President Trump's "Liberation Day" announcement of reciprocal tariffs on Wednesday caused sharp declines in the crypto market

Bitcoin's volatility, ETF outflows and correlation with equities are raising questions about its "digital gold" narrative

Happy Thursday! Well, following up on yesterday’s lingering question, President Trump’s tariff announcements were harsher than expected, leaving crypto slip in price as they usually do when times get tough and people need to feel liberated from their money.

In today’s newsletter, crypto markets continue to digest Trump’s sweeping Liberation Day tariffs, JPMorgan says bitcoin’s “digital gold” narrative is coming under pressure, the U.S. House Financial Services Committee votes to advance a stablecoin bill and more.

Plus, the U.S. Senate Banking Committee confirmed Trump’s nomination of crypto-friendly Paul Atkins to lead the Securities and Exchange Commission.

Let’s get started.

Crypto markets weigh Trump’s sweeping reciprocal tariffs

President Trump’s “Liberation Day” announcement of reciprocal tariffs on Wednesday caused sharp declines in the crypto market, with Bitcoin, Ether and Solana dropping around 6%, 8% and 15%, respectively.

Bitcoin's 'digital gold' narrative is coming under pressure

Bitcoin's volatility, ETF outflows and correlation with equities are raising questions about its "digital gold" narrative, according to analysts at JPMorgan.

House Financial Services Committee votes to advance stablecoin bill

The U.S. House Financial Services Committee voted 32-17 in favor of advancing the Stablecoin Transparency and Accountability for a Better Ledger Economy or STABLE bill, which seeks to create a regulatory framework for dollar-denominated stablecoins.

Matcha says most DEXs will support Solana by year-end

Decentralized exchange aggregator Matcha, developed by 0x, has expanded to Solana — making it one of the first DEX aggregators to support trades on both SVM and EVM-compatible blockchains via a single app.

PayPal activates SOL and LINK support in US

PayPal has expanded its crypto offering in the U.S. to support buying, selling, holding and transferring Solana and Chainlink's native cryptocurrencies.