Crypto news, market moves and a temporary tariff truce | Bitpanda Weekly Wrap

Key price movements

BTC: -6.24%, 71.343,17€
ETH: -16.75%, 1.367,75€
S&P 500: -4.10%
Euro Stoxx 50: -4.16%

Prices as of 9.30am, 11 April 2025

Before we get into this week’s big stories, here’s a recap of what’s happened in the crypto world. The ongoing tariff ‘negotiations’ didn’t just impact traditional markets, crypto too saw big moves across the board. Bitcoin briefly rallied 5% on Thursday, climbing from local lows around €69,000 to break above €76,000, a level not seen in nearly a week, before falling back. Ethereum and XRP both jumped around 10% following the announcement, reversing part of their recent losses. So far Friday has opened in the green.

With all the turbulence, investor flows for the largest ETFs also give us some insight. US-listed Bitcoin and Ethereum ETFs saw continued outflows, even as the market rallied. On Wednesday alone, Bitcoin ETFs shed $127.2 million. This marked the fifth straight day of outflows, pushing the week’s total to over $722 million. Ether ETFs weren't spared either, losing $11.2 million across nine funds. 

Behind the market moves, Ethereum’s ecosystem shows signs of underlying strength. Layer-2 networks like Arbitrum and Optimism have seen increased activity and growing value locked, helping scale the network even as the mainnet slows. Transaction fees on Ethereum also fell to their lowest levels since August 2024, hinting at reduced congestion and shifting on-chain dynamics.

Meanwhile, in the altcoin markets, Dogecoin grabbed the spotlight with a fresh wave of institutional interest. 21Shares launched a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange, developed in partnership with the Dogecoin Foundation, marking a milestone for the meme coin as it inches toward broader market legitimacy.

Explore the latest crypto prices and market trends.

The art of the (trade) deal: another week of tariffs and turnarounds

What a week..

Just days after imposing the most sweeping trade tariffs in over a century, President Trump reversed course and paused implementation for 90 days. Markets soared, with the S&P 500 gaining 9.5% on the news, marking its largest single-day gain since 2008 and its third largest since World War II. Some of those gains were erased on Thursday as markets try to price in what might come next. Basically, it’s been 7 straight days of whiplash in Washington and for global markets.

The one country that didn’t escape tariffs? China. Their rate has now been raised to 145% following days of back-and-forth between Presidents Xi and Trump. 

There is also a small legal matter to deal with. Wednesday’s sudden U-turn has triggered accusations of insider trading, with Senator Adam Schiff calling for an investigation into suspiciously timed trades made just before the announcement. For our WSB connoisseurs, they were $SPY 509 calls expiring the same day. For everyone else, all you need to know is that the investments were up 2100% in an hour, a perfectly reasonable return… No doubt we’ll have more on this in the weeks to come.

Following the market rally, the White House insisted that the on-again/off-again tariffs are all part of a broader negotiation strategy to keep the pressure on global partners. Critics were less kind in their analysis. Whether intentional or not, negotiations are now underway. Expect markets to hang on every update and (with the looming threat of the tariffs returning) more volatility to come. 

TL;DR: A 90-day tariff pause gave markets a much-needed boost, but allegations of insider trading, ongoing negotiations, and geopolitical tension are keeping investors cautious.

Europe holds back…for now

The European Union, which had been preparing to roll out €21 billion in counter-tariffs on U.S. goods, announced a 90-day delay in response to the US truce. European Commission President Ursula von der Leyen said the EU is giving negotiations a chance but warned that if talks falter, countermeasures will proceed.

The tariffs are tactical. The EU has targeted Republican states and picked some real doozies, including soybeans and poultry from Louisiana, beef from Kansas and Nebraska, car parts from Michigan, cigarettes from Florida, and wood products from North Carolina, Georgia and Alabama. Bourbon escaped the list thanks to a last-minute plea from exactly the countries you would expect: France, Italy, and Ireland. 

TL;DR: Tactical tariffs await Republican states if a trade deal can’t be reached.

Safe as houses…or bonds…or gold?

What is a ‘safe haven’ asset? In traditional terms, when investors call something safe, they’re looking for low volatility and high security. US Treasuries have long been an institutional favourite. The US is the world’s largest economy and would never do anything to lose its reputation for economic stability…right?

In recent weeks, the US Treasury Secretary Scott Bessent has been saying the priority is to get 10-year Treasury yields down. Unfortunately, the tariff turbulence has had the opposite effect. The 10-year yield spiked to 4.5% on Wednesday before cooling slightly to 4.3% - still above its 4.1% level at the start of April (aka ‘Liberation Day’).

Rising yields mean that investors are selling bonds, not buying them and as Deutsche Bank put it, the market seems to be "losing faith in U.S. assets". That means the search for safety is shifting. German government bond yields dropped as demand surged, and gold? It’s back in vogue. The yellow metal surged 2.6% in a single day, its best performance in 17 months, driven by a flight to hard assets.

Gold’s rally has been building for weeks. This is the fifth consecutive month that China’s central bank has been buying gold, adding to the pressure. Physical gold is now up more than 20% year-to-date, making it one of the few consistent gainers in a landscape otherwise defined by volatility.

As one analyst put it: “Even the pause didn’t calm the bond market. It just gave gold a head start.”

TL;DR: The usual safe havens aren’t looking so safe. With US yields rising and bond markets jittery, investors are turning to gold - and Europe - as the new shelters of choice.

Go public? In this economy?

The IPO market started the year with such optimism and a slew of market darlings lining up to list. Understandably, those plans may now be on hold. The major issue is that you only get to make your debut once…and is now really the right time?

Klarna, the Swedish buy-now-pay-later giant, has shelved its plans for a $15 billion IPO. Medline, seeking a near $50 billion valuation, has done the same. Even StubHub reportedly bailed on its investor roadshow, deciding that no one wants to talk about concert tickets when their phones are blowing up with market alerts. Other big names include eToro, Circle, Klarna, and Hinge Health. 

IPOs are about big headline numbers and market excitement. To really nail one, you need to capture headlines, but as one banker put it: “No one wants to go public when the Nasdaq’s down 18% and every headline feels like a crisis.”

TL;DR: Volatility, rate uncertainty, and now a trade war are keeping most private companies in waiting mode. The long-anticipated IPO boom? Cancelled for now.

Disclaimer

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