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TLDR 
This article provides a comprehensive update on the latest macro events, Bitcoin buzz, market overview, key economic metrics, and the spotlight on China’s economy.
Key Points 
- Escalating tensions in the Middle East, hawkish comments from the Federal Reserve, and regulatory moves on stablecoins have impacted financial and cryptocurrency markets.
- Hong Kong approved its first Bitcoin and Ethereum spot ETFs, aiming to strengthen its position as a major crypto hub in Asia.
- Persistent inflation challenges the likelihood of a “soft landing” for the US economy, leading to expectations of higher interest rates for an extended period.
- The eurozone faces worsening credit conditions and pressure on the ECB to start lowering rates soon, despite the ECB’s decision to wait.
- China is facing the risk of deflation amid weak demand and excess supply, posing a dilemma for policymakers.
In-depth Summary 
The article covers a range of macro events that have significantly impacted financial and cryptocurrency markets. The escalation of tensions in the Middle East, with Iran’s attack on Israel, led to a sharp selloff in cryptocurrencies, including a significant drop in Bitcoin prices. The Federal Reserve’s hawkish comments, suggesting a less likely reduction in interest rates in 2024, also caused further fluctuations in Bitcoin prices and raised concerns in financial markets.
On a positive note, Hong Kong has approved its first Bitcoin and Ethereum spot ETFs, aiming to strengthen its position as a major financial hub for cryptocurrencies in Asia. However, the reception of these ETFs remains uncertain.
The article also delves into the economic landscape, highlighting the persistent inflation challenges in the US economy. The higher-than-expected inflation in March has reduced the likelihood of a “soft landing” for the US economy and raised the prospect of higher interest rates for an extended period, reminiscent of the 1990s. This shift in expectations has also put upward pressure on the US dollar, impacting other central banks’ policy decisions and currency valuations.
In the eurozone, the worsening credit conditions point to slowing economic activity, increasing pressure on the ECB to start lowering rates soon. However, the ECB has decided to wait at least two more months before considering a rate cut, despite falling inflation, likely assessing incoming data.
Lastly, the article sheds light on China’s economic situation, where persistently low inflation and even deflation remain a concern for policymakers. The dilemma lies in stimulating demand versus risking more overcapacity from an export-driven investment approach amid sluggish global demand.
Writer’s Main Point
The article provides a comprehensive update on the latest macro events, highlighting the complex and interconnected nature of global financial and economic developments. It emphasizes the challenges faced by policymakers in navigating the current landscape, as they strive to balance inflation, economic growth, and market stability.