I’ve been closely following the unfolding events surrounding President Trump’s announcement of a 25 per cent tariff on all autos manufactured outside the United States, set to take effect on April 2, 2025. This decision, coupled with the ripple effects across financial markets, commodities, and the cryptocurrency sector, paints a complex picture of risk, opportunity, and uncertainty.

My perspective on this topic is shaped by a careful analysis of the data, historical precedents, and the broader implications for both traditional and decentralised financial systems. What we’re witnessing is a pivotal moment where geopolitics, trade policy, and technological innovation are colliding, with far-reaching consequences for investors, industries, and everyday consumers.

Let’s start with the tariffs themselves. The announcement of a 25 per cent levy on imported autos and car parts is a bold move, one that harkens back to Trump’s earlier trade policies during his first term. The stated goal, presumably, is to bolster domestic manufacturing and protect American jobs—a narrative that resonates with his political base. However, the immediate market reaction suggests that investors are less convinced of its efficacy.

Major US indices retreated, with the S&P 500 dropping 1.1 per cent, the Dow Jones slipping 0.3 per cent, and the Nasdaq taking a steeper 2.0 per cent hit. The technology sector, already reeling from negative news in AI and data centre developments, bore the brunt of this decline. The VIX, often dubbed the “fear gauge,” spiked 7.1 per cent to 18.36, signalling heightened volatility and unease among traders. This isn’t surprising—tariffs introduce uncertainty, and markets despise uncertainty.

The impact on the auto industry is particularly stark. Countries like Japan, Germany, South Korea, Mexico, and Canada, which collectively account for a significant share of US auto imports, now face a steep cost increase. For example, Japan’s Toyota and Germany’s Volkswagen rely heavily on the US market, and a 25 per cent tariff could force them to either absorb the cost (cutting into profit margins) or pass it on to consumers (raising prices).

Domestic producers like General Motors and Ford aren’t immune either, as the tariff extends to car parts—many of which are sourced globally. This could disrupt supply chains and elevate production costs, potentially offsetting any competitive advantage the tariffs aim to create.

I see this as a double-edged sword: while it might encourage some manufacturers to relocate production to the US, the short-term pain of higher costs and disrupted logistics could outweigh those gains, especially in an industry already grappling with inflation and semiconductor shortages.

Also Read: US consumer confidence dips: How it’s hitting Asian stocks, crypto and beyond

Turning to the bond market, US Treasuries yields climbed across the curve, with the 2-year yield rising 2.3 basis points to 4.017per cent and the 10-year yield advancing 3.9 basis points to 4.352 per cent. This uptick reflects a shift in investor sentiment—higher yields suggest expectations of stronger economic growth or, more likely, inflationary pressures stemming from the tariffs. The US Dollar Index, up 0.4 per cent to a three-week high, further underscores this flight to safety and confidence in the dollar amid global uncertainty.

Commodities offered a mixed picture: gold held steady, a sign that investors aren’t fully panicking yet, while Brent crude rose 1.1 per cent to US$74 per barrel, buoyed by reports of declining US inventories. In Asia, the MSCI Asia ex-Japan index edged up 0.2 per cent, with Indonesia’s Jakarta Composite surging 3.8 per cent on domestic dividend news, though early trading hinted at broader regional weakness. This divergence highlights how global risk sentiment is fracturing—some markets are finding local resilience, while others brace for a tariff-induced storm.

Now, let’s pivot to the cryptocurrency angle, which adds another layer of intrigue. On the same day as the tariff announcement, Congress struck down an IRS regulation that would have required decentralised digital asset platforms to report customer transactions starting in 2027. This move, which saves the crypto industry an estimated US$4 billion in taxes, is a significant win for the sector—and, notably, for President Trump’s own World Liberty Financial platform.

Decentralised exchanges like Uniswap had argued that the rule was impractical, given their lack of custody over user assets or access to personal data. I find this development fascinating because it juxtaposes Trump’s protectionist trade stance with a deregulatory push in the crypto space, potentially benefiting his personal financial interests. It’s a reminder that policy decisions often carry a personal dimension, and here, the optics are hard to ignore.

Meanwhile, GameStop’s pivot to Bitcoin adds a wild card to the mix. The retailer’s plan to sell US$1.3 billion in zero-coupon convertible bonds to fund Bitcoin purchases—following the playbook of Michael Saylor’s MicroStrategy—sent its stock soaring 12 per cent on March 26. This isn’t just a quirky corporate move; it reflects a growing trend of companies embracing cryptocurrency as a treasury reserve asset.

