United States President Donald Trump is not giving up on his plans to make nations like China accept the terms of his reciprocal tariffs, which he unveiled last week. Countries have started announcing counter-tariffs, exacerbating the long-drawn trade war that has continued to affect the crypto market.
President Donald Trump Issues New Warning to China
As President Donald Trump revealed and broadcasted on X, the US will levy an additional 50% tariff on China if the Asian giant fails to lift its 34% counter tariff. After Trump’s reciprocal announcement on April 2, China responded with a 34% level.
This move was unacceptable to President Donald Trump, who said China has already imposed a record-setting tariff. The US President’s ultimatum to China was April 8, and if the nation fails to comply, it will respond in kind with 50% of the import charges.
In his post on Truth Media, the US President noted that his administration will continue to negotiate with other countries that have reached out. However, he said all negotiations with China would be halted immediately if China’s levy on US imports were not lifted.
Mexico, Canada, Japan, and the European Union are among the nations looking for a renewed deal with the US.
Impact of Tariff Moves on Crypto Market
As seen in the crypto market over the past few weeks, the sentiment around the trade war has sparked concerns about nascent asset classes. As reported earlier by CoinGape, Bitcoin crashed to $74,00 on concerns that more tariffs and economic instability are in view.
The same bearish outlook is seen for all the altcoins, from XRP to Solana and Cardano. Beyond this outlook, the current trend suggests no aspect of the market is safe, with intense volatility still at play.
Considering the nature of stock market losses, the industry is now very sensitive to fake news. Earlier, BTC’s price rebounded to $80,000 on a fake update that President Donald Trump had suspended the tariff implementation for 90 days. If the countries do not reverse the trend, more fluctuations may come.
Bitcoin and Altcoin Price Outlook
At the time of writing, the price of Bitcoin has pared off some of its losses and was trading at $78,961.40, down by 1.6% in 24 hours. Within this period, the coin has moved between two price extremes, including a low of $74,436 and a high of $81,119.06.
Altcoins are also also staging a comeback with Ethereum trading for $1,556.42 atop a 7.01% decline. XRP, Dogecoin and Solana are also down by 6.04%, 5.11% and 3.31% as of writing.
Market experts like Arthur Hayes have predicted Bitcoin dominance to hit 70% with the market likely to stage a rebound. If achieved, altcoins may also stage a sustained rebound moving forward.
DOGE News:- In a latest exciting crypto funding update, the application layer of Dogecoin ecosystem, DogeOS, has raised $6.9 million funding for its launch.
The funding led by Polychain Capital aims to launch and work for enhancing the operability of DogeOS on Dogecoin. The app layer plans to bring consumer applications in the Dogecoin ecosystem.
The project was unveiled last year in November 2024 and launching today. The kind of applications it aims to integrate in Dogecoin ecosystem include fun games and more real-world utility focused applications.
In simple words, DogeOS would serve as the layer-2 network of these apps built on Dogecoin.
What is the New App Layer DogeOS
As per the latest DOGE news, DogeOS will enable developers to build diverse consumer apps on the memecoin layer. This would range from gaming to artificial intelligence focused decentralized applications.
This app layeris built on top of the blockchain – DOGE and is created by the founders of MYDOGE.
It lets developers build decentralized apps (dApps)that use the blockchain for things like payments, identity, or asset ownership.
The newly secured funds will be used by the app layer toenhance DogeOS’s capabilities. The creation of applications and other DeFi services can bolster DOGE which is facing legal challenge on its commodity status.
This development is expected to attract a broader user base, particularly 3.83 million Dogecoin community or ‘Shibes’, and stimulate increased activity within the Dogecoin network.
MyDoge CTO Alex said in a X post, “This application layer adds programmability to the settlement layer [of DOGE] to enable everything possible in web3 and more!”
Dogecoin is the people’s currency. Think of it as a sound money settlement layer for all transactions. Cheap, fast, accessible and secure.
On top of that is @DogeOS which allows for applications to orchestrate Dogecoin in new, fun and useful ways.
The app layer launch is built and launched by the founders of MyDoge Wallet = CTO Alex and Jordan Jefferson, CEO of MyDoge.
