He's gone and done it as President Trump's tariff policies were signed in on April 2nd. The news broke and shook the global markets sentiment and crypto markets were not spared. Bitcoin (BTC) took a hit, dropping from $86.8k on April 2 to $81k on April 3 (a 6.5% decrease) after Trump unveiled tariffs of at least 10%, with higher rates for some countries, raising fears of a global trade war. Ethereum (ETH) and XRP buckled as ETH fell below $1.8k and XRP dipped to $2.06.
Crypto stocks weren't spared, with BTC miners like Marathon Digital and CleanSpark tanking over 7% as investors confidence were spooked. On the regulatory front, Democrats raised concerns over Trump's ties to World Liberty Financial's stablecoin. Also, BlackRock got the green light to operate as a crypto asset firm in the UK. So despite all this -- how did Splinterlands (SPS) perform the past week -- lets dive in.
SPS Weekly Performance Overview
SPS showed resilience this week, starting at $0.00696905 on March 28 and closing at $0.00691643 on April 3, a small dip in comparison to the rest of the crypto markets. The price peaked at $0.00716539 on April 1 before pulling back, which correlated with the broader market's reaction to Trump's tariffs. Despite the crypto market's volatility, SPS stayed steady around the $0.0068 level, which is being spurred on by growing excitement around Splinterlands' upcoming Conclave Arcana set.
Market Analysis -- Trends
Trump's tariffs and the resulting sell-off in BTC and the rest of the altcoin markets didn't impact SPS that significantly which may point to a growing positive sentiment in the splinterlands ecosystem. The upcoming Conclave Arcana set is generating a lot of social media buzz. One of the splinterlands founders, Yabapmatt, even said he's going all-in on the new set, admitting to FOMO over its features, which he claims are way cooler than just black foils. This is always a good sign when you have such a positive sentiment coming from the people with serious skin in the game and it shows their growing confidence in what the splinterlands team is building. This optimism has been a bright spot in a week, where the political and macro noise dominated the headlines. If Conclave Arcana set delivers on its promises, the hope is that it's a positive flywheel effect for the entire splinterlands ecosystem.
Market Analysis - Volumes & Liquidity
Trading volume for SPS increased this week, averaging $89796 daily compared to last week's $73062. The peak of $122469 on April 2 showed strong buyer interest, likely tied to the Conclave Arcana hype. I've said before that SPS needs to sustain volumes above $100k daily to fuel a longer-term rally, and we're getting closer. The increased volume is a good sign, and liquidity remains consistent. If SPS can capitalize on the Conclave Arcana FOMO coupled with a strong marketing push, we might finally see those consistent trading volumes break the $100k mark.
Market Analysis - Key Support & Resistance Levels
SPS stayed above the $0.006 support level all week, in and amongst the turbulent conditions the rest of the crypto markets were experiencing, which points to a solid sign of resilience. It pushed into the $0.0068-$0.007 resistance zone when it reached $0.00716539 on April 1, but couldn't hold above $0.007. A close above $0.007 with volumes exceeding $100k daily may pave the way for a push towards $0.008. For now, the SPS chart looks stable, with many hoping that the Conclave Arcana release sparks a breakout.
Concluding Thoughts
Trump's tariffs and the fear of a trade war affected all markets, but SPS was able to weather this and even showed some strength around the $0.0068 level. The social media excitement around the new splinterlands set may prove a pivotal one if its backed up with a strong marketing push. On the cautious side, if the macro pressures persist and BTC continues to face downward pressure -- this could hamper the Conclave Arcana release party.
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