Crypto exchange Binance published research on April 7 analyzing the fallout from escalating U.S. tariffs and their disruptive impact on global markets, particularly digital assets. Since President Donald Trump returned to office in January, his administration has imposed sweeping protectionist trade measures. The most recent tariff salvo, announced April 2 and dubbed “Liberation Day,” marked a key escalation in global trade tensions, drawing retaliation from major trading partners. The report states that these developments have caused economic instability comparable to that following the Smoot-Hawley Tariff Act of 1930, with average U.S. import duties rising to nearly 19%, up from 2.5% in 2024.

In its report, Binance Research detailed how these shifts have rattled investor confidence and sent crypto valuations tumbling. “Market sentiment has turned decidedly cautious, with investors reacting to the tariff announcements in classic ‘risk-off’ behaviour,” the crypto exchange described, adding:

Total crypto market capitalization has dropped an estimated 25.9% from January highs — wiping out ~US$1T in value — underscoring its sensitivity to macroeconomic instability.

The pullback has affected bitcoin, ethereum, and altcoins alike, and speculative tokens such as memecoins have plunged by more than half. Investors have migrated toward traditional hedges like gold, which has surged to all-time highs.

Binance explained:

As crypto markets increasingly behave like risk assets, a prolonged trade war could continue to weigh on capital flows and dampen demand for digital assets in the near term. As a result, capital that might have entered crypto is either staying on the sidelines or shifting into perceived safe havens like gold.

Looking ahead, Binance warned that persistent geopolitical and economic uncertainty could continue to overshadow crypto’s long-term value proposition. “The most aggressive tariffs since the 1930s are rippling through both the macroeconomy and crypto markets. In the near term, crypto may remain volatile, with sentiment swinging in response to ongoing trade war developments,” the exchange detailed. However, the report also pointed to a possible recovery path if underlying conditions improve: “Should macro conditions stabilize, new narratives take hold, or crypto reassert its role as a long-term hedge — renewed growth could follow. Until then, markets are likely to remain range-bound and reactive to macro headlines.”

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