Last week in the news
A completely new dance is currently on the world stage, called the Tariff-economics. The US Administration shocked the world and financial markets with implementation of trade tariffs for almost all countries in the world. China was the first to respond, dragging down all financial markets globally. This was one of the worst trading weeks for US equities since the pandemic lockdown in 2020. Only on Friday, the S&P 500 lost almost 6%, and about 10% for the week. The price of gold dropped in a response to the margin calls from other markets, ending the week at the level of $3.037. In a fear of recession in the US, the 10Y US benchmark yields responded with a strong move toward the 3,87%, but ended the week at 3,99%. The price of BTC was relatively steady compared with other financial markets, but the question that is currently pending the answer was if this was actually good or maybe the bad news?
The US Administration decided to start trade-war with the rest of the world. This was an action which shocked both markets and almost all governments in the world. The global sell-off in equities was triggered in a fear of recession and the impact which trade tariffs might have on global growth during this year. The situation was much worse when China announced implementation of 34% tariffs on all goods imported from the US. Other governments worldwide are expected to announce countermeasures in the weeks to come. Investors worldwide are currently very unhappy with actions from the US side, calling it the “biggest policy mistake in 95 years”.
The US President Trump is not giving up from persuading Fed Chair Powell to cut interest rates. Last week President Trump said that the Fed Chair should “stop playing politics” and that now is the perfect time for an interest rate cut. Fed Chair Powell clearly noted at the last FOMC meeting that he will not publicly comment on any topic from the US Administration. When asked to comment on the impact of trade tariffs during the previous week, Powell shortly noted that they are “significantly larger than expected”. With respect to potential rate cuts during this year, the market is currently projecting four 25 bps cuts till the end of this year, regardless of the latest FOMC projections of only two rate cuts.
Banking professionals are also cutting their initial projections of the equity markets developments for this year. The RBC analysts are now projecting the S&P 500 level of 4.200 for this year in case of the stagflation macroeconomic scenario. In the case of full recession, their revised projections for the index currently stand between 4.500 and 4.200.
Crypto market cap
Traditional markets had a very turbulent week and the worst one since the pandemic lockdown in 2020, however, the crypto market was moderately left behind the market attention. Considering developments with other financial assets, it could be noted that the crypto market had a relatively solid week. There had been both weekly losers but also gainers. Total crypto market capitalization dropped by 1% on a weekly basis, losing a minor $19B in cap. Daily trading volumes remained relatively stable on a weekly level, without a significant change of previous $132B. Total crypto market increase from the beginning of this year, currently stands at -19%, with $611B outflow of funds.
Generally BTC had a relatively stable week, with a minor weekly gain of 0,2% and with an inflow of $4B. ETH was standing on an opposite side, with a weekly loss of 3,5% in the market cap, or $8B. BNB was traded with a modest negative sentiment, with a weekly loss in market cap of $ 2B, or 2,4%. Market favorite Solana dropped by 5,2%, erasing $3,3B from the market cap. EOS was one of rare coins with an extreme market gain of 40% on a weekly basis. XRP was also traded a bit higher, gaining 0,3% for the week. Tron and ZCash also ended the week in positive territory, around 1,5% higher from the week before. Other altcoins were traded in a mixed manner, with a losing side prevailing. The majority of altcoins lost somewhere between 2% and 9%.
One of the highest weekly increases of coins in circulation during the previous week had Solana and IOTA of 0,5% w/w. Algorand and Filecoin increased their circulating coins by 0,2%. Thai week, Tether had a drop in total number of coins on the market by 0,1%.
Crypto futures market
The crypto futures market had a relatively calm week, in line with developments on the spot market. BTC futures were traded higher from 0,1% to 0,4% for various maturities. BTC futures maturing in December this year closed the week by 0,4% higher, at the level of $88.850. Those maturing in December 2026 closed the trading day at $97.705, almost flat from the week before.
ETH futures were traded lowr above the 3% for all maturities. ETH futures maturing in December 2025 ended the week at $1.914, and those maturing a year later were last traded at $2.060.
