So far, crypto markets haven’t behaved as expected under the Trump Administration. Investors hoped that regulatory reform and policies like a Bitcoin Strategic Reserve would drive prices appreciably higher. But it’s been the opposite. Bitcoin has fallen from highs well above $100,000 at the beginning of the year to a trough in the mid-80,000s for most of March.

Crypto prices have suffered from being increasingly correlated with traditional assets like stocks and bonds, which have been hit by macroeconomic uncertainty. Tariffs — surcharges the U.S. places on imports from other countries — have Wall Street worried about a global recession. Crypto investors have been steering clear of crypto assets, which are seen as relatively risky.

“This is all about markets’ ‘risk appetite’ which continues to deteriorate, and for the time being drives a wedge between crypto assets and gold, which continues to be the ‘safe haven’ of choice,” said Marc Ostwald, Chief Economist & Global Strategist at ADM Investor Services International.

“[That’s] in no small part driven by central bank FX reserve managers, who are seeking to reduce USD exposure, which has long been a source of concern to them.”

As the global financial and trade system becomes more fragmented, investors are seeking alternatives to riskier assets, including dollars. For now, that means turning to gold, which is up 18% year-to-date.

But that could change, said Omid Malekan, an adjunct professor at Columbia Business School and author of «The Story of the Blockchain: A Beginner’s Guide to the Technology That Nobody Understands.» Bitcoin could be the new gold soon enough.

“I think the entire [future] is uncertain and in some ways unknowable, because there are many crosscurrents and both crypto and tariffs are new. Some people argue that crypto is just a risk-on tech asset and would sell off due to tariffs. But bitcoin has found footing in some circles as ‘digital gold’ and the physical variety is soaring on the tariff news. So which will it be?”

In other words, economic uncertainty could lead investors to seek out bitcoin just as they have sought out gold in recent months.

Another note of positivity: the impact of tariffs on crypto could be “priced in” and the worst might be over already, said Zach Pandl, head of research at Grayscale, a leading crypto asset management firm.

President Trump is due to announce U.S. tariffs on Wednesday, April 2, at 4 p.m. ET—what’s known as “Liberation Day.” According to reports, he’ll lay out “reciprocal tariffs” against 15 countries that have levied tariffs against the U.S., including China, Canada and Mexico.

Pandl estimates tariffs have so far taken 2% off economic growth this year. But Liberation Day might actually stop the worst of the pain felt in financial markets. “If we see an announcement [on Wednesday] that is tough but phased, and focused on the 15 countries they seem to be targeting, my expectation is that markets will rally on that news,” Pandl told CoinDesk.

“Potentially once we get through this announcement, crypto markets can focus back on the fundamentals which are very positive.”Pandl said announcements like Circle’s IPO wouldn’t be happening if institutions didn’t have a high degree of confidence in the digital assets sector and the policies around it.

Moreover, Pandl, a former macro-economist at Goldman Sachs, believes that tariffs will increase the appetite for currencies that aren’t dollars.

“I think tariffs will weaken the dominant role of the dollar and create space for competitors including bitcoin. Prices have gone down in the short run. But the first few months of the Trump Administration have raised my conviction in the longer term for bitcoin as a global monetary asset.”

Pendl still believes that bitcoin will hit new all-time highs this year, despite current pessimism around prices. “I wouldn’t have quit my Wall Street job if I didn’t think bitcoin will be the winner in the long term,” he said.

Circle, the U.S.-based stablecoin issuer, is going public.

The firm filed an S-1 form with the Securities and Exchange Commission (SEC) on Tuesday. If approved, the company’s stock will be trading on the New York Stock Exchange under the symbol «CRCL.»

The company said its reserve income from managing its stablecoin-related reserves was $1.7 billion at the end of 2024, representing 99.1% of its total revenue.

Circle is behind USDC, the second largest stablecoin by market capitalization, with $60 billion in supply. The firm’s IPO has been one of the most anticipated in crypto.

It’s not the only crypto-adjacent company looking to go public. Artificial Intelligence (AI) firm CoreWeave (CRWV), which benefits from a strong business relationship with bitcoin mining firm Core Scientific (CORZ), started trading on the public market on March 28.

Bitcoin (BTC) purchases from video game retailer GameStop (GME) could be imminent or may have already begun after the company closed on its offering of $1.3 billion of five-year convertible notes.

The $200 million greenshoe option was fully exercised by the initial purchaser, bringing the total amount of the sale to $1.5 billion. Net proceeds to the company after fees were $1.48 billion, according to a filing Monday after the close of U.S. trading.

Alongside its fourth quarter earnings report last week, GameStop — led by its CEO Ryan Cohen — announced full board approval of an update to the company investment policy to add bitcoin to the GME balance sheet.

GME shares rose 1.35% during the regular session on Monday and are up another 0.8% in after hours action. Bitcoin remains modestly higher over the past 24 hours at $84,900.