Cryptocurrency markets are trading lower on Thursday, following a significant decline in <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">traditional financial markets.</a>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$82,025.41</td><td>-5.1%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$1,785.61&nbsp;</td><td>-6.5%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$115.31</td><td>-11.7%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.05</td><td>-4.6%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1587</td><td>-8.5%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001221</td><td>-3.6%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 7.5% and daily active addresses falling by 6%. Transactions greater than $100,000 are down from 10,387 to 10,152 in a single day. Exchanges netflows are up by 19.4%.</li>



<li>Coinglass data reports 194,417 traders were liquidated in the past 24 hours for $527.37 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44628685/bitcoin-is-a-realistic-global-reserve-asset-experts-say">Bitcoin Is A Realistic Global Reserve Asset, Experts Say</a></li>



<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44627407/gold-overtaking-bitcoin-in-inflation-hedge-strategy-jpmorgan-says">Gold Overtaking Bitcoin In Inflation Hedge Strategy, JPMorgan Says</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44632447/bitcoin-ethereum-xrp-down-since-the-start-of-2025-would-a-president-harris-have-been-better-for-crypto">Bitcoin, Ethereum, XRP Down Since The Start Of 2025: Would A President Harris Have Been Better For Crypto?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44630530/bondex-web3-app-surpasses-5m-downloads-amid-growing-interest-in-decentralized-career-platforms">Bondex Web3 App Surpasses 5M Downloads Amid Growing Interest In Decentralized Career Platforms</a></li>



<li><a href="https://www.benzinga.com/etfs/new-etfs/25/04/44633519/vaneck-moves-closer-to-us-binance-coin-etf-but-will-the-sec-play-ball">VanEck Moves Closer To US Binance Coin ETF — But Will The SEC Play Ball?</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Hyperliquid (CRYPTO: HYPE)</td><td>$11.45</td><td>-16.3%</td></tr><tr><td>Berachain (CRYPTO: BERA)</td><td>$5.92</td><td>-16.3%</td></tr><tr><td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td><td>$0.056563</td><td>-14.7%</td></tr></tbody></table></figure>



Trader Notes: Crypto trader Blockchainedbb <a href="https://x.com/blockchainedbb/status/1907870034271072296">eyes</a> a swing long entry after Bitcoin reclaims a key level on the weekly. 



She expects BTC to stay range-bound before a potential push past $90,000 by late 2025.



Ted Pillows highlights a Bitcoin Hash Ribbon buy signal, a historically bullish indicator that preceded all-time highs in past cycles. 



The last three times this signal appeared, BTC surged to a new all-time high. He predicts this could be another major leg up for Bitcoin if history repeats itself.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin hash ribbon indicator has just flashed a buy signal. Last 3 times this indicator flashed a buy the signal <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> pumped to hit a new ATH. Will history repeat itself again? <a href="https://t.co/27wgCFTLft">pic.twitter.com/27wgCFTLft</a>&mdash; Ted (@TedPillows) <a href="https://twitter.com/TedPillows/status/1907835917454258441?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CryptoCon <a href="https://x.com/CryptoCon_/status/1907859803738607663">noted</a> that this Bitcoin cycle is unfolding more gradually, resembling 2015-2017, rather than the explosive bull runs many expected. 



Cryptomist sees $80,000 as the next target but warns of a possible liquidity wick before a breakout to more than $90,000.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> almost close to my $80k target. Would not rule out a liquidity wick below wedge before reclaim but I expect this to hold and breakout towards $90k <a href="https://t.co/BqcyZcDQZ2">pic.twitter.com/BqcyZcDQZ2</a>&mdash; The Cryptomist (@Thecryptomist) <a href="https://twitter.com/Thecryptomist/status/1907865306543870322?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44630045/99-of-americans-know-bitcoin-but-only-91-know-dogecoin-why">99% Of Americans Know Bitcoin, But Only 91% Know Dogecoin: Why?</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, XRP, Dogecoin Dump On Tariff News

Technical indicators alongside macro-economic factors are prompting analysts to predict <a href="https://www.benzinga.com/money/bitcoin-price-prediction">further downward momentum</a> for the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).



What Happened: In a <a href="https://www.youtube.com/watch?app=desktop&amp;v=7GOS-SVV-Ok&amp;feature=youtu.be&amp;ab_channel=BenjaminCowen">podcast</a> on Thursday, prominen analyst Benjamin Cowen warned that the S&amp;P 500&#8217;s decline could extend into April, resembling past market downturns that have had ripple effects across both equities and crypto.



While March has historically marked a bottoming point during corrections—such as the financial crisis and pandemic crash—Cowen notes that sometimes the downturn extends into April.



One key date is mid-April, when the next inflation print is released. With new tariffs in focus, investors are watching closely for potential market reactions.



Glassnode <a href="https://x.com/glassnode/status/1907777842286391618">data</a> has flagged a death cross forming in Bitcoin's on-chain data, with BTC's 30-day volume-weighted price crossing below the 180-day. Historically, such signals have preceded 3–6 months of downside.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44630045/99-of-americans-know-bitcoin-but-only-91-know-dogecoin-why">99% Of Americans Know Bitcoin, But Only 91% Know Dogecoin: Why?</a>



Why It Matters: Cowen also pointed to a critical S&amp;P 500 metric: the S&amp;P 500 divided by the money supply, which currently sits at levels similar to past major market rejections, including 1998, the financial crisis, the pre-pandemic high and 2021/2023 resistance levels.



The 1998 rejection led to a 20–23% market drop. Cowen believes the current 10% decline could extend further to 20%, echoing that historical precedent.



He cautions against panic, reminding investors that not all 20% declines trigger recessions. In 1998, the S&amp;P 500 saw a significant rally after its correction, which could signal a similar setup in 2025.



What's Next: Cowen suggests watching for a potential market bottom in that first or second week of April, with an 11-week correction timeline possibly aligning with the next FOMC meeting in May.



He also sees a potential death cross forming on the S&amp;P 500, which historically has been followed by a short-term rally before any further declines.



If the pattern holds, both Bitcoin and equities could be in for a counter-trend bounce before the market&#8217;s next major move.



Read Next:



<ul>
<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44628685/bitcoin-is-a-realistic-global-reserve-asset-experts-say">Bitcoin Is A Realistic Global Reserve Asset, Experts Say</a></li>
</ul>



Image: Shutterstock

Are Bitcoin And The S&P 500 Heading For A Death Cross?

The Defiance Daily Target 2X Long RIOT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIOX#NYSE">RIOX</a>), launched to double the daily returns of Bitcoin mining company Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), has lost its value by as much as 73% in the three months.



The fund only <a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/42851198/riot-cryptomining-success-spurs-investor-interest-with-defiances-new-etf">started trading on Jan. 2</a>. 



