In this article, we break down what to expect from Liberation Day and how it could shape the outlook for equities, the US economy and crypto markets.

 April 2, 2025 as "Liberation Day" — a moment he claims will restore America's trade fairness through sweeping reciprocal tariffs. With few concrete details confirmed, global markets remain on edge. Investors are bracing for the economic fallout of a potential trade war, and crypto traders are watching closely to assess the impact on digital assets. In this article, we break down what to expect from “Liberation Day” and how it could shape the outlook for equities, the US economy and crypto markets.

Since returning to the White House in January 2025, President Trump has prioritized reshaping US trade policy with a renewed focus on tariffs. His administration has already announced 

 on all steel and aluminum imports. Many of these actions take effect this week, coinciding with his so-called Liberation Day.

Trump argues that tariffs are a necessary tool to reduce the US trade deficit and force foreign nations to stop what he calls "economic warfare" against the American worker. Treasury secretary Scott Bessent 

 countries with persistent trade surpluses — dubbed the 

 — as primary targets for reciprocal tariffs. These include China, the EU, Canada and Mexico.

However, critics point to the growing risk of a global trade war, with multiple partners already threatening or initiating retaliatory measures. Goldman Sachs recently 

, citing declining business confidence and mounting economic uncertainty. The tariffs, designed to protect US industries, could instead raise prices and weigh on consumer spending.

What to expect from Trump's ‘Liberation Day’ announcement

Trump is expected to reveal his tariff plans in a Rose Garden press conference on April 2. White House press secretary Karoline Leavitt 

 that the president would impose tariffs on "any country that has treated the American people unfairly" — though no nation-specific exemptions have been confirmed. Trump has promised these reciprocal tariffs will be 

While final details remain under wraps, proposals have included both country-wide and sector-specific tariffs. These could range from uniform, percentage-based levies to targeted charges on industries like pharmaceuticals, semiconductors and autos. Trump's advisers, including Trump trade adviser Peter Navarro and commerce secretary Howard Lutnick, claim the new tariffs could generate over $600 billion annually — though many economists dispute this figure.

Delayed tariffs on Canadian and Mexican imports, 

 in early March, are also set to take effect this week. These include taxes on agricultural products, energy goods and automotive components. Trump has also 

 a 25% tariff on imports from countries that purchase oil or gas from Venezuela.

Given the administration's conflicting signals in recent weeks, there's a wide range of potential outcomes. Whether “Liberation Day” ushers in immediate enforcement, additional delays or future negotiation rounds remains to be seen. For now, uncertainty reigns.

Potential impact on the US economy and global markets

Economists warn that broad-based tariffs could lead to slower US growth, higher consumer prices and widening inequality. Goldman Sachs now 

 Trump's trade policies to reduce annual GDP growth to 1.5% from 2%, while the odds of a recession are being raised from 20% to 35%.

Global equity markets have already shown signs of stress. European and Asian indices dipped ahead of “Liberation Day,” while the S&P 500 and Nasdaq-100 

 in March (respectively). Auto manufacturers, tech firms and retailers could be especially vulnerable if tariffs disrupt global supply chains.

There's also the question of the Federal Reserve's response. With inflation risks rising, policymakers may hold off on anticipated rate cuts, further complicating the economic outlook heading into Q2.

How will ‘Liberation Day’ affect the crypto industry?

Crypto markets have mirrored broader risk sentiment over the past quarter, with investors reducing exposure amid macroeconomic turbulence. As of April 1, the 

 is down 16.9% year-to-date. Bitcoin has fallen 10.48%, Ethereum 44.2% and Solana 33% — despite reaching new highs in January on hopes for pro-crypto policies from the Trump administration.

Investor optimism has since cooled as recession risks, inflation concerns and policy unpredictability drive a risk-off mood. Bitcoin dipped to $81,656 over the weekend, marking its weakest Q1 since 2018. Traders remain cautious ahead of “Liberation Day,” awaiting clarity before opening new positions.

“Liberation Day” could further weigh on crypto prices if market volatility increases and capital rotates out of risk assets. However, some analysts believe any resulting sell-off may offer an opportunity to 

 — especially if Trump follows through on crypto-friendly regulation later this year. For now, though, many eyes are on April 2.

With details still unknown, the crypto market remains in a "wait-and-see" phase. “Liberation Day” could mark a turning point — for better or worse — depending upon the scope and execution of Trump's tariff agenda.

Intermediate

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Trump's 'Liberation Day': What it means for crypto markets

Grayscale has filed to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). 

