- Sebastjan Bele
- Updated: April 3, 2025
- Reading time: 6 min
Crypto Hit by Trump Tariffs, Circle Eyes IPO and GameStop Joins BTC Brigade
Bitcoin, Ethereum, and broader crypto markets fell sharply following Trump’s announcement of sweeping “Liberation Day” import tariffs, including a baseline 10% tariff on imports (excluding USMCA countries) and tariffs as high as 49% for some nations. Additionally, a 25% tariff will apply to all foreign-made cars, further shaking market confidence. These reciprocal tariffs are set to take effect soon, adding to global market uncertainty.
On the crypto front, USDC stablecoin issuer Circle officially filed for an IPO, signaling institutional appetite despite market turbulence. Meanwhile, GameStop announced a $1.5 billion convertible note raise to accumulate Bitcoin, joining other corporate players in direct BTC exposure. Adding to the noise, Binance faced renewed scrutiny after suspicious, sharp sell-offs in altcoins were observed on its platform, raising questions around market manipulation and insider activity.
News:
- Trump’s tariffs on China, EU and more, at a glance
- Crypto markets fall after Trump lays out sweeping reciprocal tariffs; Ethereum, Solana drop 6%
- USDC stablecoin issuer Circle files IPO prospectus with SEC
- Binance altcoins crash within minutes due to sharp sell-offs
- Circle paid $210 million in stock to acquire Coinbase’s stake in Centre, IPO filing reveals
- South Korea to open local crypto market to foreign investors with new AML rules
- GameStop raises $1.5 billion in convertible notes for Bitcoin buying spree
- Uniswap DAO passes preliminary vote on $115 million treasury delegation program
- Bitcoin may have hit bottom after its 30% fall from all-time high
- Sony partners with Crypto to enable USDC payments in Singapore
Table of Contents
Markets
Best Performers
This week’s top performer is EOS, which surged by over 39% amid rebranding plans and the announcement of new staking incentives, reigniting investor interest in the project.
Unsurprisingly, PAX Gold (PAXG) and Tether Gold (XAUt) also made the list, reflecting the current market trend of investors seeking safe-haven assets—with gold prices rallying and reaching new highs in uncertain macro conditions.
Chain Volumes
This week’s clear winner in terms of on-chain volume growth is Sui, recording an impressive 124% weekly increase. Sui’s surge stands out in an otherwise mixed week for chain activity.
Ethereum (+14.84%), Solana (+23.65%), and Base (+22.61%) also posted solid gains, likely benefiting from improving market sentiment after weeks of sideways price action.
On the other hand, Binance Smart Chain (-28.22%), Arbitrum (-2.68%), and Hyperliquid L1 (-25.66%) saw notable declines, reflecting shifting liquidity preferences.
Additionally, Berachain (+60.80%) continues to attract attention as its ecosystem activity steadily grows.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = -$1.93 billion
Total Assets Under Management (AUM) = $99.97 billion*
US Ethereum Spot ETFs
Current weekly inflows = -$220 million
Total Assets Under Management (AUM) = $8.69 billion*
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Trump’s announcement of sweeping “Liberation Day” import tariffs, including a baseline 10% tariff on imports and tariffs as high as 49% for certain countries, shook both traditional markets and crypto this week. The aggressive trade policy shift once again reminded investors how vulnerable risk assets remain to macro headlines.
The calculation behind these tariffs was also revealed—for every country, the U.S. administration took the trade deficit with that country and divided it by the country’s exports to the U.S. For example, the U.S. has a $17.9 billion trade deficit with Indonesia, while Indonesia’s exports to the U.S. total $28 billion. This resulted in a 64% tariff rate, which Trump claims is the tariff rate Indonesia effectively charges the U.S. Similar methodology was used to justify tariffs on other countries.
Before the announcement, Bitcoin was trading at $88K, well above the EMA200 and showing a healthy structure on lower time frames. However, following the tariff news, BTC dropped nearly 5%, now trading at $83.6K. Major altcoins also took a hit, recording losses between 4-8%.
Traditional markets mirrored the risk-off sentiment:
- NASDAQ down 1.75% since last week
- S&P500 down 0.92%
- Gold up 3%, reinforcing its role as a safe-haven asset amid geopolitical tensions
Bitcoin Dominance surged to 62.0%, while the Fear & Greed Index dropped to 25 (Extreme Fear), highlighting the increased caution in markets.
What’s Next?
Bitcoin once again finds itself “trapped” below the EMA200, currently ranging between $82K and $88K. Despite a barrage of negative news—including Trump’s tariff announcement—Bitcoin is holding up surprisingly well, suggesting that the market remains resilient.
Looking ahead, multiple scenarios are on the table, but here are the most bullish and bearish in our opinion:
- The bullish scenario: A shift in sentiment, possibly triggered by a bullish news event, could push BTC through the key $92K resistance. If the breakout is strong enough, we could see a quick move toward $100K and potentially new highs.
- The “max pain” scenario: Bitcoin has yet to retest the breakout zone around $72K. A prolonged period of weakness and a slow bleed down to that level remains a risk, especially if macro conditions continue to deteriorate.
Much will depend on how other countries react to Trump’s newly imposed tariffs and whether geopolitical tensions continue to weigh on risk assets.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
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Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
