Kaiko: Trump's tariff effect tumbled crypto volumes in Q1, but catalysts abound in the second quarter

Trump’s tariffs caught markets off guard and digital asset volumes dropped to pre-election levels while volatility increased during the first quarter of 2025.Equities and gold outperformed bitcoin, but altcoins lagged behind BTC as U.S. exchanges upheld liquidity depth.Analysts said Q2 offers a mix of possible tailwinds — clearer trade policies, stablecoin rules, and crypto ETFs for consideration by the new SEC leadership.