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Ether Leads Latest Crypto Selloff as Trump Ramps Up Trade War

Second-ranked cryptocurrency Ether led a fresh wave of selling in digital assets as US President Donald Trump insisted on pushing ahead with 104% tariffs on many Chinese goods, dimming hopes that a brutal trade war might be avoided.

Ether fell more than 6% on Wednesday to hit its lowest intra-day level since March 2023 before trimming losses to trade at $1,432. Bitcoin, the largest cryptocurrency, dropped more than 3% before regaining some ground.

“It seems like people have given up on a major recovery in crypto in the first half of the year,” said Sean McNulty, head of APAC derivatives at digital-asset prime brokerage FalconX.

Saylor's Strategy Issues Shock Bitcoin "Sell" Warning

Bitcoin has swung wildly over the last week as traders scramble to get ahead of a “crisis scenario” for the bitcoin price. The bitcoin price has dropped to lows not seen since early November, with panicky crypto holders urged to avoid a mystery threat.

Now, as Wall Street giants stare down the barrel of an “existential" bitcoin and crypto game-changer, Michael Saylor’s software company-turned-bitcoin buyer Strategy has warned it could be forced to sell some of its bitcoin to meet its financial obligations.

“As bitcoin constitutes the vast bulk of assets on our balance sheet, if we are unable to secure equity or debt financing in a timely manner, on favorable terms, or at all, we may be required to sell bitcoin to satisfy our financial obligations, and we may be required to make such sales at prices below our cost basis or that are otherwise unfavorable," a Strategy regulatory filing read.

Justice Department Scales Back Cryptocurrency Enforcement

The US Justice Department will limit the kinds of cryptocurrency crimes it will investigate and prosecute, specifically focusing on those related to terrorism, drug cartels, victimizing investors and other limited categories.

The change was announced in a memo that Deputy Attorney General Todd Blanche issued late Monday.

Blanche said the reforms are intended to move the Justice Department away from investigating and prosecuting crypto-related activities that fall under the purview of regulators.

Mark Cuban Still Finds BTC A Better Buy Amid Tariff Woes

Mark Cuban, an early Bitcoin investor and proponent of its safe haven narrative, continued to put his weight behind the apex cryptocurrency amid ongoing trade war-induced economic fears.

In a December interview, the billionaire investor and television personality endorsed Bitcoin as a "better version of gold."

Fast forward to April 2025, and the scenario has turned on its head. Bitcoin has plunged below $76,000, down over 30% from its all-time highs. The sell-offs have followed President Donald Trump's sweeping tariff moves, birthing economic uncertainty and recession concerns.

Raoul Pal Says Crypto Market Nowhere Near COVID-19 “Peak Fear”

Macro investment strategist Raoul Pal believes the recent crypto market pullback is far from a cause for panic and could, in fact, be a rare entry point for Bitcoin investors.

Speaking in a podcast on April 7, Pal said investor sentiment hasn’t yet reached the “peak fear” levels last seen during the COVID-19 crash, but it's getting close—and that’s exactly when big opportunities arise.

He pointed out that Bitcoin has endured seven pullbacks of 20%–30% over the past two and a half years, including two 30% drops, one 35%, and two 40% corrections in 2017 alone, yet still posted extraordinary returns that year.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was -$326.27 million. The total net asset value of Bitcoin spot ETFs is $85.76 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.60%.

The Bitcoin spot ETF with the highest net outflow on Apr. 8 was iShares Bitcoin Trust, with a net outflow of $252.90 million. Following that was Bitwise Bitcoin ETF, with a net outflow of 21.71 million, according to SoSoValue.