Cryptocurrency firms felt the heat from US President Donald Trump’s sweeping tariff rollout this week as market turbulence sent share prices tumbling and foiled initial public offering (IPO) plans. From exchanges to Bitcoin (BTC) miners, crypto stocks suffered as much, if not more, than shares of other companies — despite the industry’s warm relationship with the US president. On April 2, Trump announced he was placing tariffs of at least 10% on practically all imports into the United States and adding additional "reciprocal" tariffs on some 57 countries. Since then, major US stock indices — including the S&P 500 and Nasdaq — tumbled by roughly 10% as traders braced for a looming trade war. Bitcoin miners sold off on Trump’s tariff news. Source: MorningstarRelated: Bitcoin ‘decouples,’ stocks lose $3.5T amid Trump tariff war and Fed warning of ‘higher inflation’Sharp selloffsCrypto exchange Coinbase — a prominent ally of Trump during the November US elections — experienced a similarly severe sell-off, with its stock price dropping by roughly 12% during the same period, according to data from Google Finance.Bitcoin miners are also taking a hit. The CoinShares Crypto Miners ETF (WGMI) — which tracks a diverse basket of Bitcoin mining stocks — has lost roughly 13% of its value since immediately prior to Trump’s April 2 announcement, according to data from Morningstar. Even Strategy, one of the best-performing stocks of 2024, wasn’t immune. Its share price has fallen by around 6% on the news, Google Finance data showed.According to Reuters, investment bank JPMorgan has raised its estimated odds of a global economic recession in 2025 to 60% from 40% previously. "Disruptive U.S. policies have been recognized as the biggest risk to the global outlook all year," JP Morgan reportedly said."The effect ... is likely to be magnified through (tariff) retaliation, a slide in U.S. business sentiment and supply-chain disruptions."Strategy’s shares also dropped this week. Source: Google FinanceIPO delaysThe impact of US tariffs hasn’t been limited to stock price volatility. Stablecoin issuer Circle has reportedly paused plans for a 2025 IPO, citing market turbulence. According to The Wall Street Journal, Circle is “waiting anxiously” before taking further steps after filing to take the company public on April 1. It is among several companies — including fintech Klarna and ticketing service StubHub — reportedly considering altering or shelving IPO plans. One exception may be Bitcoin itself, which some analysts say is finally “decoupling” from the broader market. Bitcoin’s spot price has held above $82,000 this week, even as US equities markets collapsed.Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Under new SEC guidelines, stablecoins that meet certain criteria are considered ”non-securities” and are exempt from transaction reporting requirements, the United States Securities and Exchange Commission said in a notice published April 4. "Covered stablecoins," as the SEC classifies them, are fully backed by physical fiat reserves or short-term, low-risk, highly liquid instruments and are redeemable at a 1:1 ratio with US dollars.The definition precludes algorithmic stablecoins that maintain their US dollar peg using software or an automated trading strategy, leaving the regulatory status of algorithmic stablecoins, synthetic dollars, and yield-bearing fiat tokens uncertain.Current stablecoin market overview. Source: RWA.XYZIndustry leaders and executives are pushing for regulatory changes that would allow stablecoin issuers to share yield opportunities with stablecoin holders and offer onchain interest.According to the new guidelines, covered stablecoin issuers cannot co-mingle asset reserves with operational capital or offer token holders interest, profit, or yield opportunities. Additionally, the covered stablecoin issuers must never use their reserves for investing or market speculation.Related: Stablecoin supply surges $30B in Q1 as investors hedge against volatilitySEC's definition of "covered stablecoin" consistent with broader US policy objectivesThe SEC's criteria for covered stablecoins are consistent with regulations stipulated in the GENIUS stablecoin bill, introduced by Senator Bill Hagerty, and the Stable Act of 2025, introduced by Representative French Hill.The proposed legislation aims to protect the status of the US dollar as the global reserve currency through stablecoins that are backed by US dollars and government securities.The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) of 2025 Act. Source: US SenateCentralized stablecoin issuers back their tokens with US dollar deposits held in regulated financial institutions and short-term US Treasury Bills, driving demand for US dollars and US government debt.Tether, the world's largest stablecoin issuer, is now the seventh-largest holder of US Treasuries, beating out countries like Canada, Germany, and South Korea.Speaking at the first White House Digital Asset Summit on March 7, US Treasury Secretary Scott Bessent said the US would use stablecoins to extend US dollar dominance.Bessent said that regulating stablecoins was central to the administration's digital asset strategy and a top regulatory priority during the current legislative session.Magazine: Bitcoin payments are being undermined by centralized stablecoins

