Daily News: Bitcoin Drops Below $80,000, Wall Street Urges Treasury Action on Tariff Policy

US Stock Futures Continue to Plummet; Spot Gold Falls Below $3,000

According to jin10.com, US stock futures are experiencing a continuous decline. Nasdaq 100 futures are down 4.6%, S&P 500 futures are down 3.8%, and Dow Jones futures are down 3.4%. Spot gold plunged 2.00% intraday to $2,977.76 per ounce, while New York gold futures fell to $2,996 per ounce, breaking the $3,000 mark for the first time since March 21.

Trump Announces Massive Tariff Policy; Wall Street Executives Seek Intervention from Treasury Secretary Bessent

According to Bloomberg, US President Donald Trump announced a massive tariff policy on April 2, causing severe market turbulence. Treasury Secretary Scott Bessent has reportedly received numerous requests for help from hedge fund managers and financial executives, urging him to explain to the president that excessive tariffs could harm the economy and further disrupt the market.

Bessent, the former Chief Investment Officer of Soros Fund Management, is seen by Wall Street as a potential ally capable of influencing the president's decisions on tariff policies. The announcement has triggered strong reactions from the financial sector, highlighting growing concerns about Trump’s trade policies.

Trump: "One Day, People Will Realize Tariffs Are a Wonderful Thing for America"

Trump stated on Truth Social that tariffs are the only solution to address the US’s fiscal deficits with China and the EU.He claimed tariffs have brought billions of dollars in revenue to the US and criticized the trade surpluses that have grown under Biden's administration. Trump promised to "swiftly reverse" this trend, emphasizing that tariffs are "a wonderful thing" for America.

Arthur Hayes: Trump’s Firm Tariff Stance Stems from Supporters Who Lack Financial Assets

Arthur Hayes, co-founder of BitMEX, commented on X that Trump’s tariff policies are causing market volatility, with US stocks sharply declining in pre-market trading. Hayes pointed out that Trump’s supporters are mostly individuals without substantial financial assets, which strengthens his resolve to push forward with tariff policies. Economic advisor Bessent stated that approximately 50% of Americans do not own stocks and are burdened with debt, suggesting it is time to help "Main Street" rather than "Wall Street."

Market participants have mixed opinions on the policy: some fear it could lead to corporate layoffs, reduced consumer spending, and negative ripple effects, while others fully support it. Analysts warn that the long-term impact of tariff policies could be severe, urging careful evaluation of their broader economic consequences.

Federal Reserve Governor Waller: Opposes Comprehensive Digital Currency Adoption, Citing Low Real-World Demand

According to jin10.com, Federal Reserve Governor Waller stated that the biggest friction currently lies in cross-border payments. He expressed opposition to the Federal Reserve adopting a comprehensive digital currency, citing low real-world demand. The push for a Fed-issued digital dollar has gradually faded into obscurity.

Social Media App Phaver Shuts Down Due to Funding Shortage; Token Declines by 99%

According to DeFi researcher Ignas, the social media app Phaver has ceased operations, with its token price dropping 99% since its TGE (Token Generation Event) in September 2024. Phaver team members revealed several reasons for the collapse:

1. Technical issues during the TGE and airdrop prevented users from claiming tokens in time, leading to widespread FUD (fear, uncertainty, and doubt).

2. The team spent over $1 million to list the token on five centralized exchanges (CEXs).

3. Due to bearish market sentiment, the team did not sell tokens during the TGE, resulting in insufficient operational funds.

As a Finnish company, Phaver is required to pay employees 1-2 months of severance. Some former team members are now working on SocialDAO, aiming to find new use cases for the SOCIAL token.

Mechanism Capital Partner: ETH Likely to Return to $1,000-$1,500 This Year

Andrew Kang, a partner at Mechanism Capital, posted on X that although he hasn’t closely followed cryptocurrencies in recent months, he believes there’s a strong likelihood Ethereum (ETH) will return to the $1,000-$1,500 range this year. He argued that in the absence of speculative hype, a negative-growth, non-profitable asset with a market cap of $215 billion is "absurd," supporting a bearish outlook.

Grayscale Submits S-1 Filing for Solana ETF to the SEC

According to information from the U.S. Securities and Exchange Commission (SEC) website, Grayscale has submitted an S-1 filing for a Solana ETF.

U.S. SEC: Certain USD Stablecoins Are Not Securities

According to an official statement from the Division of Corporate Finance of the U.S. Securities and Exchange Commission (SEC), specific types of USD stablecoins are not classified as securities.

The statement outlines that regulated stablecoins meeting the following criteria do not require securities registration: pegged 1:1 to the U.S. dollar, redeemable at any time for $1, backed by low-risk and highly liquid assets, and with reserve assets equal to or exceeding the redemption value of the circulating stablecoins.

The SEC emphasized that these stablecoins are intended solely for payment, transfer, or value storage purposes—not for investment. Issuers must deposit sales proceeds into reserve accounts, and reserve assets cannot be used for operations, business purposes, or collateral.

This clarification applies exclusively to USD stablecoins and does not cover algorithmic stablecoins, other fiat-backed stablecoins, or any yield-generating stablecoin products.

HashKey Launches On-Chain Exchange "DJDOG," Focused on News Signal Trading

HashKey’s ecosystem has added a new member with the launch of DJDOG, an on-chain exchange now available for beta testing via Apple TestFlight.

DJDOG specializes in trading signal monitoring, integrating Alpha information capture and trading capabilities. Beta testers can currently experience Alpha information distillation and push notifications. In April, DJDOG will roll out features such as smart money tracking, Twitter scraping, deleted tweet alerts, major exchange listing monitoring, whale activity notifications, and copy trading.

The platform is focused on Apple’s ecosystem, aiming to deliver a seamless iOS experience. Upcoming features include integration with Dynamic Island, live notifications, widgets, and Apple-exclusive smart interactions to enhance the on-chain experience for iPhone users.

Previously, DJDOG deployed a Telegram mini-program, and its Alpha news channel has over 3.7 million subscribers (including 90,000 paid users) and tens of millions of registered users.

Mind Network Announces $FHE Token Airdrop Details for Five User Categories

Mind Network, a full homomorphic encryption (FHE) infrastructure provider, has officially launched the $FHE token airdrop query feature on its website, allowing users to check their allocation.

The airdrop targets five user categories:

1. CitizenZ Passport NFT holders.

2. $vFHE delegators and mainnet participants.

3. Invite campaign participants.

4. AgentConnect Hub registrants.

5. Community contributors.

The airdrop aims to thank early supporters and active users for their contributions to the ecosystem while promoting FHE technology and the Agentic AI ecosystem.

Mind Network previously raised $12.5 million in funding from notable investors, including YZi Labs and Animoca Brands.