The cryptocurrency market had quite an eventful week from April 5–12. While the market was still affected by the ongoing trade tensions between the U.S. and China, several key developments happened over the week that are set to impact the market moving forward.
Monday – Bitcoin Price | $78,912
On Monday we saw the escalation of the trade war between the two most powerful economies in the world. On this date, China announced retaliatory tariffs against the U.S. of 34%, sending stock markets across the globe crashing, including the Hang Seng Index and CSI300 experiencing the biggest daily drop since 2008.
Meanwhile, the crypto market welcomed the first-ever leveraged XRP ETF, Teucrium 2x Long Daily XRP ETF (XXRP), allowing traditional investors to gain leveraged exposure to the world’s second-largest altcoin by market capitalization.Â
Tuesday – Bitcoin Price | $80,512
Donald Trump’s response to the Chinese tariffs was swift, announcing groundbreaking 104% tariffs on Chinese imports. The rest of the world didn’t go unscathed as the U.S. also mentioned 50% tariffs on several other nations.Â
Once again the escalating trade war sent traditional markets plummeting. As Bitcoin and other cryptocurrencies appeared to resist better than stock, investors argued that Bitcoin could become a safe haven amidst economic uncertainty in traditional finance.
Wednesday – Bitcoin Price | $75,281
On Wednesday, U.S. Treasury yields surged to historic levels, with 30-year bonds experiencing their largest weekly climb in four decades. The 10-year yield hit 4.56%, approaching last year’s peaks, as investors accelerated a bond sell-off amid mounting inflation concerns and disruptions in global trade flows.Â
The market would finally get some relief as President Trump announced a postponement of tariffs on other nations (except China). On the same date, Paul Atkins was appointed the new Securities and Exchange Commission Chair, taking Gary Gensler’s place and replacing Acting Chair Mark Uyeda.
Thursday – Bitcoin Price | $81,880
Market confidence briefly improved on Thursday as the most recent CPI report showed inflation numbers that were lower than anticipated. As investors conjectured that the Federal Reserve could lean toward rate cuts in the upcoming FOMC meeting, Bitcoin initially responded favorably to the news.
This week’s Jobless Claims also revealed better-than-expected numbers, adding another argument that could convince the FED to cur rates in May.
Friday | Bitcoin Price $82,473
On Friday, Ripple and the SEC took a significant step toward resolving their long-standing legal battle by filing a joint motion to stay the appeals. This move follows the appointment of SEC Chairman Paul Atkins, signaling a potential shift in regulatory stance.
Meanwhile, Donald Trump made history by signing the first-ever crypto-focused bill into law, repealing an IRS rule that required tax reporting for validators and DeFi participants.Â
Also on this date, the most recent Producer Price Index (PPI) report showed that market prices fell 0.4% in March, which surprised economists who thought prices would go up.
