Welcome to your Good Friday edition of the daybook. With markets on a shortened schedule for the Easter holiday, today's update is shortened as well.

It's Easter. Traditional markets are closed in many parts of the world and plenty of people are taking a break from work, and that's keeping crypto markets in check as well.

Happy Good Friday to all Crypto Daybook readers.

With markets on a shortened schedule for the Easter holiday and traditional markets set for a quiet opening as volumes remain low ahead of the holiday weekend, today’s update is shortened as well. CoinDesk's Crypto Daybook Americas will be back to its regular size on Monday, April 21. Enjoy the holiday!

The CoinDesk 20 Index (CD20), a measure of the biggest, most active cryptocurrencies, was able to add less than 0.1% in the past 24 hours with bitcoin (BTC) trading up just 0.1%.

That small gain keeps the world’s biggest cryptocurrency in a holding pattern as traders digest the latest round of macroeconomic updates, which saw President Donald Trump renew his calls for the removal of Federal Reserve Chair Jerome Powell.

Trump critical of Fed Chair

Trump, who has been a vocal critic of Powell’s role in managing the U.S. economy, went on to criticize the Chair over his reluctance to cut interest rates, which is adding to the economic uncertainty that has left bitcoin treading water and seen Wall Street piling onto gold.

“Jerome Powell, the incompetent Chairman of the Federal Reserve, is being "too late" again in cutting interest rates, despite the fact that we have a great economy and no inflation. They are raising rates in other parts of the World, where they don't have nearly the problems that we do. His termination cannot come fast enough!” Trump wrote on his social media platform Truth Social.

The comment further add to the economic uncertainty that has seen the S&P 500 close the shortened trading week on Friday with a 0.1% gain, leaving the benchmark index in an 8.3% gain year-to-date. The tech-heavy Nasdaq saw a 0.1% decline over the past 24 hours, putting the index in a 12% gain since the start of the year.

“Right now, markets are extremely reactionary to White House decision making and are poised to remain that way for the foreseeable future,” said head of tandem at Offchain Labs and former head of digital assets as Nasdaq.

“Trump's push for rate cuts amid tariff-driven inflation risks could reignite bitcoin's original 'hedge against eroding purchasing power' narrative. Its recent risk-off behavior may be short-lived as monetary policy uncertainty intensifies.”

Greater uncertainty ahead

The threat of tariffs has seen traders become more sensitive to any changes in the trade war, especially after the S.P. futures slid by 1% on Thursday after reports that Trump may delay a tariff increase on Chinese goods.

It has also seen crypto investors forced to watch on from the sidelines as the signals are mixed. While on the macro front uncertainty reigns, impacting the likes of bitcoin, on the Trump administration regulatory outlook has been improving and institutions have shown more comfort with the space.

“It is probably sound to 'let the dust settle' as tariff implementations and bilateral negotiations unfold,” said dYdX Foundation CEO Charles d’Haussy. “Market participants' consensus seems to signal central banks' action past the summer.”