This week, the cryptocurrency market faced significant developments influenced by U.S. policy changes and market dynamics. Notable events include the Trump administration's announcement of sweeping tariffs, the advancement of stablecoin legislation, interesting trends in crypto ETFs, and movements in major cryptocurrencies.

U.S. Imposes Sweeping Tariffs, Impacting Financial Markets

On April 2, President Donald Trump announced a comprehensive tariff package, including a baseline 10% tariff on all imports, with higher duties targeting countries like China and Vietnam. This decision led to a significant downturn in the stock market, erasing billions in U.S. corporate value and causing substantial losses among the world's wealthiest individuals. The tariffs are expected to increase prices on goods such as food, clothing, and technology, directly affecting consumers. Despite widespread criticism from economists and GOP leaders, President Trump views this strategy as leverage for renegotiating trade deals. ​

Stablecoin Legislation Advances in the US

The STABLE Act, a bipartisan bill aimed at legitimizing stablecoins within the U.S. financial system, has advanced through the House Financial Services Committee. While the legislation seeks to bolster the dollar's global prominence, critics warn that it may inadvertently allow Big Tech firms, such as Meta and Amazon, to enter the banking sector by issuing their own digital currencies through subsidiaries. Experts express concerns that this could concentrate financial power in corporate hands and reduce consumer protections. The bill now moves to the Senate for further consideration. ​

Bitcoin exchange-traded funds (ETFs) witnessed notable outflows this week, reflecting investor caution amid market volatility. On April 3, Bitcoin spot ETFs in the U.S. saw $99.86 million leave the products, reversing the previous day's inflows of $218 million. This trend indicates a bearish sentiment among investors, likely influenced by the recent tariff announcements and their potential impact on the broader financial markets. ​

Ethereum ETFs also experienced outflows, though to a lesser extent than Bitcoin. On April 3, the Ethereum ETF market saw a total net outflow of $3.6 million, with the entirety of this outflow attributed to the ETHW ETF. Other Ethereum ETFs reported no significant changes in flow, suggesting a more stable investor sentiment compared to Bitcoin ETFs this week.

Despite a rocky week in equities and ETF outflows, several tokens posted strong intraday recoveries heading into Friday’s close, so this week we’re covering the 24 hour top gainers by percentage and including the 7 day snapshot price graph. Leading the 24-hour gainers was XPR Network (XPR), up 13.6%, followed by LOAN Protocol (LOAN) at +9.3%, and Dogecoin (DOGE) with an 8.7% lift on the 24h chart.

These assets and more are available for trading on Metal Pay.