Like February, March was a tough month for crypto markets as Donald Trump announced trade tariffs, which caused massive price volatility. Meanwhile, hackers continued to target DeFi users, making away with millions of dollars.
This article takes a look at key crypto developments in March. Stick around!
US Government Starts a Trade War
After reversing several of Biden’s trade policies in January, US President Trump imposed tariffs on imports from Canada, Mexico, and China in early March. However, in the second week of that month, Trump removed tariffs from certain imports from the affected US trading partners.
On March 12th, China announced retaliatory tariffs, forcing the US government to soften its stance, announcing that it will be open to negotiating tariff rates with interested countries.
As the trade war continued, crypto prices plummeted, with Bitcoin dropping from $93,208 to $83,083 at press time. The price drops affected Trump’s own cryptocurrency investments held by his DeFi project World Liberty Financial. Cointelegraph reported on March 31st that the president’s crypto portfolio was down $54 million.
Also read:Two US States Pass Crypto Legislation
Amid the trade war, a positive development happened as two United States, Kentucky and Utah, adopted crypto rules to provide clear guidance for businesses wishing to accept payments in digital assets. The regulatory frameworks also include guidelines for crypto miners. Meanwhile, three states, Illinois, Texas, and Georgia, introduced bills with similar rules last month.
Solana’s Revenue Plunges 99%
Following a series of meme coin scandals in the past few weeks, investors appear to be moving away from Solana, as evidenced by the network’s declining revenue. According to DefiLlama’s data, Solana saw its revenue drop from $15 million in February to $118,000 at the end of March. Moreover, trading volumes on decentralized exchanges dropped to $781 millon from $nearly $4 billion in the previous month.
DeFi Users Lose $22 Million to Hacks
In other news, hackers stole at least $22 million worth of crypto across four hacking incidents in March. The targeted decentralized finance protocols operate on Ethereum, Berachain, and Arbitrum.
Security company LookonChain reported on Saturday that the hackers had successfully laundered all the stolen funds through THORChain.
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