Daily top performer — Compound Finance (COMP)

The S&P 500 rose 0.38% as investors awaited new tariffs amid weak factory data and declining job openings. Gold eased to $3,113 after hitting a record high, driven by profit-taking ahead of Trump's tariff announcement, but remains strong due to safe-haven demand and economic uncertainties. The Coindesk Indices, which tracks the broader crypto market, are up by 1.30%, with Bitcoin and Ether are up 3.10% and 5.19%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is COMP, up 14.3%, following the proposal for the creation of a foundation to ensure consistent leadership and coordination by Compound.

Compound Finance (COMP), launched in September 2018, is a DeFi lending platform that allows users to earn interest on crypto assets. Built on smart contracts, it adjusts interest rates based on supply and demand, connecting lenders and borrowers without intermediaries. In June 2020, Compound decentralized with the launch of COMP and full governance transfer. However, it lacks a core operational pillar. With Compound v4 development and increased community engagement, the need for consistent leadership has grown. To address this, Compound Labs 

 creating a Compound Foundation for structure, clarity, and coordination, similar to other ecosystems like Uniswap.

Check out the latest prices, charts, and data of 

 to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). The fund, which currently holds 79.4% Bitcoin and 10.69% Ethereum, has grown by 478.83% since its launch in 2018. The conversion would allow everyday investors to access the crypto market, covering about 75% of the digital asset market cap. If successful, it would eliminate the current barrier that restricts access to accredited investors. The filing is still in progress, with management fees and other details pending.

Yesterday, BTC spot ETF had a total outflow of $157.8 million, with GBTC seeing a loss of $10.1 million and non-GBTC products losing $147.7 million.

 that its airdrop might be approaching, with a claim page now live. Registration for the airdrop runs from April 2 to April 17, and claims are expected to open on April 22. However, nothing has been officially confirmed yet. Stay tuned for updates.

Beginner

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Grayscale files to convert digital large cap fund into publicly accessible crypto ETF

In this guide, we'll dive into how to trade crypto with the Bybit app, a convenient and feature-rich platform. Explore spot and derivatives trading for beginners on the Bybit app.

Welcome to our step-by-step guide on trading using the Bybit app. In this article, we’ll walk you through everything you need to know — from downloading the app and setting up your account to executing spot, margin and derivatives trades. Bybit is a leading cryptocurrency exchange that offers a fully localized and user-friendly mobile experience, making it easy for both beginning and seasoned traders to manage their investments seamlessly.

First, download the Bybit app from the App Store (iOS) or Google Play (Android). Once you’ve installed the app, open it and select your preferred language.

 and register using your email address or phone number. Complete the verification process by submitting your mainland Chinese ID or passport as required. This step is crucial to ensure your account is secure, and to unlock higher withdrawal limits.

After verifying your identity, head over to the 

 tab to fund your account. You can directly deposit cryptocurrencies like BTC or USDT. Our 

 (UTA) streamlines fund management, allowing you to trade seamlessly across different markets without the hassle of multiple wallets.

Spot trading with Bybit lets you buy or sell cryptocurrencies at current market prices with immediate settlement.

To begin, log in to the app and tap on the 

Choose your desired trading pair, such as BTC/USDC or ETH/USDT, from the list.

 lets you specify a price at which you want to buy or sell. 

Enter the amount you wish to trade, review the details and confirm your order.

Once your order is executed, monitor its status in the 

Bybit has an intuitive interface that displays real-time updates, so you can track your trades anytime with ease. 

How to execute a spot margin trade with the Bybit app

For traders looking to leverage their positions, Bybit offers a spot margin trading feature that allows you to borrow funds to increase your buying power. Start by logging into your account and tapping on 

Choose a trading pair, such as ETH/USDC, which supports margin trading with leverage options of up to 10x. 

Once your trading pair is selected, you’ll need to select the margin amount (e.g., 

 at which you want your limit order to execute.

You’ll also see several other important metrics, such as 

Enter the amount you wish to trade, and then carefully review all of the details.

After confirming your order, your margin trade will be executed. You can track your position in the 

 tab, where you can also set up stop-loss or take-profit orders to manage risk. 

How to trade derivatives with the Bybit app

Bybit also offers derivatives trading, which allows you to speculate on the price movements of cryptocurrencies without actually owning the underlying assets. Derivatives include Futures and Perpetual contracts, which can be traded with leverage, sometimes up to 100x.

To start, log in to your account and tap on 

Set your desired leverage (e.g., 50x) and choose between 

 margin modes, based on your risk preference.