With Bitcoin’s price historically sensitive to macroeconomic shifts, the tariff-induced uncertainty could either amplify its appeal as a hedge or expose it to sharper volatility. Ethereum, too, is in the spotlight with its Pectra upgrade successfully launching on the Hoodi testnet, though its price dipped three per cent amid a bearish technical pattern. If Pectra hits the mainnet by April 25, as developers hope, it could bolster Ethereum’s long-term utility—yet the immediate market mood remains cautious.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

The stablecoin front offers a counterpoint of stability. Custodia Bank and Vantage Bank’s launch of a US bank-backed stablecoin on Ethereum marks a milestone in bridging traditional finance and blockchain. This isn’t just a technical achievement; it’s a regulatory breakthrough, showing that US banks can tokenise assets within legal bounds.

Caitlin Long of Custodia has long championed this integration, and her optimism seems warranted—stablecoins could smooth out some of the volatility plaguing other cryptocurrencies, especially as tariff-related turbulence looms.

My take on this is that the tariffs are a gamble—potentially revitalising US manufacturing but risking higher costs, strained trade relations, and inflation that could squeeze consumers already stretched thin. The market’s initial retreat and the VIX’s jump suggest that investors share my skepticism about the short-term outlook, though the dollar’s strength hints at underlying resilience in the US economy.

In the crypto realm, deregulation and corporate adoption (GameStop, Trump’s platform) signal a maturing industry, yet one still tethered to broader risk sentiment. The stablecoin breakthrough offers a glimmer of hope for stability, but Ethereum’s wobble reminds us that volatility remains a constant.

I can’t help but think about the people behind these numbers—the autoworkers hoping for job security, the investors watching their portfolios, the crypto enthusiasts betting on a decentralised future. The tariffs might protect some livelihoods but raise car prices for millions. The crypto wins might empower innovation but also widen inequality if gains concentrate among the well-connected.

My role here is not to pick winners or losers. What’s clear is that we’re in for a bumpy ride—April 2, when the tariffs kick in, will be just the beginning. For now, I’ll keep watching the data, the markets, and the human stories, because that’s where the real truth lies.

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A comprehensive report by January Capital, analysing the ASEAN technology ecosystem for the calendar year 2024, reveals a nuanced landscape characterised by stabilising capital deployment alongside a continued decline in overall deal volume.

The State of the ASEAN Technology Ecosystem Report CY2024 draws extensively on data from Alternatives.pe, an affiliated platform providing private market data for the Asia-Pacific region.

Funding landscape: Stabilisation in capital deployment, decline in deal flow

Overall funding for ASEAN technology companies began stabilising in the latter half of the calendar year 2024, marking the first half-on-half increase in invested capital since CY2021. However, the total number of deals completed witnessed a 23 per cent year-on-year decrease, with seed and early-stage funding experiencing the most significant contraction. Fundraising remains a paramount challenge for founders in the region, with 74 per cent of surveyed founders identifying it as one of their top three hurdles.

Also Read: Tracxn: Top-funded business models reveal shifting tech investment priorities in SEA

A closer examination of funding by stage indicates a growing scarcity of dedicated seed capital. While the seed-stage deal count saw the most significant decline in H2 2024, Series A and B financing stages show signs of stabilisation.

Notably, the amount of capital deployed stabilises, with Series A, B, and C deal values showing either half-on-half or year-on-year improvement in the latter half of 2024. Nevertheless, the seed stage remains the most constrained in terms of capital availability.

Despite average valuations stabilising or even rising across all stages in 2024, with venture stage (seed to Series B) valuations remaining relatively constant year-on-year, 58 per cent of surveyed founders reported raising at a valuation more than 10 per cent below their expectations.

This discrepancy is potentially due to ASEAN founders benchmarking against global peers in the US and Europe, where the fundraising recovery occurred earlier.

Average deal sizes at the Series A and B stages remained moderate, attributed to the absence of traditional follow-on momentum investors, necessitating greater capital efficiency from founders.

Conversely, later-stage financing rounds saw substantial improvements in average deal size in CY2024, suggesting the presence of growth and private equity capital eager to invest in proven business models.

Geographic trends: Emerging opportunities beyond Singapore and Indonesia

Geographically, Singapore and Indonesia continue to be the most active technology investment markets in Southeast Asia in terms of deal count. However, markets such as Malaysia, Thailand, and the Philippines have demonstrated greater funding resilience, highlighting emerging opportunities across the region.

Total investment declined materially year-on-year in Indonesia and Vietnam, although other markets showed sequential stabilisation in the second half of 2024.