This sharp fall highlights the high risks involved with <a href="https://www.benzinga.com/etfs">leveraged ETFs</a>, especially those that deal with the <a href="https://www.benzinga.com/crypto">highly volatile cryptocurrency market</a>.



RIOX attempted to offer its investors double the percentage change in the stock price of crypto miner Riot Platforms. 



The ETF has since suffered huge losses following a sudden drop in Riot&#8217;s stock price.



Also Read: <a href="https://www.benzinga.com/25/03/44301936/bitcoin-miners-ride-the-btc-boom-but-costs-tell-a-different-story-jpmorgan">Bitcoin Miners Ride The BTC Boom, But Costs Tell A Different Story: JPMorgan Analyst</a>



<h2 class="wp-block-heading">What&#8217;s To Blame?</h2>



The ETF&#8217;s investment strategy, using a 2x daily leverage on Riot stock, is one of the key reasons for its sharp fall. Leverage increases not only daily gains but also daily losses equally. 



Further, the daily reset of the leverage causes a situation of a so-called volatility drag. That&#8217;s when the average return on the longer term is radically different from a simple multiplier of the return on the underlying asset, particularly in times of high volatility.



Riot&#8217;s share price itself fell 30.4% over the same period. This underperformance had a direct effect on the RIOX ETF.



The cryptocurrency market, to which Riot Platforms is heavily linked, also showed volatility over this period. Although Bitcoin experienced a peak in January, at more than $106,000, it subsequently fell below $85,000 in February, troughing at less than $79,000 in early March, and currently stands at around $81,000. 



This decline in Bitcoin&#8217;s price most likely contributed to the poor performance of Bitcoin mining stocks such as Riot.



<h2 class="wp-block-heading">Company News Adds To Uncertainty</h2>



A number of firm-specific events concerning Riot could have had a role to play in the fall of its share price. 



These include news about Bitcoin production <a href="https://www.riotplatforms.com/riot-announces-february-2025-production-and-operations-updates/">updates</a>, which indicated a minor decline in February because of maintenance and weather, and a non-binding deal to possibly <a href="https://www.prnewswire.com/news-releases/riot-platforms-announces-entry-into-non-binding-term-sheet-to-acquire-certain-assets-of-rhodium-and-settlement-agreement-302408360.html">acquire </a>Rhodium Encore assets. 



Moreover, a reported reduction in price target by JPMorgan in mid-March 2025 might have subdued investor sentiment.



<h2 class="wp-block-heading">Risks Of Leveraged ETFs</h2>



Leveraged ETFs like RIOX are inherently riskier than traditional ETFs. They are generally designed for short-term trading by sophisticated investors who understand the implications of daily leverage and are prepared for potentially significant losses. Defiance ETFs explicitly <a href="https://www.globenewswire.com/news-release/2025/01/03/3003995/0/en/Defiance-Launches-RIOX-The-First-2X-Leveraged-Single-Stock-ETF-on-Riot-Platforms-Inc.html">warns </a>that if Riot Platforms Inc.&#8217;s share price decreases by more than 50% on a single trading day, RIOX investors could lose their entire investment.



The sudden and significant drop of the RIOX ETF is a harsh reminder of the dangers involved with leveraged ETFs, particularly those highly concentrated in volatile segments. 



Investors consider such products only after extensive research and are aware of the possibility of large losses through market movements and daily leverage compounding.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44616126/spx-nosedives-45-can-etfs-like-spy-weather-the-market-storm">SPX Nosedives 4.5%: Can ETFs Like SPY Weather The Market Storm?</a></li>
</ul>



Image: Shutterstock

Textbook Lesson: This Leveraged ETF Plunged 73% Since Inception – A Warning For Crypto Investors?

VanEck has made a big move in bringing a Binance Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) ETF to the United States. The company recently registered for a BNB ETF trust in the state of Delaware, an important milestone <a href="https://www.benzinga.com/topic/crypto-market">for the crypto asset. </a>​



What This Means for BNB



This action positions Binance Coin with other giant cryptocurrencies—Bitcoin, Ethereum, Solana, and Avalanche—for which <a href="https://www.benzinga.com/etfs">ETF filings </a>have been <a href="https://icis.corp.delaware.gov/eCorp/EntitySearch/NameSearch.aspx">submitted </a>in the country. BNB may have global exchange-traded products (ETPs) such as the 21Shares Binance BNB ETP but has never had one based in the U.S. If approved, VanEck&#8217;s ETF will mirror the price of BNB, offering investors a more convenient means of acquiring exposure to the token.



BNB is trading at around $587.46 at the time of publishing, having lost 2.66% over the past 5 days. Trading volume rose by a massive 42% to over $2.12 billion after VanEck took this step. Being the fifth-largest cryptocurrency on a market cap basis, bringing a spot ETF to the market could legitimize and extend its appeal among retail and institutional investors further.​



Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44593556/grayscale-moves-to-mainstream-crypto-with-etf-filings-for-avalanche-top-tokens">Grayscale Moves To Mainstream Crypto With ETF Filings For Avalanche, Top Tokens</a>



A Long Road Ahead



Though this is a major step, it&#8217;s only the first. Registration of a trust in Delaware is a first step prior to making a formal application to the U.S. Securities and Exchange Commission (SEC). VanEck, like other asset managers, has been making efforts to launch new regulated cryptocurrency investment products in the U.S. market. 



The company has already obtained SEC approval for spot Ethereum and Bitcoin ETFs, showing that it can meet the challenging regulatory environment. ​



What&#8217;s Next?



The question now is whether the SEC will be open to a BNB ETF. The regulator has been wary of approving crypto ETFs other than Bitcoin and Ethereum, but with increased interest in Solana and Avalanche ETFs, the winds could be changing. If VanEck manages to win approval, it could pave the way for more diversified crypto investment vehicles in the U.S.​



For now, investors and crypto enthusiasts will be watching closely as VanEck makes its case for the first-ever U.S.-based BNB ETF.



Next Up: 



<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44613351/chipotles-stock-is-sizzling-bill-ackman-loves-it-and-these-etfs-do-too">Chipotle&#8217;s Stock Is Sizzling—Bill Ackman Loves It And These ETFs Do Too</a></li>
</ul>



Photo by Iryna Budanova on Shutterstock

VanEck Moves Closer To US Binance Coin ETF — But Will The SEC Play Ball?

Decentralized exchange aggregator ParaSwap has rebranded to Velora, unveiling a major technical shift toward intents-based trading—a model that departs from traditional single-block execution by allowing traders to express desired outcomes rather than fixed transaction paths.



