In the first week of this month, the virtual asset market exhibited a bearish trend amid macroeconomic uncertainty ahead of the U.S. Trump administration's mutual tariff announcement and the U.S. employment report. Bitcoin closed at $83,176, down 1.4% from the previous week, while Ethereum closed at $1,817, down 4.1%, indicating a general market correction. Excluding TRON (TRX), which recorded the highest weekly increase among the top 50 by market capitalization, most assets could not escape a decline.
This week's key variable in the market was the mutual tariff policy announced by President Donald Trump. The policy imposes unilateral tariffs based on trade balances, with a 25% tariff applied to South Korea, raising concerns of global trade friction. Following the announcement, Nasdaq futures and the Standard and Poor's (S&P) 500 index plummeted, and the volatility index (VIX) of the Chicago Board Options Exchange (CBOE) surged, leading to a risk-averse sentiment that spread to the virtual asset market. Simultaneously, the U.S. March employment report and the Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI) were confirmed to be robust, leading to predictions that the Federal Reserve's (Fed) interest rate cut may be delayed more than expected. As a result, expectations for short-term liquidity expansion due to future rate cuts are retreating.
However, expectations are also being raised that the direction of global monetary policy may shift back to an easing trend in the medium to long term. Given the clear limits of the U.S. government's financial burden and the prolonged period of high interest rates, the possibility of the Fed cutting the benchmark interest rate in the second half of the year remains valid. At the same time, major countries such as China and Germany are also actively expanding fiscal policies and reducing interest rates to boost manufacturing. This trend may lead to global liquidity expansion and a recovery in demand for risk assets.
Choi Seung-ho, a researcher at the Research Institute, noted, "The realization of tariff policies is increasing uncertainty in the real economy, which is creating short-term selling pressure in the digital asset market. However, since this policy was a previously announced measure, there is a high possibility that individual countries' governments and market participants have prepared some level of countermeasures during the grace period," he explained. He continued, "If the increased financial burden on the U.S., the potential for rate cuts due to economic slowdown, and the monetary easing trends in non-U.S. regions like China and Europe coincide, an environment may be created for funds to flow back into the cryptocurrency market in the medium to long term."
◇U.S. FDIC opens paths for 5,000 banks to cryptocurrency business... South Korea also accelerates regulatory reform
The Federal Deposit Insurance Corporation (FDIC) of the United States has removed pre-approval requirements for banks to engage in cryptocurrency businesses, opening the way for approximately 5,000 financial institutions to directly enter the digital asset market. The FDIC stated through new guidance (FIL-7-2025) that, "In cases with appropriate risk controls, participation in cryptocurrency and blockchain-related businesses can occur without separate approval." This marks a formal shift away from the conservative regulatory stance maintained since 2022, aligning with the Office of the Comptroller of the Currency's (OCC) permission for cryptocurrency custody and stablecoin operations under 'Interpretive Letter 1183,' leading to policy changes at the federal level.
The changes in the United States demonstrate that the incorporation of digital assets into the regulatory framework is establishing itself as a 'mainstream trend' in financial markets. At the same time, South Korea is also accelerating its regulatory reform on cryptocurrencies from this year onwards. The Financial Services Commission is taking steps to allow participation in cryptocurrency transactions by institutional investors, listed companies, and non-profit organizations starting next year, while also preparing separate regulations for stablecoin issuance and reserve management. Anti-money laundering standards based on real-name accounts and security requirements are also being strengthened.
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providing essential operational solutions based on on-chain data and trust-based community building services for companies and foundations adopting Web3. We operate a crypto data intelligence platform called Jengle, and the Jengle research team is creating content to show trends in the virtual asset investment industry based on global virtual asset information and data.