Looking ahead, 31 per cent of surveyed founders anticipate Indonesia will offer the most startup opportunities over the next five to ten years, followed by Singapore (28 per cent) and Vietnam (20 per cent). Most ASEAN markets saw a stabilisation of deal activity in CY2024, with Singapore experiencing a material year-on-year decline in seed activity and Indonesia seeing a lesser decline than the previous year. For most markets, capital invested remains below CY2020 levels, with Singapore being an exception.

Annual valuation changes remained relatively stable across most markets, with seed to Series A valuation uplifts consistently trending at 4-6x.

Sector-specific insights: Fintech dominates, AI investment lags

In terms of sector-specific funding, fintech remained the most active sector in CY2024 in the ASEAN region, followed by healthtech, food & beverage/agritech, and software/AI. All sectors, except HRtech, experienced a year-on-year decline in deal count, with edtech seeing the most pronounced decrease.

Also Read: Millennials, Gen Z will shape 79% of SEA’s fintech landscape by 2030: Report

A significant 41 per cent of all capital invested in CY2024 flowed into fintech companies, indicating the relative maturity of this segment in ASEAN.

Interestingly, the report notes that there has not yet been a substantial increase in AI investments in the region, contrasting with trends in North America and Europe.

Seed valuations across most sectors remained relatively consistent, below US$10 million, while Series A valuations showed more variability.

SaaS and AI, as well as e-commerce, exhibited strong valuation growth in Series B and Series C+ respectively, driven by a few larger deals. Average deal sizes generally moderated at the seed stage across most segments, while Series A rounds hovered between US$7.5 to US$10 million.

The founder journey: Fundraising challenges and investor priorities

The report also delves into the founder’s journey, based on a survey of 125 Southeast Asian founders who raised funding in the last three years. An identified market opportunity stands out as the primary motivation for starting a business (81 per cent for first-time founders, 73 per cent for repeat founders, and 52 per cent for serial founders).

Securing the first investment remains challenging, with 68 per cent of founders engaging with more than 10 investors for their first institutional round.

On average, founders experience 18 per cent dilution in their first institutional fundraise. A significant 64 per cent of founders complete their first institutional fundraise within 12 months of starting their business.

Valuations for initial institutional rounds are typically at or below US$10 million. Notably, 58 per cent of founders reported raising rounds at lower-than-expected valuations in 2024, a significant increase from 29 per cent in 2023. Market conditions (39 per cent) and lack of traction (32 per cent) were cited as key reasons for not meeting fundraising targets.

Despite a challenging fundraising environment, 77 per cent of surveyed founders remain confident in scaling their businesses in the ASEAN region. When selecting lead investors, founders prioritise potential value add (80 per cent of all founders) and strategic fit (76 per cent). The biggest challenges faced by founders in working with venture capitalists include finding the right investor fit (49 per cent), lack of support post-investment (33 per cent), and misalignment of vision or goals (37 per cent).

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As a father, one of my greatest hopes for my daughter is that she grows into a woman who pursues her passions and inspires and uplifts others. International Women’s Day is more than just a celebration—it is a reflection on the journey she has embarked on and the ripple effect of empowerment she is creating in the world.

The power of a role model

When she was just eight years old, she unknowingly taught me a profound lesson about influence. At that time, I had recently transitioned from the military and was stepping into my new career as a speaker. The shift was a significant one—moving from a structured, high-discipline environment to a field where my voice and message had to create an impact.

One evening, I was rehearsing a speech at home, deeply engrossed in perfecting my delivery. My daughter sat beside me, watching with quiet curiosity. She observed how I articulated my words, how I paced my speech, and how I used my presence to command attention. After hours of practicing, she looked up at me and said, “Appa, I’m so inspired by how well you speak. I want to be an awesome speaker just like you.”

Those words struck me in a way I hadn’t expected. It wasn’t just admiration—it was a realisation that she saw in me something she aspired to become. She wasn’t just watching me rehearse a speech; she was absorbing confidence, articulation, and purpose. She even memorised parts of my speech and flawlessly recited them back to me. That moment made me realise that our children don’t just listen to what we say—they internalise how we live.

From that day forward, I understood that my role extended beyond being a father. I had the responsibility of shaping a woman who would inspire others, who would use her gifts to empower those around her, and who would one day stand on her own stage—both figuratively and literally.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Rising to her potential

Fast forward to today—at 20 years old, she has transformed that childhood inspiration into reality. She has not only honed her speaking skills but has excelled, winning the National Speech Championship and securing first runner-up in the YMCA ‘PESA’ competition. But as much as I take pride in her achievements, what moves me even more is the intention behind her success.

She doesn’t just speak to win competitions. She speaks to make an impact. She has realised that her voice carries weight, and she wants to use it to empower, challenge perspectives, and drive change. Whether she is delivering a speech to a room full of people, mentoring young girls, or simply carrying herself with confidence, she is shaping the aspirations of those who cross her path.

