Trump tariffs tank markets: Crypto hit!

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STABLE Act clears House Committee, sets stage for crypto legislation showdown

Key points:

• The U.S. House Financial Services Committee passed the STABLE Act in a 32-17 vote, advancing it to a full House floor vote.

• The bill lays down a regulatory framework for payment stablecoins, drawing both bipartisan support and criticism over Trump-related conflicts.

News - The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, aimed at creating federal guidelines for stablecoin issuance, cleared the U.S. House Financial Services Committee on April 2 with a 32-17 vote. While the bill received bipartisan support—six Democrats voted in favor—debate around the legislation was charged, particularly over concerns about potential conflicts of interest tied to President Trump.

Introduced by Chair French Hill and Rep. Bryan Steil, the bill would require 1:1 reserve backing, monthly audits, and strict AML compliance from stablecoin issuers. It was reportedly developed with input from Tether, the issuer of USDT, the world’s largest stablecoin.

Political tensions and Trump ties - Democratic lawmakers raised alarms over the bill’s potential to benefit World Liberty Financial USD (USD1), the newly launched Trump-backed stablecoin. Rep. Maxine Waters warned the legislation could “enrich insiders at the expense of everyone else,” while Rep. Stephen Lynch flagged Trump’s dual role as issuer and regulator.

Despite these objections, Republicans rejected amendments aimed at mitigating conflicts of interest. “We don’t discriminate on entrepreneurs,” said Hill, arguing that the bill is about setting guardrails for innovation, not roadblocks.

What’s next? - The STABLE Act now heads to the full House for a vote. It follows the Senate’s advancement of the similar GENIUS Act, which passed 18-6 in March. Lawmakers are reportedly working behind the scenes to align the two bills and avoid a lengthy reconciliation process.

With traditional finance giants like Bank of America and SMBC preparing for stablecoin rollouts and states like Wyoming planning their own tokens, the race to regulate stablecoins is officially on.

Trump’s pick for SEC Chair clears committee, crypto reforms loom

Key points:

• Paul Atkins passed a Senate Banking Committee vote 13–11, advancing his nomination to become SEC Chair to a full Senate vote.

• Atkins is expected to drive crypto-friendly reforms, replacing Gary Gensler’s enforcement-heavy approach.

News - In a closely contested 13–11 party-line vote on April 3, the U.S. Senate Banking Committee approved Paul Atkins, President Donald Trump’s pick for the next Chair of the Securities and Exchange Commission (SEC). Atkins is now set for a full Senate vote, where his confirmation appears likely given the Republican majority.

Atkins previously served as an SEC commissioner under President George W. Bush and is widely seen as an advocate for pro-market, pro-innovation policies. With his confirmation, the SEC is expected to pivot toward more crypto-friendly regulations and away from the litigious tone set by former Chair Gary Gensler.

Committee Chair Tim Scott (R-SC) praised Atkins as a leader who will “promote capital formation and provide much-needed clarity for digital assets.” Meanwhile, Democratic Senator Elizabeth Warren lambasted the nomination, warning Atkins’ history “weakened the rules and helped undermine” the financial system’s safety.

What Atkins means for crypto - Trump’s administration has already begun rolling back Gensler-era SEC actions, especially those targeting crypto firms. Acting Chair Mark Uyeda and Commissioner Hester Peirce have dropped lawsuits against firms like Ripple and moved to exempt meme coins and crypto mining operations from certain securities laws.

If confirmed, Atkins is expected to formalize these deregulatory shifts—potentially reshaping how tokens, exchanges, and even stablecoins are governed in the U.S. This move could accelerate institutional adoption and startup innovation across the crypto space.

Growing scrutiny over conflicts - However, Democrats have raised red flags about regulatory capture, citing Trump’s family-backed crypto ventures, including stablecoin USD1 by World Liberty Financial. Reports that Trump’s “government efficiency” task force has access to SEC systems have only deepened concerns about oversight and impartiality at the agency.