Bitcoin (BTC) price has managed to stay above the $80,000 level as volatility wrecked US stock markets on April 3 and April 4. The failure of the bears to capitalize on the opportunity shows a lack of selling at lower levels.Risky assets were rattled after US President Donald Trump announced reciprocal tariffs on several countries on April 2. The fall in the US markets deepened on April 4 after China announced a retaliatory tariff of 34% on all imported US goods starting April 10.While several market participants are concerned about the near-term impact of tariffs, BitMEX co-founder Arthur Hayes said he loves tariffs since he expects them to be positive for Bitcoin and gold in the medium term.Crypto market data daily view. Source: Coin360On the more cautious side was market commentator Byzantine General, who said in a post on X that the cryptocurrency market’s upside would be limited due to possible tariff responses. Capriole Investments founder Charles Edwards said in his analysis that Bitcoin would turn bullish on a break and close above $91,000. If that does not happen, he anticipates Bitcoin to fall to the $71,000 zone.Could Bitcoin outperform by staying above $80,000? Will the altcoins crumble? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin rose above the resistance line on April 2, but the long wick on the candlestick shows solid selling at higher levels. The price turned down sharply and broke below the 20-day exponential moving average ($84,483).BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will have to sink the price below the $80,000 support to strengthen their position. If they do that, the BTC/USDT pair could retest the March 11 low of $76,606. Buyers are expected to defend this level with all their might because a break and close below $76,606 could sink the pair to $73,777 and eventually to $67,000.The crucial resistance to watch out for on the upside is $88,500. A break and close above this level will signal that the corrective phase may be over. The pair could then start its journey toward $95,000.Ether price analysisEther (ETH) has been trading between the $1,754 support and the 20-day EMA ($1,928) for the past few days.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThat increases the likelihood of a break and close below $1,754. If sellers can pull it off, the ETH/USDT pair could start the next leg of the downtrend to $1,550.A minor positive in favor of the bulls is that the relative strength index (RSI) has formed a positive divergence. That suggests the bearish momentum may be weakening. If the price rebounds off $1,754, the pair could face selling at the 20-day EMA. However, if buyers overcome the obstacle, the pair could rally to $2,111. A short-term trend reversal will be signaled on a close above $2,111.XRP price analysisXRP (XRP) bears successfully defended the 20-day EMA ($2.23) on April 2 and pulled the price to the critical support at $2.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping 20-day EMA and the RSI below 44 increase the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. The pair has support at $1.77, but if the level gets taken out, the decline could extend to $1.27.Buyers have an uphill task ahead of them if they want to prevent the breakdown. They will have to swiftly push the price above the 50-day simple moving average ($2.37) to clear the path for a relief rally to the resistance line.BNB price analysisBNB (BNB) bulls failed to push the price back above the moving averages in the past few days, indicating selling at higher levels.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe moving averages have started to turn down, and the RSI is in the negative zone, signaling a minor advantage for the bears. There is support at the 50% Fibonacci retracement level of $575 and next at the 61.8% retracement level of $559.On the upside, the bulls will have to push and maintain the price above the 50-day SMA ($614) to signal a comeback. The BNB/USDT pair may rise to $644, which is a critical overhead resistance to watch out for. If buyers overcome the barrier at $644, the pair may travel to $686.Solana price analysisSolana (SOL) rose above the 20-day EMA ($128) on April 2, but the bears sold at higher levels and pulled the price below the $120 support.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping moving averages and the RSI in the negative territory heighten the risk of a break below $110. If that happens, the selling could intensify, and the SOL/USDT pair may plummet to $100 and subsequently to $80.The bulls are unlikely to give up easily and will try to keep the pair inside the $110 to $260 range. Buyers will have to push and maintain the price above $147 to suggest that the selling pressure is reducing. The pair may then ascend to $180.Dogecoin price analysisDogecoin (DOGE) bears thwarted attempts by the bulls to push the price above the 20-day EMA ($0.17) on April 2.