Weekly Web3 Research | The Market Continued to Fluctuate Due to External Influences

Weekly Trend Overview

This week, external factors greatly affected the crypto market. The US tariff issue caused a sharp drop in the mainstream capital market, but subsequent additional announcements pushed the market, including the US stock market and the crypto market, back up. Although the mainstream coins fluctuated significantly, the overall market still showed considerable resilience.

Most mainstream coins in the market showed a fluctuating downward trend this week. Due to the impact of the tariff issue, the crypto market fluctuated and fell significantly. The subsequent adjustment statement brought a short-term rebound, but the overall market trend for the week is still downward. In the short term, the market will usher in a key turning point after the tariff issue is finally determined.

In general, the market has experienced a sharp short-term decline since this week’s opening. All major coins have fallen to recent lows, showing a general decline. However, with the influence of external news factors, the market has rebounded after the mid-week period, but the relevant external factors are still complex. The market as a whole has entered a clear downward channel again, and there is a possibility of further decline in the future.

The price fluctuation of BTC was very obvious this week. After the recovery, the price has fallen again to around $79,500. The subsequent trend will most likely continue to be greatly affected by external factors and will mainly follow the mainstream market trend.

ETH’s weekly price trend is consistent with BTC and shows a short-term downward trend. The weekly high price is around $1,680, and the weekly low price fell to around $1,418. It has now entered a clear downward channel again.

This week, the price trend of key mainstream coins was mainly fluctuating downward. The overall market cap of the current crypto market has declined, reaching around $2.53 trillion, a drop of about 3.55% in 24 hours. The current price of BTC is around $79,518. The current price of ETH remains around $1,516.

This week, the overall crypto market was in a volatile downward channel, with most mainstream coins showing a downward trend, and a few prices rising. The top coin with the largest increase was XCN, which reached about 90% in a week, mainly because the coin responded to Trump’s tariff policy more actively, causing the coin price to rise significantly in the short term.

The overall crypto market is expected to continue fluctuating this weekend, and it is likely to maintain rapid rises and falls within a certain range. The rises and falls of major coins will depend more on the impact of external news factors.

Crypto Market

🔥Cloverpool data shows that the difficulty of Bitcoin mining has been adjusted at block height 891,072 (21:50:26 Beijing time on April 5), with the difficulty increased by 6.81% to 121.51T, a record high.

🔥According to Eleanor Terrett, White House officials revealed that federal agencies must report their crypto holdings to Treasury Secretary Scott Bessent by April 7, Eastern Time. However, the utive order only requires the report to be submitted to Bessent and does not force the audit results to be made public. It is unclear whether or when this information will be made public.

🔥Crypto analyst Miles Deutscher tweeted in support of Bitcoin, firmly believing that Bitcoin will hit a new ATH between the third quarter of this year and the first quarter of 2026.

🔥According to CoinDesk, Bitcoin has remained stable recently amid the tariff-induced turmoil in the U.S. stock market, making market participants excited about the potential of this cryptocurrency as a safe-haven asset, but the possibility of a sharp decline cannot be ruled out in the short term, especially the “U.S. Treasury market basis trading” is at risk due to the increased volatility in bond prices.

🔥Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform that the Bitcoin bull market cycle has ended.

🔥Robert Kiyosaki, author of “Rich Dad Poor Dad”, recently posted on social media that the global economic crisis is no longer a future threat, but a real problem.

🔥According to Bitcoin Magazine, GameStop’s Bitcoin investment plan is named “Project Rocket”. Earlier news said that on April 2, GameStop (GME) may be about to start or has started buying Bitcoin (BTC) after completing the issuance of $1.3 billion in five-year convertible bonds.

🔥According to Bitcoin Laws, a resolution proposed by the Democratic Party in the Georgia House of Representatives recommends that the state Department of Education introduce educational content on “blockchain, cryptocurrency, and Web3“ into the K-12 (kindergarten to 12th grade) curriculum.

🔥Arthur Hayes tweeted that Bitcoin holders must learn to embrace tariff policies. Perhaps Bitcoin has finally broken its association with Nasdaq and become the purest “smoke alarm” for fiat currency liquidity.

🔥 According to Decrypt, Tether CEO Paolo Ardoino said he does not mind USDT being banned in the United States due to new regulations. Tether is actively considering creating a new stablecoin registered in the United States and will comply with the upcoming US stablecoin law.

🔥Bitcoin plunged 10% in 24 hours this week as US President Trump’s trade war impacted global markets.

🔥The Trump family’s crypto project World Liberty Financial released a governance proposal, planning to airdrop a small amount of stablecoin USD1 to all $WLFI holders through the on-chain to test its airdrop function and thank early supporters.

🔥According to Bitcoin.com, Jack Dorsey, CEO of Bitcoin technology company Block, said in Presidio Bitcoin’s “21 in 21” podcast that Bitcoin may fail despite its development to this day because it may lose the relevance of solving the problems it was originally designed for.

🔥Galaxy Digital announced that it has obtained approval from the U.S. Securities and Exchange Commission (SEC) for its S-4 registration statement, marking a critical stage in the process of moving its registered place from the Cayman Islands to Delaware, the United States, and planning to list on the Nasdaq.