The shift, announced Thursday, is built on the release of Velora's Delta v2.5 infrastructure, introducing a competitive agent model where solvers and market makers vie to fulfill user-defined trading goals. 



This marks a move away from the legacy aggregator model that has underpinned decentralized finance since its early growth.



At its core, intents-based trading enables users to specify conditions or outcomes—such as a desired price or action—without defining every technical step of the trade. 



Competing agents then optimize execution within those parameters. 



This opens up use cases like on-chain limit orders and cross-chain swaps, previously constrained by smart contract rigidity and single-block processing limitations.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44630530/bondex-web3-app-surpasses-5m-downloads-amid-growing-interest-in-decentralized-career-platforms">Bondex Web3 App Surpasses 5M Downloads Amid Growing Interest In Decentralized Career Platforms</a>



"Legacy aggregators are limited by rigid smart contracts and same-chain execution," said Velora founder Mounir Benchemled. "Intents offer greater flexibility, giving users more control over how and when their trades are executed."



According to a press release, Velora also introduces features like Instant Cross-Chain Swaps—which aim to eliminate delays and reduce bridging risks—and a Super Hooks system, allowing users to automate complex trading workflows, such as collateral swaps or liquidity pool management.



Another feature is chain abstraction, which allows users to initiate and complete trades across multiple blockchains without manual bridging. 



This is central to Velora's approach to improving speed, flexibility, and overall efficiency in decentralized markets.



While the concept of intents-based DEXs has gained attention across DeFi, practical implementations have lagged. 



Velora positions its infrastructure as a more production-ready version, built for both performance and usability. 



The system is modular, allowing for future upgrades and the inclusion of new agent types as on-chain liquidity and trade complexity grow.



ParaSwap, now Velora, has processed over $100 billion in trading volume since its founding in 2019, and serves more than 4 million wallets, the release further stated.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44628685/bitcoin-is-a-realistic-global-reserve-asset-experts-say">Bitcoin Is A Realistic Global Reserve Asset, Experts Say</a></li>
</ul>



Image: Shutterstock

Velora Rebrand Introduces Intents-Based Trading To Enhance DeFi Execution

Cryptocurrency traders on social media are debating whether a hypothetical Harris presidency may have been a better long-term outcome for the sector, given the poor performance of cryptocurrencies since <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44335357/donald-trumps-official-meme-coin-worth-14-5-billion-on-inauguration-day-is-down-to-2-3-billion">President Trump took office.</a>



What Happened: Pseudonymous trader Pickle <a href="https://x.com/Pickle_cRypto/status/1907741314072109502">outlined</a> a "what-if" scenario in a post on X on Thursday, comparing how cryptocurrencies would have performed if Kamala Harris had won the presidency. 



He posits that regulatory pressures would have remained high, likely driving Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down to the high $50,000s from $70,000 before a gradual recovery. 



With softer monetary policy, markets could have seen a later peak in 2025—but without Trump's pro-crypto influence, there would be no Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) coin narrative or aggressive crypto deregulation.



Bullish catalysts arrived early under Presdient Trump, leading to a sharp rally.



Lacking new narratives, the market has started trending downward, with full retrace of the rally possible.



That said, the lack of an early blow-off top in equities could provide a stronger base for a later crypto surge, ultimately setting up a more sustainable bull run, the trader argues.



Also Read: <a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44630045/99-of-americans-know-bitcoin-but-only-91-know-dogecoin-why">99% Of Americans Know Bitcoin, But Only 91% Know Dogecoin: Why?</a>



Why It Matters: Web3 researcher Wale Swoosh <a href="https://x.com/waleswoosh/status/1907703447958208880">highlighted</a> that nearly all major cryptocurrencies have posted negative returns since the start of 2025: Bitcoin has dropped 11.7%, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is down 46% and XRP 2.4%. Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) are down 48% and 42.9%, respectively.



What's Next: The traders predict a flat market with occasional mean reversion pumps before a stronger move in late summer or early Q3 as the current uncertainty clears.



The initial Trump-driven boost was a one-time event—from here, market movements will depend on policy negotiations and settlements. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44628685/bitcoin-is-a-realistic-global-reserve-asset-experts-say">Bitcoin Is A Realistic Global Reserve Asset, Experts Say</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, XRP Down Since The Start Of 2025: Would A President Harris Have Been Better For Crypto?

President Donald Trump's sweeping new trade tariffs sent shockwaves through global markets on Thursday, triggering a massive sell-off that echoed the COVID-19 pandemic-era routs, as investor risk <a href="https://www.benzinga.com/markets">appetite vanished in a flash.</a>



Wall Street saw a staggering $2 trillion in market cap erased, with the U.S.&#8217;s biggest 10 companies shedding $1 trillion alone.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) plunged 8.7%, staring down its worst day since March 2020 and wiping out nearly $300 billion in value. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) tumbled 6.4%, losing $171.9 billion, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) dropped 8%, on pace for a $166 billion hit.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Company</th><th>% Daily Change</th><th>Market Cap Loss ($B)</th></tr></thead><tbody><tr><td>Apple</td><td>-8.74%</td><td>-293.95</td></tr><tr><td>NVIDIA</td><td>-6.38%</td><td>-171.89</td></tr><tr><td>Amazon</td><td>-8.03%</td><td>-166.80</td></tr><tr><td>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td><td>-6.64%</td><td>-98.24</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)</td><td>-3.26%</td><td>-62.74</td></tr><tr><td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td><td>-7.63%</td><td>-61.74</td></tr><tr><td>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</td><td>-2.04%</td><td>-57.96</td></tr><tr><td>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>-5.80%</td><td>-52.76</td></tr><tr><td>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</td><td>-6.69%</td><td>-45.99</td></tr><tr><td>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td><td>-9.93%</td><td>-31.60</td></tr></tbody><tfoot><tr><td>Total</td><td></td><td>-1043.67</td></tr></tfoot></table></figure>



The S&amp;P 500 fell nearly 4%, poised for its worst session since September 2022, and sank to a seven-month low. Small caps took the brunt of the sell-off, with the Russell 2000 plunging over 5% and officially entering a bear market, now down more than 20% from its 2024 peak.



Fears of retaliatory action from key U.S. trading partners dragged every major sector into the red, except for defensive plays like consumer staples and utilities.



Consumer discretionary stocks were slammed. Apparel names posted double-digit losses: Ralph Lauren Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>), Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) and Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) each dropped between 10% and 16%.



Cruise lines were also hit hard: Norwegian Cruise Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) sank 13%, Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) fell 10%, and Royal Caribbean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) slid 9%.



Bond markets saw a mild flight to safety. Treasury yields edged lower, yet the U.S. dollar weakened 1.6%, with the DXY index heading for its worst day since November 2022.



