Relief rally lifts Bitcoin above US$83k

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State of crypto

• Crypto markets rebound on 90-day tariff pause
• Ripple to acquire Hidden Road for US$1.25B in landmark deal
• Fed minutes highlight inflation risks and slower growth outlook
• US Department of Justice (DOJ) disbands crypto enforcement unit
• China and Russia turn to Bitcoin amid escalating trade war

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Crypto markets rebound on 90-day tariff pause

Bitcoin bounced back above US$83,000, gaining more than 8% in 24 hours, after US President Trump announced a surprise 90-day pause on his administration's planned tariffs. This move sparked a broad relief rally across global markets and brought some life back into risk assets after being hammered by economic uncertainty and trade war concerns.

The broader crypto market followed Bitcoin's lead, with XRP, Ethereum, and Solana all posting double-digit percentage gains and even managing to outperform some tech stocks. In contrast, equity markets posted more modest recoveries, suggesting that digital assets remain highly responsive and speculative vehicles in times of policy-driven market swings.

While the tariff delay offered temporary relief, analysts have cautioned that volatility is far from over. The 90-day pause merely postpones further trade disruption, and investors are likely to remain sensitive to any policy changes or economic data. For now, the crypto market is in the middle of a clear bounce-back moment driven by rapid capital inflows.

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Ripple to acquire Hidden Road for US$1.25B in landmark deal

Ripple Labs has agreed to acquire prime brokerage firm Hidden Road for US$1.25 billion, marking one of the largest deals in crypto history. The acquisition is aimed at deepening institutional access to digital assets, particularly XRP, as Ripple positions itself at the center of the next wave of market adoption. CEO Brad Garlinghouse said the deal comes at an inflection point for the industry, as regulatory clarity in the US opens the door for broader engagement from traditional finance.

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Fed minutes highlight inflation risks and slower growth outlook

The Federal Reserve’s March meeting minutes reveal that policymakers saw growing risks of higher inflation and slower economic growth, driven in part by the uncertainty surrounding the Trump administration’s tariff plans. Several officials warned of “difficult trade-offs” ahead, as the central bank may need to balance the need to fight inflation with the risk of stalling the economy. While the consensus still pointed to two potential rate cuts in 2025, the Fed signalled a more cautious stance, leaving the door open for holding rates higher for longer if inflation proves stubborn.

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US Department of Justice (DOJ) disbands crypto enforcement unit

The US Department of Justice has shut down its National Cryptocurrency Enforcement Team, signalling another major change in federal crypto policy under Trump. A memo from Deputy Attorney General Todd Blanche confirmed that US attorney’s offices will now lead digital asset cases, prioritizing terrorism, trafficking, and organized crime over regulatory violations. The DOJ will no longer pursue enforcement against crypto exchanges, mixers, or wallets for user actions or inadvertent rule breaches - a major rollback of Biden-era policies. The move aligns with President Trump’s broader push to deregulate the crypto sector, making good on campaign promises to reduce what he called government overreach in digital asset regulation.

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China and Russia turn to Bitcoin amid escalating trade war

As global trade tensions intensify following President Trump’s aggressive 104% tariff on Chinese goods, China and Russia are increasingly turning to Bitcoin and other cryptocurrencies to settle cross-border energy transactions. According to VanEck’s head of digital asset research, Matthew Sigel, this shift signals a growing move away from traditional financial systems as nations seek alternative settlement methods amid economic uncertainty. Countries like Bolivia and energy players in France are also exploring crypto for trade and infrastructure use, underscoring how the tariff war may be accelerating global crypto adoption in unexpected sectors.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Forbes: ‘Ugly’ Monday Crash Warning As Sudden US$1.3 Trillion Crypto Price Meltdown Hits Bitcoin, Ethereum, XRP, Solana And Dogecoin

Bitcoin and crypto prices have fallen sharply, catching up with stocks that plunged in the aftermath of Donald Trump’s so-called Liberation Day of global tariffs that could become a “crisis scenario.”

“Bitcoin has recently lost the key US$79,000 to US$80,000 support level, which it had managed to hold for the past month,” Charlie Sherry, head of finance and crypto analyst at BTC Markets, said in emailed comments.

“This support level had marked the bottom of the range after the all-time-high pullback. The next key support lies around US$72,000, which was the pre-election high.”

Read the full article here.

Cointelegraph: Crypto plunges as Trump tariff ‘medicine’ brutalizes global stock markets

In a statement, Charlie Sherry, head of finance at Australian crypto exchange BTC Markets, said the drop is unsurprising because global markets are generally more illiquid on Sundays.

“As a result, a few large sell-offs can have a disproportionate impact, pushing prices down quickly,” he said.

“There’s no mystery behind the trigger: President Trump’s recent tariff talk has rattled macro markets, with global trade relations suddenly looking uncertain.”

Read the full article here.

Ausbiz: The catalyst for the next Bitcoin breakout

Charlie Sherry, Crypto Analyst at BTC Markets, was featured on a recent broadcast to provide a detailed analysis of the current state of the crypto market.

He discussed Bitcoin’s recent drop below US$80,000, attributing the move to broader macroeconomic pressures and growing regulatory uncertainty factors challenging Bitcoin’s status as 'digital gold'.

Watch the full interview.

SMSF Adviser: Don’t overlook crypto as an investment alternative: expert

Caroline Bowler, chief executive of BTC Markets, said on the latest ASF Audits podcast that cryptocurrency usually fell primarily around the larger asset class, because if trustees wanted to invest in something that's going to be liquid, and has a history of liquidity and a price history, they could understand it more easily.