MyDOGE was officially launched in December 2021 as a non-custodial Dogecoin walletdesigned for sending, receiving, and storing DOGE.
As of 2025, MyDoge has over 500,000 users. This makes it one of the most widely used wallets in the Dogecoin ecosystem.
Thus, with over half a million users already usingMyDoge as their preferred wallet, the demand for native Dogecoin experiences is evident.
The newly launched DogeOS will ride on this demand,unlocking new use cases and fostering DOGE-focused economy.
Further, the app layer launch comes as another boost to the ongoing efforts working to create a DOGE-centered ecosystem.
In March, House of Dogs announced the creation of Official Dogecoin Reserve to drive the adoption of DOGE as Payments currency. On April 28, 21shares has also filed for DOGE ETF in NASDAQ.
Thus, with the app layer launch, the upcoming applications will allow the use of DOGEfor real-world utility services. This can potentially transform Dogecoin from a cultural phenomenon into a robust ecosystem supporting a multitude of decentralized applications.
Solana has emerged as a powerful presence in the crypto industry. Since its inception in 2020, the network has dominated the market, demonstrating remarkable levels of user engagement and practical utility, particularly in decentralized finance (DeFi). Many in the industry view it as the next natural contender to receive an ETF approval in the United States.
However, others are more cautious in their evaluations. BeInCrypto spoke with representatives from Gravity, Variant, and OKX to understand the areas where Solana is still lacking. Industry leaders referred to centralization, network reliability, and excessive regulation as points of contention for Solana’s ETF approval.
Bitcoin and Ethereum’s Precedent
The availability of exchange-traded funds (ETFs) for prominent cryptocurrencies has grown over the past year. These funds offer investors diversified investment opportunities and act as a bridge between traditional finance and the increasingly mainstream cryptocurrency market.
Meanwhile, the deadline for some filings, including Grayscale’s, was extended until October. Nonetheless, posts on X and some analytical reports suggest yesterday’s deadline as a date of interest for an initial or consolidated SEC response to several applications.
2025 Predictions and Market Expectations
The tentative approval of a Solana ETF has generated much debate across social media platforms. ETF President Nate Geraci formally predicted that 2025 would be the year of crypto ETFs and that Solana would receive its approval this year.
Per previous reports, former Trump White House Secretary Anthony Scaramucci expressed that, with a Trump reelection, Solana ETFs could gain approval during Q1 of 2025. According to his predictions, Solana would receive the SEC’s green light during the next two weeks.
Meanwhile, the prediction market Polymarket estimates an 82% chance that a Solana ETF will get approved in 2025.
According to a Polymarket poll, Solana has an 82% chance of getting an ETF approval in 2025. Source: Polymarket
Several factors make an imminent Solana ETF approval seem plausible. Less than five years after the network launched, Solana quickly became a major player in the crypto industry, attracting users for its high transaction speeds and low gas fees.
“From a network perspective, Solana’s performance has been remarkable, now driving nearly 50% of all global DEX volume– a dominance that fundamentally reshapes the DeFi landscape. The blockchain is not just handling unprecedented transaction volumes… it’s transforming our understanding of blockchain scalability at scale,” Lennix Lai, Global Chief Commercial Officer at OKX told BeInCrypto.
Solana has established itself as a dynamic force in the crypto industry following a successful 2024.
A Messari report detailed particular growth in Solana’s final quarter across DeFi, liquid staking, NFTs, and institutional involvement. The total value locked (TVL) in Solana’s DeFi sector increased substantially, growing by 64% to $8.6 billion, which placed it behind Ethereum as the second-largest network based on TVL.
Solana’s positive performance, coupled with Donald Trump’s reelection to the US presidency, further amplified the crypto industry’s optimism over an ETF approval.
However, some industry experts have expressed more tempered expectations.
Experts Offer Tempered Expectations
A few days before Trump assumed the presidency, Bloomberg Intelligence analyst James Seyffart said Solana ETFs may not be launched in the US until 2026. He cited the SEC’s precedent of taking a lot of time to review filings as the cause for delay.
