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Risk assets sold off hard Monday as Trump’s tariff offensive froze global trade and investment flows. The S&P 500 tanked 6% on Friday, its worst session since the March 2020 COVID crash, and came within 1% of triggering a 15-minute circuit breaker. The index ended down 10% over two sessions.
Trump’s tariff push has already pulled in over $7 trillion in inflows, and over 50 countries are now scrambling to cut side deals to stay on his good side. On Sunday night, Trump commented on the market carnage: “I don’t want anything to go down, but sometimes you have to take medicine to fix something.”
JPMorgan’s Jamie Dimon addressed the policy shift in his annual letter, warning of upward pressure on prices across the board and a likely drag on an already-cooling U.S. economy. JPM is now calling for a U.S. recession in 2025 following last week’s developments.
Crypto had been outperforming equities—until the weekend flipped the script. BTC touched a three-day high of $84,500 at Friday’s equity close but has since plunged 12% to $74,500, marking a new YTD low. The move wiped out $1.5 billion in liquidations in 24 hours as risk sentiment cratered and traders rushed to de-risk amid recession fears. Longer-term, the weaponization of trade and financial systems could accelerate the shift toward neutral settlement rails. Bitcoin stands to benefit structurally, positioning itself as a macro hedge in a world where tariffs and financial infrastructure become political weapons.
The News Room
Solana slides under $100 amid global trade tensions and on-chain activity slump
Solana's (SOL) price has dropped below the $100 mark, reaching a 14-month low, amid escalating global trade tensions that have unsettled investors. In the past 24 hours, SOL declined over 15%, briefly hitting $96 before recovering to around $101. This downturn coincides with a significant decrease in Solana's on-chain activity; key metrics such as average fees, stablecoin transfer volumes, and decentralized exchange (DEX) trading activity have all seen notable declines. Despite this, institutional interest appears to be growing, with the Chicago Mercantile Exchange (CME) introducing SOL futures contracts and PayPal expanding its crypto offerings to include Solana.
Bitcoin dominance could reach 70% as financial uncertainty grows
Arthur Hayes, co-founder of BitMEX, predicts that Bitcoin's market dominance could rise to 70% amid escalating global financial uncertainties. He attributes this potential increase to investors' preference for Bitcoin as a safer asset over altcoins, especially as the Federal Reserve may resort to additional monetary easing to address economic challenges. Currently, Bitcoin's market share stands at approximately 63%, marking its highest level in over four years. Hayes suggests that diminishing confidence in traditional financial systems could further drive Bitcoin's prominence in the cryptocurrency market.
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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.
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.
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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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