“Something like a bitcoin or Ethereum is quite an easy first foray [into cryptocurrencies], because you can do all of those different pieces with it and there's a manner of putting a price on or understanding what could be behind some of the growth.”

Read the full article here.

Dollar Cost Averaging (DCA): More assets have just been listed!

We've expanded our list of supported assets for Dollar Cost Averaging (DCA), which makes it even easier for you to build your crypto portfolio over time. Whether you're just starting out or looking to automate your investments, DCA helps reduce the impact of market volatility by spreading out your buys.

Read our guide on how to DCA with BTC Markets.

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The week ahead: economic events

Thursday, April 10th 

• US FOMC Minutes, Core Inflation Rate MoM and YoY, & Inflation Rate MoM and YoY
• China Inflation Rate

Friday, April 11th

• UK Monthly GDP MoM
• US Producer Price Inflation MoM

Saturday, April 12th

• US Michigan Consumer Sentiment
• China Balance of Trade, Exports YoY, & Imports YoY

Tuesday, April 15th 

• Australia Interest Rate
• UK Unemployment Rate
• Germany ZEW Economic Sentiment Index
• Canada Inflation Rate YoY

Wednesday, April 16th 

• China GDP Annual Growth Rate, Industrial Production YoY, Retail Sales YoY
• UK Inflation Rate YoY
• US Retail Sales

Thursday, April 17th 

• Canada Interest Rate
• Japan Balance of Trade
• Euro Area Deposit Facility Rate & Interest Rate
• US Building Permits & Housing Starts

Source: Trading economics

Market reflections

Australia: Markets rebounded sharply, but economic risks still linger amid tariff turmoil

The Australian stock market staged a powerful rally on Thursday, with the ASX 200 surging 6.3% in early trade following news that US President Trump would pause steep new tariffs for 90 days. The move sparked a US$150 billion surge in local share value, helping reverse much of last week’s losses and pushing the index back above 7,840 points. The Australian dollar also rebounded, rising to US$0.615 after nearly slipping below US$0.59 earlier in the week as investor confidence briefly returned across global markets.

However, Treasurer Jim Chalmers and top economists cautioned that the relief may be short-lived. While Australia has so far avoided harsher US tariff rates, the country remains vulnerable to economic spillovers - particularly from China, its largest trading partner. Treasury estimates show that the trade war will knock 0.1% off Australia’s GDP and add 0.2 percentage points to inflation this year.

Economists warn that escalating protectionist policies out of Washington mark a historic shift away from global trade liberalization and could strain Australian exports, consumer confidence, and overall growth. Some analysts even suggest that the Reserve Bank of Australia may consider a double rate cut in May to cushion the blow. Despite Thursday’s market bounce, economists say this is no time for complacency.

United States: Jamie Dimon warns US recession "likely" due to tariff concerns

JP Morgan CEO Jamie Dimon warned that a US recession is now a likely outcome as Trump’s escalating tariff war with China fuels market volatility and economic uncertainty. Dimon pointed to tumbling stock futures, surging bond yields, and China’s aggressive 84% retaliatory tariff on US goods as signs the trade conflict is already damaging confidence and growth. JPMorgan now forecasts a 0.3% contraction in US GDP for 2025, and Dimon urged policymakers to negotiate trade deals swiftly, warning that conditions could worsen without progress.

China: China vows to "fight to the end" as US trade war escalates

China has vowed to "fight to the end" in response to the US imposing more than 100% tariffs on Chinese imports, triggering what now looks like a full-scale trade war between the world’s two largest economies. In retaliation, Beijing has announced it will raise tariffs on US goods from 34% to 84%, deepening global fears over the economic fallout. Although US dependence on Chinese imports has declined in recent years - from 21% of total imports in 2016 to 13% in 2024 - analysts warn that China’s exports often reach US markets via Southeast Asia, meaning the new Trump “reciprocal tariffs” on those countries could raise costs for a broad swathe of US goods. The impact on global supply chains and economic stability is expected to be quite significant.

Germany: Germany faces "dramatic" impact from tariffs, warns chancellor-in-waiting Merz

Germany is facing renewed economic pressure after the Trump administration's imposed 20% tariffs on all European exports, a move Chancellor-in-waiting Friedrich Merz described as “dramatic” and “urgent.” The tariffs threaten to derail Merz’s newly announced €1 trillion stimulus plan, as Germany - already weakened by high energy costs and reduced demand from China - relies on US exports for around 4% of its GDP. The DAX index plunged over 6%, reflecting investor anxiety, even as Merz secured a long-awaited coalition deal and vowed to restore Germany’s competitiveness, declaring “Germany is back on track.”

Canada: Recession fears grow as Canada starts feeling trade-war strain

Canada’s economy is showing signs of stress as the US-led trade war begins to take its toll, with recession fears rising and unemployment ticking up amid weakening consumer demand. According to a new Bank of Canada survey, both businesses and households are increasingly worried about persistent inflation, with many companies expecting higher input costs and reduced pricing power in the months ahead. The gloomy sentiment follows a sharp slowdown in trade activity and adds pressure on the central bank to reconsider its current policy stance as the global economic environment continues to deteriorate.

Scam awareness

Types of scams: Impersonation scams

Scammers impersonate trusted businesses, friends, or family, to steal your money or personal information. Don’t assume a person you are dealing with is who they say they are.

Scammers trick you into thinking they are from organisations such as the police, government, banks, and well-known businesses. They can even pretend to be your friend or family member.

Learn more at scamwatch.gov.au.

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