March 20 debut, Dune data shows. That’s more money than Scrooge McDuck has in his money bin!
  • It’s the Solana ecosystem’s No. 1 protocol in collected fees over the last 24 hours, bringing in $3.29 million, far above the runner-up, DEX aggregator Jupiter, with $2.47 million. Jupiter, you’ve got some catching up to do!
  • PumpSwap has had a total of 710,000 traders on the platform and more than 32.39 million swaps since its introduction, giving it a significant share of the Solana DEX ecosystem. Quite the coup, wouldn’t you say?
  • However, the protocol faces headwinds with the slowdown of the Solana ecosystem’s activity as the memecoin trading frenzy cools. Artemis data shows daily active addresses on Solana for the year dropped from an 8.1 million peak to 4.2 million on March 29. Oh, the fickleness of crypto enthusiasts!

Derivatives Positioning 🎲

  • The total open interest on all instruments dropped to $101.3 billion, according to data from Laevitas, continuing its downward trend from last week. It’s like watching the tide go out, leaving only seaweed and disappointment behind.
  • The decline suggests a more cautious stance from market participants as they brace for a volatile week that includes the end of the quarter, anticipated announcements on tariffs from President Trump, and the March jobs report on Friday. Popcorn at the ready, folks!
  • In the past 24 hours, total liquidations amounted to $229.3 million, with long positions accounting for 79% of the total. Looking at the BTC/USDT liquidation heatmap on Binance, the largest immediate liquidation cluster lies at $81,200, totaling $27.5 million. The next key clusters are located at $83,100 and $83,600, with liquidations totaling $25.5 million and $24.7 million, respectively. Both levels align closely with the CME gap created over the weekend. It’s like watching a game of dominoes, but with real money!
  • Among tokens with more than $100 million in open interest, the biggest 24-hour increases were seen in EOS (+13.4%), PEPE (+8.99%), TON (+4.85%), and HYPE (+2.55%). The assets with the largest declines in open interest over the last 24 hours include SUI, TAO, and NEAR, falling 10.8%, 8.53%, and 7.89%, respectively. The crypto rollercoaster never stops, does it?

Market Movements 🚀

  • BTC is down 2.98% from 4 p.m. ET Friday at $81,535.28 (24hrs: -1.27%)
  • ETH is down 4.96% at $1,792.22 (24hrs: -1.3%)
  • CoinDesk 20 is down 4.98% at 2,447.78 (24hrs: -3.36%)
  • Ether CESR Composite Staking Rate is down 7 bps at 2.93%
  • BTC funding rate is at 0.0114% (4.1709% annualized) on Binance

  • DXY is unchanged at 104.10
  • Gold is up 1.3% at $3,126.50/oz
  • Silver is up 0.95% at $34.97/oz
  • Nikkei 225 closed -4.05% at 35,617.56
  • Hang Seng closed -1.31% at 23,119.58
  • FTSE is down 0.92% at 8,579.15
  • Euro Stoxx 50 is down 1.22% at 5,266.50
  • DJIA closed on Friday -1.69% at 41,583.90
  • S&P 500 closed -1.97% at 55,80.94
  • Nasdaq closed -2.7% at 17,322.99
  • S&P/TSX Composite Index closed -1.6% at 24,759.20
  • S&P 40 Latin America closed -1.52% at 2,429.43
  • U.S. 10-year Treasury rate is down 1 bps at 4.2%
  • E-mini S&P 500 futures are down 0.97% at 5,568.25
  • E-mini Nasdaq-100 futures are down 1.39% at 19,187.50
  • E-mini Dow Jones Industrial Average Index futures are down 0.63% at 41,588.00

Bitcoin Stats 📊

  • BTC Dominance: 62.36 (0.24%)
  • Ethereum to bitcoin ratio: 0.02196 (0.09%)
  • Hashrate (seven-day moving average): 835 EH/s
  • Hashprice (spot): $45.7
  • Total Fees: 6.8 BTC / $589,342
  • CME Futures Open Interest: 142,520 BTC
  • BTC priced in gold: 26.3 oz
  • BTC vs gold market cap: 7.45%

Technical Analysis 📈

  • XRP, one of the year’s better-performing major altcoins, is again nearing a critical support zone between $1.95 and $2.05. This region has consistently acted as a strong demand area, with buyers stepping in multiple times over the past four months. Adding to its significance, the zone aligns with the 2021 all-time high and is now further supported by the daily 200 exponential moving average, which is also gradually converging toward this level. Acceptance below this key level is likely to result in a larger expansion to the downside, given the loss of a key level that has reliably held as support for several months. It’s like watching a game of chicken, but with XRP instead of cars!

Crypto Equities 💼

  • Strategy (MSTR): closed on Friday at $289.41 (-10.84%), down 3.49% at $279.38 in pre-market
  • Coinbase Global (COIN): closed at $173.93 (-7.77%), down 3.2% at $168.37
  • Galaxy Digital Holdings (GLXY): closed at C$16.45 (-5.68%)
  • MARA Holdings (MARA): closed at $12.47 (-8.58%), down 3.69% at $12.01
  • Riot Platforms (RIOT): closed at $7.41 (-4.63%), down 2.97% at $7.19
  • Core Scientific (CORZ): closed at $7.48 (+3.28%), down 3.74% at $7.20
  • CleanSpark (CLSK): closed at $7.19 (-8.29%), down 3.62% at $6.93
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $13.13 (-6.48%), down 2.51% at $12.80
  • Semler Scientific (SMLR): closed at $36.86 (-0.16%), down 5.83% at $34.71
  • Exodus Movement (EXOD): closed at $47.84 (-8.49%), unchanged in pre-market

ETF Flows 💸

Spot BTC ETFs:

  • Daily net flow: -$93.2 million
  • Cumulative net flows: $36.33 billion
  • Total BTC holdings ~ 1,121 million.

Spot ETH ETFs

  • Daily net flow: $4.7 million
  • Cumulative net flows: $2.42 billion
  • Total ETH holdings ~ 3.409 million.

Overnight Flows 💤

Chart of the Day 📈

  • Both bitcoin and ether are on track to post their steepest quarterly slides since second-quarter 2022. It’s like watching a slow-motion car crash, but with numbers instead of cars!

In the Ether 🌌





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2025-03-31 14:43

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