The US trade deficit plummeted by $76.7 billion in April following the rollout of the Trump Administration’s wave of tariffs.

The total goods and services deficit was $61.6 billion in April, down from $138.3 billion in March, per a new report from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

The US clocked $289.4 billion worth of exports in April, $8.3 billion more than March, and $351.0 billion worth of imports, which was $68.4 billion less than the previous month.

“The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $75.2 billion to $87.4 billion and an increase in the services surplus of $1.5 billion to $25.8 billion.

Year-to-date, the goods and services deficit increased $179.3 billion, or 65.7 percent, from the same period in 2024. Exports increased $58.4 billion or 5.5 percent. Imports increased $237.8 billion or 17.8 percent.”

The US trade deficit skyrocketed in March as consumers and businesses stockpiled ahead of Trump’s tariffs.

The future of those tariffs remains uncertain as rulings about their legality ping-pong back and forth through the US court system.

Last week, the United States Court of International Trade (CIT) ruled that many of the duties exceed the authority granted to the president by the International Emergency Economic Powers Act (IEEPA).

The federal court struck down Trump’s April 2nd executive order establishing tariffs against 57 countries worldwide and several follow-up executive orders modifying the duties’ rates and start dates.

The CIT also axed a slew of earlier tariffs Trump had applied to Mexico, Canada and China, which he claimed were retaliation for failing to stop the flood of illegal narcotics into the US.

The Trump Administration immediately appealed the CIT’s ruling and requested a stay on the judgment, which the U.S. Court of Appeals for the Federal Circuit granted.

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The stock of a healthcare technology company tanked after it announced a new initiative to use XRP in its treasury reserve and for payments.

Wellgistics Health (WGRX), which specializes in pharmaceutical distribution and healthcare infrastructure, notes in a new press release that it secured a $50 million credit facility to support the use of XRP in real-time settlement as well as a treasury reserve asset.

Wellgistics says it is developing a platform that enables instant payments between pharmacies, suppliers and manufacturers. The platform will also allow smart rebates while introducing XRP-backed credit lines for independent pharmacies.

Says Brian Norton, the firm’s chief executive,

“Our blockchain-enabled payment system and ledger is just the next logical step in healthcare evolution, allowing us to hardwire speed, liquidity, and transparency into a system that’s long been starved of all three. I believe that the future winners in healthcare won’t be the companies with the biggest buildings… they’ll be those with the fastest rails, cleanest data, and most efficient platforms. We’re betting on infrastructure… not inertia.”

It doesn’t appear that shareholders share Norton’s confidence, however. WGRX is down more than 9.5% in the past day and nearly 40% in the past five days.

XRP, by contrast, is up more than 2.5% in the past day and more than 7% in the past week and is trading for $2.35 at time of writing.

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Bitcoin tumbled from $83,000 to $74,000 overnight, triggering over $1.36 billion in liquidations across digital asset markets, according to Coinglass.

The sharp correction followed escalating trade tensions, with U.S. President Donald Trump announcing sweeping tariffs on nearly all major trading partners late Friday.

More than 441,000 traders were liquidated over the 24 hours, with long positions accounting for $1.21 billion of the total. Bitcoin alone saw $401.31 million in long-side liquidations, with Ethereum contributing $341.82 million.

The most significant single liquidation order, valued at $16.38 million, occurred on Bitfinex’s perpetual contract. The top five assets by liquidation volume included BTC, ETH, SOL, XRP, and DOGE.

The move coincided with broader market turmoil. S&P 500 Futures Index ER dropped 10% over the weekend, following back-to-back daily losses exceeding 4% on Thursday and Friday, among one of the steepest two-day declines in index history.

The liquidation heatmap shows concentrated pressure on Bitcoin and Ethereum, though altcoins such as XRP, SOL, and DOGE also experienced significant drawdowns.

BTC’s 24-hour price declined 10.25%, ETH fell 19.84%, and most major altcoins posted double-digit losses. The data suggests the sell-off was long-heavy, with short liquidations remaining comparatively minimal.

While the pullback punctuates Bitcoin’s recent strength, peaking above $109,000 in January following Trump’s reelection and inauguration, it has now reversed to levels last since under Joe Biden.

Bitcoin has a strong resistance level of around $73,000, which I have advocated for being the local bottom of a sustained bull run. However, global pressure and the unprecedented tariffs have created a black swan event that no technical analysis can foreshadow.

As geopolitical tensions mount, digital asset markets are now repricing risk in tandem with traditional equities.

