Welcome to our 216th issue of State of the Market, where we provide an overview of crypto market activity from April 3 – April 9, 2025.
This week in crypto markets:
- President Trump’s retaliatory tariffs reverberated across global markets, causing widespread volatility before a brief rebound following his 90-day pause announcement for all countries except China,
- Ripple is set to acquire prime broker Hidden Road for $1.25B, expanding institutional reach and integrating its RLUSD stablecoin into cross-asset collateral and settlement workflows.
- Fidelity launched a no-fee crypto IRA, enabling retail investors to hold BTC, ETH, and LTC in tax-advantaged accounts with no custody or account fees.
- Pakistan unveiled a national Bitcoin mining initiative, aiming to monetize surplus electricity through Bitcoin mining and AI data centers, with Binance founder CZ appointed as a strategic advisor.
- Apollo Global Management made an investment in Plume, a blockchain for tokenized real-world assets, while Aave approved $1M weekly buybacks as part of a broader tokenomics overhaul.
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