A completely new dance is currently on the world stage, called the Tariff-economics. The US Administration shocked the world and financial markets with implementation of trade tariffs for almost all countries in the world. China was the first to respond, dragging down all financial markets globally. This was one of the worst trading weeks for US equities since the pandemic lockdown in 2020. Only on Friday, the S&P 500 lost almost 6%, and about 10% for the week. The price of gold dropped in a response to the margin calls from other markets, ending the week at the level of $3.037. In a fear of recession in the US, the 10Y US benchmark yields responded with a strong move toward the 3,87%, but ended the week at 3,99%. The price of BTC was relatively steady compared with other financial markets, but the question that is currently pending the answer was if this was actually good or maybe the bad news?
The US Administration decided to start trade-war with the rest of the world. This was an action which shocked both markets and almost all governments in the world. The global sell-off in equities was triggered in a fear of recession and the impact which trade tariffs might have on global growth during this year. The situation was much worse when China announced implementation of 34% tariffs on all goods imported from the US. Other governments worldwide are expected to announce countermeasures in the weeks to come. Investors worldwide are currently very unhappy with actions from the US side, calling it the “biggest policy mistake in 95 years”.
The US President Trump is not giving up from persuading Fed Chair Powell to cut interest rates. Last week President Trump said that the Fed Chair should “stop playing politics” and that now is the perfect time for an interest rate cut. Fed Chair Powell clearly noted at the last FOMC meeting that he will not publicly comment on any topic from the US Administration. When asked to comment on the impact of trade tariffs during the previous week, Powell shortly noted that they are “significantly larger than expected”. With respect to potential rate cuts during this year, the market is currently projecting four 25 bps cuts till the end of this year, regardless of the latest FOMC projections of only two rate cuts.
Banking professionals are also cutting their initial projections of the equity markets developments for this year. The RBC analysts are now projecting the S&P 500 level of 4.200 for this year in case of the stagflation macroeconomic scenario. In the case of full recession, their revised projections for the index currently stand between 4.500 and 4.200.
Crypto market cap
Traditional markets had a very turbulent week and the worst one since the pandemic lockdown in 2020, however, the crypto market was moderately left behind the market attention. Considering developments with other financial assets, it could be noted that the crypto market had a relatively solid week. There had been both weekly losers but also gainers. Total crypto market capitalization dropped by 1% on a weekly basis, losing a minor $19B in cap. Daily trading volumes remained relatively stable on a weekly level, without a significant change of previous $132B. Total crypto market increase from the beginning of this year, currently stands at -19%, with $611B outflow of funds.
Generally BTC had a relatively stable week, with a minor weekly gain of 0,2% and with an inflow of $4B. ETH was standing on an opposite side, with a weekly loss of 3,5% in the market cap, or $8B. BNB was traded with a modest negative sentiment, with a weekly loss in market cap of $ 2B, or 2,4%. Market favorite Solana dropped by 5,2%, erasing $3,3B from the market cap. EOS was one of rare coins with an extreme market gain of 40% on a weekly basis. XRP was also traded a bit higher, gaining 0,3% for the week. Tron and ZCash also ended the week in positive territory, around 1,5% higher from the week before. Other altcoins were traded in a mixed manner, with a losing side prevailing. The majority of altcoins lost somewhere between 2% and 9%.
One of the highest weekly increases of coins in circulation during the previous week had Solana and IOTA of 0,5% w/w. Algorand and Filecoin increased their circulating coins by 0,2%. Thai week, Tether had a drop in total number of coins on the market by 0,1%.
Crypto futures market
The crypto futures market had a relatively calm week, in line with developments on the spot market. BTC futures were traded higher from 0,1% to 0,4% for various maturities. BTC futures maturing in December this year closed the week by 0,4% higher, at the level of $88.850. Those maturing in December 2026 closed the trading day at $97.705, almost flat from the week before.
ETH futures were traded lowr above the 3% for all maturities. ETH futures maturing in December 2025 ended the week at $1.914, and those maturing a year later were last traded at $2.060.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.