🔥According to CoinDesk, as the crypto market began to pull back days after the traditional financial market responded to President Trump’s tariff policy, Bitcoin plummeted to a five-month low of $74,500, a cumulative drop of one-third from its all-time high on January 20.

🔥Crypto analyst Eugene said that he first bought spot BTC when the BTC price was close to $75k, which was his first operation since liquidating his major holdings in January.

🔥Broad-based tariffs imposed by the Trump administration could cause demand for Bitcoin mining machines in the United States to collapse, which would benefit mining operations outside the United States as manufacturers would look for markets outside the United States to sell their excess inventory at cheaper prices.

🔥According to The Block, although the recent tariffs imposed by US President Trump have caused severe turbulence in both cryptocurrency and traditional markets, analysts at Bernstein pointed out that “Bitcoin’s resilience is amazing.”

🔥Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said at a panel discussion at Paris Blockchain Week that they expect a major shift in the banking industry’s involvement in cryptocurrencies in the second half of this year.

🔥According to Fortune magazine, the U.S. Department of Justice notified employees on Monday evening that the agency is disbanding a unit dedicated to crypto-related investigations. In a four-page memo reviewed by Fortune magazine, U.S. Deputy Attorney General Todd Blanche announced the decision, saying: “The Department of Justice is not a digital asset regulator. However, the previous administration used the Department of Justice to implement a strategy of reckless regulation through prosecution.”

🔥Bernstein analysts believe that Bitcoin’s current decline is more resilient than previous declines during crises. Analysts cited historical data to point out that in previous crises (such as market panic caused by the COVID-19 epidemic, interest rate shocks, etc.), Bitcoin has experienced a 50% to 70% decline. “The current price trend (down 26%) shows that Bitcoin demand comes from more resilient capital.

🔥Strategy disclosed in the “Business Risks” of the 8-K document submitted to the SEC that the company faces significant financial pressure. If the market cap of Bitcoin drops significantly, it may be forced to sell Bitcoin at a price below cost to fulfill its obligations, and even face the risk of default, bankruptcy, or liquidation.

🔥According to CoinDesk, Standard Chartered Bank said in a report released on Tuesday that Ripple’s XRP token price may rise to $12.50 before US President Trump leaves office.

🔥According to Fortune magazine, crypto payments company Ripple has acquired prime brokerage firm Hidden Road for $1.25 billion in an effort to expand its services for institutional investors.

🔥According to Cryptoslate, well-known crypto lawyer James Murphy (@MetaLawMan) has filed a lawsuit against the U.S. Department of Homeland Security (DHS) based on the Freedom of Information Act (FOIA). A lawsuit has been filed against the U.S. Department of Homeland Security (DHS) based on the Freedom of Information Act (FOIA).

🔥According to the Straits Times, the crypto ownership rate in Singapore will reach 26% in 2024, up from 24.4% in the previous year. Generation Z and millennials (aged 16 to 44) are the main users, of whom about 40% hold crypto assets, and more than half use them for online shopping and bill payments.

🔥Analysts pointed out that Bitcoin has significantly reduced its risk as it enters the closing period, and nearly 80% of the cyclical price adjustments have been completed. As the market gradually stabilizes, Bitcoin may be about to end its current downward cycle, bringing a more stable outlook for investors.

🔥Farside Investors releases March 2025 Bitcoin mining production update: All major listed mining companies have released data. This is a record month since the Bitcoin halving, with a total of 3,648 Bitcoins mined.

🔥Bitcoin and other major cryptocurrencies fell on Wednesday after Trump took additional tariff measures, The Block reported.

🔥Ledn co-founder revealed that the cost of Bitcoin mortgage loans will be significantly reduced worldwide, aiming to enhance the competitiveness of the crypto lending market. This trend may drive more institutions and individuals to adopt BTC mortgage financing, while promoting the further integration of DeFi and traditional finance. The specific interest rate adjustment plan and implementation time have not yet been announced.

🔥According to CoinDesk, credit rating agency Moody’s pointed out in a report on Wednesday that although the tokenization of funds is booming, investors cannot ignore the serious risks associated with it.

🔥 According to Decrypt, cybersecurity company Kaspersky has discovered a new type of crypto-fraud malware that tampered with the wallet address in the clipboard.

Regulatory & Macro Policies

🔥According to TheBlock, Mark T. Uyeda, Acting Chairman of the U.S. Securities and Exchange Commission (SEC), instructed the agency’s staff on Saturday to review several previously issued staff statements on crypto investment and the applicable laws for digital asset securities. This instruction was issued in accordance with utive Order 14192 (entitled “Promoting Prosperity through Deregulation”) and responded to the recommendations of the Department of Government Efficiency (DOGE).

🔥The U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a statement on stablecoins, stating that under current regulations, certain types of crypto assets (i.e., “Covered Stablecoins”) are not securities, and persons involved in the process of “minting” and exchanging stablecoins do not need to register these transactions with the Commission under the Securities Act, nor do they need to comply with one of the registration exemptions under the Securities Act.