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewA positive sign in favor of the bulls is that they have not allowed the price to slide below the $0.16 support. A break above the 20-day EMA could push the price to the 50-day SMA ($0.19). Buyers will have to overcome the 50-day SMA to start a rally to $0.24 and later to $0.29.Alternatively, if the price turns down from the moving averages and breaks below $0.16, it will clear the path for a drop to $0.14. Buyers are expected to fiercely defend the $0.14 support because a break below it may sink the DOGE/USDT pair to $0.10.Cardano price analysisCardano (ADA) turned down sharply from the 20-day EMA ($0.69) on April 2 and closed below the uptrend line.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are trying to push the price back above the uptrend line but are likely to face solid selling at the 20-day EMA. If the price turns down from the overhead resistance, the ADA/USDT pair could descend to $0.58 and then to $0.50.This negative view will be invalidated in the near term if the price turns up sharply and breaks above the 50-day SMA ($0.74). That opens the doors for a rally to $0.84, which may attract sellers. Related: Altcoins are set for one last big rally, but just a few will benefit — AnalystToncoin price analysisToncoin’s (TON) failure to maintain above the $4.14 resistance on April 1 may have tempted short-term traders to book profits.TON/USDT daily chart. Source: Cointelegraph/TradingViewThe TON/USDT pair broke below the 20-day EMA ($3.65) on April 3, indicating that the bullish momentum is weakening. There is support at $3.32, but if the level cracks, the pair may drop to $2.81.Instead, if the price rebounds off $3.32, the pair could attempt to form a range in the near term. The pair could swing between $3.32 and $4.14 for some time. A break and close above $4.14 will signal that the downtrend may be over. The pair could then jump to $5.UNUS SED LEO price analysisUNUS SED LEO (LEO) bears pulled the price below the uptrend line on March 2 but could not sustain the lower levels. That suggests buying at lower levels.LEO/USD daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($9.57) is turning down gradually, and the RSI is in the negative zone, signaling a slight advantage to the bears. If the price turns down from the moving averages, the bears will make one more attempt to sink the LEO/USD pair below the $8.84 support. If they succeed, the pair may tumble to $8.Contrarily, a break above the moving averages opens the doors for a rise to the overhead resistance of $9.90. If buyers pierce the $9.90 resistance, the pair will complete a bullish ascending triangle pattern. The pair may then climb toward the target objective of $12.04.Chainlink price analysisChainlink (LINK) once again turned down from the 20-day EMA ($13.98) on March 2, indicating that the bears continue selling on rallies.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe LINK/USDT pair has strong support in the zone between $12 and the support line of the descending channel pattern. A rebound off the support zone will have to rise above the moving averages to signal a stronger recovery toward $17.50.Sellers are likely to have other plans. They will attempt to pull the price below the support line. If they can pull it off, the pair could extend the downtrend toward the crucial support at $10 and, after that, to $8.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Despite growing tariff-related uncertainty, there is a 70% probability cryptocurrency markets will find the local bottom in the next two months, which will serve as the supporting foundation for the next leg up in the 2025 cycle, according to Nansen analysts.Savvy traders continue making generational wealth despite growing volatility and lack of risk appetite. One unidentified trader turned an initial $2,000 investment into over $43 million by trading the popular frog-themed memecoin, Pepe.70% chance of crypto bottoming before June amid trade fears: NansenThe cryptocurrency market may see a local bottom in the next two months amid global uncertainty over ongoing import tariff negotiations, which have been limiting investor sentiment in both traditional and digital markets.US President Donald Trump on April 2 announced reciprocal import tariffs, measures aimed at reducing the country’s estimated trade deficit of $1.2 trillion in goods and boosting domestic manufacturing. While global markets took a hit from the first tariff announcement, there is a 70% chance for cryptocurrency valuations to find their bottom by June, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.The research analyst told Cointelegraph:“Nansen data estimates a 70% probability that crypto prices will bottom between now and June, with BTC and ETH currently trading 15% and 22% below their year-to-date highs, respectively. Given this data, upcoming discussions will serve as crucial market indicators.”She added: “Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom.”Continue readingCrypto trader turns $2,000 of PEPE into $43 millionA savvy cryptocurrency trader reportedly turned $2,000 into more than $43 million by investing in the memecoin Pepe at its peak valuation, despite the token’s extreme volatility and lack of underlying technical value.The trader made an over 4,700-fold return on investment on the popular frog-themed Pepe (PEPE) cryptocurrency, according to blockchain intelligence platform Lookonchain.