Crypto Daybook Americas: Trump’s Fed Outburst Fails to Jolt Bitcoin

Welcome to your Good Friday variation of the daybook. With markets connected a shortened docket for the Easter holiday, today’s update is shortened arsenic well. CoinDesk's Crypto Daybook Americas volition beryllium backmost to its regular size connected Monday, April 21. Enjoy the holiday!

By Francisco Rodrigues (All times ET unless indicated otherwise)

It's Easter. Traditional markets are closed successful galore parts of the satellite and plentifulness of radical are taking a interruption from work, and that's keeping crypto markets successful cheque arsenic well. The CoinDesk 20 Index (CD20), a measurement of the biggest, astir progressive cryptocurrencies, has gained little than 0.1% successful the past 24 hours with bitcoin (BTC) up conscionable 0.1%.

That's a beauteous muted effect to calls from President Donald Trump for the removal of Federal Reserve Chair Jerome Powell. Trump criticized Powell implicit his reluctance to chopped involvement rates, further adding to the system uncertainty that has near bitcoin treading h2o and seen Wall Street piling onto gold.

Trump, connected his societal media level Truth Social, said Powell was “too late” successful lowering involvement rates, saying his “termination cannot travel accelerated enough!” The President’s words travel aft Powell said the cardinal slope sees unemployment and ostentation rising due to the fact that of the tariffs Trump imposed connected astir different countries.

The tit-for-tat has further raised uncertainty, to the constituent the S&P 500 closed the shortened trading week up conscionable 0.1%, portion the tech-heavy Nasdaq dropped 0.1%.

"Right now, markets are highly reactionary to White House determination making and are poised to stay that mode for the foreseeable future,” Ira Auerbach, caput of tandem astatine Offchain Labs and erstwhile caput of integer assets arsenic Nasdaq, told CoinDesk.

“Trump's propulsion for complaint cuts amid tariff-driven ostentation risks could reignite bitcoin's archetypal 'hedge against eroding purchasing power' narrative. Its caller risk-off behaviour whitethorn beryllium short-lived arsenic monetary argumentation uncertainty intensifies."

For the clip being, though, the hedge against currency debasement and uncertainty appears to beryllium gold. The precious metal’s caller bull tally has meant that, implicit the past 20 years, it’s outperforming the S&P 500. That’s including dividends.

For crypto investors, signals are mixed. While connected the macro beforehand uncertainty reigns, nether the Trump medication regulatory outlook has been improving and institutions person shown much comfortableness with the space.

“It is astir apt dependable to 'let the particulate settle' arsenic tariff implementations and bilateral negotiations unfold,” dYdX Foundation CEO Charles d’Haussy told CoinDesk. “Market participants' statement seems to awesome cardinal banks' enactment past the summer.” Stay alert!

What to Watch

• Crypto:
  • April 18: Pepecoin (PEP), a layer-1, proof-of-work blockchain, undergoes its second halving, reducing artifact rewards to 15,625 PEP.
  • April 20, 11 p.m.: BNB Chain (BNB) — opBNB mainnet hardfork.
  • April 21: Coinbase Derivatives volition list XRP futures pending support by the U.S. Commodity Futures Trading Commission (CFTC).
  • April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable connected "Key Considerations for Crypto Custody".
• Macro
  • April 18, 10 a.m.: Argentina's Torcuato Di Tella University releases April user assurance data.
    • Consumer Confidence Prev. 44.1
  • April 22, 8:30 p.m.: Statistics Canada releases Mach shaper terms ostentation data.
    • PPI MoM Prev. 0.4%
    • PPI YoY Prev. 4.9%
  • April 22, 6 p.m.: Fed Governor Adriana D. Kugler volition present a code titled "Transmission of Monetary Policy."
• Earnings (Estimates based connected FactSet data)
  • April 22: Tesla (TSLA), post-market
  • April 30: Robinhood Markets (HOOD), post-market

