Bitcoin’s price rose at the beginning of the week, reaching nearly $86,000 at the time of writing, as investors analyzed the economic impact of the White House’s new tariff announcements. This slight increase, accompanied by a rebound in other cryptocurrencies like Ethereum and Solana, comes amid growing consumer concerns about inflation. A recent survey by the New York Fed reveals that households expect inflation to reach 3.6% over the next year, a high level that reflects economic tensions largely caused by President Donald Trump’s trade policies.

Markets initially reacted positively to the temporary exclusion of phones and electronic chips from the new customs tariffs. However, a firmer message from Trump quickly tempered this optimism by reminding that most trade sanctions remain in place. Despite this, tech stocks and crypto-related securities like Coinbase and Strategy closed higher, supported by the strength of the Nasdaq and the S&P 500.

Attention is now turning to Federal Reserve Chair Jerome Powell, whose speech on Wednesday is highly anticipated. Markets are looking for clues about the future direction of U.S. monetary policy, particularly regarding recession risks. When the “Liberation” tariffs were announced, there were fears of a sharp economic slowdown, which rekindled expectations of interest rate cuts. Since Trump announced a partial suspension of tariffs, the likelihood of a recession appears to have diminished, although markets still expect several monetary easing measures. According to some analysts, a weakened global economic environment could push central banks toward more expansionary policies, which could support digital assets in the medium term, despite current volatility.

The Trump administration is considering using the revenue generated from tariffs to bolster the United States’ strategic Bitcoin reserves without tapping into public funds. This so-called “budget-neutral” approach is being promoted by Bo Hines, the White House’s director of digital assets, as one of several innovative options for increasing the country’s cryptocurrency holdings. These customs duties, although destabilizing for global markets, could thus become a financial lever to support the government’s pro-Bitcoin stance. This strategy follows a presidential executive order signed by Donald Trump, which formalizes the creation of a U.S. strategic Bitcoin reserve. According to Arkham data, this reserve currently holds nearly 192,000 BTC. Another order now requires all federal agencies to declare their digital assets to the Treasury Secretary, with a deadline that has just passed, suggesting that major announcements may be forthcoming. Additionally, Bo Hines refers to a 180-day timeline during which government agencies must submit recommendations for acquiring new bitcoins. At the end of this period, a comprehensive report will be prepared to define a coherent accumulation strategy. This momentum reflects a clear intent to permanently integrate digital assets into federal economic structures.

Canada is set to launch a world first this week: spot Solana ETFs with staking features, according to Bloomberg’s senior ETF analyst Eric Balchunas. Four asset managers — Purpose, Evolve, CI, and 3iQ — have received approval from the Ontario Securities Commission (OSC) to list these new products on the Toronto Stock Exchange. These funds will track various indexes but will physically hold SOL long term while generating rewards through staking, which could offer higher yields than Ethereum staking while reducing overall fees. This launch is part of a growing global enthusiasm for spot crypto ETFs. After years of resistance, the U.S. SEC approved the first spot Bitcoin ETFs in January 2024, triggering a wave of new applications, including for cryptocurrencies like Solana and XRP. However, in the U.S., Solana futures-based ETFs have so far attracted little capital, indicating only modest interest in these products.

Elsewhere in the world, several jurisdictions are also making progress. Hong Kong and Australia recently introduced their own regulated crypto ETFs, signaling growing institutional interest in compliant exposure to digital assets. Canada, a trailblazer in this space, had already launched the world’s first spot Bitcoin ETF back in February 2021, once again positioning itself as a sector pioneer. One key difference remains: staking. While Canadian regulators already allow staking in ETFs, U.S. regulators remain hesitant. The SEC has notably postponed its decision on Grayscale’s proposal to include staking in an Ethereum ETF, extending the review period until June 1, 2025. According to some experts, such as Bloomberg’s James Seyffart, approval of staking in U.S. ETFs isn’t expected before late 2025, pending regulatory developments.

The U.S. Securities and Exchange Commission (SEC) is considering the implementation of a regulatory sandbox for cryptocurrency trading platforms like Coinbase. This initiative would allow companies to test new approaches, including the trading of tokenized securities — digital versions of traditional stocks or bonds recorded on blockchain networks. Such a move would mark a shift in the U.S. regulatory approach, which has long been perceived as rigid toward crypto innovation. Acting SEC Chairman Mark Uyeda has stated that the agency may grant temporary and conditional exemptions to certain unregistered platforms so they can experiment with these new products before an official regulatory framework is adopted. Hester Peirce, commissioner and head of the SEC’s new crypto task force, also supports this approach. She believes these tests could provide valuable insights, both technical and commercial, to guide future rules. Similar regulatory sandboxes have already been implemented in other countries like Colombia and in parts of traditional U.S. finance, particularly to foster innovation in lending. The idea is to oversee these trials while allowing companies some freedom to explore new business models related to the tokenization of financial securities.

