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During President Trump’s administration, the cryptocurrency markets have not shown the expected positive trends. While there were anticipations that regulatory reforms and specific reserve policies would uplift the market, prices have instead followed a downward trajectory contrary to expectations.
Market Developments
At the beginning of the year, Bitcoin 
$105,284 prices exceeded $100,000, but by mid-March, they fell to around $80,000. The rising correlation of cryptocurrencies with traditional assets like stocks and bonds has intensified the impact of economic uncertainties.
As investors’ risk appetite continues to decline, there has been a significant movement towards gold, perceived as a safe haven. This trend reflects the overarching market inclination, bringing the risky nature of digital assets back into focus.
Marc Ostwald (Chief Economist & Global Strategist at ADM Investor Services International): “As market risk appetite sinks, a distinction is emerging between digital assets and gold. Efforts by central banks to move away from the US dollar in their foreign reserves are also influential.”
Tariff and Regulation Expectations
The tariff policies implemented by the US have created uncertainties in global trade. Particularly, additional taxes on imports have paved the way for market players to seek alternatives outside the dollar.
Investors, influenced by economic fluctuations and tariff effects, are moving away from traditional risky assets towards options perceived as safer. Some experts suggest that digital assets could serve as an alternative store of value in this environment.
Omid Malekan (Professor at Columbia Business School): “The future is uncertain with many factors at play; digital assets could emerge as a new generation store of value. Both technological and economic factors complicate the situation.”
President Trump’s announced counter-tariff measures, scheduled for April 2, could reshape global trade balances. The anticipated measures are expected to partially mitigate the adverse effects on economic growth across 15 countries.
Zach Pandl (Head of Research at Grayscale): “Tariffs have contracted economic growth by approximately 2% in the short term. However, after phased announcements, the market could refocus on fundamentals, changing dynamics.”
Market assessments suggest that the short-term negative impacts of tariff applications have already been reflected in prices, while an increase in the strategic role of digital assets is expected in the long term.
Experts indicate that with reduced pressure on the US dollar and the emergence of alternative currencies, the long-term potential of digital assets will become more pronounced. Investors may strategize by focusing on market fundamentals.
Current market dynamics and anticipated tariff implementations are shaping investors’ strategic decisions regarding cryptocurrencies. In an environment of uncertainty, approaches grounded in fundamentals might offer the possibility of mitigating future volatility.
