The cryptocurrency market fell by 1.40% in the last 24 hours to $2.68 trillion, as market sentiment quickly changed after macroeconomic announcements and volatility of stablecoins. Despite the decline in value, overall trading activity increased, and the total 24-hour market volume rose by 65.41% to $129.81 billion.
Stablecoins dominated the market, accounting for 96.86% of the total volume ($125.74 billion), while DeFi protocols contributed to a turnover of $7.74 billion. Bitcoin's dominance slightly increased to 61.87%, and the Cryptocurrency Fear and Greed Index fell to the 'Extreme Fear' level of 25, compared to yesterday's score of 44.
Circle, the issuer of USDC, filed a long-awaited IPO application on April 1 under the symbol 'CRCL.' The company reported revenue of $1.67 billion in 2024, reflecting a year-on-year increase of 16%, although its net profit fell by nearly 42% to $155.6 million. Over 99% of its income came from profitable treasury bonds supporting its stablecoin.
The immediate market reaction to the new tariffs announced on April 2 by President Donald Trump was negative, with US stock index futures falling by 2% to 3.3%. The price of Bitcoin was volatile, initially rising during the announcement but later dropping to around $86,000, and then to $83,000 on Thursday morning. Analysts have differing opinions on the long-term impact of these tariffs on the cryptocurrency market. Some suggest that while short-term pressures may lead to market instability, the weakening of the US dollar due to trade tensions could make cryptocurrencies like Bitcoin attractive alternative assets. On the other hand, increased economic uncertainty may drive investors towards traditional safe assets.
Materials sourced from third-party sites are for informational purposes only.
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