Despite the volatility caused by Donald Trump’s trade policies, crypto asset manager Grayscale believes these disruptions could benefit Bitcoin in the medium term. In a recent report, the firm explains that increased tariffs contribute to a climate of stagflation — a mix of high inflation and low economic growth — which has historically hurt traditional assets like stocks and bonds while benefiting scarce assets such as gold… or potentially, Bitcoin. Although Bitcoin is still relatively new to draw firm conclusions about its performance during past stagflation periods, Grayscale notes that gold rose at an annual rate of about 30% during the 1970s, well above inflation rates. By extrapolating this behavior to crypto assets, the report suggests that Bitcoin could benefit from similar economic conditions, especially if it is seen as a scarce, decentralized store of value. The report also points out that rising trade tensions could weaken the U.S. dollar’s role in international trade. Such a scenario might prompt some countries to diversify their foreign reserves, with Bitcoin as a potential alternative. While currently only Iran reports holding Bitcoin in its central bank’s official reserves, other countries — through sovereign funds or national policies — are beginning to seriously consider the option. The United States, for its part, is already building a strategic Bitcoin reserve, reinforcing the asset’s legitimacy.

According to Matt Hougan, Chief Investment Officer at Bitwise, Bitcoin’s current behavior differs significantly from past market pullbacks. While volatility from Donald Trump’s tariff policies is shaking the markets, Bitcoin remains surprisingly stable: its price has barely moved over the past month. This resilience suggests, according to Hougan, that the cryptocurrency could rise quickly if macroeconomic headwinds subside. Historically, during major stock market corrections, Bitcoin underperformed significantly compared to equities. For instance, in 2022, the S&P 500 fell by 24.5%, while Bitcoin dropped by 58%. But this time, although U.S. equities have lost about 12% since their February peak, Bitcoin has only declined by 12.4%, marking a relative first in terms of resistance to market turmoil. Hougan believes Bitcoin could even, for the first time since 2011, outperform stocks during a prolonged correction. However, he adds that this doesn’t yet make Bitcoin a full-fledged safe-haven asset like gold, which has fared much better in this context. Nonetheless, he highlights Bitcoin’s impressive resilience, managing to stay above $80,000 despite global geopolitical and economic tensions. This behavior suggests a certain “maturity” has been reached by Bitcoin, whose profile is beginning to diverge from that of a purely speculative asset.

Strategy (formerly MicroStrategy) continues to increase its Bitcoin exposure with the recent purchase of 3,459 BTC for about $285.8 million at an average price of $82,618 per unit. This acquisition, carried out between April 7 and 13, brings the company’s total holdings to 531,644 BTC, or more than 2.5% of Bitcoin’s total projected supply (21 million units). The operation was financed by the sale of nearly one million class A common shares (MSTR), raising an amount similar to that of the acquisition. Since launching its “21/21” program, Strategy has pursued an ambitious plan to raise up to $42 billion through the issuance of shares and fixed-income securities to fund its Bitcoin purchases. To date, the company holds these bitcoins at an average purchase price of $67,556, for a total acquisition value of $35.9 billion including fees and charges. Despite reporting unrealized losses of nearly $6 billion in Q1 2025 due to Bitcoin’s 12% drop, Strategy’s market valuation remains high at around $79.9 billion. Michael Saylor’s investment strategy, as co-founder and executive chairman, remains focused on continuous BTC accumulation, undeterred by market volatility or criticisms of the disconnect between asset value and the company’s market cap. Analysts, notably at Bernstein, point out that the company’s debt level remains moderate (less than 13%), with no major maturities before 2028, giving it room to maneuver toward reaching one million BTC by 2033. Lastly, despite a tougher 2025 for the MSTR stock after a more than 568% surge in 2024, the stock recently rebounded, gaining over 15% last week, thanks in part to Bitcoin’s stability amid global economic turbulence caused by Trump’s trade policies. Saylor’s ironic comment — “No tariffs on orange dots” — highlights his enduring optimism in the face of market headwinds.

Bitcoin may be on the verge of another upward move, according to several technical indicators, notably the Relative Strength Index (RSI), which is reaching its highest levels since January. Historically, Bitcoin bull runs often begin when the RSI gives certain key signals, and current conditions appear to align for a potential market rebound. In recent weeks, while Bitcoin’s price has formed successive lower lows, the RSI has been showing higher lows, signaling a bullish divergence. This kind of setup is often seen as a precursor to a positive reversal. The daily RSI recently moved back above the 50 threshold — a level often used as a momentum gauge. After successfully retesting this level as support, it continued its rise, reaching multimonth highs.

Well-known crypto analyst Rekt Capital also points to this dynamic, noting an increasingly pronounced bullish divergence on the RSI while the price is just below a key downward trendline. He believes Bitcoin is currently consolidating above an important support level, which could increase the chances of an imminent breakout.

The presented information is as of April 15th, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.