This week, crypto markets have continued their upward trajectory, building on momentum from last week’s rally. Bitcoin (BTC) is up 12%, Ethereum (ETH) has gained 13%, and Ripple’s XRP has risen by 10%.
Two standout performers are Solana (SOL), up by 20%, and SUI, which has soared 40%.
Let’s explore the global macroeconomic context before diving into the crypto-specific developments driving these gains.
Global Markets Lifted by Geopolitical Easing
A major shift in U.S.-China trade relations has captured headlines and influenced global markets. President Trump announced that the U.S. will significantly reduce tariffs on Chinese imports—though not fully remove them—calling the current 145% rate “unsustainable.” Treasury Secretary Scott Bessent echoed this sentiment, suggesting the trade war is entering a rebalancing phase rather than full decoupling.
Markets responded favorably. U.S. indices climbed, and Asian markets followed suit: Hong Kong’s Hang Seng jumped 2.5%, while Japan’s Nikkei 225 and South Korea’s Kospi also saw gains. In China, the announcement went viral, triggering mixed reactions, including criticism of Trump’s perceived retreat. Despite Beijing’s continued retaliatory measures, both sides appear more open to dialogue than in recent years.
In another reversal, Trump clarified he does not intend to fire Federal Reserve Chair Jerome Powell, despite publicly criticizing him. While this statement brought some short-term relief to markets, Trump continues to pressure the Fed to lower interest rates, setting the stage for further tension with the central bank.
Crypto Regulation Sees a Leadership Shake-Up
In a move widely welcomed by the crypto industry, Paul Atkins has officially been sworn in as Chairman of the U.S. Securities and Exchange Commission, replacing Gary Gensler. Atkins, a former SEC commissioner with experience in compliance and crypto advisory roles, represents a shift toward more industry-friendly regulation.
His appointment signals the continuation of a policy pivot that began under interim chair Mark Uyeda and fellow commissioner Hester Peirce. Recent initiatives include the formation of a dedicated crypto task force and a redefinition of how the SEC approaches digital assets. As Congress moves forward with new legislation, Atkins’ leadership could play a pivotal role in shaping the regulatory future of crypto in the U.S.
SUI Ecosystem Shows Strong Fundamentals Despite Volatility
SUI has become one of the most talked-about networks this week, and not just because of its impressive 40% price gain. On-chain data reveals substantial growth in actual network usage.
In March, DEX trading volume on SUI reached 3.2 billion tokens, up from just over 3 billion in February. At the same time, Total Value Locked (TVL) hit a multi-month high of 2.5 billion SUI. This rise in activity suggests increasing user engagement and developer participation—especially noteworthy given that SUI’s price remains down 54% from its January peak.
Stablecoin activity is also booming. As of April 21, stablecoins on the SUI network hit a record supply of $880 million, edging closer to the $1 billion mark. With this kind of sustained on-chain momentum, SUI is demonstrating growth based on utility and adoption rather than speculation.
Bitcoin ETF Inflows Signal Institutional Confidence
Institutional interest in Bitcoin continues to rise. On April 22, Bitcoin ETFs recorded a combined net inflow of $912.7 million. Leading the charge were:
ARK 21Shares Bitcoin ETF (ARKB): $267.1M
Fidelity Wise Origin Bitcoin Fund (FBTC): $253.8M
iShares Bitcoin Trust (IBIT): $193.5M
Bitwise Bitcoin ETF (BITB): $76.7M
Grayscale Bitcoin Trust (GBTC): $65.1M
These figures mark one of the strongest days for Bitcoin ETF inflows to date, underscoring growing institutional confidence in BTC as an asset class.
Final Thoughts
Crypto markets appear to be benefiting from a confluence of macroeconomic easing, regulatory shifts, and rising institutional interest. While price action often grabs headlines, the more telling story may be what’s happening beneath the surface: real network growth, a changing regulatory environment, and signals of long-term capital commitment.
We’ll be keeping a close eye on these developments as the market continues to evolve.
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