In another post, Bloomberg Senior ETF analyst Eric Balchunas said that ETF approvals for other cryptocurrencies were more likely to occur before Solana.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas said.
Balchunas further explained that complex legal issues around Solana, relating to its status as a security, need to be resolved before it can gain ETF approval. Consequently, he deemed the approval of Litecoin or Hedera ETFs more likely.
Uncertainty over whether Solana classifies as a security is a major driver fueling doubts over its ETF approval.
Security Classification Concerns
Martins Benkitis, co-founder and CEO of Gravity, explained that Solana’s regulatory classification complicates its path to approval.
“It’s no secret there’s currently a lack of precedent for Layer-1 blockchains beyond Bitcoin and Ethereum in the ETF space, this suggests cautious optimism but with higher regulatory hurdles. Bitcoin, being a commodity in the SEC’s eyes, and Ethereum’s gradual transition to PoS had different legal considerations. Solana, on the other hand, faces concerns over potential classification as a security due to its token distribution and foundation’s involvement,” Benkitis told BeInCrypto.
The SEC identified Solana as a security in lawsuits against Binance and Coinbase over the past two years, although these lawsuits have since been dropped. The SEC argued that these tokens could be considered investment contracts under the Howey Test.
While some interpreted the SEC’s lawsuit withdrawal as a softening stance on Solana’s security classification, others quickly challenged this assumption.
“There is no reason to think [the] SEC has decided SOL is a non-security. That they don’t want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy,” said Jake Chervinsky, Chief Legal Officer at Variant, following the Binance lawsuit withdrawal in July 2024.
Others believe that a pro-crypto administration should be enough to influence the SEC to consider Solana as a non-security. Lai disagrees.
“The changing political landscape, particularly with Trump’s victory and pro-crypto stance, could create a more constructive environment for innovative blockchain platforms like Solana. However, the technical and market structure considerations will remain crucial regardless of administration changes,” he said.
In the meantime, there are several other requirements Solana must meet.
On his part, Lai added other aspects to the list of considerations.
“While Polymarket shows high odds for 2025 approval, several critical factors suggest a more complex pathway: Solana’s technological architecture presents unique challenges with its PoS mechanism; The absence of CME futures raises liquidity and risk management concerns; Historical network downtime incidents need addressing; Centralization questions relative to BTC and ETH remain unresolved; Institutional interest hasn’t matched BTC and ETH levels despite the network driving 48% of global DEX volume; [and] the temporary nature of trending themes suggests caution in using current volumes as primary indicators,” Lai told BeInCrypto.
Concerns about centralization and scalability have long been discussed regarding Solana, even outside of discussions over an ETF approval.
Since 2021, Solana has suffered over a dozen network outages varying in severity. These outages have jeopardized the network’s reputation as stable and reliable– two strongly considered characteristics during the ETF approval process.
“From a market making standpoint, network reliability is crucial as any downtime or congestion can significantly impact trading operations and order execution,” Benkitis affirmed.
However, Solana has successfully curbed the number of outages it has experienced. Once notorious for the frequency of its shutdowns, the last time Solana experienced one was in February 2024.
Meanwhile, developers designed Solana’s upcoming Firedancer validator client to improve network stability and transaction processing. Its distinct codebase offers greater resilience against widespread outages and will enhance Solana’s performance.
Yet, Solana must also mitigate centralization concerns to improve its chances of obtaining ETF approval.
Centralization Concerns
Solana’s validator node requirements, which demand significant hardware investments, can create barriers to entry. These obstacles can potentially concentrate power within the network among those capable of affording the necessary infrastructure.
In turn, the protocol’s limited number of validators compared to other networks raises concerns over centralization. For context, while Solana currently has around 2,000 active validators, Ethereum passed the one million benchmark last year—the largest number recorded by any blockchain network.
Though Solana’s hardware reliance speeds up the network, it also raises decentralization concerns. Benkitis factored this aspect into his evaluation of an ETF approval.
Its currently underdeveloped futures market infrastructure further complicates Solana’s viability as an ETF candidate.
