đź‘‹ Hey there!
Finally, some hope on the market has arrived this week. But will this last a trend? Let’s find out in this weekly digest 👇
quick weekly news
Trump lowers tariffs rates
Almost a week after America’s so-called “Liberation Day” and one of the biggest market crashes since 2008, Donald Trump announced on Truth Social that he would ease tariffs for every country except China.
Source: Trump on Truth Social
According to the announcement, Trump recognized the courage of various countries willing to sit down and negotiate a trade deal with the U.S., likely in response to concerns about the trade deficit. As a result, he decided to lower tariff rates for these countries to a basic 10% while pausing the “Liberation Day” tariff rates for 90 days to allow negotiations with U.S. allies on future trade agreements.
Within hours of the announcement, the market reacted with a strong retracement, returning to levels seen before the tariffs were originally introduced.
However, since China had demonstrated confidence in its ability to outlast the U.S. in the trade war, actively responding with similar tariff rate hikes on American goods, Trump decided to increase tariffs on Chinese imports to 125%. As one of the U.S.’s major trading partners and the world’s largest manufacturing hub, China plays a crucial role in global trade.
In this context, even if a global trade war is eventually avoided, strengthening the global economy, the ongoing economic conflict between the world’s two largest economies, China and the U.S., is likely to have a lasting impact on the markets. This outlook is further supported by oil prices, which showed only a weak recovery from their dip to $59 per barrel. This suggests that most investors still anticipate sluggish economic growth worldwide and, consequently, lower oil demand from various countries.
US Senate confirms Paul Atkins to lead SEC under Trump
Meanwhile, the U.S. continues to lay the foundation for future crypto adoption as the Senate officially confirms Paul Atkins as the chairman of the SEC under the Trump administration. The vote took place in the Senate on April 9, 2025, resulting in a 52-44 decision in favor of appointing Atkins as the new SEC leader.
Paul Atkins is well known within the crypto community as a Web3 advocate and SEC veteran, having served as an SEC commissioner from 2002 to 2008 during the global financial crisis. He has long been a proponent of digital assets, consistently advocating for reducing regulatory pressure in the sector.
Atkins’ candidacy emerged after the previous SEC chairman, Gary Gensler, resigned following Donald Trump’s vow to fire him. During his campaign, Trump promised to appoint a more crypto-friendly SEC chairman, as Gensler was widely criticized for pursuing multiple lawsuits against major crypto companies.
Atkins’ election was strongly supported by one of the most influential pro-Bitcoin voices in the Senate, Senator Cynthia Lummis. She was among the first to call for a strategic Bitcoin-friendly regulatory shift in the U.S. Following the confirmation, she posted on her X account:
“I’m pleased Paul Atkins is confirmed as Chairman of the SEC. I sat down w/ Mr. Atkins to discuss digital asset legislation, empowering Wyoming’s blockchain future & implementing reforms to the regulatory rulemaking process. I’m confident his leadership will bring positive change.”
Champions League quarter-finalists all have crypto deals
According to Protos’ latest blog post, all quarter-finalists in the UEFA Champions League have been sponsored by crypto companies. The report states that Arsenal, Aston Villa, PSG, and Inter Milan have sponsorship deals with Socios.com, while Borussia Dortmund and Bayern Munich have secured funding from Coinbase and Bitpanda.
Overall, 23 out of the 36 participating teams this year have received sponsorships from Web3 companies, most of which are trading platforms, crypto exchanges, and fan token providers. This growing presence of crypto firms in sports sponsorships marks another step toward Web3 mass adoption on a global scale.
While football remains the top choice for crypto companies seeking sponsorship deals, it is not the only sport benefiting from their investments. Crypto firms also actively support eSports, motorsports, and basketball, further expanding their influence in the sports industry.
Ethereum Researcher Virgil Griffith released from prison
On April 9, 2025, Ethereum Foundation researcher Virgil Griffith was released from custody, according to Bureau of Prisons (BOP) officials. Crypto developer Brantly Millegan stated on X that Griffith will be in a halfway house for a few weeks.
Virgil Griffith is one of the OG members of the Ethereum development team, having played a crucial role in the early improvements at both the Ethereum Foundation (EF) and Ethereum Name Service (ENS).
In 2019, he attended the “Blockchains for Peace” presentation in North Korea, after which the U.S. government accused him of violating the International Emergency Economic Powers Act (IEEPA) by allegedly providing North Korea with highly technical information.
However, the content he shared during the presentation was already publicly available online, raising doubts about the legitimacy of the accusations. In 2020, he pleaded not guilty to evading sanctions, yet two years later, in April 2022, he was sentenced to 63 months in prison and ordered to pay a $100,000 fine.
Now, it appears that his release is influenced by the policies of the newly elected U.S. government.
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How to Draw Fibonacci Retracement:
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🔸 Always draw from left to right: bottom to top in an uptrend, top to bottom in a downtrend;
🔸 Focus on the 0.618, 0.5, and 0.382 levels, as these often act as key zones where the price reacts or reverses.
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top crypto meme of the week
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