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Risk assets saw a notable decline this morning after President Trump escalated trade tensions by imposing a 25% tariff on imports from Canada and Mexico, while also increasing punitive tariffs on China to 20%. These actions could have far-reaching global implications, potentially fueling inflation and straining consumer purchasing power. Retaliatory measures from the affected countries are already in motion, and markets responded with a sharp sell-off in the wake of Trump's announcement.
On the cryptocurrency front, the president wasted no time advancing his digital asset agenda. He signed an executive order establishing a digital assets working group, pardoned Silk Road founder Ross Ulbricht, and pressured the SEC to drop several high-profile lawsuits targeting major players like Coinbase, Uniswap, Robinhood, and ConsenSys.
Bitcoin has retraced approximately 15% since its Sunday evening rally, closing the CME gap at the 85,000 level. Both long and short positions have been liquidated, adding to the overall market uncertainty. Ethereum is also showing signs of weakness, with liquidation risks mounting around the $350 million mark between the $1,790 and $1,930 levels. The broader U.S. economic slowdown, driven by fiscal cuts and trade uncertainty, is exerting pressure on risk assets, including cryptocurrencies.
Traders and investors are expected to focus on the upcoming White House Crypto Summit this Friday, which will likely provide further clarity on the administration's stance on digital assets and its broader support for the industry.
The News Room
Nasdaq files 19b-4 with SEC to list Grayscale's proposed Hedera ETF
Nasdaq filed a 19b-4 with the SEC on Monday to list Grayscale's proposed spot Hedera ETF, marking a key step in the approval process. Bloomberg ETF analyst Eric Balchunas recently said Hedera and Litecoin ETFs have the strongest odds of approval. The filing follows a similar submission for Canary Capital’s HBAR ETF last week, as issuers push for altcoin ETFs under the crypto-friendly SEC.
Israel releases preliminary CBDC design for digital shekel
The Bank of Israel has released a preliminary design for a digital shekel (CBDC), outlining its technical framework, regulatory considerations, and potential benefits. While no official launch is planned, the central bank envisions a system where it issues the digital currency while private firms assist with user onboarding and financial services. Key features include offline functionality, interoperability with other payment systems, and instant settlements. Israel is now seeking public and industry feedback on the design until April 30, 2025, with a final decision on the digital shekel expected after 2026.
IMF Deal Bars El Salvador's Public Sector from Accumulating Bitcoin
The International Monetary Fund (IMF) has imposed new restrictions on El Salvador's Bitcoin purchases as part of its $1.4 billion extended funding arrangement. A technical memorandum issued on March 3 specifies that the country's public sector cannot voluntarily accumulate Bitcoin or issue Bitcoin-backed debt or tokenized instruments. The IMF's executive director for El Salvador, Méndez Bertolo, stated that Bitcoin-related risks are being mitigated, with amendments to El Salvador’s Bitcoin Law clarifying its legal status and limiting its public sector role. Despite the IMF’s stance, President Nayib Bukele continues to acquire Bitcoin, recently increasing the country’s holdings to 6,100 BTC.
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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.
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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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