Trump’s Tariffs rattle markets: Crypto dips, recession fears grow

Key points:

• Trump’s sweeping tariffs triggered sharp sell-offs in both crypto and stock markets.

• Bitcoin dropped as much as 8.5%, with recession concerns now front and center.

News - On April 2, President Donald Trump declared a national economic emergency and signed an executive order implementing a 10% minimum reciprocal tariff on all countries that tax U.S. goods—rising to 34% for China, 24% for Japan, and 20% for the European Union. Crypto and traditional markets immediately recoiled, with Bitcoin falling from a session high of $88,500 to nearly $83,000 and the total crypto market shedding over 5% in value.

Crypto, stocks tumble on shock tariff details - The broad tariff sweep caught markets off guard. While initial optimism surfaced—seen in BTC’s brief rally—prices quickly tanked once full details emerged. Ether fell over 6%, and the S&P 500 erased more than $2 trillion in market cap in a single session. The Crypto Fear & Greed Index sank to “extreme fear” territory.

Quant trader Charles Edwards warned of parallels to historic market crashes, pointing to weakening U.S. business expectations and predicting BTC could fall to $71,000 if macro pressure escalates.

Implications for mining and global liquidity - Bitcoin miners may be among the hardest hit. Tariffs on Asian-imported mining rigs could drive up hardware costs and squeeze offshore supply. “If this is coupled with a BTC run, we could see ASIC prices rip 5 to 10x like in 2021,” said Blockware’s Mitchell Askew.

Meanwhile, some investors, including BitMEX founder Arthur Hayes, see the chaos as a prelude to quantitative easing. “The Fed and banking system must step up… which means Brrrr,” he remarked, suggesting future money printing could be bullish for Bitcoin.

XRP wavers at $2 as RLUSD mint soars and bearish patterns flash

Key points:

• Over $100M worth of RLUSD stablecoins minted since April 1 after integration with Ripple Payments.

• XRP trades near key $2 support, with technicals flashing a potential 40–68% drop.

• On-chain metrics and tariffs add pressure, but bullish recovery scenarios remain possible.

News - Ripple’s stablecoin, RLUSD, is off to a fast start. Over $100 million worth has been minted since April 1, with $50 million issued on Tuesday and another $50 million on Wednesday. The momentum follows Ripple’s integration of RLUSD into its official Ripple Payments product, now supported by partners like BKK Forex and iSend.

Offered on both the XRP Ledger and Ethereum, RLUSD is fully backed 1:1 with USD cash reserves, Treasuries, and equivalents. A new clawback feature on the XRP Ledger allows issuers to retrieve tokens under specific conditions—boosting regulatory compliance and institutional confidence.

Technical warning: Topping out? - Despite the RLUSD traction, XRP's price action tells a different story. Currently hovering near $2, XRP is testing key support levels amid a descending triangle formation. A breakdown from this pattern could send prices tumbling—technical targets point to $1.21, or in a worst-case scenario, $0.62 (a 68% drop).

Market veteran Peter Brandt highlighted a potential head-and-shoulders pattern, which could halve XRP's price to $1.07. Meanwhile, the Relative Strength Index (RSI) at 38 and a bearish MACD suggest downward momentum persists.

On-chain indicators flash red - According to Glassnode and Santiment, XRP's long-term holders are accumulating, but history suggests this often precedes market stagnation. Meanwhile, network growth has slowed from 514 to just 42 new addresses, and active addresses have fallen 57% since January.

Ripple's ongoing token unlocks have also led to rising supply, further challenging XRP’s value retention.

The macro overhang - Global markets, including crypto, remain on edge following Trump’s sweeping “Liberation Day” tariffs, with XRP suffering nearly $4 million in liquidations in 24 hours. While some traders view this as priced in, others fear retaliatory escalation could worsen the sentiment.

If XRP holds above $2 and reclaims $2.50–$3.00, a recovery may be possible. But for now, the charts—and the market—are leaning cautious.

