Preface
Bitcoin and Ethereum have dropped by 10.77% and 14.27% respectively in the past 24 hours, with current prices at $82,711 and $2,160, and the ETH/BTC exchange rate at 0.025. The Crypto Fear & Greed Index stands at 15, indicating extreme fear.

Market Trending

In the past 24 hours, the market has experienced significant volatility. President Trump proposed a 25% tariff on imported agricultural products, which triggered dramatic fluctuations in the cryptocurrency market. Bitcoin plummeted to around $85,000, while Ethereum saw a nearly 15% drop, reaching the $2,100 mark. The total market capitalization of cryptocurrencies shrank by 11%, falling below $3 trillion.

Despite previous statements regarding crypto reserves that had driven the market upward, Trump’s subsequent tariff policy erased those gains. His plan, set to take effect on April 2, 2025, targets all imported agricultural products and expands existing tariffs on goods from Mexico, Canada, and China. This news has raised concerns about inflation and trade retaliation, leading to a collective decline in the three major U.S. stock indices, which in turn affected the crypto market. Bitcoin displayed strong volatility and sensitivity, experiencing a drop of over 10% in a single day.

Altcoins also suffered, with an average decline of 15%. The meme coin sector saw DOGE fall below $0.20, while TRUMP dropped below $13, and other tokens like WIF, PEPE, and SHIB experienced double-digit declines. The AI sector also performed poorly, with mainstream tokens like VIRTUAL, AI16Z, and FARTCOIN dropping over 20%. In the DeFi sector, tokens like LINK, UNI, ONDO, and AAVE saw declines close to 20%.

The market is cooling down again, as Trump’s tariff remarks have repeatedly shaken Bitcoin’s valuation. As the crypto market aligns more closely with traditional financial markets, Bitcoin’s price is increasingly influenced by political and fiscal factors. Coupled with its inherent volatility, Bitcoin has become a broad indicator of financial risk appetite. Therefore, the upcoming White House cryptocurrency summit on Friday is worth close attention from crypto investors.

Spot Bitcoin ETF Flows

The U.S. spot Bitcoin ETF saw a net outflow of $78.06 million yesterday, with IBIT experiencing a net outflow of $81.85 million, ARKB seeing a net inflow of $58.18 million, and GBTC having a net outflow of $54.39 million.
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Daily Spotlight

Today’s spotlight is LAYER, with a 24-hour increase of 17.27%.
Solayer (LAYER) is a re-staking protocol built on the Solana blockchain that optimizes user capital efficiency and enhances cross-chain liquidity by integrating sources of yield such as PoS (Proof of Stake), MEV (Maximum Extractable Value), and AVS (Active Validation Services). Its core architecture constructs a capital efficiency-oriented re-staking network within the Solana ecosystem through hardware acceleration, dynamic scaling technology, and the secondary utilization of native staking assets. The project has also launched a hardware acceleration solution, infiniSVM, which utilizes FPGA and smart NIC technology to achieve over 160 billion TPS throughput, significantly breaking through existing blockchain performance bottlenecks.

LAYER is currently priced at $1.008.

Check Out the Latest Prices, Charts, and Data of LAYER/USDT Spot and LAYER/USDT Perp!

The Word on the Street

Forbes Reporter: Final vote to repeal IRS rules on DeFi project crypto brokers may occur tomorrow.
Forbes reporter Eleanor Terrett posted on platform X that Republican Senator Ted Cruz plans to submit the Congressional Review Act (CRA) to the Senate to repeal the IRS’s “broker rules.” The vote on whether to proceed with this bill is expected to take place tomorrow at 11 AM (Eastern Time). According to insiders, Cruz’s team hopes to complete the final vote on the bill by tomorrow afternoon or evening, although the presidential address may delay the vote until later this week. If the bill passes both chambers with a simple majority, it will repeal the IRS broker rules established by the U.S. Treasury. Supporters of the CRA argue that the current form of the rule is not suitable for the unique nature of DeFi.

Project Funding

MEV infrastructure FastLane Labs completes $6 million financing, led by Figment Capital.
According to official news, MEV infrastructure FastLane Labs has announced the completion of a $6 million financing round, led by Figment Capital and DBA, with participation from Coinbase Ventures, Robot Ventures, and CHORUS ONE. The new funds will be used to build a comprehensive liquid staking token on Monad. FastLane Labs aims to create a long-term MEV ecosystem on Monad that benefits users, dApps, and stakers.