“This OG spent only $2,184 to buy 1.5T $PEPE($43M at the peak) in the early stage. He sold 1.02T $PEPE for $6.66M, leaving 493B $PEPE($3.64M), with a total profit of $10.3M(4,718x), Lookonchain wrote in a March 29 X post.Source: LookonchainThe trader realized over $10 million in profit despite Pepe’s price falling over 74% from its all-time high of $0.00002825, reached on Dec. 9, 2024, Cointelegraph Markets Pro data shows.PEPE/USD, all-time chart. Source: Cointelegraph Markets ProMemecoins are considered some of the most speculative and volatile digital assets, with price action driven largely by online enthusiasm and social sentiment rather than fundamental utility or innovation.Still, they’ve proven capable of generating life-changing returns. In May 2024, another early Pepe investor turned $27 into $52 million — a 1.9 million-fold return — according to onchain data.Continue reading$1 trillion stablecoin supply could drive next crypto rally — CoinFund’s PakmanThe global stablecoin supply may surge to $1 trillion by the end of 2025, potentially becoming a key catalyst for broader cryptocurrency market growth, according to David Pakman, managing partner at crypto-native investment firm CoinFund.“We’re in a stablecoin adoption upswell that’s likely to increase dramatically this year,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27. “We could go from $225 billion stablecoins to $1 trillion just this calendar year.”He noted that such growth, while modest compared to global financial markets, would represent a “meaningfully significant” shift for blockchain-based finance.Pakman also suggested that the rise in capital flowing onchain, combined with growing interest in exchange-traded funds (ETFs), could further support decentralized finance (DeFi) activity:“If we have a moment this year where ETFs are permitted to provide staking rewards or yield to holders, that unlocks really meaningful uplift in DeFi activity, broadly defined.”https://t.co/v9lOnk00QY— Cointelegraph (@Cointelegraph) March 27, 2025Continue readingAvalanche stablecoins up 70% to $2.5 billion; AVAX demand lacks DeFi deploymentAvalanche saw a significant surge in stablecoin supply over the past year, but the onchain deployment of this capital points to passive investor behavior, which may be limiting demand for the network’s utility token.The stablecoin supply on the Avalanche network rose by over 70% over the past year, from $1.5 billion in March 2024 to over $2.5 billion as of March 31, 2025, according to Avalanche’s X post.Market capitalization of stablecoins on Avalanche. Source: AvalancheStablecoins are the main bridge between the fiat and crypto world, and increasing stablecoin supply is often seen as a signal for incoming buying pressure and growing investor appetite.However, Avalanche’s (AVAX) token has been in a downtrend, dropping nearly 60% over the past year to trade just above $19 despite the $1 billion increase in stablecoin supply, Cointelegraph Markets Pro data shows.AVAX/USD,1-year chart. Source: Cointelegraph Markets Pro“The apparent contradiction between surging stablecoin value on Avalanche and AVAX's significant price decline likely stems from how that stablecoin liquidity is being held,” according to Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform.Continue readingDeFi TVL falls 27% while AI, social apps surge in Q1: DappRadarEconomic uncertainty and a major crypto exchange hack pushed down the total value locked in decentralized finance (DeFi) protocols to $156 billion in the first quarter of 2025, but AI and social apps gained ground with an increase in network users, according to a crypto analytics firm.“Broader economic uncertainty and lingering aftershocks from the Bybit exploit” were the main contributing factors to the DeFi sector’s 27% quarter-on-quarter fall in TVL, according to an April 3 report from DappRadar, which noted that the price of Ether (ETH) fell 45% to $1,820 over the same period.Change in DeFi total value locked between Jan. 2024 and March 2025. Source: DappRadarThe largest blockchain by TVL, Ethereum, fell 37% to $96 billion, while Sui was the hardest hit of the top 10 blockchains by TVL, falling 44% to $2 billion.Solana, Tron and the Arbitrum blockchains also saw their TVLs slashed over 30%.Meanwhile, blockchains that experienced a larger volume of DeFi withdrawals and had a smaller share of stablecoins locked in their protocols faced extra pressure on top of the falling token prices.The newly launched Berachain was the only top-10 blockchain by TVL to rise, accumulating $5.17 billion between Feb. 6 and March 31, DappRadar noted.Continue readingDeFi market overviewAccording to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.The Pi Network (PI) token fell over 34%, logging the week’s biggest decline, followed by the Berachain (BERA) token, down nearly 30% on the weekly chart.Total value locked in DeFi. Source: DefiLlamaThanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.