Commodities weren't spared. Oil prices nosedived on fears of a global slowdown, worsened by OPEC+'s surprise move to raise output. West Texas Intermediate crude plunged 7.5%, slipping below $70 per barrel.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) showed relative resilience in the carnage, dipping just 1% and holding above $81,600.



<h1 class="wp-block-heading">Thursday&#8217;s Performance in Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>40,908.76</td><td>-3.1 %</td></tr><tr><td>S&amp;P 500</td><td>5,449.64</td><td>-3.9%</td></tr><tr><td>Nasdaq 100</td><td>18,751.99</td><td>-4.2%</td></tr><tr><td>Russell 2000</td><td>1,929.91</td><td>-5.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 3.6% to $544.20.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) tumbled 3% to $409.26.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;plummeted 4.2% to $456.21.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) nosedived 5.4% to 191.63.</li>



<li>The&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 1.2%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) tanked, down 5.6%.</li>
</ul>



<h1 class="wp-block-heading">Other Major Stock, ETFs Moves To Know</h1>



<ul>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) up 7.8%</li>



<li>Five Below Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) down 26%,</li>



<li>Molina Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOH#NYSE">MOH</a>), up 7.8%</li>



<li>Kohls Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>) down 25%</li>



<li>VanEck Vietnam ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNM#NYSE">VNM</a>) down 10.2%</li>



<li>iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) up 4.7%, </li>



<li>iShares MSCI Taiwan ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWT#NYSE">EWT</a>) down 4%. </li>
</ul>



Read Now: 



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<li><a href="https://www.benzinga.com/government/regulations/25/04/44629640/us-services-sector-slows-sharply-as-hiring-drops-tariff-pressures-mount">US Services Sector Slows Sharply As Hiring Drops, Tariff Pressures Mount</a></li>
</ul>



Photo: Shutterstock

Wall Street Wipes Out $2 Trillion, Apple Eyes Worst Day Since COVID-19 Pandemic, Oil Plummets: What's Driving Markets Thursday?

Market analysts say President Donald Trump's newly announced global tariff regime is already reshaping investor sentiment, triggering sharp corrections <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44625640/anthony-pompliano-praises-trumps-tariffs-as-catalyst-for-crypto-innovation">across risk assets—including crypto. </a>



While digital currencies initially showed some resilience, experts caution that they remain exposed to broader macroeconomic shocks.



Trump's April 2 speech, which introduced a "reciprocal tariff" program with baseline rates starting at 10% and scaling up to 50% by April 9, caused immediate <a href="https://www.benzinga.com/25/04/44622346/trumps-reciprocal-tariff-math-a-masterclass-in-economic-absurdity">volatility in financial markets</a>.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has dipped below $82,000, while U.S. equity futures and global ETFs slid.



Trump described the move as a "Declaration of Economic Independence," aimed at rebalancing global trade dynamics.



According to David Hernandez, a crypto investment specialist at 21Shares, the tariffs removed some ambiguity around U.S. trade policy but raised new concerns. 



"Markets thrive on clarity, and now that the scope is known, we may see institutions buy the dip," he said. "Still, the announcement rattled equities and crypto alike. Bitcoin held above key support at $82,000 but couldn't avoid broader risk-off pressure."



James Toledano, COO at Unity Wallet, observed that crypto wasn't immune to the impact. 



"Bitcoin is down 4.9% on the week, holding around $82,000," he said. "This shows that in the early stages of global instability, digital assets behave more like tech stocks than safe havens."



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44628685/bitcoin-is-a-realistic-global-reserve-asset-experts-say">Bitcoin Is A Realistic Global Reserve Asset, Experts Say</a>



Toledano added that if the situation escalates into a prolonged economic standoff, crypto could gain renewed appeal. "We're not at safe haven status yet, but if confidence in fiat wavers, Bitcoin might decouple over time."



Javier Rodriguez-Alarcon, Chief Commercial Officer at XBTO, echoed that view, noting the correlation between Bitcoin and traditional markets during moments of high volatility. "Bitcoin still trades like a risk asset during policy shocks. That doesn't negate its long-term potential, but the narrative as a hedge is still maturing."



He added that as digital assets gain wider institutional traction, future dislocations may see crypto react differently. 



For now, however, "the sell-off shows crypto is still subject to the same sentiment-driven dynamics that move traditional finance."



Despite these headwinds, Hernandez noted that institutional inflows into Bitcoin ETFs remained steady, suggesting some investors may view the dip as an entry point. 



"The market reaction underscores Bitcoin's borderless appeal in hedging against geopolitical uncertainty," he said.



With key U.S. trading partners expected to respond in the coming days, including China, South Korea, and Mexico, analysts say further volatility is likely across all asset classes—crypto included.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44627407/gold-overtaking-bitcoin-in-inflation-hedge-strategy-jpmorgan-says">Gold Overtaking Bitcoin In Inflation Hedge Strategy, JPMorgan Says</a></li>
</ul>



Image created using artificial intelligence with Midjourney.

Bitcoin As Trump Tariff Safe Haven? Not Yet, But 'Might Decouple Over Time,' Expert Says

Genius Group Ltd (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GNS#AMEX">GNS</a>) shares are trading lower on Thursday following news that the company is being compelled <a href="https://www.benzinga.com/pressreleases/25/04/g44625455/genius-group-blocked-from-raising-funds-and-buying-bitcoin-by-new-york-court" target="_blank" rel="noreferrer noopener">to sell its Bitcoin treasury.</a>



The move comes after a court ruling in the U.S. District Court Southern District of New York, which blocked Genius from selling shares, raising funds and using investor money to purchase Bitcoin.



This injunction was granted as part of a larger legal battle with Fatbrain AI, part of Lzg International Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LZGI#OTC">LZGI</a>), where Genius had initiated arbitration to terminate its asset purchase agreement with the company.



The court&#8217;s decision is based on fraud allegations against LZGI executives Michael Moe and Peter Ritz, who have been accused of defrauding shareholders.



Also Read: <a target="_blank" href="https://www.benzinga.com/top-stories/25/04/44627817/retaliation-odds-spike-after-trumps-heavy-tariffs-sending-country-etfs-tumbling" rel="noreferrer noopener">Retaliation Odds Spike After Trump&#8217;s Heavy Tariffs, Sending Country ETFs Tumbling</a>



Genius filed motions and presented evidence of what it claims is a scheme to extort money from the company through the legal process.



As a result, Genius&#8217;s ability to finance its operations and issue share compensation to employees has been blocked, forcing the company to consider drastic measures.



In response, Genius is actively appealing the injunction, while restructuring its operations, including downsizing and halting marketing and investment activities.



The company has been forced to sell some of its Bitcoin holdings to sustain operations, reducing its treasury from 440 Bitcoin to 430 Bitcoin.