Token Events

• Governance votes & calls
  • Treasure DAO is discussing handing authorization to the halfway contributor squad to wind down and unopen down Treasure Chain infrastructure connected ZKsync and negociate the superior MAGIC-ETH Protocol-Owned Liquidity excavation fixed the “crucial fiscal situation” of the protocol.
• Unlocks
  • April 18: Official Trump (TRUMP) to unlock 20.25% of its circulating proviso worthy $314.23 million.
  • April 18: Fasttoken (FTN) to unlock 4.65% of its circulating proviso worthy $84.4 million.
  • April 18: Official Melania Meme (MELANIA) to unlock 6.73% of its circulating proviso worthy $10.72 million.
  • April 18: UXLINK (UXLINK) to unlock 11.09% of its circulating proviso worthy $16.52 million.
  • April 18: Immutable (IMX) to unlock 1.37% of its circulating proviso worthy $10.03 million.
  • April 22: Metars Genesis (MRS) to unlock 11.87% of its circulating proviso worthy $126.7 million.
  • April 30: Optimism (OP) to unlock 1.89% of its circulating proviso worthy $20.74 million.
  • May 1: Sui (SUI) to unlock 2.28% of its circulating proviso worthy $156.87 million.
  • May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating proviso worthy $10.32 million.
• Token Launches
  • April 22: Hyperlane to airdrop its HYPER tokens.
  • April 22: BNB to beryllium listed connected Kraken.

Conferences:

• CoinDesk's Consensus is taking spot in Toronto connected May 14-16. Use codification DAYBOOK and prevention 15% connected passes.
• April 22-24: Money20/20 Asia (Bangkok)
• April 23: Crypto Horizons 2025 (Dubai)
• April 23-24: Blockchain Forum 2025 (Moscow)
• April 24: Bitwise's Investor Day for Bitcoin Standard Corporations (New York)
• April 26: Crypto Vision Conference 2025 (Manilla)
• April 26-27: Harvard Blockchain successful Action Conference (Cambridge, Mass.)
• April 27: N Crypto Conference 2025 (Kyiv)
• April 27-30: Web Summit Rio 2025
• April 28-29: Blockchain Disrupt 2025 (Dubai)
• April 28-29: Staking Summit Dubai
• April 29: El Salvador Digital Assets Summit 2025 (San Salvador, El Salvador)
• April 29: IFGS 2025 (London)

Token Talk

By Francisco Rodrigues

• The memecoin trading frenzy doesn’t look to implicit rather yet. Since token-launch protocol Pump.fun introduced its trading level PumpSwap successful March, volumes person skyrocketed.
• According to Artemis data, Solana-based Pump.fun was seeing astir $110 cardinal of trading measurement a time earlier the PumpSwap debut. That fig exploded to $650 cardinal connected April 17, with $444 cardinal being traded connected PumpSwap.
• Daily transaction volumes connected the level present apical 40,000, astir treble the figures seen earlier PumpSwap’s launch, Dune data shows.
• The heightened trading measurement helped Pump.fun’s 24-hour gross apical that of layer-1 web Tron, bringing successful astir $2 cardinal implicit the period. The fig is besides supra that of platforms similar Hyperliquid and Aave.
• Outside of Solana, different networks person seen their stock of trading activity. Even Nasdaq-listed speech Coinbase recovered itself embroiled successful alleged front-running after 3 wallets bought its “Base is for everyone” token earlier the motorboat was announced.

Market Movements:

• BTC is down 0.69% from 4 p.m. ET Thursday astatine $84,550 (24hrs: +0.30%)
• ETH is up 0.15% astatine $1,587.85 (24hrs: -0.36%)
• CoinDesk 20 is up 1% astatine 2,460.30 (24hrs: +0.2%)
• Ether CESR Composite Staking Rate is down 15 bps astatine 2.98%
• BTC backing complaint is astatine 0.0069% (7.5927% annualized) connected Binance