 (if using limit or conditional orders) and 

Once you’re satisfied with your parameters, confirm your order and your position will appear in the 

Trading with the Bybit app offers numerous advantages that make managing digital assets both efficient and secure. The platform’s user-friendly design, high-speed execution and comprehensive risk management tools cater to traders of all levels. Our Unified Trading Account (UTA) streamlines fund management by consolidating assets for spot, margin and derivatives trading under one account, which reduces operational complexity and enhances overall efficiency. This streamlined approach lets you focus on strategy rather than logistics.

Additionally, Bybit’s state-of-the-art security measures — such as multi-factor authentication, regular independent audits and cold storage of assets — ensure that your transactions are conducted safely and transparently. With an interface designed to minimize distractions and provide real-time data, you can quickly monitor market movements and adjust positions. 

Our commitment to a secure and reliable trading experience is evident in our continuous improvements and proactive customer support. These features empower you to make informed trading decisions, fostering confidence in your ability to navigate the dynamic crypto market.

Bybit delivers a secure, robust and intuitive mobile platform that simplifies cryptocurrency trading for everyone. In this guide, we’ve explored how to set up an account, fund it and execute various types of trades — spot, margin and derivatives — using a fully localized and user-friendly interface. Our Unified Trading Account and comprehensive risk management tools ensure a smooth trading experience so you can focus on growing your investments.

Looking ahead, Bybit remains dedicated to innovation and excellence in the crypto industry. We continually refine our platform, based on user feedback and market trends, ensuring that you have access to the latest tools and features. Our commitment to transparency and security underpins everything we do as we build trust and empower traders. 

How to trade spot crypto on Bybit app.png

How to trade with the Bybit app

Approval of an Aptos Spot ETF could drive price growth and mainstream adoption by offering regulated, accessible exposure to APT for investors.

In early March 2025, Bitwise Asset Management, Inc. filed an S-1 registration statement with the SEC to launch a Aptos Spot 

 (ETF), sparking fresh excitement in the crypto market. Known for its cutting-edge blockchain architecture and lightning-fast transactions, Aptos is gaining traction, and now joins the growing list of projects seeking mainstream investment products. 

This article describes how an Aptos Spot ETF works, its potential impact on the market, regulatory hurdles and the significance of potential approval for the future of altcoin investments. Could this be the move that propels Aptos to blockchain supremacy?

An Aptos Spot ETF is an exchange-traded fund that physically holds the 

 (APT) cryptocurrency and directly tracks its real-time price, providing investors exposure to its market performance without needing to own the asset itself.

An Aptos Spot ETF would operate by acquiring Aptos tokens through authorized participants (APs), typically large financial institutions. These APs play a crucial role in the creation and redemption of ETF shares. They purchase Aptos tokens, either from the open market or directly from exchanges, and transfer them to the ETF in exchange for newly issued shares.

Once the tokens are bought, the ETF stores them securely, often through specialized custodial services that ensure transparency and regulatory compliance. The ETF tracks the value of Aptos (APT) by referencing a specific pricing benchmark, such as the CF Aptos-Dollar Settlement Price, aggregating data from major trading platforms in order to accurately reflect the APT token’s market value. 

Creation and redemption of Aptos Spot ETF shares

Creation and redemption of ETF shares takes place in large blocks, known as Baskets, which typically consist of 10,000 shares. APs are key in maintaining liquidity and ensuring that the ETF’s price stays aligned with the value of the underlying asset. 

In the creation process, an AP delivers cash for an amount equivalent to the value of the ETF shares it wants. The fund’s sponsor then uses this cash to acquire Aptos tokens from pre-approved trading counterparties, who operate independently of the APs. Once the tokens are acquired, the ETF issues the corresponding number of shares to the AP, which can then sell them on the open market.

On the flip side, during the redemption process, an AP wishing to redeem ETF shares returns the specified number of shares to the fund. In return, the AP receives cash for an amount equivalent to the value of the underlying Aptos tokens. To fund this redemption, the sponsor arranges for the sale of the required Aptos tokens to approved counterparties, and the cash proceeds are used to fulfill the redemption request.

Once created, ETF shares are listed and traded on public stock exchanges, allowing investors to buy and sell them as they would traditional stocks during market hours. This provides liquidity and accessibility to a broader range of investors.

The ETF provider charges an annual management fee for overseeing the fund's operations. These fees compensate the provider for managing the fund and ensuring its alignment with the underlying asset's performance. This mechanism ensures that the Aptos Spot ETF stays closely aligned with the market value of Aptos tokens, while offering investors the convenience of trading ETF shares on traditional financial markets.

