Author: far

Editor: Vencent@Centreless, X(Twitter)@Tocentreless

Abstract

• The "reciprocal tariff" policy has raised concerns among investors about a global economic recession, while the significant decline in global stock markets has led to a substantial reduction in positions, creating a liquidity shock. Turning attention to the cryptocurrency market, analysts believe that the sharp drop in cryptocurrency market capitalization is primarily driven by the global macro environment rather than issues within the cryptocurrency industry itself.

With the implementation of the "reciprocal tariff" policy by the Trump administration in the United States, the macroeconomic environment is deeply affecting the cryptocurrency market capitalization.

On the evening of April 6, stock index futures opened, with the Nasdaq 100 index down 5% and the S&P 500 index down 4.5%. On April 7, affected by the macroeconomic environment, the A-shares in China adjusted across the board, with the Shanghai Composite Index down 7.34%, the Shenzhen Component Index down 9.66%, and the ChiNext Index down 12.50%. Market participants stated in interviews that "current investor sentiment is overly panicked."

On April 6, Bitcoin further dropped to $78,400, down 5% from 24 hours earlier. That evening, other major cryptocurrencies fell even more sharply, with Ethereum (ETH) down 11% to $1,590 and Solana (SOL) down 10% to $107.

On April 7, the cryptocurrency market capitalization further collapsed: the total market capitalization of global digital assets plummeted by about 10%, with several major tokens falling to multi-year lows, and Ethereum (ETH) hitting a two-year low.

"Black Monday" became a trending topic on X (formerly Twitter), referring to the nearly one-quarter drop in the Dow Jones Industrial Average on October 19, 1987. The trigger that year was the "currency war" threat issued by Treasury Secretary James Baker.

During the financial storm, some people were selling cryptocurrencies, while others chose to buy based on confidence. Some investors took action to try to save their leveraged positions.

The "reciprocal tariff" policy has raised concerns among investors about a global economic recession, while the significant decline in global stock markets has led to a substantial reduction in positions, creating a liquidity shock. Turning attention to the cryptocurrency market, analysts believe that the sharp drop in cryptocurrency market capitalization is primarily driven by the global macro environment rather than issues within the cryptocurrency industry itself.

DePIN, as a decentralized infrastructure in the cryptocurrency field, often governs, maintains, and trades through the platform's on-chain native digital assets (tokens).

What impacts do macroeconomic and cryptocurrency market conditions have on the native digital assets of DePIN projects?

From the perspective of macroeconomic influence, when global economies face uncertainty due to tariffs, inflation, or interest rate policies, capital seeks safe havens in more secure assets (such as U.S. Treasury bonds and gold). Due to liquidity effects, DePIN tokens may be chosen for sale like other cryptocurrencies.

A stock market crash often affects investors' psychological expectations, intensifying caution in investing in DePIN-type projects. If the cash flow of a DePIN project is not strong enough, in an atmosphere where "cash is king" in the short term, funds will flow toward more certain safe-haven assets.

At the same time, high tariffs lead to increased costs for DePIN projects regarding computing equipment, storage hardware, chips, mining machines, and hardware procurement, affecting the expansion of their physical infrastructure and, in turn, the expected valuation of platform tokens.

From the perspective of the cryptocurrency market, if the tokens of a DePIN platform are widely used for staking and lending in the DeFi ecosystem, a drop in token prices could trigger liquidation risks, creating a chain reaction. The current plunge in ETH has already led to massive liquidations of leveraged positions; if DePIN project tokens are involved, they may also be forced to sell, causing further declines in secondary market prices.

For roles such as nodes, developers, and miners who maintain and govern the platform, a price drop limits their willingness and the platform's incentive mechanisms, such as weakened community governance willingness and reduced ecological participation. More seriously, this could lead to the loss of users' computing power nodes.

However, the tokens of DePIN projects are deeply tied to real-world assets, which distinguishes them from tokens that purely rely on sentiment and hype.

All of this is closely related to the macro environment, the cryptocurrency market, and investors' perceptions and mindsets. The tokens of DePIN projects, as security-type tokens (RWA tokens), will not be isolated but will deeply participate in this context. According to PowerBeats, as of April 8 at 11 AM, Bitcoin's price hovered around $79,000, up about 2.4%, indicating that cryptocurrencies based on consensus and market confidence will maintain strong vitality.

The insight that BTC provides to DePIN projects is that the tokens of DePIN projects reflect the value of their projects; the greater the market potential and confidence in DePIN projects, the less likely they are to be affected by market sentiment fluctuations. This relies on the good operation of the market, technology, economic models, and grounded projects, forming a healthy economic model deeply tied to the real economy. Thus, the uncertainties brought by policies to DePIN projects will be weakened.

As tariff conflicts escalate, geopolitical tensions rise, and macroeconomic signals conflict, under the backdrop of these intertwined factors, investors are withdrawing from risk assets and turning to safe havens like U.S. Treasury bonds and gold. Whether RWA-type tokens can withstand risks one day, or even be seen as favored token types in the DeFi market for low-position buying, all depend on the development potential of the projects.

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