March 2025 in Charts: Trump Trade War Hits Bitcoin, $22M in DeFi Hacks
March was a tumultuous month for the cryptocurrency market, marked by volatility caused by US President Donald Trump's trade war. The uncertainty surrounding tariffs on goods from China and the European Union sent shockwaves through global markets, affecting not only traditional assets but also cryptocurrencies like Bitcoin.
Bitcoin Price Plunges Amid Trade War Uncertainty
The first month of Trump's administration saw a series of reversals on controversial trade policies, leaving investors and policymakers alike bewildered. 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 retaliatory tariffs from China raised the temperature, and on March 12, Trump announced a 24% tariff on aluminum and steel. By March 18, the US Treasury, part of the presidential administration, announced the possibility of negotiable tariff rates per country. This shift in trade policy sent Bitcoin's price tumbling, hitting it with a 5% decline for the month.
DeFi Hacks Spark Concerns Over Security
While the trade war dominated headlines, DeFi (Decentralized Finance) struggled with security concerns. In February, the largest DeFi hack of all time saw the North Korean state-affiliated Lazarus Group nabbing $1.4 billion from Bybit. March paled in comparison – $22 million was stolen across four hacks.
Blockchain sleuth ZachXBT warned on his Telegram channel that DeFi is "unbelievably cooked when it comes to exploits/hacks." Many protocols have had nearly 100% of the monthly fees or volumes derived from Lazarus and refused to take accountability, fueling concerns over security and regulatory oversight.
Solana Ecosystem Faces Significant Revenue Decline
The memecoin space has seen a significant downturn in recent months. With most issuances happening on the Solana network, this exodus of traders has resulted in a decline in revenue. According to Sythnetix founder Kain Warwick, Solana is "100 times better than it was pre-memecoin." However, others are warning that this could lead to a cascade of revenue declines if memecoin volumes continue to drop.
Markets Await Trump's 'Liberation Day' and US Stablecoin Law
April promises to be an exciting month for the cryptocurrency industry. On April 2, known as "Liberation Day," President Trump will introduce mass tariffs on various goods, sending shockwaves through global markets once again.
Meanwhile, a debate on the US stablecoin law in the House Financial Services Committee is set to take place, with many regarding it as a green light for crypto growth. However, past reversals or flip-flops on tariffs have left investors wondering about the true impact of these moves.
International Crypto Conferences Continue
Despite economic uncertainty and regulatory challenges, the cryptocurrency industry has continued to build momentum. March saw six major international crypto conferences in Europe and North America, showcasing the growing importance of this space.
As markets prepare for another wild ride, one thing is clear: the coming month will be filled with excitement, controversy, and unpredictability. Stay tuned for further updates on the world of cryptocurrency!