Her impact on other women

A woman’s success is never just her own—it is a beacon for others. This International Women’s Day, my hope for my daughter is that she continues to:

I want her to be a beacon of confidence, showing other women that their voices matter. I want her to inspire them to stand tall, speak boldly, and embrace their stories with conviction. Too often, women hesitate to use their voices because of fear—fear of judgment, fear of inadequacy, fear of being unheard. But a single empowered woman has the power to break that cycle for many others.

I hope she continues to lift others as she climbs. Success means little if it is not shared. I want her to mentor, guide, and empower those who are searching for their own paths. The beauty of leadership is not in standing at the top alone but in bringing others along and watching them rise beside you.

Also Read: How this introvert started a community of women investors in SEA

I hope she uses her voice for change, speaking up for the issues that matter. In a world where inequalities still exist, where voices are often silenced, I want her to be unafraid to take a stand. Whether advocating for fairness in opportunities, addressing challenges that women face, or simply encouraging another woman to pursue her dreams, she holds the power to create a meaningful impact.

Most importantly, I want her to lead by example, not just in words but in action. I hope she inspires women to break barriers, redefine their own limits, and pursue their true potential, no matter the challenges they face.

The future she will shape

The world still struggles with gender biases, with preconceived notions about what women can or should do. But history has shown us that strong female role models change the narrative. I hope my daughter will be one of those women—someone who challenges the status quo, who refuses to settle for less, and who paves the way for others to rise.

Already, she is proving that when women are given opportunities, they don’t just succeed—they transform industries, influence communities, and shape the future. As her father, I will continue to support her journey, knowing that every step she takes is not just for herself but for the countless women who will walk in her footsteps.

This International Women’s Day, I don’t just celebrate my daughter—I celebrate the force of change she is becoming. I celebrate the lives she will touch, the voices she will inspire, and the countless women who, like her, are rising, uplifting others, and shaping a better world for generations to come.

—

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In Southeast Asia, blockchain gaming continues to grow massively bolstered by several factors such as the region’s large, digitally-native population, mobile phone and internet penetration, as well as the attractiveness of cryptocurrency as a potential income stream. The region’s Web3 gaming market is expected to grow rapidly to US$3 billion by 2032, representing an impressive compound annual growth rate (CAGR) of 40.1 per cent.

This rapid growth in blockchain gaming brings along potential beyond our wildest imaginations. By leveraging blockchain technology to enhance the playing experience of classic, widely played games, we can effectively guide Web2 gamers towards engaging with and embracing Web3 technologies.

Asia, which is home to approximately 1.5 billion gamers, with a vast majority of them being Web2 gamers, holds immense potential in introducing more players to the world of Web3 via blockchain gaming. Merging the ubiquity of traditional games with the innovative possibilities of blockchain, promises to modernise classical games and breathe new life into our favourite, age-old pastimes – from attracting new audiences to engaging players with new gameplay.

What if we add blockchain elements to a classic game enjoyed by 700 million players?

Game developers are exploring ways to innovate by tapping into the widespread appeal of beloved games. Blockchain games are showcasing how expanding upon the foundations of a classic game can reshape its timeless appeal through new ideas and imagination, without intending to replace the cherished original.

Take chess for instance, a game enjoyed by over 700 million players worldwide and undoubtedly one of the most enduring and beloved games for thousands of years. An example of this innovation is Anichess, a decentralised chess variant that adds a unique spell layer to the classic game. In partnership with Chess.com, the world’s most popular chess website, Anichess is co-creating a platform to introduce chess players and gamers to Web3 gaming.

Unlike Web2-based games, blockchain games enable players to truly own in-game items which can also be used across different games and platforms, allowing them to maximise the utility of their assets and enjoy cross-game ecosystems.

Also Read: The future of gaming: How AI technologies are shaping a new era of immersion

However, it remains essential to focus on building games that are genuinely fun to play first, then integrate blockchain where it truly adds value to players. Games that succeed long-term are those that enhance gameplay through blockchain, rather than those that simply focus on blockchain.

For example, Anichess introduces a unique spell layer to the gameplay, adding a new level of dynamism to the classic chess experience. While embracing the fundamental rules and structure of traditional chess, this innovation not only enhances strategy and enjoyment with special spells but also levels the playing field between novices and grandmasters, giving players a fair chance to compete against those with more experience.

In addition to the fun factor, the game integrates blockchain technology by allowing players to collect items such as spells, chess piece cosmetics and battle passes on the blockchain, thus providing gamers with greater control and ownership over the game.

