Crumbling Markets Have Sent Treasury Yields Plunging, Offering Hope for Crypto
Treasury Secretary Scott Bessent Tuesday morning said the Trump administration is committed to lowering interest rates.

What to know:
- Treasury Secretary Scott Bessent reaffirmed his commitment to lowering interest rates in a recent interview with Fox News.
- Weeks ago on the verge of writing off any rate cuts in 2025, markets are now fully expecting the Fed to trim three times this year.
- Inflation, though, remains a challenge, with the annual pace rising of late to 3%.
As if the bursting of a speculative bubble in memecoins wasn't enough to send crypto markets tumbling over the past weeks, a general risk off sentiment in traditional finance is adding to the pressure.
Perhaps in a bit of a speculative bubble themselves, the major U.S. stock market averages have been in quick retreat of late, triggered by a series of tariff threats from President Trump. Threats no more, 25% levies against goods from Mexico and Canada went into effect today, among additional taxes on Chinese goods.
Falling another 2.6% yesterday and down in early action Tuesday, the Nasdaq today now sits below the level it was at prior to Trump winning the election in November.
Bad news brings lower rates
"We're set on bringing interest rates down," Treasury Secretary Scott Bessent stated in an interview with Fox News Tuesday morning.
Indeed, the 10-year Treasury yield currently stands at 4.13% versus 4.80% just prior to the Trump inauguration six weeks ago.
At the short end of the curve, markets are dramatically repricing expectations for Fed rate cuts in 2025. The odds of at least one rate cut by the Fed's May meeting have risen to 47% versus just 26% one week ago, according to the CME FedWatch Tool. The chances of two or more rate cuts by the June meeting have jumped to 36% from 15% one week ago.
Crypto Daybook Americas alluded to potential rate cuts that could help lift depressed crypto prices, though the economy remains far from a return to quantitative easing.
While lower rates might seem like an easy fix, the challenge lies in balancing inflation, which currently stands at 3% year-over-year after four consecutive months of increases. The last time headline inflation was at or below the Fed’s 2% target was back in February 2021.
The Federal Reserve must navigate a delicate balance — easing rates to help keep the economy out of recession without pushing inflation even higher.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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