Crypto Market Recap: Circle, Klarna, and Chime May Delay IPOs Amid Global Uncertainty

Date: April 4, 2025
By: Giann Liguid and Meagen Seatter

The cryptocurrency market experienced a notable recovery on Friday, April 4, following a week marked by significant turbulence driven by global trade tensions and political changes that have unsettled financial markets worldwide.

Bitcoin and Ethereum Price Update

As of 9:00 p.m. UTC, Bitcoin (BTC) has rebounded to a price of $83,879.15, reflecting an increase of 2.3 percent over the previous 24 hours. The trading day saw Bitcoin fluctuating between a low of $81,950.04 and a high of $84,497.52. This resurgence comes amid heightened concerns sparked by U.S. President Donald Trump’s announcement of new global tariffs, which have contributed to a cautious outlook for risk assets such as cryptocurrencies.

Ethereum (ETH) also saw gains, trading at $1,808.88—up 1.3 percent over the last day. The cryptocurrency’s intraday range included a low of $1,772.16 and a high of $1,823.14. ### Altcoin Performance Overview

Among altcoins, Solana (SOL) stood out with a robust performance, witnessing a 6.2 percent increase, bringing its value to $122.36 within the last 24 hours. On Friday, SOL recorded a trading range between $114.16 and $123.31. XRP, another significant player in the market, is currently priced at $2.12, marking a 3.5 percent rise after trading between $2.04 and $2.15. Sui (SUI) also showed positive momentum with a valuation of $2.27, reflecting a 2.4 percent increase from the previous day’s lows and highs of $2.18 and $2.30, respectively.

Cardano (ADA) has joined the upward trend, trading at $0.6606, also showing a 3.5 percent increase after fluctuating between $0.6667 and $0.6325 during the day.

Noteworthy Events in Crypto

• Trump Organization Moves to Crypto: In a significant shift, Eric Trump disclosed to CNBC that the Trump Organization is pivoting toward the cryptocurrency sector following challenges posed by what he termed as "unprecedented financial deplatforming." The closure of over 300 bank accounts by Capital One Financial has prompted the Trump brothers to explore digital assets further. Their new ventures include World Liberty Financial, a stablecoin initiative, and American Bitcoin, a Bitcoin-mining enterprise co-founded with Hut 8 CEO Asher Genoot.

• Change in SEC Leadership: The U.S. Senate Committee on Banking has voted to advance Paul Atkins toward the role of chair of the U.S. Securities and Exchange Commission (SEC). The vote concluded with a narrow margin of 13 to 11 and signals a potential leadership transition from the resigned Gary Gensler. Should the Senate confirm Atkins, he is set to lead the agency for a term ending in 2031. – Coinbase’s XRP Futures Filing: Coinbase Global has filed with the U.S. Commodity Futures Trading Commission (CFTC) to introduce futures contracts tied to XRP. This innovation is poised to provide a regulated and efficient way for investors to engage with XRP, with plans for the contracts to become available by April 21. ### Potential Delays for IPOs

Amid ongoing market volatility, the Wall Street Journal reported that several fintech companies, including stablecoin issuer Circle, Klarna, and Chime, may reconsider their initial public offerings (IPOs). Circle was previously set to launch its IPO on April 11, but the current global economic landscape has prompted a reevaluation of its public listing timeline. The shifting financial currents resulting from the ongoing global trade war have left these firms hesitant about proceeding with their plans, creating uncertainty within the industry.

For real-time updates on this evolving story and more, stay connected with us at INN Technology.

Conclusion

As the cryptocurrency market grapples with fluctuating prices in the wake of global economic challenges and regulatory shifts, the future remains uncertain for several major players. Investors are advised to stay informed of the latest developments as firms like Circle, Klarna, and Chime reassess their pathways to public markets in an unpredictable environment.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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