Weekly Update: 11th of April
What happened between the 4th and the 11th of April?
- The market is experiencing significant volatility due to the trade war initiated by President Trump's import tariffs. Read more
- Ripple is acquiring Hidden Road for $1.25 billion to strengthen its position in traditional financial markets. Read more
- Paul Atkins has been appointed as the chairman of the SEC, potentially leading to clearer regulations for the digital assets market. Read more
Trade war has significant impact on the digital assets market
The news this past week has been dominated by the trade war that erupted after President Donald Trump imposed import tariffs on nearly all countries the U.S. trades with. These measures have led to retaliatory actions from affected nations, causing volatility in financial markets, including the digital assets market. For instance, Bitcoin dropped to a low of approximately $74,500, with altcoins experiencing similar or more severe declines.
As pressure increased on financial markets, particularly the U.S. treasury market, Trump announced on April 9 a 90-day pause on the additional tariffs for countries willing to negotiate. This led to a swift market recovery, with the stock market experiencing one of its best days ever. The entire digital assets market saw a recovery of about 12.5% from its lowest to highest point that day. Nevertheless, the market remains cautious, awaiting further developments in the trade war in the coming days.
Ripple acquires prime broker Hidden Road
Ripple, the company behind the digital asset XRP, has announced its acquisition of multi-asset prime broker Hidden Road for $1.25 billion. This strategic acquisition, one of the largest in the digital assets sector to date, enables Ripple to combine its digital assets operations with the services of a multi-asset prime broker, thereby expanding its reach in the traditional financial sector. CEO Brad Garlinghouse emphasized that the U.S. market is now effectively open due to the removal of previous regulatory barriers, and that the market is maturing to meet the needs of traditional institutions. The acquisition is still subject to regulatory approval and is expected to be finalized in the coming months.
Paul Atkins officially appointed as SEC Chairman
On April 10, 2025, the U.S. Senate confirmed the appointment of Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC) with a 52-44 vote. Atkins, a former SEC commissioner, is known for his support of clear regulations for the digital assets market and his criticism of the previous administration's approach.
His appointment comes at a time when the SEC is facing significant challenges, including staffing shortages and market volatility. Atkins' leadership is seen as a signal for the possible introduction of specific regulations for the digital assets market, potentially filling a longstanding regulatory gap.
In other digital assets news
- SEC approves options trading on Ether spot ETF.
- Crypto exchange Kraken partners with Mastercard to launch a crypto debit card in Europe.
- Michael Saylor’s Strategy announces a temporary halt to Bitcoin purchases.
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