Despite the challenges, CEO Roger James Hamilton remains committed to fighting fraud and market manipulation and intends to protect shareholders&#8217; interests.



The ongoing restrictions, however, pose a serious risk to the company's future operations, with Genius&#8217; stock price falling 53% since the temporary restraining order was imposed.



GNS Price Action: Genius shares are trading lower by 11.88% to 22 cents at publication Thursday.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected" target="_blank" rel="noreferrer noopener">Trump Tariffs To ‘Plug The Hole' For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a></li>
</ul>



Photo: Courtesy Genius Group

What's Going On With Genius Group Stock Today?

One in <a href="https://www.benzinga.com/money/dogecoin-doge-price-prediction">five American adults own crypto</a>, with 76% viewing it as having a positive impact on their lives, according to a report conducted by the National Cryptocurrency Association.



What Happened: The 2025 State of Crypto Holders Report <a href="https://x.com/NatCryptoAssoc/status/1907419548040495463">surveyed</a> 54,000 respondents between late January and early February 2025, showing that 49% of respondents cite increased financial independence as a benefit of cryptocurrency. 



45% value crypto as an educational tool, while 45% enjoy engagement with innovative technology.



The report also cited the recent integration of crypto into major financial systems, such as PayPal and Visa, as a major benefit, signaling they would welcome acceptance by larger and more mainstream financial institutions.



39% of respondents use cryptocurrencies to pay for goods and services, but only 2% of them are interested in using it for investment purposes over the next two to three years. 



Other use cases include sending cryptocurrency to family, accepting payments for business and participating in decentralized gaming.



Despite Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) achieving 99% awareness among holders, knowledge gaps remain. For instance, only 91% recognize Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>).



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44625640/anthony-pompliano-praises-trumps-tariffs-as-catalyst-for-crypto-innovation">Anthony Pompliano Praises Trump&#8217;s Tariffs As Catalyst For Crypto Innovation</a>



Why It Matters: A 2022 Investopedia <a href="https://x.com/Investopedia/status/1907489641730867586">survey</a> showed one in four millennials planning to fund their retirement with crypto. 



17% of Gen Z and 28% of Millennials expect to rely on crypto for financial security in later life.



BitInfoCharts data shows 47 million Bitcoin addresses holding at least $1 in BTC, while 3.3 million DOGE addresses hold a minimum of $1. 



This survey comes on the heels of Fidelity announcing the "Fidelity Crypto for IRAs"—a tax-advantaged way to invest directly in crypto in your retirement account, <a href="https://www.fidelity.com/crypto/retirement-ira">stating</a>, "You can currently trade Bitcoin, Ethereum, and Litecoin in a Fidelity Crypto IRA."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/personal-finance/25/04/44610760/bitcoin-and-ethereum-on-track-for-worst-q1-close-in-7-years-is-a-q2-rebound-in-the-cards">Bitcoin and Ethereum On Track For Worst Q1 Close In 7 Years. Is a Q2 Rebound In The Cards?</a></li>
</ul>



Image: Shutterstock

99% Of Americans Know Bitcoin, But Only 91% Know Dogecoin: Why?

Solana's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) price has decreased 11.75% over the past 24 hours to $112.67, continuing its downward trend over the past week of -18.0%, moving from $139.67 to its current price. 
The chart below compares the price movement and volatility for Solana over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2025/1743692426_0.png" alt="price_chart" />

Solana's trading volume has climbed 131.0% over the past week along with the circulating supply of the coin, which has increased 0.4%. This brings the circulating supply to 512.62 million. According to our data, the current market cap ranking for SOL is #7 at $57.76 billion.
<img src="https://www.benzinga.com/files/images/story/2025/1743692426_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Solana Decreases More Than 11% Within 24 hours

MARA Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) shares are trading lower amid broader market weakness. The company on Thursday provided a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) production and <a href="https://www.benzinga.com/pressreleases/25/04/g44625642/mara-announces-bitcoin-production-and-mining-operation-updates-for-march-2025">mining operation update for March</a>.



What Happened: MARA Holdings said it mined 829 bitcoin in March, up 17% month-over-month from 706 bitcoin mined in February. 



Total bitcoin holdings grew to 47,531 as of the end of the month. The company&#8217;s energized hashrate increased 1% to 54.3 EH/s as of March 31. 



&#8220;Energized hashrate grew&nbsp;1%&nbsp;over February and we expect to finish construction of our 40-megawatt data center in Ohio by the end of April. We will continue to focus on being the dominant player in bitcoin mining while expanding our footprint in energy generation,&#8221; said Fred Thiel, chairman and CEO of MARA Holdings.



MARA Holdings shares are seeing some selling pressure Thursday as broader crypto markets fall with global risk assets following sweeping reciprocal tariffs from U.S. President Donald Trump.



The Trump administration announced new <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">tariffs</a> on several countries around the world late Wednesday, raising the risk of a global trade war and creating further economic uncertainty.



The S&amp;P 500 was last down nearly 3.5%, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. Bitcoin was down about 4.4% over a 24-hour period, trading around $82,150 at the time of writing. 



MARA Price Action: <a href="http://benzinga.com/quote/mara" target="_blank" rel="noreferrer noopener">MARA Holdings shares</a> were down 9.14% at $11.26 at the time of publication Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Photo: Shutterstock.

What's Going On With Bitcoin Mining Stock MARA Holdings Thursday?

US Markets­­­­­­­



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44626421/trumps-reign-of-tariffs-unleashes-d-day-on-wall-street-analyst-warns-of-stagflation-risk">Trump&#8217;s &#8216;Reign Of Tariffs&#8217; Unleashes &#8216;D-Day On Wall Street,&#8217; Analyst Warns Of Stagflation Risk</a></li>



<li><a href="https://www.benzinga.com/general/market-summary/25/04/44623604/us-stock-likely-to-open-lower-following-trumps-tariffs-worse-than-the-worst-case-scenario-says-analyst">US Stocks Likely To Open Lower Following Trump&#8217;s Tariffs: &#8216;Worse Than The Worst Case Scenario,&#8217; Says Analyst</a></li>



<li><a href="https://www.benzinga.com/news/earnings/25/04/44622454/dow-jumps-over-200-points-as-tesla-surges-over-5-investor-sentiment-improves-but-greed-index-remains-in-extreme-fear-zone">Dow Jumps Over 200 Points As Tesla Surges Over 5%: Investor Sentiment Improves, But Greed Index Remains In &#8216;Extreme Fear&#8217; Zone</a></li>



