PANews reported on April 10 that QCP Capital, a crypto investment institution in Singapore, issued a statement saying that President Trump authorized a 90-day suspension of the proposed tariff increase, while imposing a uniform 10% reciprocal tariff on all countries except China. The market responded enthusiastically: the S&P 500 rose 9.51% and the Nasdaq soared 12.02%. Bitcoin also lived up to expectations, rising 8.43%, while Ethereum soared 13.38%. Within 60 minutes of the announcement, $75 million of short positions in the crypto market were closed. This unexpected policy shift temporarily eased market anxiety and pushed short-term cryptocurrency volatility down. Despite this, we still recommend caution. Our trading desk continues to observe top selling in May and June, indicating that market makers are taking advantage of the rally to sell unwanted positions. That said, the purchase of $100,000 call options in December suggests that the market remains long-term optimistic about Bitcoin re-touching the $100,000 milestone by the end of this year. All eyes now turn to tonight’s Consumer Price Index (CPI) data which will put the spotlight back on the U.S. economy. A soft reading would be welcome, helping to offset inflationary pressures from the sweeping tariff policy.