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Dubai, UAE, April 3rd, 2025, Chainwire

Gold prices have shattered previous records, exceeding $3,100 per ounce, reinforcing their position as a vital safe-haven asset in an increasingly volatile global landscape. Bybit, the world’s second-largest cryptocurrency exchange by trading volume, recognizes this critical market dynamic and reaffirms its commitment to providing the cryptocurrency community with seamless access to diverse financial opportunities. As the first crypto exchange to facilitate gold trading with USDT, Bybit empowers traders to capitalize on these exceptional market movements.

Shunyet Jan, Head of Derivatives and Institutions at Bybit, forecasts continued bullish momentum for gold, citing several key factors:

 Strategic Central Bank Accumulation:

• Asian central banks are actively diversifying their reserves, significantly increasing gold holdings while reducing reliance on the US dollar. This strategic shift creates sustained demand and exerts upward pressure on gold prices. Many nations are driven by the desire to reduce dependency on the US dollar, and to have more diversified reserve assets.

Persistent Geopolitical Instability:

• The anticipated implementation of new tariffs under the Trump administration introduces significant geopolitical uncertainty. These tensions, coupled with existing global conflicts, are expected to persist, driving investors towards the stability of gold.
• The uncertainty surrounding the global trade situation will cause market volatility, which in turn will increase the demand for safe haven assets.

Gold as a Reliable Inflation Hedge:

• Gold’s established role as an inflation hedge remains crucial, particularly as concerns about rising prices intensify. Unlike cryptocurrencies like Bitcoin, which have demonstrated increased correlation with broader market trends, gold maintains its inverse relationship with inflationary pressures.
• Because of the possibility of rising inflation caused by the new tariffs, and other worldwide economic factors, investors are moving to gold to protect their assets.

Bybit’s proactive approach to market trends led to the introduction of Gold & FX Trading in August 2024, followed by the launch of Copy Trading for Gold & FX in January 2025. These initiatives have democratized access to traditional financial markets, catering to traders of all experience levels. Highlighting the platform’s popularity, Bybit saw a remarkable $10 billion in gold trading volume yesterday alone.

Additionally, Bybit will launch XAUTUSDT perpetual contracts today, providing traders with even more opportunities to engage with gold markets in a crypto-native environment.

“Bybit’s strategic integration of Gold & FX trading, combined with our innovative Copy Trading, demonstrates our commitment to empowering traders with diverse and accessible opportunities,” added Shunyet Jan.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: [email protected]

For updates, please follow: Bybit’s Communities and Social Media

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Contact

Head of PR
Tony Au
Bybit
[email protected]

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President Donald Trump announced today a sweeping new tariff policy that will impose a minimum 10% levy on nearly all goods entering the United States, effective April 5.

The policy excludes Canada and Mexico, with both countries exempt from the 10% baseline tariff and reciprocal levies for now.

However, non-compliant goods from those nations will continue to face a 25% tariff, originally imposed on the grounds that they were failing to curb the flow of drugs and crime into the United States. The 10% tariff would only apply if the current 25% duties on Canadian and Mexican imports are lifted or suspended.

In addition to the general import levies, the plan also imposes a separate 25% tariff on all foreign-made automobiles, which takes effect at midnight ET.

Building on that, the administration is also implementing “reciprocal” tariffs on approximately 60 nations, calculated at half their current total trade barriers on US exports.

Among the major US trade partners impacted, China will face a 34% tariff, the EU 20%, Vietnam 46%, Japan 24%, India 26%, Taiwan 32%, Indonesia 32%, and Brazil 10%. These country-specific rates take effect April 9.

“This is not full reciprocal. This is kind reciprocal,” Trump said.

Trump declared a national emergency linked to the US trade deficit, which exceeded $918 billion in 2024, invoking the International Emergency Economic Powers Act to authorize the measures.

“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said from the White House Rose Garden. “I blame former presidents and past leaders who weren’t doing their job. They let it happen — to an extent that nobody can even believe,” he added.

The administration projects that the tariffs will generate hundreds of billions in new revenue and boost domestic industry.

Trump said the plan aims to open foreign markets, dismantle trade barriers, and increase production at home, which he believes will lead to stronger competition and lower prices for consumers.

Markets reacted swiftly to the announcement: Bitcoin briefly surged to $88,000 before settling at $84,500, the 10-year US Treasury yield declined, and futures tied to major US indexes fell sharply.

S&P 500 futures dropped 1.9%, while Nasdaq 100 futures slid 2.7% as investors absorbed the full scope of Trump’s sweeping trade action.

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Bhutan’s government transferred $32 million worth of Bitcoin to a new wallet today, its second crypto movement in two weeks, according to data from Arkham Intelligence.

The transfer follows last week’s movement of $63 million in Bitcoin to three separate wallets. Druk Holdings, the government’s investment arm, maintains holdings of approximately 8,594 Bitcoin, valued at $729 million at current prices.

