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Stocks took a hit on Friday as investors wrestled with ongoing tariff issues and processed some key inflation figures. The core PCE, a key gauge of inflation the Fed keeps a close eye on, rose 0.4% in February, pushing the annual inflation rate to 2.8%—both higher than expected. More worrying, Michigan’s long-term inflation expectations jumped to 4.1%, the highest it’s been in 32 years.
On the trade front, the market is still reacting to President Trump's tariff comments. He recently proposed a 25% tariff on all cars not made in the U.S., which sent auto stocks tumbling and raised concerns about an economic slowdown. Bloomberg reported that the European Union is looking at ways to make concessions to Trump in hopes of reducing tariffs from the U.S., which are expected to go up after April 2 when Trump is set to announce more details.
In the crypto world, things have been pretty quiet, with little in the way of big news. However, GameStop is making headlines by raising $1.3 billion through a private offering of convertible senior notes due in 2030. As part of its strategy, GameStop is planning to add Bitcoin to its balance sheet, which would make it the fourth-largest corporate holder of BTC, just behind Riot Platforms and ahead of Tesla. On a positive note, BTC ETFs have been seeing steady inflows, with about $1.1 billion coming in over the past 10 days. Meanwhile, ETH ETFs have seen continued outflows, totaling $163.2 million during the same time.
The News Room
FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities
The Federal Deposit Insurance Corporation (FDIC) has updated its policy, allowing banks to engage in cryptocurrency activities that are legally permissible without obtaining prior approval, provided they effectively manage associated risks. This marks a departure from the previous approach that required advance clearance for such activities. Acting FDIC Chairman Travis Hill stated that this change aims to move away from past policies and anticipates further clarifications regarding banks' involvement in crypto products and services.
South Carolina explores Bitcoin reserve, drops Coinbase lawsuit
South Carolina has introduced the Strategic Digital Assets Reserve Act, proposing to allocate up to 10% of certain state funds to Bitcoin investments as a hedge against inflation. Also, the state has dismissed its lawsuit against Coinbase, which had alleged violations related to the exchange's staking services. This legal action's withdrawal follows a broader trend, with Vermont having previously dropped similar charges, and comes after the U.S. Securities and Exchange Commission ended its case against Coinbase in February 2025.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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