By fusing blockchain elements to the traditional 8×8 board game, it is revitalising chess for the approximately 270 million strong gaming community in Southeast Asia and a whopping 826 million gamers in Asia.

Enhancing the social and economic impact of chess through blockchain

While chess has traditionally been a two-player game, decentralising it on the blockchain allows for players and developers to enhance its community-driven aspects. A Decentralised Autonomous Organisation (DAO) structure enables players to vote on rule changes or features, creating the foundation for open innovation — allowing the community to carve the future of the game together and reflecting the true desire of all the players.

Blockchain also enables open networks to grow in value based on various factors such as number of users and investment. A key element in Web3 networks, which are open and permissionless by design, is cultural capital — intangibles like knowledge, skills and experience. Chess players, who tend to be inherently competitive and strategic, form a unique type of cultural capital, making the network even more valuable.

Chess tournaments also feed into the play-and-earn Web3 game model, giving chess players the opportunity to monetise their skills and turn chess into an exciting source of potential income for anyone. This particularly expands its appeal to a large audience of younger players and especially appeals to the significant unbanked population in Southeast Asia.

Also Read: The future of gaming is female and mobile

Chess is just one example; we will see more traditional games beginning to integrate blockchain elements. This integration maintains the fun aspect while bringing benefits of ownership, social interaction, and economic opportunities to the existing fans of these traditional games.

Putting player engagement at the heart of revitalising classic games

We are continuing to see blockchain-enabled games go mainstream, with the lines between Web2 and Web3 gaming becoming increasingly blurred. Blockchain-based games are not only bridging generational gaps by appealing to both seasoned gamers and tech-savvy youth exploring blockchain-powered games, but getting more audiences exploring possibilities of Web3 in an engaging and accessible manner.

The innovative blend of Web3 elements with traditional gaming never fails to captivate me. By enabling the creation of vibrant, community-driven gaming ecosystems, this exciting fusion promises to revitalise beloved classical games for generations to come. I also believe that Southeast Asia is at the forefront of mainstream adoption of these Web3-enabled traditional games.

—

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The burgeoning tech startup ecosystem in the Philippines is witnessing a significant surge in activity, marked by record deal flow and an unprecedented rise in international investor interest, according to the Philippine Venture Capital Report 2025, a collaboration between Foxmont Capital Partners and Boston Consulting Group (BCG).

Also Read: Money talks: How tech can boost Filipinos’ financial literacy

This upswing reflects the nation’s resilient economy, strong domestic demand, and a rapidly expanding digital landscape.

Economic fundamentals underpin growth

The Philippine economy is expanding at a robust pace, boasting a 5.6 per cent GDP growth rate, outpacing many of its Asian peers. This resilience is buoyed by strong domestic demand, a significant reduction in poverty from 22.3 per cent in 2012 to 13.7 per cent in 2023, and decreasing unemployment and underemployment rates, which have fallen below pre-pandemic levels. This solid macroeconomic foundation provides a fertile ground for the growth of tech startups.

Foreign investors flock to Philippine shores

In a notable development, international private market investor interest in the Philippines has surged, with the share of funds raised through foreign investors increasing by 45 per cent over the past year. Foreign direct investment (FDI) now leads over mixed deals, indicating that Philippine startups are not only capturing global attention but also securing larger ticket sizes attractive to global investors.

This growing confidence extends to the public markets, with foreigners becoming net buyers for the first time in six years, signalling renewed faith in the country’s economic trajectory.

Digital economy fuels innovation

The Philippines’s digital economy is experiencing substantial growth, although specific GMV increase figures comparing 2023 and 2024 vary across the provided snippets. The nation continues to exceed global averages in time spent using the internet and social media.

Notably, the country is the fifth largest market on TikTok Shop, with approximately US$3.1 billion in GMV and 116 per cent year-on-year growth. The value of the e-commerce market is projected to increase sevenfold from US$3 billion in 2019 to US$21B in 2024. This thriving digital environment offers vast opportunities for tech startups across various sectors.

Fintech remains a hotbed of activity

Fintech continues to be the most active sector for deals in 2024. Digital payments are on the rise, with the share of digital payments by value reaching 55.3 per cent and by volume 52.8 per cent in 2023.

GCash, a leading digital wallet, has seen its user base grow to 94 million in 2024, representing a significant portion of the total population. The digital loan book balance has also seen substantial increases.

The improving policy environment is further underscored by S&P Global Ratings raising the Philippines’ credit rating outlook to “positive” in November 2024.