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Ethereum is down 55% from its December high, reflecting the broader weakness that has hit the crypto market amid escalating global uncertainty. Much of the recent pressure comes from US President Donald Trump’s aggressive tariff policies and unpredictable economic stance, which have rattled investor confidence and driven a risk-off sentiment across financial markets. High-volatility assets like Ethereum have been particularly hard hit, with bulls struggling to hold critical support levels and sellers continuing to dominate short-term price action.

Despite the bearish outlook, on-chain data provides a glimmer of hope for Ethereum’s long-term prospects. According to CryptoQuant, Ethereum exchange reserves have been steadily declining since 2022 — a trend that suggests a continued reduction in available supply on centralized platforms. While this hasn’t translated into upward price action yet, it points to a potential supply squeeze once demand returns.

For now, ETH remains under pressure with no immediate signs of a reversal, but the shrinking exchange supply could set the stage for a strong rally if buying interest picks up. Until then, Ethereum continues to trade in a fragile state, with investors closely watching for signs of support or further breakdown in the coming weeks.

Ethereum Tests Critical Support As Exchange Supply Drops

Ethereum is testing critical demand levels as the market continues to lean bearish. After weeks of persistent selling pressure, ETH is now trading below the $1,800 level — a zone that many analysts view as a last line of defense before deeper losses. The broader macroeconomic backdrop remains challenging, with trade war fears and tightening financial conditions keeping risk assets under pressure.

Ethereum has been particularly weak since late February, when bulls lost control following the breakdown below $2,500. Since then, price action has steadily declined, and hopes for a bullish cycle have faded. Investor sentiment is fragile, and bulls have yet to show enough strength to reclaim broken support levels or initiate a meaningful recovery.

However, there are signs of long-term potential building beneath the surface. According to top analyst Quinten Francois, ETH supply on exchanges is plummeting. Shared via X, CryptoQuant data shows a significant downtrend in Ethereum held on centralized platforms — a signal that investors may be moving assets into cold storage, reducing sell-side pressure.

This ongoing decline in exchange supply historically precedes bullish breakouts. Once demand returns and price consolidates, the thin supply on exchanges could act as fuel for a sharp rally. While current conditions remain bearish, the structural reduction in available ETH offers a compelling setup for a future rebound.

For now, Ethereum must hold above the $1,750–$1,800 range to prevent a deeper slide, but long-term holders are watching closely for the moment when reduced supply meets renewed buying pressure.

ETH Trades Below Key Weekly Indicators

Ethereum is currently trading below both the weekly 200-day moving average (MA) around $2,500 and the exponential moving average (EMA) near $2,250 — key long-term indicators that now act as overhead resistance. This breakdown highlights the severity of the ongoing correction, with bulls under heavy pressure to prevent further losses. ETH is now flirting with its lowest weekly close since October 2023, adding to concerns that the downtrend could deepen if buyers fail to step in soon.

Momentum remains weak, and bullish attempts to recover have been short-lived, as macroeconomic instability and continued selling pressure weigh on the broader crypto market. For Ethereum to avoid further downside, it must hold the $1,800 level — a key demand zone and psychological threshold.

If bulls manage to defend this level and reclaim the $2,000 mark in the coming days, it could signal the beginning of a recovery rally. Reentering this range would shift sentiment and possibly trigger renewed buying interest. Until then, ETH remains vulnerable, and a close below $1,800 could open the door to a retest of lower support levels, potentially accelerating the decline if sentiment worsens further.

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Pump Fun activity on Solana is in free fall as the memecoin mania appears to be cooling off.

In a recent tweet, on-chain analyst Darky noted that the number of coins bonding had reached near zero, signaling the end of the Pump Fun era.

Nooman.eth, General Partner of 227Fund, also detailed a drop in graduating token numbers from 24,008 last month to 11,332 this month, 2,184 last week, 517 this week, and 186 yesterday. He added that daily token launches have fallen, with overall weekly trading volume now matching levels last seen in September 2024.

The data from these tweets comes after a period when token launches numbered in the tens of thousands.

The decline in bonding activity and token creation suggests that interest in the platform has waned, a development that is affecting liquidity and market participation in Solana. The reduced transaction volumes may signal a broader cooling in the memecoin sector amid a wider market retracement.

The memecoin sector is up around 2% today, down around 14% over the past 7 days. Over the last 30 days, the biggest losses were seen in TRUMP, down 52%; MELANIA, down 62%; WIF, down 54%; and FARTCOIN, down 67%. The only 30-day gainers in the top 10 are Dogecoin, up 37%, and PEPE, up 2%. By comparison, over the same period Bitcoin is down 15%.

Analyst

Liam ‘Akiba’ Wright

Editor-in-Chief at CryptoSlate

Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.