On Mar 5, 2025, Bitwise Asset Management submitted an 

 to the US Securities and Exchange Commission (SEC), seeking approval to launch an Aptos Spot ETF. To address regulatory concerns, Bitwise has decided to exclude a staking provision from the Aptos ETF. (

 allows users to earn rewards by holding their cryptocurrency instead of selling it, but this can complicate ETF structures and raise issues with the SEC.) 

Bitwise still needs to submit an SEC Form 19b-4 for its Aptos Spot ETF application. Once the SEC acknowledges receipt of the 19b-4, the review process will officially begin, which could take several months. With the SEC grappling with an increasing number of Spot ETF applications, Bitwise's filing is expected to draw significant attention. The outcome could set an important precedent for the future of altcoin ETFs in the US.

Current impact of Aptos Spot ETF applications on the crypto market

The announcement of Bitwise’s filing for an Aptos Spot ETF had an immediate and positive effect on the crypto market. In response to the news, 

, jumping more than 18% to around $6.48. This spike reflected investor optimism surrounding the potential approval of the ETF and the impetus it would provide for growing acceptance of Aptos in traditional financial markets.

The market’s reaction highlights a rising interest in alternative cryptocurrencies, as well as the anticipation of more diversified investment options. While the approval of the Aptos Spot ETF is still uncertain, the filing has already had a significant impact on market sentiment, demonstrating the powerful influence of regulatory developments on cryptocurrency valuations.

What will it mean if an Aptos Spot ETF application is approved?

​The approval of an Aptos Spot ETF by the US SEC would mark a significant milestone in the cryptocurrency and traditional finance sectors. 

Looking to capture the market and trade APT tokens? Bybit offers the 

The potential approval of an Aptos Spot ETF represents a transformative moment for both the crypto and traditional finance sectors. It promises increased accessibility and liquidity for Aptos, while also offering institutional and retail investors a regulated means to gain exposure to Aptos via its APT token. Enhanced price discovery and regulatory validation could stabilize the token’s value and boost market confidence. Finally, success in this application may pave the way for additional altcoin ETFs, broadening investment opportunities and further integrating cryptocurrencies into mainstream financial markets.

aptos etf.png

Aptos Spot ETF: Fast track to blockchain supremacy

Bybit Learn

Crypto

A SIM swap crypto attack is a hack in which a scammer copies a phone’s SIM card information. Learn more about how it works in this article.

Being able to store funds digitally is convenient, but it can also make your money vulnerable to scammers and hackers. Unfortunately, hackers are constantly developing new methods for stealing crypto. A new type of attack called a SIM swap has even managed to fool crypto experts like Vitalik Buterin. What are SIM swap attacks, and how can you protect your crypto from this fraud method? Keep reading to learn more about how SIM swaps work.

A SIM swap crypto attack is a hack in which a scammer copies a phone's SIM card information. This allows the hacker to bypass two-factor authentication and gain access to crypto accounts. Once the hacker has accessed an account, they can easily steal crypto or other assets.

A SIM swap attack is a type of hack that essentially clones your cell phone number. The first step of this attack involves the hacker switching the 

 from your phone to theirs. They can do this by stealing your phone and manually removing the card, or they can pretend to be you and use social engineering tactics to trick your mobile carrier into remotely transferring the SIM.

Once the hacker has your SIM card information in their phone, it will essentially function like your phone. All calls and texts will go to their phone, and if they call anyone from their phone, your number will show up on the receiving party’s caller ID. Having their victim's phone number makes it very easy for SIM swap attackers to get around routine security mechanisms like two-factor authentication. They can use their victim's phone number to receive one-time password texts, and log in to the victim's online accounts.

Some sites with shoddy security measures will also allow users to automatically reset an account over a verified phone number. The hacker can potentially call a site's customer service center and get a password reset for the victim's account — without even having to provide any other verifying information.

How Does a SIM Swap Attack Affect Crypto Traders and Investors?

As the result of a SIM swap attack, a hacker can easily get into a variety of online crypto wallets. They can then transfer the tokens straight to their own account and steal all your money. If your crypto wallet uses stored credit cards or bank accounts to purchase crypto, the hacker can also use that information to steal more money from you or buy more crypto for themselves. The concept of a SIM swap is especially risky for those who use a lot of 

 products with internet connectivity. While 

 might remain somewhat secure, any service that allows you to link your phone number to your account could be vulnerable to a SIM swap.

