Welcome to the first drop of Echoes From The Deep on Leviathan News. Today’s April 7, 2025, and the markets are a dumpster fire.

Crypto’s getting hammered too.

Here’s the rundown from today’s pod.

Markets Are Screwed

Trump’s “Liberation Day” tariffs kicked in Saturday. 10% on all imports, bigger slugs for China, Canada, and Mexico. S&P 500’s down 1.7% today after its worst day since 2020. Nasdaq’s in a bear market, off 20% from December. Asia’s toast. Hong Kong’s Hang Seng ate a 13% loss, worst since ‘97. Japan’s Nikkei shed 7.9%. Europe’s no picnic either. FTSE 100 down 6%, DAX tanked 10%.

Recession odds are through the roof. JPMorgan’s calling 60%. Fed’s in an emergency huddle today, maybe cutting rates to stop the bleed. Trump says it’s “medicine.” Sure, if medicine’s a $10 trillion equity wipeout in a week.

This isn’t just tariffs.

It’s America’s gutted manufacturing catching up.

Decades in the making.

Wild times.

Crypto’s in the Blender

Weekend was a slaughterhouse.

Bitcoin dumped from $82,000 to $73,000. Ethereum got smoked, $1,800 to $1,500. XRP’s at $1.60 after $2.13. Solana’s back under $100, first time since ‘24’s run. Alts? 80-90% losses if you’re holding bags.

MakerDAO whales dodged a bullet.

One with 67,000 ETH, $106M, got liquidated over the weekend. Another with 220,000 ETH, $340M, threw in 10,000 ETH and 3.54M DAI to push his liquidation price to $1,100. ETH’s at $1,500 now, so he’s breathing. Sub-$1,000 ETH calls are out there. Could get ugly.

Wins and Scumbags

Some good news.

Cap Labs scored $8M in a seed round from Franklin Templeton, Triton, and more. Benjamin and the DeFi crew are killing it. Full interview’s up on Leviathan News, link below.

Then there’s the dirt. “Derivatives Monke” lost $27M on Hyperliquid. This scammer allegedly stole $30M from investors, per ZachXBT, and blew it on GMX too. Woke up whining about crypto “losers” while his victims got zilch. Hope he rots in jail. Civil cases drag, and that cash is gone.

Get In The Deep End

That’s April 7. Markets imploding, crypto gut-punched, some heroes and a lot of zeros. Echoes From The Deep drops daily, 5-10 minutes of this madness. Subscribe at leviathannews.substack.com to get it in your inbox