Price Action

• Bitcoin posted slight gains of 0.38%, trading between 83,800 and 85,500, with elevated funding rates pointing to sustained bullish sentiment. While BTC remains above its 20-day moving average, it continues to face resistance at 88,200. Low liquidation volumes indicate subdued market leverage and a cautious trading environment.
• Ethereum held steady near 1,594 within a 3.5% range, despite negative funding rates and minimal liquidations. The asset remains technically bearish, trading below all key moving averages. However, a break above the 1,668 resistance could trigger a short squeeze and potential upward momentum.
• Top movers today include TAO (+13.3%), WIF(+7.5%), VIRTUAL(+7.1%), BERA(-12.2%), and OM(-8.7%).

Friday

• The US has proposed a potential peace framework to its allies aimed at ending the conflict between Russia and Ukraine, which includes terms for halting hostilities and easing sanctions on Moscow if a long-term ceasefire is achieved.
• Meanwhile, Chinese investors have started shifting away from US Treasuries toward European bonds, as President Donald Trump’s wave of tariffs fuels a broader move out of American assets, according to Deutsche Bank.
• Trump expressed hesitation about escalating tariffs on China, warning it could disrupt trade flows. He also claimed that Beijing has repeatedly reached out to negotiate a resolution.
• The administration has also moved to levy tariffs on Chinese ships docking at US ports—an aggressive step that could disrupt global shipping networks and further intensify the trade dispute between the two nations.
• Asian markets posted modest gains as traders remained cautious, awaiting clarity on tariff developments before making major investment decisions.
• US stocks ended the week lower, weighed down by Federal Reserve Chair Jerome Powell’s resistance to further market support. Trump lashed out at Powell on social media, suggesting he should have cut interest rates already—and later told reporters he has the power to remove him if needed.

Thursday

• U.S. stock futures pared back gains after President Donald Trump criticized Federal Reserve Chair Jerome Powell for being too slow in cutting interest rates.
• S&P 500 futures were up 0.5%, off earlier highs, with weakness in health insurer stocks also weighing on sentiment. Nasdaq 100 futures rose 0.9%, buoyed by strong sales guidance from Taiwan Semiconductor Manufacturing Co., the world’s largest chipmaker.
• Earlier gains were fueled by optimism over early progress in U.S.-Japan trade talks, which raised hopes of avoiding additional tariffs. In Europe, the Stoxx 600 slipped 0.4% after the European Central Bank delivered a widely expected rate cut.
• Trump lashed out at Powell on Truth Social, saying his removal “can’t come soon enough” and that the Fed should have already lowered rates this year. He called Powell “always TOO LATE AND WRONG.”
• In the bond market, Treasury losses eased following mixed U.S. data. Jobless claims dropped to a two-month low, pointing to labor market stability, while the Philadelphia Fed manufacturing index came in well below forecasts, signaling weakness in that sector. The dollar index edged slightly higher.
• Investors have shifted their focus to trade developments with individual countries, especially China, which on Wednesday laid out several conditions for entering talks with the Trump administration.

Wednesday

• Tech stocks fell sharply after the Trump administration escalated trade tensions by imposing fresh restrictions on Nvidia’s chip exports to China. The Nasdaq 100 dropped 1.7%, with Nvidia sliding 5.6% following news that its H20 chip would now require a license to be shipped to China indefinitely. Nvidia also warned of $5.5 billion in writedowns this quarter due to inventory and contractual commitments tied to the chip.
• Other semiconductor firms were hit as well—ASML Holding NV lost 5.6% in U.S. trading after reporting disappointing orders, reflecting weakness in the broader chip sector.
• The World Trade Organization also lowered its 2025 forecast for global merchandise trade, predicting a 0.2% contraction—a figure nearly three points lower than it would have been without the U.S.-driven trade conflict.
• The S&P 500 fell 0.9%, while 10-year Treasury yields hovered around 4.34%. Despite strong retail sales data for March, swaps markets continue to price in at least three Fed rate cuts this year.
• Meanwhile, the dollar slipped, gold hit a new all-time high, and the Swiss franc gained. Investors are awaiting a speech from Fed Chair Jerome Powell for any hints of intervention to support the bond market.

Tuesday

• S&P 500 futures were mixed after a two-day rally, as traders weighed growing US-China trade tensions against the possibility of new tariff exemptions from the Trump administration.
• Futures for the S&P 500 and Nasdaq 100 were mostly flat. Boeing dropped 4% in premarket trading after China instructed airlines to halt further deliveries of its jets. European equities rose, buoyed by Trump’s suggestion of a potential pause in auto tariffs.
• Market volatility eased slightly compared to recent sessions, fueled by hopes for possible trade negotiations. Investors also focused on earnings season, with Bank of America and Citigroup both reporting better-than-expected results.
• Elsewhere, 10-year Treasury yields held steady, and the dollar index was flat after five days of losses. However, concerns over the trade war persisted, with a Bank of America survey revealing the worst economic sentiment in 30 years.
• Markets also reacted to news that the US is moving ahead with trade investigations into semiconductor and pharmaceutical imports via the Commerce Department.
• In earnings, Citigroup rose slightly after strong trading revenue, while Bank of America gained as its stock trading unit posted record results amid market volatility.

Monday

• Stocks climbed, led by a surge in tech shares, after President Donald Trump hinted at exemptions from tariffs on certain consumer electronics — raising hopes the sector could be spared the worst of the trade impact.
• S&P 500 futures rose 1.6%, while European markets jumped over 2%. Apple rallied roughly 5% in premarket trading, and Goldman Sachs shares rose 2.7% following its Q1 earnings report.
• US bond yields dropped, with 10-year Treasuries falling to 4.43%. Gold declined and oil advanced, while the dollar extended its losing streak for a fifth straight day after Trump said a separate tariff for electronics would be announced soon.
• Though the potential easing of tech-focused tariffs lifted sentiment, analysts remained cautious. Citigroup downgraded its US equities outlook, and Morgan Stanley cut earnings expectations.
• The White House clarified that the electronics exemption from the 145% China tariff and 10% global tariff is temporary, part of a plan to implement a targeted rate for the sector. However, the pause signaled to some a willingness by Trump to negotiate.