• DXY is unchanged astatine 99.38
• Gold is down 0.54% astatine $3308.8/oz
• Silver is down 1.55% astatine $32.42/oz
• Nikkei 225 closed +1.03% astatine 34,730
• Hang Seng closed +1.61% astatine 21,395
• FTSE closed Thursday astatine 8275.66.
• Euro Stoxx 50 is down 0.63% astatine 4935.34
• DJIA closed connected Thursday -1.33% astatine 39,142
• S&P 500 closed +0.13% astatine 5282.7
• Nasdaq Composite closed -0.13% astatine 16,286.45,
• S&P/TSX Composite Index closed +0.36% astatine 16,286.45
• S&P 40 Latin America is up 1.64% astatine 2,383.75
• E-mini S&P 500 futures are down 0.13% astatine 5,312.75
• E-mini Nasdaq-100 futures are down 0.02% astatine 18,380
• E-mini Dow Jones Industrial Average Index futures are down 1.31% astatine 39,329

Bitcoin Stats:

• BTC Dominance: 63.91 (-0.18%)
• Ethereum to bitcoin ratio: 0.019 (0.54%)
• Hashrate (seven-day moving average): 913 EH/s
• Hashprice (spot): $44.32
• Total Fees: 6.01 BTC
• CME Futures Open Interest: 141,280
• BTC priced successful gold: 25.5 oz.
• BTC vs golden marketplace cap: 7.23%

Crypto Equities

• Strategy (MSTR): closed connected Thursday astatine $317.20 (1.78%), down 0.30% astatine $316.35 successful pre-market
• Coinbase Global (COIN): closed astatine $175.03 (1.64%)
• Galaxy Digital Holdings (GLXY): closed astatine C$15.36 (-1.41%)
• MARA Holdings (MARA): closed astatine $12.66 (2.76%), up 0.16% astatine $12.68
• Riot Platforms (RIOT): closed astatine $6.46 (1.57%)
• Core Scientific (CORZ): closed astatine $6.63 (0.61%), up 0.29% astatine $6.65
• CleanSpark (CLSK): closed astatine $7.51 (3.16%), up 0.27% astatine $7.53
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $12.04 (1.09%), up 0.42% astatine 12.09
• Semler Scientific (SMLR): closed astatine $32.49 (4.79%), up 2.60% astatine $33.33
• Exodus Movement (EXOD): closed astatine $36.58 (-1.64%), up 4.98% astatine $38.40

ETF Flows

Spot BTC ETFs:

• Daily nett flow: $ 106.9 million
• Cumulative nett flows: $ 35.5 billion
• Total BTC holdings ~ 1.11 million

Spot ETH ETFs

• Daily nett flow: $ 0 million
• Cumulative nett flows: $ 2.26 billion
• Total ETH holdings ~ 3.31 million

Source: Farside Investors

Overnight Flows

While You Were Sleeping

• U.S. Will Abandon Ukraine Peace Efforts if No Progress Made Soon, Rubio Says (Reuters): After Paris talks, the Secretary of State said Washington whitethorn displacement absorption unless it sees wrong days that a woody is achievable successful the adjacent fewer weeks.
• Ukraine Says It Has Signed the Outline of a Minerals Deal With the U.S. (CNBC): The memorandum of intent signed Thursday volition service arsenic the ground for what Scott Bessent says is an 80-page statement that volition beryllium signed by April 26.
• HashKey Capital to Debut Asian XRP Tracker Fund With Ripple arsenic Anchor Investor (CoinDesk): The HashKey XRP Tracker Fund volition springiness nonrecreational investors XRP exposure.
• Deutsche Bank Sees More China Clients Moving Out of U.S. Assets (Bloomberg): Chinese commercialized investors are shifting from U.S. Treasuries to eurozone bonds, Japanese indebtedness and golden arsenic concerns implicit U.S. commercialized argumentation mount, says Deutsche Bank's Lillian Tao.
• Japan Does Not Manipulate FX to Weaken the Yen, Finmin Says (Reuters): Japan past intervened to fortify the yen, not weaken it, the concern curate said successful effect to Donald Trump’s accusation it is manipulating the currency to boost exports.

In the Ether