March Was a Rough Month for Markets — US President Donald Trump's Uncertain Tariff Policies Created Volatility in Bitcoin and Crypto Markets

March was a rough month for markets — US President Donald Trump's uncertain tariff policies created volatility in Bitcoin and crypto markets; meanwhile, decentralized finance (DeFi) struggled with security concerns.

March was a month of contrasts in the cryptocurrency market. While the first month of US President Donald Trump’s administration saw a number of reversals on controversial trade policies that seemed to confuse and exasperate even the president’s political allies, major coins continued to trade sideways or in a limited range.

March began with a threat from Trump to increase tariffs on Mexican and Canadian goods by 25% and 10%, respectively, following an administration report that found both countries were not cooperating enough to stem the flow of migrants through their territory. The tariffs were due to come into effect on March 10.

After a month of delay, tariffs went live on March 4 — 25% on Mexican and Canadian goods, 10$ on Canadian energy and 20% on Chinese goods. Just one day later, Trump’s administration delayed tariffs for auto-makers; on March 6, it announced delays on most Canadian and Mexican goods.

The sunny outlook was soured by retaliatory tariffs from China, which hit markets on March 10, and the European Union, which began levying tariffs on March 12. Amid the tête-à-tête between the United States and its largest trade partners, Bitcoin (BTC) managed to recover to $88,000 on March 24 before slumping down again to around $82,000 at the time of writing.

A number of state legislatures are considering Bitcoin- and crypto-related legislation, from bills that would establish a Bitcoin reserve to crypto tax forces and exploring pension fund investment. Such bills moved forward, either in voting or in committee, in 13 US states this month.

The cool-down in memecoin markets has major revenue implications for Solana (SOL). After reaching eye-watering highs of $34 billion in January, Solana volumes on decentralized exchanges fell drastically. In March, volumes rarely exceeded $1 billion. 

Here’s March in numbers.

Trump’s trade war sees Bitcoin down 5% on the month

The first month of Trump’s administration saw a number of reversals on controversial trade policies that seemed to confuse and exasperate even the president’s political allies.

After a month of delay, tariffs went live on March 4 — 25% on Mexican and Canadian goods, 10$ on Canadian energy and 20% on Chinese goods. Just one day later, Trump’s administration delayed tariffs for auto-makers; on March 6, it announced delays on most Canadian and Mexican goods.

Heating up the situation further, China began levying retaliatory tariffs on March 10, while the European Union started imposing tariffs on March 12. A final bill from the US Treasury, part of the presidential administration, announced the possibility of negotiable tariff rates per country.

The sunny outlook was soured by the fact that the heating up of the trade war also saw major stock indexes in the US begin to slump as the estimated effects of tariffs changed by the week.

The changing economic landscape also hit Bitcoin price, which, after a rocky start to the month, managed to recover to $85,000 on March 24, putting it briefly above where it started the month.

The trade war also affected the Trump family’s own crypto investments via World Liberty Financial (WLFI). The fund saw a mixed bag in March, with many of the altcoins in its portfolio, like Mint (MNT) and Tron (TRX), trading at or below where they started the month.

The Trump administration’s actions also impacted the price of BNB, which dropped sharply following the news that the administration was planning to impose tariffs on 20% of all Chinese goods in retaliation for the country’s trade practices.

Crypto and traditional financial have been on a downward trend at the end of March as traders brace for “Liberation Day” on April 2, when Trump has promised to levy dollar-for-dollar tariffs on all countries that have tariffs on US goods.

The move will see tariffs of 25% on all goods, including food, imposed on the European Union, Canada, Mexico, China and Vietnam.

According to calculations by economists at Deutsche Bank, the tariffs could reduce global gross domestic product by 0.1%. Economists, on average, predict that the tariffs will have a minimal impact on the US economy.

The sunny outlook was soured by the fact that the heating up of the trade war also saw major stock indexes in the US begin to slump as the estimated effects of tariffs changed by the week.

The changing economic landscape also hit Bitcoin price, which, after a rocky start to the month, managed to recover to $85,000 on March 24, putting it briefly above where it started the month.

The trade war also affected the Trump family’s own crypto investments via World Liberty Financial (WLFI). The fund