Altcoins Surge as US Jobs Data and Wormhole Unlock Drive Crypto Market

I. Crypto Market Overview

Key Takeaways

Macro Environment

US job growth exceeded expectations, lowering unemployment to 4.3% and reducing near-term Fed rate cut odds. Surging oil prices and inflation are prompting Turkey's central bank to consider a 300bp rate hike. China's central bank expanded digital yuan adoption by adding 12 new bank operators, signaling accelerated digital asset integration.

Crypto Market

The crypto market showed mixed performance over the past 12 hours. Bitcoin (BTC) is at $66,732 (+0.51%) and Ethereum (ETH) at $2,048 (+0.32%), both relatively stable amid macro uncertainty. Altcoins outperformed, with EDGE up 26.56%, ALGO up 13.35%, and RENDER up 10.45%, driven by ecosystem growth and strategic investments.

Today's Outlook

Today's key events include the release of US March Nonfarm Payrolls and unemployment rate, which could impact Fed policy expectations. Additionally, Wormhole will unlock 1.28 billion W tokens—28% of supply—potentially increasing volatility in related DeFi markets.

Fear and Greed Index

0.00% Annual Percentile

28 Fear

Total Crypto Market Cap

$2.30T

0.89%

Total Market Trading Volume

$75.78B

23.38%

Altcoin Season Index

8.33%

Quarterly Percentile

41 / 100

Total Futures Market Open Interest

2.63B

3.15%

Futures

435.14B

7.21%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. economy added 178,000 jobs in March, lowering the unemployment rate to 4.3%. This stronger-than-expected labor data has reduced market expectations for a near-term Fed rate cut, supporting the U.S. dollar and potentially limiting upside for Bitcoin and other crypto assets.

The Federal Reserve maintained its current interest rate policy following the latest employment data, signaling a cautious stance amid oil-driven inflation risks. This policy stability has contributed to subdued volatility in crypto markets, with traders closely watching for future macroeconomic shifts.

Turkey's central bank is expected to raise its policy rate by 300 basis points to 40% in April, responding to surging oil prices and persistent inflation. Higher Turkish rates may increase local demand for stablecoins and crypto as hedges against currency depreciation.

China's central bank expanded its digital yuan program by adding 12 new bank operators, aiming to enhance digital currency adoption and payment efficiency. This move could accelerate digital asset integration in the region, influencing DeFi and stablecoin flows in Asia.

European diesel futures surged past $200 per barrel due to Iran conflict supply disruptions, intensifying inflationary pressures. Elevated energy costs may drive increased interest in crypto as an alternative asset and impact DeFi liquidity in European markets.

Cryptocurrency Regulatory Trends

Cambodia's National Assembly passed a strict anti-cyber fraud law imposing life sentences for large-scale crypto fraud, signaling a tougher stance on digital asset crime and potentially deterring illicit activity in Southeast Asia.

Blockchain investigator ZachXBT accused Circle of delayed USDC freezing during major security breaches, raising compliance concerns and highlighting regulatory scrutiny on stablecoin issuers' anti-money laundering practices.

SBI Ripple Asia and South Korea's DSRV launched a joint research initiative on XRP Ledger for Japan–South Korea remittances, focusing on regulatory alignment and cross-border compliance, which may accelerate blockchain adoption in regional payments.

FIFA partnered with ADI Chain for the 2026 World Cup prediction market, with all transactions using the $ADI token under Abu Dhabi's regulatory framework, reflecting growing institutional compliance in Web3 integrations.

edgeX (EDGE): Surged 39.8% in 24h with $134.9M volume, driven by strategic investment from Circle Ventures and $800B+ cumulative trading volume.

Algorand (ALGO): Rose 11.3% in 24h with $199.3M volume, supported by strong mainnet activity and recent all-time low rebound of 49.5% in 5 days.

RENDER Network (RENDER): Gained 10.4% in 24h with $97.4M volume, fueled by ongoing migration to Solana and high demand for decentralized GPU compute.

Smart Money Movements

Riot Platforms sold 3,778 BTC for $289.5 million in Q1 2026, reducing its holdings to 15,680 BTC and signaling ongoing miner-led selling pressure.

Metaplanet acquired 5,075 BTC for approximately $398 million in Q1 2026, increasing its total Bitcoin holdings to 40,177 BTC and becoming the third-largest corporate holder.