<li><a href="https://www.benzinga.com/government/regulations/25/04/44625746/wall-street-worries-mount-as-bearish-sentiment-hits-highest-level-since-2009-amid-trumps-tariffs">Wall Street Worries Mount As Bearish Sentiment Hits Highest Level Since 2009 Amid Trump&#8217;s Tariffs</a></li>
</ul>



Crypto



<ul>
<li><a href="https://www.benzinga.com/25/04/44622834/first-digital-assures-funds-are-backed-11-to-pursue-legal-action-after-justin-suns-allegations-send-fdusd-below-1">FDUSD Issuer Assures Funds Are Backed 1:1, To Pursue Legal Action After Justin Sun&#8217;s Allegations Send Stablecoin Below $1</a></li>



<li><a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock">Bitcoin Reeling From Trump&#8217;s &#8216;Liberation Day&#8217; Shock But These Gold-Backed Coins Are Killing It This Year</a></li>



<li><a href="https://www.benzinga.com/25/04/44621002/dogecoin-dropped-16-in-a-week-is-now-a-time-to-grab-some-you-might-want-to-know-what-these-indicators-are-saying">Dogecoin Dropped 16% In A Week, Time To Grab Some? Analyst Says Meme King At A &#8216;Make-Or-Break&#8217; Level</a></li>
</ul>



US Politics



<ul>
<li><a href="https://www.benzinga.com/25/04/44623954/metals-avoid-trumps-reciprocal-tariffs-white-house-expects-domestic-industry-tailwinds">Metals Avoid Trump&#8217;s Reciprocal Tariffs, White House Expects Domestic Industry Tailwinds</a></li>



<li><a href="https://www.benzinga.com/general/market-summary/25/04/44623855/ray-dalio-warns-of-abrupt-unconventional-changes-in-markets-heres-how-the-tariff-machine-affects-currency-monetary-and-fiscal-policies">Ray Dalio Warns Of &#8216;Abrupt, Unconventional Changes&#8217; In Markets: Here&#8217;s How The &#8216;Tariff Machine&#8217; Affects Currency, Monetary And Fiscal Policies</a></li>



<li><a href="https://www.benzinga.com/markets/25/04/44623803/elon-musk-white-house-deny-reports-of-tesla-ceos-early-exit-from-trump-team">Elon Musk, White House Deny Reports Of Tesla CEO&#8217;s Early Exit From Trump Team</a></li>
</ul>



World Politics



<ul>
<li><a href="https://www.benzinga.com/25/04/44621914/trump-reportedly-imposes-tariffs-on-uninhabited-islands-and-remote-locations-world-bank-data-raises-questions">Trump Imposes Tariffs On Uninhabited Islands And Remote Locations: World Bank Data Raises Questions</a></li>
</ul>



US Economy



<ul>
<li><a href="https://www.benzinga.com/25/04/44622754/tariffs-are-most-expensive-and-masochistic-could-cost-30-trillion-to-the-economy-erasing-300k-per-family-explains-former-treasury-secretary-larry-summers">Trump Tariffs Could Cost $30 Trillion Or About $300,000 Per Family, Says Former Treasury Secretary Larry Summers: &#8216;Most Expensive And Masochistic</a></li>



<li><a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Plan Hits Market Confidence As Dow Futures Drops Over 830 Points</a></li>



<li><a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">Trump&#8217;s Sweeping Tariffs Could Cost US $20 Trillion, Crash Markets Warn Economists: &#8216;Monstrously Destructive&#8217;</a></li>



<li><a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected">Trump Tariffs To &#8216;Plug The Hole&#8217; For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44627407/gold-overtaking-bitcoin-in-inflation-hedge-strategy-jpmorgan-says">Gold Overtaking Bitcoin In Inflation Hedge Strategy, JPMorgan Says</a></li>
</ul>



World Economy



<ul>
<li><a href="https://www.benzinga.com/25/04/44623918/global-markets-rattle-under-tariff-shock-asia-sinks-europe-tumbles-dollar-weakens-oil-tanks-global-markets-today-while-us-slept">Global Markets Rattle With Trump&#8217;s Tariff, Dollar Weakens, Oil Tanks &#8211; Global Markets Today While US Slept</a></li>



<li><a href="https://www.benzinga.com/markets/25/04/44623179/larry-summers-warns-trumps-tariffs-will-deliver-oil-crisis-like-shock-slash-30-trillion-from-economy-as-markets-plunge">Larry Summers Warns Trump&#8217;s Tariffs Will Deliver &#8216;Oil Crisis-Like Shock,&#8217; Slash $30 Trillion From Economy As Markets Plunge</a></li>



<li><a href="https://www.benzinga.com/25/04/44622346/trumps-reciprocal-tariff-math-a-masterclass-in-economic-absurdity">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Math: A Masterclass In Economic Absurdity</a></li>



<li><a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">Trump Unveils Massive Tariff Plan to Slash $1.2 Trillion Trade Deficit: &#8216;Access To The American Market Is A Privilege&#8217;</a></li>



<li><a href="https://www.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">Trump&#8217;s &#8216;Liberation Day&#8217; Tariffs Roil Markets As China Slams &#8216;Typical Unilateral Bullying:&#8217; Asian Markets Plunge</a></li>
</ul>



Tech



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/44623155/google-in-talks-to-rent-nvidias-blackwell-chips-from-coreweave-report">Google In Talks To Rent Nvidia&#8217;s Blackwell Chips From CoreWeave: Report</a></li>



<li><a href="https://www.benzinga.com/25/04/44622677/meta-amd-apple-att-among-biggest-us-tech-multinationals-that-may-suffer-the-most-as-tariffs-spark-trade-turmoil-heres-why">Meta, AMD, Apple, AT&amp;T Among Biggest US Tech Giants That &#8216;May Suffer The Most&#8217; As Tariffs Spark Trade Turmoil: Here&#8217;s Why</a></li>



<li><a href="https://www.benzinga.com/markets/25/04/44622431/ufc-picks-mark-zuckerbergs-meta-as-official-technology-partner-joins-forces-to-revolutionize-fan-engagement-smart-glasses-could-be-the-next-computing-platform">UFC Picks Mark Zuckerberg&#8217;s Meta As Official Technology Partner, Joins Forces To Revolutionize Fan Engagement: &#8216;Smart Glasses Could Be The Next Computing Platform&#8217;</a></li>



<li><a href="https://www.benzinga.com/25/04/44621102/bytedance-alibaba-and-tencent-order-16-billion-worth-of-nvidias-h20-chips-following-the-surge-in-demand-deepseeks-low-cost-ai-models-report">ByteDance, Alibaba, And Tencent Order $16 Billion Worth Of Nvidia&#8217;s H20 Chips As Demand Surges For DeepSeek&#8217;s Low-Cost AI Models: Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</a></li>
</ul>