SIM swapping poses some major dangers for crypto traders. In the wake of countless data breaches and phishing attacks, two-factor authentication via phone has become the gold standard for security. Many people assume that setting up two-factor authentication (2FA) makes their accounts completely secure. Unfortunately, the reality is that two-factor authentication is very easy to get around. With a SIM swapping attack, any trader or investor's personal accounts could be hacked.

How to Recognize the Signs of a SIM Swap Crypto Attack

Being able to recognize a SIM swap crypto attack can help you take steps to address the problem before it gets worse. The most important sign of a SIM swap to be aware of is that your phone will be unable to make calls and send messages. Since the hacker's phone will be using your SIM card, the card in your phone will no longer function. You'll still be able to connect to WiFi, but you won't be able to use data for things like texts and calls.

Many hackers are aware of this trick for spotting a SIM swap, so they'll try to trick you into turning off your phone before they begin. Many people who deal with a SIM swap crypto attack report that their phone was bombarded with constant calls and messages right before the swap. You might also get some suspicious texts or emails before a SIM swap because a hacker is trying to use phishing to collect your data and make it easier to access your account. Typically, mobile service providers notify clients of SIM swaps, so make sure to regularly check your email to see if they've notified you of an upcoming SIM card activation.

A SIM swap crypto attack can have disastrous consequences. Here are a few examples of high-profile SIM swapping attacks that have recently been in the news.

Vitalik Buterin X/Twitter SIM Swap Attack

In one shocking case, hackers combined a SIM swap attack with a phishing attack to steal

. The hack started with a SIM swap that targeted Ethereum founder Vitalik Buterin's X/Twitter account. Since his phone was linked to his account, the hackers could access it without even using a password. The hackers then used Buterin's account to tweet a phishing link, and when other social media accounts clicked on it, their crypto and NFTs were stolen.

 social media accounts were the target of another substantial SIM swap fraud. In this attack, a hacker stole about 

 in under 24 hours by using SIM swaps. Many of friend.tech's high-profile users raised awareness about the dangers of SIM swapping by posting about the issue online.

A British hacker known as PlugwalkJoe was able to steal almost $800,000 worth of cryptocurrency through SIM swapping. The hacker targeted high-level executives at a crypto corporation, and once he was able to use the SIM swap to access the company's online accounts he transferred

Can You Prevent a SIM Swap Crypto Attack?

Are SIM swap crypto attacks completely unavoidable? With the way phone and crypto companies are set up, they can be quite hard to prevent. Many sites' current security measures mean that any SIM swapper has free reign to control your account. Furthermore, mobile carrier companies aren't doing much to prevent SIM swaps. There currently aren’t any regulations requiring mobile service providers to authenticate customers before agreeing to move a subscriber identity module (SIM) to another phone.

Therefore, the prevention of SIM swap attacks relies almost entirely on individual users. You cannot assume that every site is doing its best to 

. Instead, you need to take the time to set up preventative measures on your own. By doing some research into security policies and practicing some safety guidelines, you can reduce your risk of encountering SIM swap fraud.

Even if most sites and mobile carriers aren't taking steps to prevent SIM swaps, there are several things you can do to safeguard your security. Follow these tips to prevent SIM swap attacks.

What Should You Do if You’re Victimized by a SIM Swap Crypto Attack?

If SIM swappers access accounts, it's important to act fast. Start by contacting your mobile carrier and alerting them to the issue. Ask them to either disable your number temporarily or return the number to your SIM. Make sure to file a complaint and keep a record of their inability to secure your SIM just in case you need to escalate the issue later on.

Next, turn to your crypto accounts. It can take a little while for your mobile carrier to restore your SIM, so make sure you remove your phone number from all crypto and bank accounts and disable two-factor verification via phone. Enhance your security further by changing your password and contacting the site's customer service team to ask if you can freeze your account or add other security messages.

Once you've stopped the SIM swap attack, it's time to take steps to 

. File reports with local law enforcement to get help finding the hackers, and contact customer service for your bank accounts and any crypto sites you use. Some sites may be able to reverse transactions or restore money to the personal accounts of fraud victims. If you cannot get your money back from the site or recover it from the hackers, you may want to consider seeking legal counsel and filing a lawsuit to get compensation for your lost money.

SIM swapping is a troubling new way for hackers to access accounts. It takes advantage of password recovery or login processes that rely on phone numbers, so it can circumvent a lot of safety measures. The only way to protect yourself is to keep your personal information secure and carefully monitor your accounts for any suspicious activity.

SIM Swap Crypto Attack: Can You Prevent This Crypto Hack?

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