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Crypto markets ‘relatively orderly’ despite Trump tariff chaos: NYDIG

Crypto markets have been fairly stable amid wider market panic caused by US President Donald Trump’s “on-again, off-again” sweeping global tariffs, according to a New York Digital Investment Group (NYDIG) analyst.

“Despite the carnage in traditional financial markets, the crypto markets have been relatively orderly,” NYDIG global head of research Greg Cipolaro said in an April 11 note. “Historically, in broad risk-off moves, we tend to see stresses show up in crypto markets. We have yet to see that.”

Cipolaro said crypto perpetual futures rates have “been persistently positive,” with liquidations spiking on April 6 and 7 in the days after Trump first announced the tariffs on April 2 but only to a total of $480 million, which he added “was well below other notable liquidation events.”

He noted that the price of Tether (USDT), a US dollar-tracking stablecoin widely used token in crypto trading, was below $1 but had “not experienced a sharp decline.” 

Trump unveiled a sweeping tariff regime on April 2 that lumped various levies on every country before pausing them for 90 days just hours after they came into effect on April 9 and instead charging a base tariff of 10%, besides China, which currently has tariffs of up to 145%.

Traditional and crypto markets tanked after Trump’s April 2 tariff announcement, and many assets haven’t recovered to the same level as before their unveiling.

Crypto markets ‘relatively orderly’ despite Trump tariff chaos: NYDIG

Stocks, bonds and foreign exchange volatility rates all rose after Trump’s tariffs announcement. Source: NYDIG

Over the weekend, the Trump administration caused more confusion with its tariffs, saying on April 13 that an April 11 decision to exempt many electronics from tariffs was temporary and they would still be hit with levies.

Bitcoin fares well, declining volatility to make it widely attractive

Cipolaro said that Bitcoin (BTC) didn’t escape the market volatility, “but at current prices has fared far better than many other asset classes.”

He added that Bitcoin’s volatility hasn’t risen to historic levels, unlike the traditional markets, and “has been relatively stable” despite instability instigated by the Trump administration.

“Perhaps investors are increasingly searching for stores of value not tied to sovereign countries and thus not affected by the trade turmoil.”

Bitcoin is down 22.5% from its mid-January peak of over $108,000 and has traded flat over the past 24 hours at $84,730, according to CoinGecko.

Cipolaro said the narrowing gap between Bitcoin’s volatility and other assets makes it “increasingly more appealing” to funds with risk parity portfolios — those that use risk to choose asset allocations.

He added that investors are likely reducing their risk exposure but “perhaps some reallocation of asset mix to Bitcoin is one of the reasons it has been more buoyant.”

Related: S&P 500 briefly sees ‘Bitcoin-level’ volatility amid Trump tariff war

“Risk parity funds allocating to Bitcoin can help dampen its volatility — making the asset more attractive and potentially reinforcing a virtuous cycle of increased adoption and stability,” Cipolaro said.

However, YouHodler chief of markets Ruslan Lienkha told Cointelegraph in an April 12 note that despite a wider market rebound, “technical indicators are painting a concerning picture.”

He said a “death cross,” when the 50-day moving average crosses below the 200-day moving average, is potentially forming on Bitcoin and the S&P 500.

Lienkha said the pattern is “generally considered a bearish signal for the medium term, suggesting that markets may struggle to sustain upward momentum without a clear catalyst or a stream of positive macroeconomic developments.” 

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Coinbase files legal motion over Gensler, SEC missing text messages

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Coinbase files legal motion over Gensler, SEC missing text messages

Coinbase files legal motion over Gensler, SEC missing text messages

Legal representatives for Coinbase filed a motion for a legal hearing and potential remedies after the SEC failed to comply with FOIA requests.

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UK trade groups urge government to include blockchain in US tech cooperation

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UK trade groups urge government to include blockchain in US tech cooperation

UK trade groups urge government to include blockchain in US tech cooperation

A coalition of UK trade groups has urged the government to include blockchain and digital assets in its planned “Tech Bridge” collaboration with the US.

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Calls for Starmer to publish security services’ concerns about Mandelson’s US appointment

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Calls for Starmer to publish security services' concerns about Mandelson's US appointment

The Conservatives have urged Sir Keir Starmer to publish all concerns raised by the security services about the appointment of sacked US ambassador Peter Mandelson.

Shadow cabinet office minister Alex Burghart said his party would push for a vote in parliament demanding the government reveal what issues the security services had in relation to Lord Mandelson’s relationship with the disgraced sex offender and financier Jeffrey Epstein.

