• Trump’s new tariffs spark crypto volatility as Bitcoin and Ethereum prices drop sharply.
• Fidelity’s Solana ETF and crypto IRA signal expanding institutional push into digital assets.

A fresh wave of geopolitical tension has rippled through the crypto markets following former President Donald Trump’s declaration of sweeping new global tariffs.

These tariffs signaled a minimum 10% duty on all imports, with steeper rates targeting trade giants like China (34%), Japan (24%), and the EU (20%).

The fallout was immediate as Bitcoin [BTC] plunged from $88,500 to $83,500, and Ethereum [ETH] tumbled below the $1,800 mark.

Yet, amid this turbulence, signs of recovery are already surfacing. The global crypto market cap has nudged up by 0.86% in the last 24 hours, reaching $2.7 trillion.

 SEC gives the nod to Fidelity’s Solana ETF

Adding a layer of intrigue to this volatile landscape is Fidelity Investments’ bold move—its filing for a spot Solana ETF has been officially acknowledged by the U.S. SEC.

The fund will hold physical Solana and stake a portion of its assets through approved third-party validators, potentially adding yield to its structure.

The ETF will be listed under Cboe BZX Rule 14.11(e)(4), which governs Commodity-Based Trust Shares, with FD Funds Management LLC, a Fidelity affiliate, as the sponsor.

After the initial submission on the 25th of March, Fidelity filed a revised version—Amendment No. 1—on the 1st of April to clarify technical details and the proposed rule changes.

The approval coincided with Solana’s price, which dropped over 12% due to the tariff plan.

However, it has since stabilized, trading at $118.85 with a modest 0.51% uptick as per CoinMarketCap.

Remarking on SOL ETF approval, an X user said,

“Bullish”

Another X user added,

“SOL ETF’s about to kick a shitcoin szn 2”

This also hints at a potentially positive outcome for other altcoin ETFs that may gain approval in 2025.

In fact, Polymarket data shows high probability scores for ETFs tied to assets like Ripple [XRP], Dogecoin [DOGE], and Litecoin [LTC]—suggesting growing optimism around broader altcoin ETF approvals.

This coincides with…

That being said, SEC’s ongoing review of Fidelity’s spot Solana ETF unfolds amid broader regulatory shifts in Washington.

With the Senate Banking Committee narrowly approving Trump’s nominee Paul Atkins for SEC Chair, a potential change in digital asset oversight is on the horizon.

Atkins has pledged to make crypto regulation a priority, though concerns have been raised—particularly by Sen. Elizabeth Warren—over his firm’s previous ties to FTX.

Warren said,

“I will not vote to confirm these administration officials when co-Presidents Trump and Musk are actively destroying these agencies while we just sit here.”

Meanwhile, Fidelity continues to deepen its crypto footprint beyond ETFs, launching a new crypto-focused Individual Retirement Account (IRA).

Thus, with all the developments in the crypto space driven by political factors, Fidelity has been stepping up its game, strengthening its position in the market.