Grayscale executives: The impact of tariffs on cryptocurrencies may have been 'priced', and the worst-case scenario is highly likely to have passed According to CoinDesk, Zach Pandl, the head of Grayscale Research, stated that the impact of tariffs on cryptocurrencies may have been 'priced' and the worst-case scenario may have passed. Pandl estimates that so far, tariffs have reduced economic growth by 2% this year. But Trump's so-called 'Liberation Day' may actually prevent the most severe pain felt by financial markets. Pandl said, "If we see the tariff policy announced on Wednesday being both tough and phased in, and focusing on the 15 countries they seem to target, I expect the market to rebound due to this news. Once we get through this announcement period, the cryptocurrency market may refocus on fundamentals, which are very positive Pandl stated that if institutions do not have high confidence in the digital asset field and its related policies, announcements like Circle's initial public offering (IPO) would not occur.