Concerns over a global trade war continue to pressure traditional and cryptocurrency markets as investors brace for a potential tariff announcement from US President Donald Trump on April 2 — a move that could set the tone for Bitcoin’s price trajectory throughout the month.
Trump first announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.
Global tariff fears have led to heightened inflation concerns, limiting appetite for risk assets among investors. Bitcoin (BTC) has fallen 18%, and the S&P 500 (SPX) index has fallen more than 7% in the two months following the initial tariff announcement, according to TradingView data, TradingView data shows.
“Going forward, April 2 is drawing increased attention as a potential flashpoint for fresh US tariff announcements,” Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.
Investor sentiment took another hit on March 29 after Trump pressed his senior advisers to take a more aggressive stance on import tariffs, which may be seen as a potential escalation of the trade war, the Washington Post reported, citing four unnamed sources familiar with the matter.
The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.
Despite mounting uncertainty, large Bitcoin holders — known as “whales,” with between 1,000 BTC and 10,000 BTC — have continued to accumulate.
Addresses in this category have remained steady since the beginning of 2025, from 1,956 addresses on Jan. 1 to over 1,990 addresses on March 27 — still below the previous cycle’s peak of 2,370 addresses recorded in February 2024, Glassnode data shows.
“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” according to Iliya Kalchev, dispatch analyst at Nexo, who told Cointelegraph:
“Still, BTC accumulation by whales and a 10-day ETF inflow streak point to steady institutional demand. But hawkish surprises — from inflation or trade — may keep crypto rangebound into April.”
The US spot Bitcoin exchange-traded funds halted their 10-day accumulation streak on March 28 when Fidelity’s ETF recorded over $93 million worth of outflows, while the other ETF issuers registered no inflows or outflows, Farside Investors data shows.
Despite short-term volatility concerns, analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.
The environment secretary has defended the government’s net zero agenda after Sir Tony Blair said phasing out fossil fuels was “doomed to fail”.
The former prime minister said the approach to transitioning to a green economy wasn’t “working” and was “inadequate” in a report published yesterday by the Tony Blair Institute.
But speaking to Sky News’ Wilfred Frost on Breakfast, Steve Reed said the government was “moving away from sticking plaster solutions towards doing what’s right for the future of the economy, and for the future of households”.
He said transitioning to a green economy was necessary for the UK to take back “control of our own energy supply” especially in light of Russia’s ongoing invasion of Ukraine.
In his foreword to the report, Sir Tony called the whole strategy of transitioning to a green economy “unrealistic”.
“Present policy solutions are inadequate and, worse, are distorting the debate into a quest for a climate platform that is unrealistic and therefore unworkable,” he wrote.
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“Too often, political leaders fear saying what many know to be true: the current approach isn’t working.”
Asked whether he believed Sir Tony was right to say the focus shouldn’t be on using less fossil fuels but on using methods such as carbon capture, Mr Reed conceded that “we’ll still be using fossil fuels… for some time to come”.
He added: “For many decades to come. The transition is so, so transition isn’t gonna happen overnight.”
Shadow environment secretary Victoria Atkins told Sky News that Sir Tony’s message should prompt a “rethink” in government.
“If even Tony Blair doesn’t agree with the Labour government, then that is quite a clear message. I would imagine to them that they have got to rethink this.”
PayPal says the US Securities and Exchange Commission has abandoned its investigation into the payment giant’s US-dollar stablecoin.
PayPal said in an April 29 regulatory filing that the SEC concluded its investigation into PayPal USD (PYUSD) and wouldn’t be taking any action.
The company said it received a subpoena from the SEC’s Division of Enforcement over its stablecoin in November 2023.
“The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request,” PayPal stated at the time.
In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”
PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents.
However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle. PYUSD has a market capitalization of just $880 million, less than 1% of Tether’s (USDT) $148.5 billion.
PayPal’s stablecoin has seen better growth this year with a 75% increase in PYUSD circulating supply since the beginning of 2025, according to CoinGecko. It remains down 14% from its peak supply of just over $1 billion in August 2024.
That growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform.
Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD.
“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,” said Alex Chriss, PayPal President and CEO.
The payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities.
The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16. Revenue rose 1% from a year before to $7.8 billion.
Asset manager BlackRock has filed to create digital ledger technology shares from one of the firm’s money market funds, which will leverage blockchain technology to maintain a mirror record of share ownership for investors.
The DLT shares will track BlackRock’s BLF Treasury Trust Fund (TTTXX), which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNY), the firm said in its April 29 Form N-1A filing with the Securities and Exchange Commission.
The money market fund holds over $150 million worth of assets, invested almost entirely in US Treasury bills and cash.
BlackRock said that the shares “are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for its customers.”
Unlike the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), DLT shares won’t be tokenized but will instead be used as a transparency tool to verify ownership.
BlackRock will continue to maintain traditional book-entry records as the official ownership ledger.
BlackRock didn’t propose a ticker or set a management fee for the DLT shares in its filing.
A minimum initial investment of $3 million worth of DLT is required for institutions seeking to purchase the digital shares.
BlackRock follows Fidelity’s March 21 filing to list an Ethereum-based OnChain share class, which seeks to track the Fidelity Treasury Digital Fund (FYHXX) — an $80 million fund consisting almost entirely of US Treasury bills.
While the OnChain share class filing is pending regulatory approval, Fidelity expects it to take effect on May 30.
Wall Street heavyweights continue to explore blockchain use cases
The treasury tokenization market is currently valued at $6.16 billion, led by BlackRock’s BUIDL at $2.55 billion, while the Franklin Templeton-issued Franklin OnChain US Government Money Fund (BENJI) secures over $700 million worth of real-world assets, according to rwa.xyz.
Market caps of blockchain-based Treasury products. Source: rwa.xyz
Ethereum remains the chain of choice for tokenizing treasury assets, and currently houses over $4.55 billion worth, while the Stellar network and Solana round out the top three at $474.9 million and $274.5 million, respectively.
The potential of RWA tokenization has also been championed by BlackRock’s CEO, Larry Fink, who believes the technology could revolutionize investing.