Dear reader,
This Week in Crypto: Trade Wars, Tariffs, and Tokenized Gold
This week has been a rollercoaster for global markets, with macroeconomic developments and geopolitical tensions shaping investor sentiment across both traditional and digital asset classes. From renewed trade wars to crypto volatility, here’s a breakdown of the key forces that defined the week.
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Macro Overview
The global economy faced renewed uncertainty as geopolitical risks and trade tensions escalated. President Trump’s sweeping tariffs on imports from China, Canada and Mexico disrupted supply chains and weighed heavily on market confidence. The auto industry was particularly hard-hit, with manufacturers warning of rising consumer prices and potential job losses. Economists cautioned that these tariffs could further slow global trade, amplifying recession concerns.
On a more optimistic note, inflation data offered some relief. The March Consumer Price Index (CPI) showed inflation easing to its lowest level in six months. Headline CPI rose by 2.4% year-over-year—down from 2.8% in February—driven largely by falling energy prices. Core CPI, excluding food and energy, dropped to 2.8% from 3.1%. Monthly prices declined by 0.1%, the first decrease since May 2020. While these figures briefly lifted investor sentiment, analysts warned that tariffs may soon drive prices back up, especially on imported goods.
Meanwhile, gold prices surged to near-record levels, trading at $3,200 per ounce by week’s end. Investors piled into safe-haven assets amid the growing uncertainty, with central banks accelerating their gold accumulation strategies. Equity markets struggled for direction—the S&P 500 and Nasdaq posted modest losses, while the Dow Jones closed flat for the week.
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Cryptocurrency Markets
The crypto market echoed broader risk-off sentiment, with increased volatility and cautious trading throughout the week. Bitcoin (BTC) opened at $83,017, dipped midweek near $80,205, and closed around $80,806. Despite the choppiness, BTC maintains a long-term uptrend, with some analysts still forecasting upside—assuming macro conditions stabilize.
Ethereum (ETH) faced steeper pressure, hitting a two-year low of $1,500 amid liquidations and declining DeFi activity. Market participants appear increasingly cautious on ETH’s near-term outlook, especially as broader economic instability lingers.
Other notable movements:
Solana (SOL) and XRP posted pronounced declines due to risk aversion and weakening sentiment.
Stablecoins like USDT saw increased flows as investors sought refuge in fiat-backed assets.
The total crypto market cap declined 2.13% to $2.55 trillion, reflecting a broader pullback across the sector.
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Spotlight: Tokenized Gold Gains Ground
One of the week’s strongest performers was tokenized gold—an emerging asset class at the intersection of blockchain and traditional commodities. As physical gold surged past $3,170/oz, tokenized products like Paxos Gold (PAXG) and Tether Gold (XAUT) drew increased interest from institutional and retail investors.
The market cap for tokenized gold neared $2 billion, rising 5.7% in just 24 hours. Weekly trading volumes exceeded $1 billion, the highest since March 2023. With growing demand for transparent, liquid alternatives to traditional gold, analysts believe tokenized gold could reshape the $13 trillion global gold market.
Physical gold also continued its rally, buoyed by heightened central bank demand and fears of broader economic instability. With tariffs rising and recession risks growing, gold—both tokenized and physical—remains a key hedge for many investors.
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Key Themes This Week
Geopolitical Tensions: Escalating trade disputes between the U.S., Canada, and Mexico raise concerns about global growth and supply chain disruptions.
Crypto Volatility: Risk-off sentiment triggered sharp price corrections, though Bitcoin showed relative resilience.
Rise of Tokenized Commodities: Interest in tokenized gold signals broader market appetite for blockchain-based real-world assets.
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As we head into next week, all eyes will be on further inflation indicators and the geopolitical landscape. With so many moving pieces, both traditional and digital asset markets are bracing for more volatility—and watching closely for policy shifts that could change the momentum.
This Week’s Headlines
Trump Crushes IRS Rule Threatening DeFi Survival: Trump just obliterated the IRS’s controversial DeFi reporting mandate, turbocharging crypto innovation and slamming the brakes on overreaching tax surveillance in decentralized finance.
SEC clears Ethereum ETF options trading for BlackRock and Fidelity: The first batch of approvals allow ETHA and FETH to offer up to 25,000 options contracts.
S&P 500 More Volatile Than Bitcoin as U.S. Assets Lose Investor Favor: Investors move away from U.S. assets, causing a rise in Treasury yields and a decline in the dollar index and U.S. stocks.
