Today in crypto: Dalio warns of global reset

Dalio: Global order is breaking down

Our top story today comes from billionaire investor Ray Dalio, who issued a stark warning on Monday about what he calls a “classic breakdown” of the world’s monetary, political, and geopolitical systems.

Dalio, the founder of Bridgewater Associates, said that President Trump’s sweeping tariffs are a symptom of deeper structural failures, not the root cause. In his statement, he pointed to five fundamental forces driving global instability: rising debt, internal political division, the changing nature of global power, environmental shocks, and rapid technological disruption.

Markets responded accordingly. Bitcoin briefly dropped below $75,000 while the broader crypto market contracted 7% following what analysts dubbed “Liberation Day,” the day Trump announced his tariff policy.

According to Dalio, the interconnected nature of capital markets means all risk assets – including crypto – are being repriced. However, VanEck’s Matthew Sigel noted that Bitcoin’s relatively calm reaction compared to tech stocks may suggest a shift in how it’s perceived during economic stress. The question now is whether Bitcoin is beginning to break free from the traditional risk asset category.

Fink warns of further 20% market drop

BlackRock CEO Larry Fink added fuel to the fire with his own bleak assessment of the market. Speaking at the Economic Club of New York, he said most CEOs he speaks with believe the U.S. is already in a recession.

His warning came as the S&P 500 and Nasdaq Composite both closed out a 10% loss over five days. Fink said the pullback may present long-term buying opportunities – but he didn’t rule out more pain ahead. “That doesn’t mean we can’t fall another 20% from here too,” he said.

Goldman Sachs and JPMorgan have both raised their odds of a U.S. recession, now estimating a 45% and 60% chance respectively.

Bond yields rise as stocks and crypto fall

With macro uncertainty high, financial analysts are urging crypto investors to monitor bond yields – particularly after Monday’s selloff in both stocks and bonds.

Michael Lebowitz of RIA Advisors said it’s not just about inflation fears or Chinese selling: it’s a breakdown in market relationships. “When investors sold their stocks, they likely no longer needed bonds as a hedge, leading to bond selling as well,” he explained.

Normally, falling equities would push bond prices up. But on Monday, bond yields rose – suggesting cash was being pulled from both sides of the market. This signals concern about long-term inflation and possibly a more aggressive stance from central banks.

Matthew Sigel of VanEck again pointed out Bitcoin’s unusual behavior: “Rising yields did not trigger forced liquidations or volatility in crypto markets, indicating that Bitcoin may be decoupling from traditional macro sensitivities.”

Trump-backed USD1 stablecoin plans test airdrop

World Liberty Financial – the DeFi project launched by President Trump – has announced a test airdrop of its USD1 stablecoin. The company says the initiative is designed to validate its smart contract infrastructure and reward early supporters.

While no timeline or airdrop amount has been finalized, the vote to proceed has passed initial community support. The airdrop will be funded by the company and run on Ethereum.

The announcement comes amid mounting political scrutiny. World Liberty’s links to the Trump family – and the $390 million reportedly sent to Trump-linked DT Marks DEFI LLC – have raised concerns in Congress about potential conflicts of interest.

Senator Elizabeth Warren and Representative Maxine Waters have demanded internal SEC records related to the project, citing concerns over paused enforcement actions and potential “regulatory favoritism.”

Binance-Nigeria tax battle postponed again

In Nigeria, a major court case against Binance has been delayed until April 30 as the exchange challenges the government’s legal authority to serve documents by email.

The case, brought by Nigeria’s tax authorities, seeks $2 billion in back taxes and $79.5 billion in damages. Officials accuse Binance of facilitating currency flight and economic damage through its peer-to-peer platform.

The delay comes after Binance argued that it has no office in Nigeria and was improperly served. The case has already led to the detention of two company executives – one of whom, Tigran Gambaryan, has since been released. Another, Nadeem Anjarwalla, fled the country while under house arrest.

The case highlights the difficulties crypto exchanges face in countries with strict capital controls and unclear legal frameworks.

The bottom line

Ray Dalio’s warning that we’re seeing a “once-in-a-lifetime” breakdown in the world order adds weight to what many crypto investors have been sensing: this isn’t just volatility – it’s a reset. Meanwhile, political influence over crypto is becoming harder to ignore, especially as President Trump’s personal and policy agendas increasingly shape the sector’s regulatory future.

World Liberty’s USD1 airdrop and Bitcoin’s resilience in the face of rising bond yields could signal a new phase for the industry – one where crypto plays a more distinct role in a shifting financial landscape. But as the Binance case in Nigeria shows, the global picture remains fragmented, with very different rules depending on where you are.