Druk Holdings’ portfolio extends beyond Bitcoin to include Ether, LinqAI, Phil, and Apu Apustaja tokens.

While crypto is not legal tender in Bhutan, the country has been mining Bitcoin using hydroelectric resources since 2019, building crypto wealth equivalent to 30.7% of its GDP.

In January, Bhutan’s newly established Gelephu Mindfulness City Special Administration Region announced plans to include Bitcoin, Ether, and BNB in its strategic reserves. The initiative, announced under the Application of Laws Act 2024, aims to enhance the region’s digital asset ecosystem within a regulated framework.

Crypto markets brace for volatility ahead of Trump’s tariff announcement

The Bitcoin transfer comes as markets prepare for potential volatility ahead of President Donald Trump’s “Liberation Day” tariff announcement. The White House confirmed the tariffs will take effect immediately upon announcement.

Agne Linge, Head of Growth at WeFi, cautioned that the growing link between digital and traditional markets amplifies crypto’s vulnerability to macroeconomic changes, especially when investors become risk-averse.

“The recent downturn in the S&P 500, hitting a new low, serves as a strong signal that global markets are facing heightened uncertainty, which in turn is putting pressure on risk assets, including cryptocurrencies,” Linge noted in a statement.

According to Linge, economic volatility indicators have surged past historical benchmarks, surpassing peaks from both the 2008 financial crisis and the early 2020 pandemic.

“This surge in uncertainty highlights the growing concern about the stability of the global economy, particularly as inflationary pressures remain persistent,” Linge added.

Trump’s tariffs are expected to fuel inflation, which could lead to higher interest rates. This environment might initially be unfavorable for Bitcoin, as investors seek safe assets.

Bitcoin was trading above $84,000 at press time, per CoinGecko.

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US President Donald Trump’s son, Eric Trump, has reiterated his embrace of Bitcoin, calling it an excellent store of value and a strong hedge against real estate, an asset class he is deeply familiar with due to his background in construction and property development.

“I truly believe that Bitcoin is one of the greatest stores of value, immediately liquid, an unbelievable hedge against real estate,” Trump said in an interview with FOX Business Network (FBN) on Tuesday.

Trump also explained that he became interested in crypto after widespread banking cancellations targeting Trump’s family accounts without justifiable reasons.

According to him, these actions were politically motivated and part of a larger movement to target conservatives.

“I never thought I’d fall into the world of crypto until every bank started cancelling us for absolutely no reason whatsoever other than the fact that my father was in politics,” Trump said.

The experience led him to appreciate Bitcoin’s decentralized nature, which makes it resistant to censorship.

The Trump Organization executive is now involved in crypto ventures, including World Liberty Financial (WLFI) and American Bitcoin. American Bitcoin, the Bitcoin mining venture backed by Trump’s sons and Hut 8, just launched yesterday.

“American Bitcoin. I think it’s going to be one of the great companies out there. So I truly believe in it,” he said.

Discussing the DeFi venture, Trump expressed confidence in its future success, stating, “It’s doing phenomenally well.” Last week, WLFI announced the launch of its stablecoin, USD1. The announcement came after the team successfully raised over $550 million through token sales.

Regarding crypto regulations, Trump stressed the need for clearer guidelines in the industry, noting that “everybody wants guidelines” and that the US needs to maintain leadership in the space.

“When we look out 10 years in this country, the nature of finance, the nature of banking is going to be very, very different than it is today,” Trump said, adding that blockchain technology can execute banking functions “better, cheaper, more efficiently, faster” than traditional institutions.

Trump also expressed support for US stablecoins, citing a study showing low European interest in euro-based stablecoins. “I really actually think that US stablecoin saves the dollar in a very big way,” he said.

Trump recently joined Metaplanet’s Strategic Board of Advisors. The appointment was seen as part of the company’s ongoing efforts to become a leading entity in the Bitcoin economy.

Not just Bitcoin, Trump’s son is also bullish on Ethereum. In an X post in February, he encouraged investors to accumulate more Ether.

The token is currently trading at around $1,900, down nearly 30% since his post.

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Several altcoins experienced sharp price drops on Binance on Tuesday, with Act I: The AI Prophecy (ACT) plunging 50% from $0.18 to $0.083 within minutes.

DeXe (DEXE) fell 38% to $11, while dForce (DF) declined 19% to $0.06.

Other affected tokens include Bananas For Scale (BANANAS31), LUMIA (LUMIA), QuickSwap (QUICK), and 1000CHEEMS.

The recent sharp drops in these altcoins are still unexplained. Community speculation has pointed towards Wintermute as a possible factor.

Everyone talking about the Wintermute situation, and no, it’s not an April fools joke.

Lots of theories out there, but @danielesesta 👏 explanation seems the most logical:

Wintermute was working with USD1 ( a stablecoin by World Liberty Financial). Since this is a major deal,… pic.twitter.com/NRwpbXB38z

— is_a_force (@OnyshchukInvest) April 1, 2025

This isn’t an April 1 joke.