Startup CEO Charged After ‘AI’ Turns Out to Be Humans in the Philippines: Investors wanted an AI unicorn. Instead, they got a very expensive customer service team in Southeast Asia.
Ross Ulbricht To Speak At Bitcoin 2025: Silk Road founder, freedom fighter and Bitcoin pioneer to speak at Bitcoin 2025.
Senate Confirms Pro Bitcoin Paul Atkins As SEC Chair: The U.S. Senate has confirmed Paul Atkins as SEC Chair, signaling a major shift toward bitcoin and crypto friendly regulation. His appointment marks a new era for bitcoin and crypto.
Arizona Passes Bitcoin Mining Rights Bill HB 2342 with Senate Vote of 17 to 12, Awaits Governor’s Signature: Arizona has passed the Bitcoin Mining Rights Bill, officially known as HB 2342, which protects individuals and businesses engaged in Bitcoin mining and node operation from zoning and usage restrictions
Is Sui the Next Solana? $1.9 Billion Floods In After Trump’s Surprise Tariff Pause: Sui’s strong fundamentals mean that the coin is well-positioned to lead any bull market that would emerge from a resolution to the ongoing tariff disputes.
Argentine Congress to Formally Investigate Government Officials’ Involvement With Libra: The lower chamber of the Argentine Congress approved the creation of a commission to formally investigate the involvement of government officials with Libra, the cryptocurrency shared by President Javier Milei. The group will begin its investigative work on April 23.
Sweet to Launch Crypto Rewards in Telegram Sports Games via TON: Sweet, the company behind the official digital collectibles platforms for the National Hockey League (NHL) and Major League Soccer (MLS), is introducing a new rewards system through mini-games on Telegram. The games—Ice Snake and Glove Hero—will allow users to earn in-game gems that can later be exchanged for a new cryptocurrency called $SCOR, which will run on The Open Network (TON).
Tokenized Gold Nears $2B Market Cap as Tariff Fears Spark Safe Haven Trade: Gold-backed crypto tokens outperformed most crypto sectors, including stablecoins, in market cap growth since Trump’s Jan. 20 inauguration, a CEX.IO report said.
Notable Deals and Fundraising
Kraken Partners with Mastercard to Bring Bitcoin Payments to Over 150 Million Merchants: Kraken teams up with Mastercard to launch crypto payment solutions in the UK and Europe, enabling customers to spend bitcoin at millions of retailers.
Doctor, meet Mona: Clinomic scores €23 million to upgrade ICU care – Aachen-based HealthTech startup Clinomic has secured a €23 million in Series B funding to accelerate the deployment of its AI-driven intensive care unit (ICU) assistant, Mona, and expand into global markets with its healthcare solutions.
Blackbird gobbles up $50M for its blockchain-based payment-loyalty app for restaurants: A founder who has carved out a name for himself building products to help restaurants connect better with would-be diners has raised $50 million for his latest startup: a new take on the idea of customer loyalty.
Bitcoin Life Insurance Firm Meanwhile Raises $40M to Expand Globally: With the investment led by Fulgur Ventures and Framework, the firm plans to scale its bitcoin-denominated life insurance and annuity products designed to combat inflation risk.
The Winklevosses Are Backing A 22-Year-Old Using AI To Prevent Crypto Hacks: Octane announced a $6.75 million seed round co-led by Archetype and Winklevoss Capital, the family office of Gemini founders Tyler and Cameron Winklevoss. Other backers include Gemini Frontier Fund, the crypto exchange’s venture arm, Circle, Druid Ventures, Duke Capital Partners and a roster of strategic angels, including former Coinbase CTO Balaji Srinivasan.
BitGo’s $1.75B Integration Boosts 1,500 Clients with Bitcoin Lightning; Babylon Genesis Launches, Connecting to 70+ Chains: BitGo, a leading digital asset security company valued at $1.75 billion, has integrated the Bitcoin Lightning Network into its services, enabling its 1,500 institutional clients to conduct fast, low-fee Bitcoin transactions. This integration, facilitated through a partnership with Voltage, allows BitGo users to access Lightning directly via an API, simplifying the process with no extra partners or complexity.
Magic Eden Acquires Slingshot, Expanding to 8M+ Tokens and Bitcoin Trading: Magic Eden, a leading NFT marketplace, has announced the acquisition of Slingshot, a mobile-first crypto trading app, to expand its offerings beyond non-fungible tokens into the broader token trading market
SignalFire, an early mover in AI-assisted venture investing, has raised more than $1 billion of fresh capital, bringing its AUM to about $3 billion.
Have a great week!
