Cryptocurrency prices plunged as President Donald Trump’s reciprocal tariffs were unveiled, with bitcoin losing roughly 4.5% of its value since and ether dropping by roughly 5.4%. The equities market also saw a significant drawdown, with the Nasdaq dropping roughly 6%.

Paul Atkins is one step closer to leading the U.S. Securities and Exchange Commission, following a party-line vote by the Senate Banking Committee to advance his nomination.

Ethereum’s core developers have locked in May 7 as the launch date for Pectra, a long-anticipated upgrade that aims to add smart contract capabilities to wallets use and improve staking infrastructure on the blockchain.

Top stories in the Crypto Roundup today:

• Crypto Prices Plunge, U.S. Recession Bets Spike on Trump Tariff Unveiling
• Senate Committee Clears Trump Picks to Lead SEC and OCC
• Ethereum Developers Sets May 7 for Pectra Upgrade

Crypto Prices Plunge, U.S. Recession Bets Spike on Trump Tariff Unveiling

Cryptocurrency prices plunged as President Donald Trump’s reciprocal tariffs were unveiled, with bitcoin losing roughly 4.5% of its value since and ether dropping by roughly 5.4%. The equities market also saw a significant drawdown, with the Nasdaq dropping roughly 6%.

Traders are increasingly betting on a U.S. recession after Trump’s sweeping tariff announcement reignited concerns about inflation and a slowdown in global trade.

On Polymarket, a decentralized prediction platform, odds of a U.S. recession in 2025 spiked above 50%, up from 39% in a single day. Kalshi, a regulated U.S. betting exchange, saw a similar shift, with recession odds rising to 57%.

The move follows the announcement of a 10% base tariff on all imports and additional country-specific levies. China, for example, faces a total 54% tariff when the new rules take effect next week, as the policy aims to narrow the trade deficit but risks igniting a global trade war.

Traders worry these tariffs could raise prices and cool consumer demand. In the past, such conditions have led the Federal Reserve to step in with rate cuts. Some analysts see the tariffs as “dovish” because they may force the central bank to ease borrowing costs again—potentially this June.

Still, not everyone sees a downturn. UBS economists project slower growth, not contraction. But if foreign governments retaliate, the global economy could face a prolonged period of uncertainty.

Senate Committee Clears Trump Picks to Lead SEC and OCC

Paul Atkins is one step closer to leading the U.S. Securities and Exchange Commission, following a party-line vote by the Senate Banking Committee to advance his nomination.

The committee also approved Jonathan Gould, tapped to run the Office of the Comptroller of the Currency, sending both nominations to the full Senate for consideration.

If confirmed, Atkins and Gould would step into roles that play a central part in shaping U.S. crypto regulation. Atkins, a former SEC commissioner, would replace Gary Gensler while Gould, who once served as chief counsel at the OCC, would oversee national banks.

Ethereum Developers Sets May 7 for Pectra Upgrade

Ethereum’s core developers have locked in May 7 as the launch date for Pectra, a long-anticipated upgrade that aims to add smart contract capabilities to wallets use and improve staking infrastructure on the blockchain.

The decision came during a developer call on Thursday, just over a week after the upgrade was successfully tested on the Hoodi testnet. The Hoodi run marked Pectra’s third trial and first smooth deployment, giving developers confidence to move forward. Two earlier test runs had surfaced bugs, causing previous delays.

Pectra introduces 11 Ethereum Improvement Proposals (EIPs), rolled out together in a single update. Among the headline changes is the ability for wallets to run simplified smart contract functions. The upgrade also includes EIP-7251, which increases the maximum ETH stake per validator from 32 to 2,048. 

This tweak allows large-scale stakers to consolidate operations under fewer nodes, potentially making network participation more efficient and reducing overhead for staking providers.

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