Preface

This week, the Web3 industry experienced several major developments across policy and macroeconomic dimensions. Former President Trump’s fluctuating tariff stance injected significant uncertainty into the markets, leading to sharp volatility in global equities and crypto assets. On April 10, Trump’s tariff suspension triggered a broad market rally: U.S. stocks and cryptocurrencies rebounded simultaneously, with Bitcoin surpassing $82,000. On April 9, the SEC dropped its lawsuit against Ripple, coinciding with the launch of the first XRP-linked ETF. On April 8, South Korea’s National Pension Service integrated blockchain-based management, paving the way for broader adoption of crypto assets. Also on April 8, the Hong Kong Securities and Futures Commission (SFC) announced it would permit staking services for spot virtual asset ETFs, introducing caps to enhance risk management. On April 6, the SEC began reviewing digital asset policies from the Biden administration, potentially laying the groundwork for regulatory relaxation. On April 4, U.S. nonfarm payrolls for March exceeded expectations, highlighting the continued strength of the U.S. labor market.

Abstract

• April 10 — Trump suspends tariffs, sparking a broad market rally: U.S. equities and crypto assets surge, Bitcoin breaks above $82,000.
• April 9 — The SEC drops its lawsuit against Ripple; the first ETF linked to XRP goes live.
• April 8 — Hong Kong’s SFC to allow staking for spot virtual asset ETFs, with caps to bolster risk controls.
• April 8 — South Korea’s National Pension Service adopts blockchain for management, advancing crypto asset integration.
• April 6 — The SEC reviews Biden-era digital asset policies, potentially signaling a regulatory easing trend.
• April 4 — U.S. March nonfarm payrolls surpass expectations, reflecting a resilient labor market.

Key Events

April 10 — Trump’s Tariff Suspension Sparks Broad Market Rally: U.S. Equities and Crypto Rebound in Tandem, Bitcoin Surpasses $82,000

On April 9, former U.S. President Donald Trump announced a 90-day suspension of new tariffs on most countries. Global markets responded swiftly with a rare, broad-based rally, reflecting investor optimism over the easing of trade tensions. According to the statement, the U.S. would pause imposing new tariffs on over 75 countries that have not retaliated, creating a window for renewed trade negotiations. While uncertainties remain, the positive news fueled a strong surge in U.S. equity markets: the S&P 500 soared 9.5%, marking its largest single-day gain since World War II. The Dow Jones rose nearly 3,000 points, and the Nasdaq jumped 12.2%, with a pronounced surge after 2:30 p.m. Eastern Time, signaling a clear shift in market sentiment toward optimism.

The cryptocurrency market rallied alongside traditional equities. Bitcoin rose from approximately $76,000 to $82,572 in a single day, gaining 8.19%. Meanwhile, the total crypto market capitalization increased by 6.53%, breaking above $2.61 trillion.

A look back at the timeline of Trump’s tariff announcements reveals how each policy shift triggered dramatic market reactions. On February 1, the Trump administration abruptly proposed phased tariffs of 5%–10% on 75 trading partners, targeting key sectors such as steel, aluminum, and renewable energy, originally set to take effect on March 15. On February 18, the first sign of policy easing emerged, as the U.S. Trade Representative (USTR) announced tariff exemptions for medical devices and semiconductors from 28 countries. Then on April 2, the situation reversed again: Trump declared a blanket 10% global tariff on hundreds of countries, threatening “reciprocal” rates against nations allegedly “exploiting” the U.S., set to escalate on April 9. Ultimately, in a surprise move on April 9, the White House announced a 90-day pause on new tariffs, allowing time for further negotiations. This series of abrupt policy shifts triggered a full market cycle within three months, from panic selling to retaliatory rallies. [1]

April 9 — SEC Drops Lawsuit Against Ripple; First XRP-Linked ETF Launches

Following the U.S. Securities and Exchange Commission (SEC) dropping its lawsuit against Ripple, asset management firm Teucrium Trading LLC announced the launch of the first leveraged exchange-traded fund (ETF) linked to XRP. The ETF, trading under the ticker symbol “XXRP,” carries a 1.85% fee and is listed on the NYSE Arca exchange. The debut of an XRP ETF signals growing mainstream recognition of the token and reflects the maturing landscape of diversified crypto investment vehicles. This launch not only extends the wave of institutional participation sparked by Bitcoin and Ethereum ETFs but also suggests a regulatory shift from caution to increased openness. [2][3]

Since the beginning of 2024, spot Bitcoin ETFs have attracted over $94 billion in inflows, while Ethereum ETFs have garnered $6 billion. In comparison, ETFs tied to assets like XRP are still in the early stages. However, with regulatory clarity improving, the introduction of the XRP ETF could pave the way for other digital asset classes, supporting structural growth across the broader crypto market.

April 8 — Hong Kong SFC to Permit Staking Services for Spot Virtual Asset ETFs, Introduces Caps to Strengthen Risk Controls

The Hong Kong Securities and Futures Commission (SFC) announced that licensed virtual asset trading platforms will be allowed to offer staking services for spot virtual asset ETFs. This means that investors can soon stake their spot ETF holdings to participate in blockchain networks and earn rewards, marking another significant step in Hong Kong’s regulated development of virtual assets.

Since 2018, Hong Kong has been actively developing a regulatory framework for virtual assets, becoming the first jurisdiction in Asia to launch spot crypto ETFs in April 2023. Today, Hong Kong stands as the largest virtual asset ETF market in the Asia-Pacific region. The SFC is also planning to expand the range of eligible underlying virtual assets. Beyond Bitcoin and Ethereum, we may soon see diversified basket ETFs tracking multiple crypto assets, further enriching the market landscape. [4]

April 8 — South Korea’s National Pension Service Adopts Blockchain Management, Paving the Way for Crypto Asset Integration

South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund, is exploring the integration of blockchain technology into its extensive fund transaction system to enhance transparency and security. This initiative reflects the fund’s proactive approach to evaluating the potential of cutting-edge technologies in the traditional financial infrastructure.