Record-breaking deal flow in 2024

2024 marked a record-breaking year for deal flow in the Philippines, reflecting the maturing startup ecosystem. Yearly funds raised reached US$1.12 billion, and yearly deal volume hit 96. While 2023 saw more smaller-ticket deals, 2024 had a larger share of growth-stage investments. Fintech and cleantech emerged as fast-growing sectors, while e-commerce and B2B SaaS saw a decline in deal activity. The relative lack of investors in the US$10 million to US$20 million range presents a potential opportunity for those looking to bridge the gap to later-stage rounds.

The middle class: A powerful consumer force

The rise of the Philippine middle class is reshaping economic and social landscapes. The combined middle-income groups grew from 42 per cent of the population in 2012 to 47.5 per cent in 2023, despite a 20 per cent increase in the total population. This growing middle class exhibits an increasing capacity for discretionary spending, with savings ratios nearly doubling over the last two decades.

Also Read: AI is not slowing demand for software developers in the Philippines

Consumer behaviour is evolving, with a noticeable shift towards commoditisation for necessities and premiumisation for products and services that enhance quality of life, particularly in sectors like health, services, communication, and education. This evolving demand creates significant opportunities for startups catering to these needs in health, financing, power, and agriculture.

Healthcare under scrutiny: Gaps and opportunities

Despite improvements in overall well-being, the Philippine healthcare system faces challenges due to shifting demographics, increased health prioritisation, and a higher prevalence of non-communicable diseases (NCDs).

The probability of mortality from NCDs in the Philippines is among the highest in Southeast Asia. Significant gaps exist in healthcare infrastructure, with only 0.96 hospital beds per 1,000 people.

There is also a considerable disparity between registered and active healthcare workers, particularly nurses, many of whom migrate for better working conditions. Healthcare costs remain a significant challenge, with a medical inflation rate of 19.3 per cent in 2024.

These gaps, however, present prime opportunities for new players offering innovative solutions in areas like hospital modernisation, digital health, and affordable insurance.

Empowering small businesses: Bridging the funding divide

Micro, small, and medium enterprises (MSMEs) are crucial to the Philippine economy, accounting for 99.6 per cent of business enterprises and 67 per cent of total employment. However, they receive only 4.1 per cent of overall banking loans, significantly below the mandated 10 per cent and the real funding gap estimated at US$221 billion.

This funding gap is attributed to banks’ perceived high-risk and cost-to-profit issues, as well as demanding documentation requirements and rigid loan structures. Fintech companies are playing an increasingly vital role in bridging this gap by developing innovative financing models, partnering with banks, and helping MSMEs improve their credit readiness.

Government initiatives, such as reductions in the reserve requirement ratio (RRR) and interest rate cuts by the Bangko Sentral ng Pilipinas (BSP), aim to make borrowing cheaper for MSMEs.

Unlocking energy potential: A call for investment

The Philippine energy sector is on the cusp of a major transformation, driven by rising electricity consumption and economic expansion. Electricity demand is projected to grow annually by around 6 per cent until 2050. To meet this demand and the government’s renewable energy targets (35 per cent by 2030 and 50 per cent by 2040), significant investment in renewable energy and infrastructure is required, estimated at US$5.5 billion to US$8 billion per year until 2030.

Also Read: Philippine VC Kaya Founders backs AI, fintech, and B2B innovators in 2025

The Philippines has substantial geographical advantages for renewable energy, with over 800GW in potential capacity. Government initiatives and increasing private sector interest, including commitments from major players like AC Energy, Meralco, and AboitizPower, drive the shift towards cleaner energy sources. Venture capital has a crucial role to play in supporting energy efficiency and optimisation technologies.

Cultivating agriculture: Addressing fundamental challenges

Despite abundant natural resources, the Philippine agricultural sector struggles to meet domestic food demand, with a significant trade deficit. Key challenges include farmland fragmentation, ageing farmers, and lagging productivity.

A recent survey highlights the diverse realities farmers face, segmented into strong, stable, and struggling categories, revealing disparities in income, technology access, and third-party support. Poverty incidence among farmers remains twice the national average.

Addressing these challenges requires financial support through structured loans and insurance, technological advancements to improve efficiency and market access, and enhanced education on best agricultural practices.

A promising horizon for Philippine tech

The Philippine tech startup ecosystem exhibits strong fundamentals and attracts increasing global attention and investment. The confluence of a growing digital economy, a rising middle class with evolving consumer needs, and supportive government initiatives across various sectors like fintech, healthcare, energy, and agriculture presents a wealth of opportunities for innovative startups.

While challenges remain, particularly in areas like MSME funding, healthcare infrastructure, and agricultural productivity, the increasing engagement of both local and international investors signals a promising horizon for the Philippine startup revolution.

