This week, the crypto world was shaped by escalating global market turmoil, major institutional moves, and a wave of changes across the NFT sector. President Trump’s newly announced tariffs rattled both traditional and digital markets, pulling Bitcoin and equities lower amid renewed recession fears. Meanwhile, stablecoin issuer Circle took a major step toward public listing, underscoring the ongoing efforts of crypto-native firms to integrate into traditional finance.

The top story was the impact of President Trump’s ‘Liberation Day’ tariffs, a sweeping set of measures imposing new duties on countries that currently levy tariffs on American goods. Under the executive order, the United States will apply a minimum 10% tariff on imports from these countries, with the potential for higher rates depending on specific cases. Trump framed the policy as a move to restore “fairness” in trade, but financial markets reacted swiftly, with equities sliding and Bitcoin following suit. Analysts noted that Bitcoin’s decline alongside traditional markets highlights its current role as a risk asset, rather than a safe haven during periods of economic stress. Further developments on trade policy could continue to drive volatility in crypto markets in the coming weeks.

In institutional news, Circle officially filed for an initial public offering (IPO), planning to list as early as April. As the issuer of the second-largest stablecoin, USDC, Circle’s public market debut is a significant milestone for the crypto industry. A successful IPO would give traditional investors greater exposure to crypto infrastructure and could further legitimise stablecoins as a critical part of the financial system. Circle’s move comes alongside other signs of institutional growth, including GameStop’s announcement that it completed a $1.5 billion capital raise to add Bitcoin to its balance sheet, and Grayscale’s filing for a Digital Large Cap ETF. The proposed fund would offer exposure to a basket of leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and Cardano (ADA). Together, these developments point to a steady deepening of crypto’s presence in mainstream finance.

On the regulatory front, U.S. lawmakers advanced a bill designed to block the Federal Reserve from issuing a central bank digital currency (CBDC). The bill reflects growing political concerns over the privacy implications of government-issued digital money. In Japan, financial regulators stated that they have no immediate plans to legally classify cryptocurrencies as financial products. This decision provides temporary regulatory certainty for crypto businesses in Japan, although future classification debates are likely as adoption continues to rise.

The Web3 and decentralised applications sector also saw significant change. NFT marketplace X2Y2 announced it would shut down after three years of operation, pivoting toward artificial intelligence initiatives instead. Citing a sustained decline in trading volumes, the team acknowledged shifting market dynamics as the reason for the closure. Crypto exchange Bybit similarly announced plans to close its NFT marketplace, highlighting broader struggles across the NFT industry. These exits suggest a continued consolidation phase in the NFT market as user interest contracts and platforms reassess their strategies.

As the week draws to a close, crypto markets remain sensitive to broader economic pressures, but institutional activity shows no sign of slowing. Circle’s IPO filing signals that key players are still investing in long-term growth, even as near-term volatility persists. With global trade tensions rising and Web3 platforms recalibrating, the months ahead will be crucial in determining how the industry adapts to a changing economic and regulatory environment.

More news stories circulating the block: 

• Tether adds 8,888 Bitcoin to its reserves in Q1 2025

• Strategy boosts its Bitcoin holdings with a nearly $2 billion purchase

• Metaplanet adds $67 million in Bitcoin

• VanEck files to register a Delaware trust for a spot BNB ETF

• Coinbase posts its weakest quarter since 2022

• Binance to phase out Tether (USDT) trading pairs in Europe

• FDUSD stablecoin depegs after insolvency rumours emerge

• Trump pardons three co-founders of BitMEX

• Nasdaq seeks SEC approval to convert Grayscale’s Avalanche Trust into a spot ETF