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Risk assets took a hit on Monday as traders waited for more details on President Trump’s tariff strategy. A series of tariffs Trump announced earlier will go into effect on Wednesday, which he’s calling “Liberation Day.” Among these is a 25% tariff on all foreign-made cars. Trump is also expected to introduce reciprocal duties for countries that have tariffs on U.S. imports. Goldman Sachs predicts these tariffs could push inflation to 3.5%, raise unemployment to 4.5%, and slow down economic growth to just 1%.
Meanwhile, gold is benefiting from this uncertainty, jumping to over $3,100 per ounce — a 20% increase year-to-date. On the flip side, BTC is still struggling around $83,000, down 3% this month and 12% for the quarter, marking its worst performance since late 2022. This highlights how closely BTC follows risk assets, while gold stands apart. Bitcoin thrives on liquidity, so any economic uncertainty tends to drag its price down. ETH/BTC is also seeing new lows, not seen since before the DeFi boom in 2020, but SOL is showing the most strength within the top 10 coins by market cap.
On the regulatory side, there’s big news in the U.S. The Federal Deposit Insurance Corporation (FDIC) has lifted previous restrictions, now allowing over 5,000 banks to get involved in cryptocurrency-related activities without needing prior approval. The Office of the Comptroller of the Currency (OCC) has also clarified that national banks can engage in certain crypto activities, such as custody services and stablecoin operations, without seeking permission first. These moves represent a significant shift toward integrating traditional financial institutions into the crypto market.
Looking at the equity markets, Monday marks the last day of a rough month and quarter for Wall Street. The S&P 500 dipped into correction territory in March after hitting a record in February. As of Friday’s close, it was down 9.2% from its all-time high. Investors are bracing for a packed week of economic data, including the ISM Manufacturing PMI and JOLTS Job Openings on Tuesday, ADP Non-Farm Employment on Wednesday, ISM Services PMI on Thursday, and the March jobs report on Friday.
In other updates, Strategy has bought 22,048 BTC for $1.92 billion, bringing their total holdings to 528,185 BTC at an average price of $67,458. This recent purchase was mainly funded through issuing common stock.
Finally, Eric Trump and Donald Trump Jr. have teamed up with Hut 8, a publicly traded crypto infrastructure company, to launch American Bitcoin — a U.S.-based bitcoin mining firm. The venture will operate around 61,000 mining machines, with Hut 8 providing the hardware and hosting. This move expands the Trump family's presence in the crypto world, complementing their other projects like World Liberty Financial and their plans for a stablecoin.
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Trump family enters Bitcoin mining industry with American Bitcoin 20% stake in Hut 8
Eric Trump and Donald Trump Jr. have partnered with Hut 8 Corp. to launch American Bitcoin, aiming to become the world's largest Bitcoin mining company. In this venture, Hut 8 contributed most of its ASIC miners to American Data Centers, Inc., which was subsequently renamed American Bitcoin. The Trump brothers' firm, American Data Centers, now holds a 20% stake in the new entity, with Hut 8 maintaining an 80% ownership.
American Bitcoin's leadership includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. The company aims to expand its mining operations and build a substantial Bitcoin reserve. Hut 8 will continue to provide infrastructure and operational support under long-term agreements, generating stable revenue streams for both entities.
CFTC withdraws 2 staff warnings on crypto derivatives to align oversight with TradFi
The U.S. Commodity Futures Trading Commission (CFTC) has withdrawn two advisories concerning cryptocurrency derivatives to align their oversight with that of traditional financial products. The first, issued in 2018, provided guidance on listing virtual currency derivative products. The second, from 2023, addressed risks associated with expanding digital asset clearing by derivatives clearing organizations. The CFTC stated that these advisories are no longer necessary due to increased staff experience and the maturation of the digital asset market. This move aims to standardize the regulatory treatment of digital asset derivatives with that of other financial products, potentially simplifying compliance for firms involved in cryptocurrency derivatives.
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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.
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