Its filings were unprecedented because the network did not have a previously established futures market. This factor was crucial in determining an ETF approval for Bitcoin and Ethereum.
“The lack of CME futures and institutional frameworks comparable to BTC/ETH could influence [the SEC’s] evaluation,” Lai said.
He added that the proliferation of meme tokens minted on Solana could present themselves as a potential roadblock.
“Market reactions reflect Solana’s emergence as the primary driver of this cycle, with DEX volumes exceeding $100 billion and dominating major aggregators. However, I believe the temporary nature of trending themes suggests continued volatility. While technological advancement and growing institutional adoption may provide stronger foundations, we need to maintain perspective on the cyclical nature of crypto trends,” Lai said.
This more recent development in Solana’s attraction also brings its set of downsides.
Meme Coin Influence and Regulatory Concerns
The expanding meme coin market on Solana partially explains its popularity. Platforms like Pump.fun allow anyone to launch their tokens, and this design has even led to celebrities launching their tokens on the platform.
More recently, political figures like Donald Trump and Argentine president Javier Milei have also launched meme tokens on Solana platforms. Yet, these activities have proven to be high-risk. In many cases, meme coin investments have caused smaller retailers millions of dollars in losses.
Benkitis said that the SEC might frown upon the speculative nature of these trading activities.
“While an ETF approval could unlock liquidity opportunities, the market’s heavy dependence on speculative sentiment calls for a measured and cautious approach,” he said.
With so many considerations, approving a Solana ETF in 2025 is far from guaranteed. The SEC’s eventual decision will be a defining moment for the network and the broader crypto industry.
The conversation around 25-year prison sentence of Sam Bankman-Fried (SBF) has changed. After some voices in the crypto community suggested the punishment was too harsh, lawyer John Deaton stepped in with strong opinion regarding the conversation. His comments have added a new twist to the ongoing debate about whether justice was served.
Community Member Zach Revisits SBF Sentence
In a recent post on X, a crypto community member named Zach questioned whether Bankman-Fried’s sentence was too harsh. Zach pointed out that the customers of the crypto exchange he founded are being paid back entirely with interest. He suggested that the trading platform’s downfall was not because it was bankrupt but due to cash flow problems.
While he admitted that combining FTX customer funds with Alameda Research was illegal, Zach believed it was a case of poor management rather than criminal intent. He said Sam Bankman-Fried might have made decisions based on utilitarianism and effective altruism, rather than acting out of greed.
After facing pushback from community members regarding his opinion, Zach quickly clarified that he was not arguing SBF’s innocence. Instead, he believed a 25-year sentence without parole for poor decision-making was not justice.
John Deaton Shares Hot Take
Meanwhile, John Deaton does not hold back when he responds to Zach’s argument. In his X post on social networking site X, Deaton said Sam Bankman-Fried fully deserved every year of his 25-year sentence.
Deaton did not stop at Bankman-Fried alone. He said his parents, Joe Bankman and Barbara Fried, should also be facing prison time. He pointed to trial evidence, including private chats, which showed Bankman-Fried’s public image of altruism was fake.
The crypto lawyer also criticized him for showing no remorse after the collapse of FTX and mentioned that SBF donated $10 million to the Biden administration.
Concluding his remarks, he urged former Florida Attorney General Pam Bondi to reopen the SBF’s campaign finance fraud case that was dropped. John Deaton said the case was dismissed only because it involved elected officials.
Is There Hope for Sam Bankman-Fried?
Some market participants believe that the Justice Department could influence the future of Sam Bankman-Fried. Recently, federal prosecutors and regulators have scaled back on crypto cases.
Notably, regulators have focused mainly on crimes directly related to cryptocurrency and have left other matters to the US Securities and Exchange Commission.
Unfortunately, in the recent SBF interview with Tucker Carlson, the FTX founder admitted that without intervention, he could remain in prison until his late fifties.
Despite these efforts, the strong call from John Deaton for further charges suggests that leniency remains unlikely. However, the changing environment in Washington means the door is not entirely closed. For instance, former BitMEX CEO Arthur Hayes bagged Presidential pardon in the United States recently.