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Looking at the evolving narrative around Trump’s tariff policies and their ripple effects across markets, currencies, commodities, and cryptocurrencies. The question at hand offers a rich tapestry of data points—ranging from US economic indicators to equity market movements, Treasury yields, and the intriguing interplay between Trump’s America-First agenda and the crypto sphere.

A blend of optimism for market resilience and a healthy scepticism about the long-term implications of protectionist policies shapes my perspective. Let’s dive into this multifaceted story, unpacking the facts, analysing the trends, and offering a grounded take on what it all means.

The weekend headlines suggesting that Trump’s reciprocal tariffs, slated for April 2, might be more targeted and flexible than feared have undeniably lifted global risk sentiment. This shift in tone is a breath of fresh air for investors who’ve been bracing for a blunt, across-the-board trade war that could throttle growth and stoke inflation. The idea that the administration might tailor these tariffs—perhaps sparing certain sectors or negotiating carve-outs—hints at a pragmatic streak beneath the bombastic rhetoric.

It’s a signal that Trump, now in his second term, may be tempering his approach with an eye on economic stability rather than just political theatre. Markets responded swiftly, with the S&P 500 climbing 1.8 per cent, the Dow Jones gaining 1.4 per cent, and the Nasdaq surging 2.3 per cent, driven by a 3.4 per cent rally in the “Magnificent Seven” megacaps—think Apple, Amazon, and Nvidia. This buoyancy reflects a collective sigh of relief, a belief that the tariff storm might not be as destructive as anticipated.

On the data front, the US March PMIs paint a nuanced picture. The uptick in the Services PMI is a welcome surprise, easing fears of a sharp economic slowdown and suggesting that the consumer-driven backbone of the US economy remains intact. Services, after all, account for over two-thirds of US GDP, so any sign of resilience here is a bulwark against recession chatter.

But the manufacturing PMI slipping back into contraction territory—below the 50 threshold—raises a red flag. The culprit? A tariff-related spike in materials costs. Manufacturers are already feeling the pinch of uncertainty, with supply chains recalibrating and input prices ticking up.

This divergence between services and manufacturing underscores a bifurcated economy: one part humming along, the other creaking under trade policy pressures. It’s a reminder that tariffs, even if targeted, don’t operate in a vacuum—they ripple through production networks, hitting some sectors harder than others.

Also Read: Small country and market? Punch heavier with an ecosystem strategy

The bond market’s reaction reinforces this cautious optimism tinged with concern. US Treasuries fell on Monday, pushing yields up across the curve. The 2-year yield rose 8.6 basis points to 4.035 per cent, while the 10-year yield climbed 8.8 basis points to 4.335 per cent. This uptick reflects a dialling back of expectations for Federal Reserve rate cuts, as investors digest the possibility that tariffs could keep inflation stubbornly above the Fed’s two per cent target.

Atlanta Fed President Raphael Bostic’s comments amplify this shift: he’s now projecting just one rate cut in 2025, down from two, and doesn’t see inflation hitting two per cent until early 2027. That’s a significant recalibration, signaling that the Fed might stay hawkish longer than hoped, especially if tariff-induced price pressures persist. The Fed’s reticence to push back on this market repricing suggests they’re in wait-and-see mode, letting the data—and Trump’s policy moves—dictate the pace.

The US Dollar Index, up 0.2 per cent to 104.30, its highest since early March, is another piece of the puzzle. A stronger dollar aligns with the narrative of a US economy holding its own amid global uncertainty, bolstered by higher yields and a perception of relative safety. But it’s a double-edged sword—while it boosts purchasing power for American consumers, it squeezes exporters and multinational corporations, potentially denting S&P 500 earnings down the line.

Commodities, meanwhile, tell a split story: gold dipped 0.4 per cent, perhaps as risk-on sentiment reduced its safe-haven appeal, while Brent crude rose 1.2 per cent to US$69.11 per barrel, buoyed by supply-side optimism or perhaps a flicker of demand recovery in Asia.

Speaking of Asia, the MSCI Asia ex-Japan index snapping a three-day losing streak with a 0.46 per cent gain is a subtle but telling sign. India’s SENSEX 30, up 1.40 per cent, has clawed back nearly all its year-to-date losses, showcasing the resilience of an economy less exposed to US trade whims.

Chinese stocks, too, caught a bid—Hang Seng up 0.91 per cent, CSI 300 up 0.51 per cent — possibly reflecting hopes that targeted tariffs might spare Beijing the worst. Yet early trading today showed mixed results across Asian indices, hinting that the relief rally might be fragile, contingent on further clarity from Washington.