<ul>
<li><a href="https://www.benzinga.com/news/legal/25/04/44620411/mark-zuckerberg-led-meta-set-to-face-truth-at-senate-hearing-over-china-operations-and-communist-party-censorship-efforts">Mark Zuckerberg-Led Meta Set To Face &#8216;Truth&#8217; At Senate Hearing Over China Operations And Communist Party Censorship Efforts</a></li>



<li><a href="https://www.benzinga.com/news/guidance/25/04/44624912/rxsight-warns-on-fy25-revenue-as-premium-cataract-market-faces-headwinds-stock-plunges">RxSight Warns On FY25 Revenue As Premium Cataract Market Faces Headwinds, Stock Plunges</a></li>



<li><a href="https://www.benzinga.com/25/04/44623870/viasat-to-power-riyadh-airs-cutting-edge-in-flight-streaming-wi-fi">ViaSat Lands Deal With Riyadh Air To Deliver In-Flight Wi-Fi And Entertainment</a></li>



<li><a href="https://www.benzinga.com/25/04/44623802/mozillas-thunderbird-evolves-with-thundermail-and-pro-features-to-compete-with-gmail-microsoft-365-in-the-email-wars">Mozilla&#8217;s Thunderbird Evolves With Thundermail And Pro Features To Compete With Gmail, Microsoft 365 In The Email Wars</a></li>



<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44625829/jpmorgan-says-broadcom-marvell-could-dominate-ais-next-frontier-heres-why">JPMorgan Says Broadcom, Marvell Could Dominate AI&#8217;s Next Frontier — Here&#8217;s Why</a></li>



<li><a href="https://www.benzinga.com/trading-ideas/movers/25/04/44625580/alibaba-steps-up-ai-game-with-qwen-3-challenging-deepseeks-low-cost-ai-success">Alibaba Steps Up AI Game With Qwen 3, Challenging DeepSeek&#8217;s Low-Cost AI Success</a></li>



<li><a href="https://www.benzinga.com/25/04/44627035/pony-ai-teams-up-with-luxembourg-transit-giant-to-launch-level-4-autonomous-vehicle-trials">Pony AI Teams Up With Luxembourg Transit Giant to Launch Level 4 Autonomous Vehicle Trials</a></li>
</ul>



Electric Vehicle



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<li><a href="https://www.benzinga.com/markets/equities/25/04/44621297/tesla-brand-wont-suffer-from-elon-musks-antics-says-analyst-despite-delivery-miss-8-stock-drop-in-after-hours-trading">Tesla Brand Won&#8217;t Suffer From Elon Musk&#8217;s &#8216;Antics,&#8217; Says Analyst Despite Delivery Miss, 8% Stock Drop In After-Hours Trading</a></li>



<li><a href="https://www.benzinga.com/news/offerings/25/04/44627275/lucid-stock-is-hitting-the-brakes-thursday-whats-driving-the-action">Lucid Stock Is Hitting The Brakes Thursday: What&#8217;s Driving The Action?</a></li>
</ul>



Consumer



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<li><a href="https://www.benzinga.com/25/04/44626772/consumer-company-conagra-brands-q3-miss-estimates-as-supply-constraints-bite-stock-falls">Act II Popcorn Maker Conagra Brands Q3 Profit Falls As Supply Constraints Bite</a></li>
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Communication



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44620779/onlyfans-founders-startup-and-hbar-foundation-enter-the-race-to-acquire-tiktok-us-to-maintain-american-ownership-and-governance">OnlyFans Founder&#8217;s Startup And HBAR Foundation Enter Race To Acquire Tiktok To Maintain &#8216;American Ownership And Governance</a></li>



<li><a href="https://www.benzinga.com/25/04/44624263/netflix-expands-language-options-for-tv-viewers">Netflix Rolls Out Enhanced Subtitle &amp; Dubbing Options On TV</a></li>
</ul>



Industrial



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<li><a href="https://www.benzinga.com/25/04/44627312/rpm-expands-global-cleaning-footprint-with-acquisition-of-the-pink-stuff-maker-star-brands">RPM Snaps Up The Pink Stuff Maker To Supercharge Global Cleaning Game</a></li>



<li><a href="https://www.benzinga.com/25/04/44626729/acuity-brands-q2-earnings-tops-eps-estimates-intelligent-spaces-sales-surge-over-150-grows-margins-and-ebitda-despite-cash-flow-decline-and-sales-miss">Acuity Brands Q2 Earnings: Tops EPS Estimates, Intelligent Spaces Sales Surge Over 150%, Grows Margins, EBITDA Despite Cash Flow Decline And Sales Miss</a></li>
</ul>



Healthcare



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<li><a href="https://www.benzinga.com/general/health-care/25/04/44627279/ftc-pauses-lawsuit-against-cvs-cigna-unitedhealths-pbms-amid-commissioner-shortage">FTC Pauses Lawsuit Against CVS, Cigna, UnitedHealth&#8217;s PBMs Amid Commissioner Shortage</a></li>
</ul>



Financial



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<li><a href="https://www.benzinga.com/news/25/04/44627173/whats-going-on-with-bank-of-america-bac-shares-15">What&#8217;s Going On With Bank Of America (BAC) Shares</a></li>



<li><a href="https://www.benzinga.com/markets/25/04/44622724/blackrock-ceo-larry-fink-urges-investors-to-move-over-60-40-model-to-50-30-20-strategy-may-no-longer-fully-represent-true-diversification">BlackRock CEO Larry Fink Urges Investors To Move Over 60/40 Model To 50/30/20 Strategy: &#8216;&#8230;May No Longer Fully Represent True Diversification</a></li>
</ul>



General



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Space



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<li><a href="https://www.benzinga.com/markets/25/04/44624537/jeff-bezos-amazon-to-launch-kuiper-internet-satellites-on-april-9-taking-on-elon-musks-starlink">Jeff Bezos&#8217; Amazon To Launch Kuiper Internet Satellites On April 9, Taking On Elon Musk&#8217;s Starlink</a></li>
</ul>



Energy



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<li><a href="https://www.benzinga.com/news/large-cap/25/04/44625332/bps-cypre-gas-project-goes-live-boosting-upstream-growth-plans">BP&#8217;s Cypre Gas Project Goes Live, Boosting Upstream Growth Plans</a></li>
</ul>



Photo via Shutterstock

Gold Tops Bitcoin As Inflation Hedge; Metals Exempt From Trump Tariffs As White House Eyes Industry Boost; Chinese Tech Giants Order $16B In Nvidia Chips Amid AI Boom – Top Headlines While The US Slept

A growing number of financial and crypto industry leaders are openly questioning the long-term future of the U.S. dollar as the world's reserve currency—while pointing to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as an increasingly credible alternative in a rapidly <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170398/bitcoin-gold-are-the-debasement-trade-in-uncertain-times-jpmorgan">shifting monetary landscape</a>.