According to reports, NPS currently manages approximately KRW 1,224 trillion (around USD 836 billion) in assets. The primary goal of adopting blockchain is to use distributed ledger technology to prevent tampering with transaction records and strengthen internal controls over deposits, withdrawals, and investments—critical for safeguarding the retirement funds of millions. Before launching its research phase, NPS will conduct a “pre-disclosure procedure,” inviting blockchain experts and firms to submit technical proposals and opinions. This step is standard in large-scale public projects in Korea, and the feedback will inform a feasibility study to determine whether blockchain will be integrated into the pension accounting system.

This initiative coincides with South Korea’s broader push for blockchain and digital currency adoption, such as 7-Eleven’s pilot program accepting the central bank’s digital currency, highlighting the country’s commitment to integrating digital assets into daily life. [5]

April 6 — SEC Reviews Biden-Era Crypto Policies, Signaling Potential Regulatory Easing

On April 6, 2025, the U.S. Securities and Exchange Commission (SEC) announced a review of digital asset regulatory policies issued during the Biden administration. The review covers employee guidance on investment contract frameworks, Bitcoin futures market oversight, and crypto market disclosure requirements. This move follows Executive Order 14192, “Unleashing Prosperity Through Deregulation,” signed by President Trump in January 2025, directing agencies to identify and eliminate redundant regulations with a focus on economic growth and technological innovation.

The goal is to identify staff guidance that may be revised or withdrawn to align with the new administration’s pro-growth, crypto-friendly stance. Between 2023 and 2024, the SEC issued a series of influential statements that served as key regulatory benchmarks—covering how to determine whether a token is a security, what disclosures are required for crypto market participants, and risk guidelines for Bitcoin futures investments. These frameworks may now face weakening or repeal.

The SEC’s shift signals a realignment toward the policy preferences of the Trump administration. President Trump had previously nominated Paul Atkins, a noted advocate for deregulation, to lead the SEC, fostering closer alignment between the agency and executive leadership. However, the move has sparked concerns among consumer protection advocates, who argue that looser regulations could increase risks for investors in the crypto space.

Going forward, the SEC will need to balance its statutory mandate with the government’s push for innovation and economic expansion. While a more relaxed regulatory environment could benefit the crypto industry by spurring innovation and attracting capital, it also raises the stakes for preventing market manipulation and fraud, which could undermine investor confidence. [6]

April 4 — U.S. March Jobs Report Beats Expectations, Labor Market Remains Resilient

On Friday, April 4, the U.S. Bureau of Labor Statistics released its March employment report, showing nonfarm payrolls increased by 228,000, well above the market forecast of 140,000 and the 12-month average of 158,000. February’s figures were revised down by 34,000 to 117,000, while January’s numbers were adjusted from 125,000 to 111,000, resulting in a net downward revision of 48,000 jobs for the first two months of the year.

March’s job gains were led by the healthcare sector (+54,000), social assistance services (+24,000), and transportation and warehousing (+23,000). In contrast, temporary help services lost 6,400 jobs, with total employment in that sector holding steady at 2.53 million. The employment penetration rate remained stable at 1.58%.

These figures indicate that the U.S. labor market remains robust, potentially delaying any near-term interest rate cuts by the Federal Reserve. Despite the downward revisions in previous months, continued expansion in essential service sectors like healthcare and social services has helped offset weakness in more volatile areas like temp work. This suggests a structural shift in the economy. While strong employment may support consumer spending and provide a buffer for economic growth, persistent wage pressures could complicate the Federal Reserve’s efforts to bring inflation down. [7]

Summary

This week, the cryptocurrency market was shaped by a combination of macroeconomic policies and regulatory developments. On April 4 (Friday), the U.S. Bureau of Labor Statistics released its March employment report, showing a significant increase of 228,000 in nonfarm payrolls—well above the market expectation of 140,000. The SEC initiated a review of digital asset regulations from the Biden era, potentially paving the way for more relaxed oversight. South Korea’s National Pension Service began exploring blockchain technology to enhance the transparency and security of its vast fund management system. The Hong Kong Securities and Futures Commission (SFC) announced that licensed virtual asset trading platforms will be allowed to offer staking services for spot virtual asset ETFs. The SEC dropped its lawsuit against Ripple, and the first XRP-linked ETF was launched. Trump’s announcement of a 90-day suspension of tariffs triggered a broad rally in global markets, with both U.S. equities and crypto assets surging—Bitcoin surpassed $82,000.

Trump’s unexpected tariff suspension created a temporary window of relief for global risk assets. However, ongoing uncertainties around protectionist trade policies, cyclical pressures on the U.S. economy, and the potential for further policy reversals continue to limit the valuation recovery of global equities and cryptocurrencies. Investors are advised to remain cautious and closely monitor key indicators such as U.S. core inflation and Federal Reserve monetary policy shifts.


References：

1. Reuters,https://www.reuters.com/world/trump-tariffs-live-markets-selloff-us-reciprocal-tariffs-kick-2025-04-09
2. X,https://x.com/DeItaone/status/1909577023216861555
3. Bloomberg,https://www.bloomberg.com/quote/XXRP:US
4. Sfc,https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=25PR47
5. Daum,https://v.daum.net/v/20250407173012037
6. X,https://x.com/SECGov/status/1908546943686492633
7. American Staffing Association,https://americanstaffing.net/posts/2025/04/04/analysis-of-march-jobs-report/

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