Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

The crypto market experienced another relatively calm day on Wednesday despite widespread pessimism about the impact of the Trump administration’s tariffs on the economy.

Bitcoin (BTC) is up 0.08% in the last 24 hours, trading at almost $95,000 and within sight of topping $96,000 for the first time since the second half of February.

Crypto News

Bitcoin Outshines Gold, Tech Stocks in April Amid Tariff Turmoil

Bitcoin has surged past gold and tech stocks alike in April, rekindling the debate over whether the largest cryptocurrency serves as a refuge from market turmoil such as the strife triggered by sweeping US tariffs.

President Donald Trump’s announcement of reciprocal tariffs on April 2 — what he referred to as “Liberation Day” — sent shockwaves across global markets. The Nasdaq Composite is down 0.2% since the day before, while the Bloomberg Dollar Index slipped around 4%. Gold, a go-to refuge in periods of uncertainty, rallied to a record high of $3,500 an ounce before paring some gains, to return 6.1%.

Bitcoin, however, posted a roughly 12% increase since April 1, with advocates saying it acted as an alternative hedge amid growing concerns over US fiscal policy and institutional stability.

El Salvador Says It’s Still Buying Bitcoin After IMF Accord

El Salvador is still purchasing Bitcoin even after inking a loan agreement with International Monetary Fund that required it to stop accumulating the token.

“There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that,” Maria Luisa Hayem, El Salvador’s economy minister told Bloomberg News in a live interview at Web Summit in Rio de Janeiro on Tuesday when asked if her government was still buying Bitcoin.
In exchange for receiving $1.4 billion in funding from the Washington-based lender late last year El Salvador made a series of pledges including shoring up its fiscal accounts and scaling back purchases of Bitcoin, which President Naybib Bukele made an official currency in 2021.

A Bitcoin statue at a plaza in Ilopango, El Salvador.Photographer: Camilo Freedman/Bloomberg

SoFi Plans Major Push Into Crypto Amid New Regulatory Environment

SoFi has plans to bring back crypto services for its clients after suspending those operations in 2023 so as not to impede its effort to become a regulated bank.

“We're going to re-enter the crypto business, which we had to exit," SoFi CEO Anthony Noto said in an interview with CNBC. "We'll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency, to include really providing crypto or blockchain capabilities in each product area that we have."

SEC Delays Dogecoin and XRP ETF Decisions

The U.S. Securities and Exchange Commission (SEC) delayed approval decisions on spot xrp (XRP) and dogecoin (DOGE) exchange-traded funds (ETFs) late Tuesday, in line with analyst expectations.

The SEC said it will wait until June 15 for the next steps for the Bitwise DOGE ETF and June 17 for the Franklin XRP Fund, separate filings show.

Trump's Truth Social Mulls Launching Token for Subscriptions in Latest Crypto Push

Truth Social, the social media platform owned by Trump Media & Technology Group (DJT), which is majority-owned by U.S. President Donald Trump, is considering launching a cryptocurrency.

"As part of our rewards program, we're exploring the introduction of a utility token with a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere," the company said in a letter to its shareholders on Tuesday.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $172.78 million. The total net asset value of Bitcoin spot ETFs is $110.17 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.85%.

The Bitcoin spot ETF with the highest net inflow on Apr. 29 was iShares Bitcoin Trust, with a net inflow of $216.73 million. While the highest net outflow was Bitwise Bitcoin ETF, with a net outflow of $24.39 million, according to SoSoValue.