Wintermute is pouring assets off their balance sheet where they were acting as MM. Either their wallets have been hacked, or – I have no other explanation yet.

Some very strange things are happening. ACT folded 2x in minutes, +-10 assets are… pic.twitter.com/Bqc3Hhl8KS

— Depression (@0xDepressionn) April 1, 2025

However, Wintermute CEO Evgeny Gaevoy has refuted these claims, adding that he, too, is curious about the cause of the downturn.

Not us fwiw, but also curious about that post mortem😅

— wishfulcynic (@EvgenyGaevoy) April 1, 2025

Wintermute was recently involved in test transactions related to USD1, a stablecoin launched by World Liberty Financial (WLFI) and backed by the Trump family.

Market observers suggest the drops might be linked to Binance’s recent position limit adjustments.

The changes require traders to maintain higher margin levels for the same position sizes. For instance, positions that previously required $1 million in margin to hold a $5 million position now need additional margin to avoid automatic liquidation.

Some speculate that market makers may have failed to meet the new margin requirements, leading to forced liquidations in low-liquidity markets.

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The US Department of the Treasury and other federal agencies are anticipated to disclose their holdings of Bitcoin and other crypto assets on April 5, in line with President Trump’s recent directive.

Whether XRP, Solana, and Cardano—the digital assets that the president previously mentioned—will be included in the national digital asset stockpile will also be clarified soon.

On March 6, Trump issued an executive order forming a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

According to a presidential document published on March 11, all federal agencies must report their holdings of Bitcoin and other digital assets to the Treasury Secretary within 30 days of the order.

The Treasury Secretary is also directed to establish two offices to manage government-held digital assets. The Strategic Bitcoin Reserve will hold Bitcoin acquired through criminal or civil forfeiture and will not sell Bitcoin, positioning it as a “digital Fort Knox” for long-term value storage.

David Bailey, CEO of BTC Inc, suggested that the audit results could shed light on Bitcoin’s recent price movements.

Despite the announcement of a strategic Bitcoin reserve, Bitcoin volatility remained high and its price continued to decline, mainly driven by trade war and recession concerns. Since the establishment of the reserve, Bitcoin’s price has fallen approximately 10%, dropping from over $92,000 to $82,000.

“Depending on what we learn, might answer many of the open questions about the recent price action,” said Bailey.

According to data tracked by Arkham Intelligence, the US government currently holds 198,012 BTC worth around $16 billion.

David Sacks, the White House’s crypto czar, said that the government previously held approximately 400,000 Bitcoin through civil and criminal asset forfeitures over the past decade.

However, about half of this amount—195,000 BTC—was sold, generating $366 million in proceeds. If the government had retained all 400,000 BTC, its value today would exceed $17 billion.

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Coinbase (COIN) stock took a hit this quarter, falling by around 31%. It represents its worst performance since the FTX meltdown in late 2022, according to Yahoo Finance data.

The drop mirrors the struggles of Bitcoin, which is set to close one of its weakest quarters with an 11% year-to-date loss, despite a 16% gain over the past year, according to TradingView.

Bitcoin-tied stocks like Coinbase often move in lockstep with Bitcoin’s price, a correlation evident when the leading crypto stumbles.

For Coinbase, exposure to altcoins like Ether—hit harder than Bitcoin—has amplified its losses, given that its revenue is tied to trading volumes across multiple tokens.

Ether has crashed 45% so far this year, now hovering around $1,800.

The pain extended beyond Coinbase; Bitcoin miners also faced sharp declines this quarter.

MARA Holdings (MARA) shed 31%, Riot Platforms (RIOT) fell over 30%, and Core Scientific (CORZ) plummeted 48%. Meanwhile, CleanSpark (CLSK) lost 27%, while Hut 8 (HUT) slumped 43%.

Strategy (MSTR), heavily invested in Bitcoin, saw a modest dip.

In contrast, Robinhood Markets (HOOD) defied the gloom, soaring nearly 12%.

Analysts warn that worse may be ahead as President Trump’s “Liberation Day” looms on April 2, when aggressive tariffs are set to take effect.

Investor sentiment is still weighed down by macro concerns, despite the crypto industry’s legislative headway in Washington. Tariffs, potential trade wars, and recession fears are driving a retreat from riskier assets.

“Since the US Presidential inauguration, the outlook of Bitcoin has changed from a trusted hedge against inflation to a more risk-on asset with a longer-term high growth prospect,” said Innokenty Isers, Chief Executive Officer at Paybis, in a recent comment.

According to Isers, Bitcoin might not be the preferred inflation hedge for risk-averse investors in the current economic climate.

He suggested that the ongoing trade war and the potential for rising inflation could reduce the amount of money allocated to Bitcoin as a safe-haven asset.

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