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Peter Mandelson was sacked as the UK's ambassador to Washington on Thursday. Pic: PA
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Peter Mandelson was sacked as the UK’s ambassador to Washington on Thursday. Pic: PA

It comes after Sky News’ deputy political editor Sam Coates revealed that Number 10 appointed Lord Mandelson to the Washington role despite the security services’ reservations about the move.

Mr Burghart said material from the security services is not usually made public, but that a substantial amount of information was already in the public domain.

He told Sky News Breakfast: “What we’re going to do is we’re going to try and bring a vote in parliament to say that the government has to publish this information.

“It will then be up to Labour MPs to decide whether they want to vote to protect Peter Mandelson and the prime minister or make the information available.”

Mr Burghart said he had spoken to Labour MPs who were “incredibly unhappy about the prime minister’s handling of this”, and that it would be “very interesting to see whether they want to be on the side of transparency”.

Tory leader Kemi Badenoch said she believed Lord Mandelson’s appointment revealed that the prime minister “has very bad judgment”.

“It looks like he went against advice, security advice and made this appointment…and what we’re asking for is transparency.”

The Liberal Democrats have also called for parliament to be given a role in vetting the next US ambassador.

“I think it will be right for experts in foreign affairs on the relevant select committee to quiz any proposal that comes from 10 Downing Street, and so we can have that extra bit of scrutiny,” the party’s leader Ed Davey told broadcasters.

The former UK ambassador to France, Lord Ricketts, said the government should not be “rushing into an appointment” to replace Lord Mandelson.

“I would urge the government to take their time, and I would also make a strong case to the government to go for a career diplomat to steady the ship after this very disruptive process,” he said.

Labour MP Chris Hinchcliff posted on X that the former US ambassador should also be removed from the House of Lords.

Nigel Farage said Sir Keir’s decision to appoint Lord Mandelson as UK ambassador to the US was a “serious misjudgement” by the PM.

“We don’t yet know what the intelligence briefings would have said, but it looks as though Morgan McSweeney, the prime minister’s right-hand man, and the prime minister, ignored the warnings, carried on,” he said.

“He was then reluctant to get rid of Mandelson, and he’s now left himself in a very vulnerable position with the rest of the parliamentary Labour Party.

“It is about the prime minister’s judgement, but it is also about the role that Morgan McSweeney plays in this government.”

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Reform UK leader Nigel Farage says Keir Starmer ignored the warnings about Lord Mandelson.

The timing of the sacking comes ahead of Donald Trump’s state visit next week, with the US president facing questions over his own ties with Epstein.

The prime minister sacked Lord Mandelson on Thursday after new emails revealed the Labour grandee sent messages of support to Epstein even as he faced jail for sex offences in 2008.

In one particular message, Lord Mandelson had suggested that Epstein’s first conviction was wrongful and should be challenged, Foreign Office minister Stephen Doughty told MPs.

The Foreign Office said the emails showed “the depth and extent of Peter Mandelson’s relationship with Jeffrey Epstein is materially different from that known at the time of his appointment”.

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Mandelson exit ‘awkward’ before Trump state visit

Downing Street has defended the extensive vetting process which senior civil servants go through in order to get jobs, which has raised questions about whether or not they missed something or Number 10 ignored their advice.

The prime minister’s official spokesman also said yesterday that Number 10 “was not involved in the security vetting process”.

“This is managed at departmental level by the agency responsible, and any suggestion that Number 10 was involved is untrue,” he told reporters.

Asked repeatedly if any concerns were flagged to Downing Street by the agencies that conducted the vetting of Lord Mandelson, he did not dismiss the assertion, repeating that Number 10 did not conduct the vetting.

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Speaking to Sky News this morning, Scotland Secretary Douglas Alexander said his reaction to the publication of the emails was one of “incredulity and revulsion”.

He said he was “not here to defend” Lord Mandelson but said the prime minister “dismissed” the ambassador when he became aware of them.

The cabinet minister said Lord Mandelson was appointed on “judgement – a judgement that, given the depth of his experience as a former trade commissioner for the European Union, his long experience in politics and his policy and doing politics at the highest international levels, he could do a job for the United Kingdom”.

“We knew this was an unconventional presidential administration and that was the basis on which there was a judgement that we needed an unconventional ambassador,” he said.

Mr Alexander added: “If what has emerged now had been known at the time, there is no doubt he would not have been appointed.”

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