Daily Market Update: April 1, 2025

BTC is currently trading around $85,100 and ETH around $1,900.  Notable gainers in the last 24 hours are EOS, RENDER and PEPE.  The global crypto market cap is $2.84T, up 1.9% over the last day.  DeFi Total Value Locked is ~$96b and BTC dominance is around 62%.

Equity markets are mixed ahead of tomorrow’s US tariff announcements.  US equities are lower on a weaker than expected Manufacturing PMI report along with a BLS job openings release that came in slightly below estimates, heightening concerns of an economic contraction.  Meanwhile, European markets are higher on lower than predicted eurozone inflation, and Asia-Pacific markets are higher on the back of higher than expected Manufacturing PMI data out of China.  Crypto markets are higher on the combined news.

Notable news includes: Texas Senator Ted Cruz introduced the FLARE Act, which aims to provide tax incentives for repurposing flared gas produced during oil drilling in digital asset mining; the state of Kentucky joined Vermont and South Carolina in dropping lawsuits against Coinbase concerning its staking service; Bybit announced it will shut down its NFT marketplace on April 8, citing declining market interest and a broader strategy to streamline its offerings; OKX appointed board member and former Head of the New York Department of Financial Services Linda Lacewell as its Chief Legal Officer; Tether purchased $735m worth of Bitcoin in Q1, according to its latest attestation report; former CEO of the DeFi Education Fund Miller Whitehouse-Levine launched the Solana Policy Institute to educate lawmakers and regulators ‘beyond Bitcoin’; the Trump family consolidated control over World Liberty Financial, replacing cofounders Zak Folkman and Chase Herro as controlling parties; semi-permissioned privacy tool Privacy Pools, a solution promoted by Vitalik, launched on Ethereum; and, Bio Protocol launched its V1 upgrade, which introduced a launchpad and AI agents to the protocol.