BlackRock deposited $121 million in crypto assets, including 1,360 BTC and 15,103 ETH, into Coinbase, highlighting continued institutional accumulation.

The Ethereum Foundation staked an additional 45,034 ETH worth $93.11 million, reinforcing its commitment to Ethereum's proof-of-stake network.

Chainlink whale wallets holding over 1 million LINK increased by 25% in the past year, with the number rising from 100 to 125 despite a prolonged bear market.

Events to Watch

Apr 3 (Fri)

U.S. March Nonfarm Payrolls and unemployment rate released; Wormhole unlocks 1.28B W tokens, 28% of supply, entering circulation.

Apr 4 (Sat)

U.S. Initial Jobless Claims data for the week ending April 4 to be released, expected at 215,000 claims.

Apr 7 (Tue)

XRP Tokyo 2026 Conference to be held in Tokyo; Datavault AI CEO to present DataValue®, DataScore®, and Information Data Exchange® technologies.

Apr 7 (Tue)

Binance to launch MUUSDT and SNDKUSDT perpetual contracts at 21:30 and 21:40 (UTC+8), tracking Micron and SanDisk stock prices.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The U.S. economy added 178,000 jobs in March, lowering the unemployment rate to 4.3%. This stronger-than-expected labor data has reduced market expectations for a near-term Fed rate cut, supporting the U.S. dollar and potentially limiting upside for Bitcoin and other crypto assets.

Turkey's central bank is expected to raise its policy rate by 300 basis points to 40% in April, responding to surging oil prices and persistent inflation. Higher Turkish rates may increase local demand for stablecoins and crypto as hedges against currency depreciation.

China's central bank expanded its digital yuan program by adding 12 new bank operators, aiming to enhance digital currency adoption and payment efficiency. This move could accelerate digital asset integration in the region, influencing DeFi and stablecoin flows in Asia.

European diesel futures surged past $200 per barrel due to Iran conflict supply disruptions, intensifying inflationary pressures. Elevated energy costs may drive increased interest in crypto as an alternative asset and impact DeFi liquidity in European markets.

Cryptocurrency Regulatory Trends

Cambodia's National Assembly passed a strict anti-cyber fraud law imposing life sentences for large-scale crypto fraud, signaling a tougher stance on digital asset crime and potentially deterring illicit activity in Southeast Asia.

Blockchain investigator ZachXBT accused Circle of delayed USDC freezing during major security breaches, raising compliance concerns and highlighting regulatory scrutiny on stablecoin issuers' anti-money laundering practices.

SBI Ripple Asia and South Korea's DSRV launched a joint research initiative on XRP Ledger for Japan–South Korea remittances, focusing on regulatory alignment and cross-border compliance, which may accelerate blockchain adoption in regional payments.

FIFA partnered with ADI Chain for the 2026 World Cup prediction market, with all transactions using the $ADI token under Abu Dhabi's regulatory framework, reflecting growing institutional compliance in Web3 integrations.

Trending Tokens

edgeX (EDGE): Surged 39.8% in 24h with $134.9M volume, driven by strategic investment from Circle Ventures and $800B+ cumulative trading volume.

Algorand (ALGO): Rose 11.3% in 24h with $199.3M volume, supported by strong mainnet activity and recent all-time low rebound of 49.5% in 5 days.

RENDER Network (RENDER): Gained 10.4% in 24h with $97.4M volume, fueled by ongoing migration to Solana and high demand for decentralized GPU compute.

Smart Money Movements

Riot Platforms sold 3,778 BTC for $289.5 million in Q1 2026, reducing its holdings to 15,680 BTC and signaling ongoing miner-led selling pressure.

Metaplanet acquired 5,075 BTC for approximately $398 million in Q1 2026, increasing its total Bitcoin holdings to 40,177 BTC and becoming the third-largest corporate holder.

BlackRock deposited $121 million in crypto assets, including 1,360 BTC and 15,103 ETH, into Coinbase, highlighting continued institutional accumulation.

The Ethereum Foundation staked an additional 45,034 ETH worth $93.11 million, reinforcing its commitment to Ethereum's proof-of-stake network.

Chainlink whale wallets holding over 1 million LINK increased by 25% in the past year, with the number rising from 100 to 125 despite a prolonged bear market.

Events to Watch

Apr 3 (Fri)

Apr 4 (Sat)

Apr 7 (Tue)

Apr 7 (Tue)

III. Phemex Market Focus

New Listings

Phemex Promotions