Crypto markets declined in March due to concerns over the ongoing trade war and monetary policy. Still, traders have not given up on Bitcoin, according to a new report from Binance.
Bitcoin (BTC) reserve, monetary policy, and fears over the trade war are stirring the markets, according to Binance. On April 4, Binance published a report on the state of the crypto market last month, delineating key trends.
The overall crypto market declined by 4.4% in March. The primary drivers of this volatility were tariff tensions, with U.S. President Donald Trump threatening a trade war with most of the U.S.’s major trading partners. This was enough to drag down both crypto and stock prices, despite several positive developments.
For one, the Federal Reserve signalled a pause to its tightening policy. This was good news for risk assets like crypto, which saw prices drop due to reduced liquidity. At the same time, the Bitcoin strategic reserve push was a major driver of positive sentiment for the biggest crypto asset.
Memecoins down, Bitcoin remains strong: Binance
The increased volatility contributed to a sharp decline across several market segments, particularly memecoins. Notably, the memecoin launchpad Pump.fun saw a significant drop in activity, indicating that the memecoin market may have peaked.
This decline began shortly after Trump’s inauguration and coincided with the launch of several TRUMP-themed memecoins. Trading volumes on Pump.fun are down 69.9%, from $33.3 billion to $1 billion. Meanwhile, the number of active wallets dropped 45.1% to 1.44 million, and new token creation fell by 51.8%.
In the DeFi space, Uniswap saw its dominance eroded by emerging competitors, with market share falling from 45% in April 2024 to 29% in March 2025. Notably, BNB-based PancakeSwap overtook Uniswap in volume, primarily due to its lower transaction fees.
Despite these broader shifts in the crypto market, Bitcoin has retained its status as a safe haven for many traders. The amount of BTC held by long-term holders continues to grow. Additionally, Bitcoin’s DeFi ecosystem is expanding rapidly. Year-over-year, the value locked in Bitcoin DeFi has surged by 2,767%, rising from $0.3 billion to $8.6 billion.