More stories from the crypto ecosystem

• Dogecoin – Can technicals and whales spark a 270% rally for its price?

• Ethereum falls to a 5-year low – Is inflation to blame?

• Solana: Assessing impact of $8.5M whale action on SOL prices

• 80% Shiba Inu supply now held by long-term investors – What this shift means

• Bitcoin price crashes: Breaking down how Trump’s tariffs upset BTC

Interesting facts

• BlackRock’s iShares Bitcoin Trust (IBIT) became the world’s largest Bitcoin fund in just five months, amassing over $20 billion in assets under management by May 2024. This rapid growth highlighted the surging institutional demand for regulated crypto exposure in traditional finance.

• Telegram’s crypto wallet now serves over 100 million users, following recent updates that introduced in-app trading and yield features. The wallet, built on The Open Network (TON), reflects Telegram’s growing role in mainstream crypto adoption across global messaging platforms.

• Nasdaq filed to list a Grayscale Avalanche ETF in March 2025, aiming to provide institutional exposure to AVAX. While no trades are being validated on Nasdaq infrastructure, the move signals deepening ties between blockchain assets and traditional financial markets.

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Top 3 coins of the day

DeXe (DEXE)

Key points:

• DEXE rebounded by over 4%, trading at $15.20 after a sharp drop, with signs of volatility still dominating the chart.

• The MACD displayed a potential bullish crossover, while the Bollinger Bands widened, indicating heightened price swings.

What you should know:

DEXE showed signs of recovery after a brutal sell-off earlier this week that wiped nearly 18% off its value. At press time, the token rebounded by 4.07% to trade around $15.20, although volatility remained high. The bounce came after prices tested the lower Bollinger Band, which typically acts as a support zone during sharp declines. The Bollinger Bands continued to widen, reflecting intensified market volatility following the sudden price drop. Moreover, the MACD histogram printed a light green bar for the second session in a row, with the MACD line nearing a bullish crossover above the signal line—a potential sign of shifting momentum. While buying pressure returned modestly, DEXE still traded below its mid-band (20-SMA), a key resistance zone to watch in the near term. Traders should monitor if bullish momentum sustains above this zone or if the earlier glitch-driven dip causes further instability.

Solana (SOL)

Key points:

• SOL dropped 3.01% to $113, staying below key moving averages and reflecting persistent bearish pressure.

• The RSI hovered near the oversold zone at 35, indicating weakened buying momentum and increased downside risk.

What you should know:

Solana extended its decline as bears maintained dominance, dragging the token down by over 3% to $113.88. With price action dipping below both the 20-day and 50-day moving averages, the overall structure remained bearish, suggesting that a strong recovery would require significant momentum shifts. The RSI hovered around 35, inching closer to the oversold threshold, while volume remained moderate—signaling that neither bulls nor bears had full control. Despite hopes of a 30% recovery post-correction as per some recent reports, the current setup paints a cautious picture. Unless SOL reclaims the $120 level with a decisive breakout and volume surge, further downside could remain on the table. Traders should watch for any divergence in RSI or a change in moving average slope to gauge potential reversal points.

Ethereum (ETH)

Key points:

• ETH dropped to $1,769, extending its bearish streak with a 1.36% daily loss.

• The Awesome Oscillator sustained red bars, while the 20-50 MA crossover indicated prolonged bearish control.

What you should know:

Ethereum continued its downward trajectory, falling by 1.36% to $1,769 at press time. Despite approaching a historically strong support zone, the asset showed no clear reversal signs, with both price action and indicators reflecting ongoing bearish sentiment. The Awesome Oscillator printed consistent red bars, hinting at negative momentum. Meanwhile, the 20-day moving average remained firmly below the 50-day moving average, affirming the presence of a bearish trend. Even with ETH testing its major support level, pro traders appeared hesitant to re-enter the market, as reflected in subdued volume activity. Unless ETH reclaims the 20-day MA as immediate support, the downtrend may persist. However, should bullish momentum pick up near this psychological level, it may offer the first signs of a relief rally.