🔥The U.S. Securities and Exchange Commission’s (SEC) crypto task force has released the agenda and list of panelists for its April 11 roundtable, “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”

🔥The Hong Kong Securities and Futures Commission officially released pledge-related guidelines for licensed virtual asset trading platforms and approved virtual asset funds, which stated that licensed virtual asset trading platforms are allowed to provide pledge services, including providing pledges for virtual asset spot ETFs.

🔥According to Fortune, new documents that investment advisors must submit under U.S. Securities and Exchange Commission (SEC) regulations show the size of assets under management (AUM) of each company.

🔥The U.S. Department of Justice issued an official statement on crypto laws, saying developers will not be held responsible and criminals who use the code will be held accountable. That is, it is clear that developers are not responsible for using the code by criminals, and the focus of law enforcement has shifted to real crimes such as fraud and terrorist financing. The memorandum emphasizes protecting the rights and interests of legitimate blockchain users and businesses, supporting fair access to banking services, and reducing law enforcement actions against crypto trading platforms and mixing services. This move may mark the Trump administration’s further relaxation of restrictions on the crypto industry, injecting new vitality into the development of the industry.

🔥The U.S. Department of Justice memorandum stated that it will stop regulating virtual currency exchanges and offline wallets. The memorandum instructs prosecutors to focus on crypto cases related to Cartel coins and terrorism.

🔥According to Cryptoslate, the Australian Securities and Investments Commission (ASIC) announced on April 7 that the Federal Court had approved its request to close 95 companies related to crypto scams and pig-killing schemes. These entities were dissolved due to improper conduct and false registrations.

🔥The U.S. House of Representatives held a hearing to discuss legislation on the structure of the crypto market, marking an important step forward for the bill. Lawmakers debated a regulatory framework for digital assets aimed at establishing clear rules for crypto exchanges and token issuance. The hearing paves the way for final legislation that could change the regulatory landscape of the U.S. crypto industry. Supporters of the bill believe it will bring more certainty and investor protection to the market.

🔥According to Bitcoinist, Swedish MP Rickard Nordin has asked the Minister of Finance to diversify foreign exchange reserves to include Bitcoin.

🔥Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), expressed support for the Department of Justice’s announcement to end its policy of regulating the crypto asset industry through prosecution, and instructed the CFTC not to file lawsuits in digital asset-related cases for violating the registration provisions of the Commodity Exchange Act when the defendant lacks subjective intent.

🔥Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), praised the Department of Justice’s recent announcement to end its policy of regulating the digital asset industry through prosecution, and instructed CFTC staff to follow the President’s utive order and the Department of Justice’s new guidance on digital asset enforcement.

🔥Natasha Cazenave, utive director of the European Securities and Markets Authority (ESMA), the EU’s securities market regulator, said at a European Parliament hearing that although crypto assets currently account for less than 1% of the global financial and have limited “spillover effects” on traditional finance, the size of the crypto market will double to 3.3 trillion euros in 2024, and the connection between institutions and traditional finance is rapidly deepening.

Crypto Market Highlights

⭐️Last week, the overall crypto market was greatly affected by external factors, and the global capital market was severely impacted by tariff issues, but the crypto market remained relatively resilient, and the overall recovery trend appeared again in a short period of time. In the past week, mainstream coins have mainly continued to rise and fall in the short term, and only a small number of coins have risen. The market is still in a downward channel, and the current market is expected to continue until key external information is determined.

⭐️This week, XCN ranked first among mainstream coins in the crypto market, reaching about 90%, mainly because the coin has recently taken positive measures to deal with Trump’s tariff policy, and the community has responded enthusiastically, and external bullish sentiment is dominant. The price of XCN remains around $0.01688, and the weekly high is around $0.017. It is currently in a short-term fluctuation trend, and the price has fallen slightly.

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

This week, the BTC price trend showed a rapid decline after the opening, and the price reached the recent low of $74,400, and then showed short-term ups and downs. After the key turning point of the tariff issue, the BTC price rose rapidly in a short period of time and rose again to above $80,000, but now it has entered a new price range, maintaining rapid fluctuations around $79,500. The BTC price trend showed strong shock resistance. The subsequent BTC price will continue to follow the overall market trend and will be greatly affected by key factors of external news.

Ethereum (ETH)

(Data Courtesy Of TradingView)

ETH’s price trend this week is roughly consistent with BTC, but the frequency of short-term ups and downs is relatively small. ETH’s price was around $1,790 at the opening. After being hit by the tariff issue, ETH’s price fell to around $1,400, and even fell below $1,400 in a short period of time. Currently, ETH’s price has once again reached above $1,500 and continues to fluctuate. It is expected to remain in the current range during the weekend.

Web3 Project Trend

This week, the total market cap of the seven types of projects continued to fall across the board, but the decline was milder than last week. The tariff issue still greatly affected the market, and the overall downward trend was more obvious. Recently, the overall market was mainly affected by external factors, and it is expected that the current price trend will be appropriately maintained during the weekend closing period.