What Happened: The debate resurfaced after BlackRock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NASDAQ">BLK</a>) CEO Larry Fink warned that rising U.S. deficits and unsustainable government debt could undermine confidence in the dollar.



In his annual letter to shareholders, Fink noted that Bitcoin and other digital assets could gain ground if current fiscal trends remain unchecked. "The dollar's position as the global reserve currency is not guaranteed," he wrote.



According to Adrian Blake, co-founder of predictive <a href="https://predictum.ai/">analytics firm</a> Predictūm, Bitcoin is already moving toward reserve-like status—though not in the traditional sense. "It's more realistic than ever, but not as a full replacement," Blake said. "Bitcoin is becoming a non-sovereign collateral layer for a fragmented global system."



Blake suggests that nations facing geopolitical headwinds or seeking to diversify away from the dollar may gradually adopt Bitcoin as a hedge. 



This wouldn't involve immediate or universal adoption, he explained, but instead "a slow evolution already underway at the margins."



Elitsa Taskova, Chief Product Officer at crypto lender Nexo, echoed that view. "The idea isn't just realistic—it's already unfolding," she said. "Bitcoin has shifted from a transactional tool to a store of value, which is often the first step toward reserve utility."



Taskova pointed to examples like Norway's sovereign wealth fund—currently the world's largest—which reportedly expanded its Bitcoin exposure by more than 150% last year. 



Similar moves by Singapore's Temasek and Abu Dhabi's ADIA, she added, highlight how Bitcoin is quietly entering sovereign portfolios.



In Fink's letter, he estimated that if global investors were to allocate even 2% to 5% of their portfolios to Bitcoin, the asset's price could eventually reach $700,000. 



While he acknowledged the disruptive power of decentralized finance and tokenization, he also cautioned that these innovations could threaten U.S. financial leadership if not matched by policy and structural adaptation.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44627407/gold-overtaking-bitcoin-in-inflation-hedge-strategy-jpmorgan-says">Gold Overtaking Bitcoin In Inflation Hedge Strategy, JPMorgan Says</a>



Why It Matters: Still, experts say Bitcoin meets two of the three traditional criteria for reserve assets: it is highly liquid and increasingly viewed as a store of value.



The remaining hurdle is broader acceptance as a settlement instrument between institutions and sovereigns. 



"It wouldn't replace gold or the dollar entirely," Blake noted. "But a 5–10% digital reserve allocation is plausible, especially for nations seeking strategic neutrality."



The broader shift toward blockchain-based finance—another focus of Fink's letter—may also accelerate Bitcoin's role in global capital markets. 



Blake described a future where legacy financial systems integrate decentralized rails, tokenized assets and transparent settlement mechanisms.



"If BlackRock builds on-chain infrastructure, traditional banks could be reborn as interfaces—not central custodians," he said.



Taskova emphasized that tokenization and decentralized capital flows offer an alternative to sluggish, opaque systems of traditional finance. 



"It's already possible for a hydroelectric plant in Africa to bypass gatekeepers and source funding from decentralized capital," she said. "This isn't a future vision—it's happening now."



As for regulation, both experts agree it needs to evolve in tandem with technology. "Bitcoin won't fit into fiat-era regulatory boxes," Blake said. 



"Regulators need to stop chasing and start building adaptive, layered frameworks." Taskova added, "The U.S. is finally starting to move. The regulatory pace in early 2025 is faster than ever before."



With institutions already adopting Bitcoin, governments watching closely, and infrastructure rapidly forming around tokenized finance, the question is no longer whether Bitcoin could become a reserve asset—but how far that <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44566443/blackrock-ceo-larry-fink-says-bitcoin-can-rival-dollar-as-global-reserve-currency">evolution will go.</a>



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44625640/anthony-pompliano-praises-trumps-tariffs-as-catalyst-for-crypto-innovation">Anthony Pompliano Praises Trump&#8217;s Tariffs As Catalyst For Crypto Innovation</a></li>
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Image: Shutterstock

Bitcoin Is A Realistic Global Reserve Asset, Experts Say

JPMorgan analysts say investor confidence is shifting away from Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) toward gold, as the precious metal gains momentum as the preferred inflation hedge <a href="https://www.benzinga.com/25/03/44410584/amid-bitcoins-decline-gold-backed-cryptos-have-returned-solid-gains-this-year">amid growing economic uncertainty</a>.



What Happened: In a recent note led by Nikolaos Panigirtzoglou, the bank's team of strategists pointed to Bitcoin's high volatility and its increasing correlation with equities as weakening its long-touted "digital gold" status, The Block <a href="https://www.theblock.co/post/349432/jpmorgan-bitcoin-digital-gold-debasement-trade?utm_source=rss&amp;utm_medium=rss">reported</a> on Thursday.



"The sharp rise in gold prices highlights a stronger investor appetite for traditional safe havens," the report noted, with gold surpassing $3,100 per ounce this year.



The move is being driven by what analysts call the "<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170398/bitcoin-gold-are-the-debasement-trade-in-uncertain-times-jpmorgan">debasement trade</a>," a strategy focused on acquiring assets like gold and Bitcoin to protect against currency devaluation, inflation, and long-term sovereign debt.



According to JPMorgan, gold is now the clear frontrunner in this strategy, with investors seemingly stepping back from Bitcoin following its strong gains at the end of 2024.



Data supports the trend: Spot Bitcoin ETFs have posted consistent outflows over the past two months, while gold-backed ETFs continue to attract fresh capital, with futures data echoeing this sentiment.



Since mid-January, Bitcoin futures have seen a decline in long positions, whereas gold futures have remained stable.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44625640/anthony-pompliano-praises-trumps-tariffs-as-catalyst-for-crypto-innovation">Anthony Pompliano Praises Trump&#8217;s Tariffs As Catalyst For Crypto Innovation</a>



What&#8217;s Next: JPMorgan analysts believe this reflects sustained demand from both private investors and central banks for gold, rather than short-term speculation.



Global gold allocations have now reached an all-time high, the analysts said, estimating that approximately $9 trillion — or 3.5% of the world's total financial assets — is currently held in gold. 



Of that, $4 trillion is in the hands of central banks, while $5 trillion is held by private investors.



Despite Bitcoin's recent surge, currently trading near $83,700, JPMorgan suggests that its fundamental support levels may be closer to $62,000 — its estimated production cost — and a volatility-adjusted valuation around $71,000. 



Panigirtzoglou said that these benchmarks could serve as reference points, particularly the production cost, which has historically acted as a price floor.



Read Next: 



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Image: Shutterstock

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