Also Read: Global markets in flux: Trump’s tariff pause and bitcoin reserve shake sentiment

Now, let’s pivot to crypto, where Trump’s influence is weaving an unexpected thread. Bitcoin spot ETFs saw a net inflow of US$84.17 million yesterday, marking seven straight days of gains. Fidelity’s FBTC led the pack with US$82.85 million, pushing its historical total to US$11.47 billion, while Bitwise’s BITB added US$19.23 million. Even with Ark Invest’s ARKB shedding $40.97 million, the broader trend is clear: institutional appetite for Bitcoin remains robust.

This resilience stands in contrast to Ethereum, which is grappling with its own challenges. ETH tested resistance at US$2,069 on Monday, buoyed by transaction fees hitting an all-time low—a double-edged sword. Lower fees might attract users, but they also signal waning network activity, a bearish undercurrent for a blockchain whose valuation hinges on usage. Grayscale’s research team nailed it: Ethereum’s price weakness—down 35 per cent in two months—ties directly to this fee slump and a broader crypto downturn sparked by Trump’s tariff threats.

The correlation between crypto and macroeconomics is tightening, and Trump’s policies are a big driver. US spot Ethereum ETFs have bled nearly US$390 million over 13 consecutive days of outflows, per Farside data, while on-chain metrics like transaction counts echo pre-election lows. Validators and token burners, who rely on fees, are feeling the pinch, undermining ETH’s value proposition.

Yet here’s where it gets fascinating: Trump Media and Technology Group (TMTG) is diving headfirst into this space, partnering with Crypto.com to launch “America-First Investment Funds” under the Truth.fi brand. These ETFs and SMAs, backed by a US$250 million TMTG investment and custodied by Charles Schwab, will span cryptocurrencies and “Made in America” securities—think energy and manufacturing. Trademarks like Truth.Fi Bitcoin Plus ETF and Truth.Fi US Energy Independence ETF scream Trump’s playbook: blending nationalism with financial innovation.

This move is a masterstroke of branding and ambition. By tying crypto to an America-First ethos, Trump’s team is betting on a narrative that could galvanise retail and institutional investors alike. It’s a counterpoint to Ethereum’s struggles—Bitcoin, with its ETF inflows, is riding a wave of momentum, while ETH languishes. The tariff flexibility hinted at over the weekend might bolster this venture further; if energy and manufacturing sectors get a pass, those “Made in America” funds could thrive, drawing capital away from more volatile altcoins like Ether.

Let me sum up. The US economy’s resilience, as seen in the Services PMI and equity gains, is real, but manufacturing’s woes and sticky inflation (thanks, tariffs) temper my optimism. The Fed’s hawkish tilt and a stronger dollar could cap upside, especially if global growth falters. In Asia, selective strength—India and China holding firm—suggests diversification might shield some markets, but the jury’s out on sustainability.

Crypto’s split fate—Bitcoin soaring, Ethereum stumbling—mirrors this dichotomy, with Trump’s Truth.fi gambit potentially reshaping the landscape. I’m cautiously bullish on equities and Bitcoin, skeptical of ETH’s near-term prospects, and watchful of how Trump’s tariff chess game unfolds. It’s a high-stakes story, and we’re only in the opening chapter.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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BrainEye, an Australian health-tech company, is preparing to introduce its AI-driven brain health screening app to the Indonesian market. This will mark a significant milestone in its mission to make neurological health assessments more accessible and affordable.

With a growing global focus on brain health and concussion safety, BrainEye offers a smartphone-based platform that delivers rapid, non-invasive assessments of brain function. Using artificial intelligence (AI) and machine learning, the app provides a snapshot of a user’s neurological health in under 40 seconds without the need for expensive hardware or clinical environments.

Steven Barrett, Chief Operating Officer at BrainEye, in an email interview with e27, highlighted the scale of the issue the company seeks to address. “Neurological disorders are the leading cause of disability worldwide. It is estimated that one in three people will suffer from a neurological disorder at some point in their lifetime. Yet, as many as 75 per cent of those affected go undiagnosed until symptoms are disabling … Our aim is to reduce this gap by providing an early indicator of dysfunction.”

BrainEye’s upcoming Indonesian launch is supported by French football legend Emmanuel Petit, a FIFA World Cup and UEFA European Champion. As BrainEye’s brand ambassador, Petit advocates for greater awareness of brain health and concussion safety in sports, particularly in grassroots and community settings where access to medical professionals may be limited.

In sports, BrainEye’s tech is poised to address longstanding concerns about the effectiveness of traditional concussion protocols. The company argues that conventional methods, such as the Sports Concussion Assessment Tool (SCAT), rely heavily on subjective observation and are typically deployed after symptoms manifest.

Also Read: The neuroscience of startups: Unlocking the brain’s potential for business success

By contrast, BrainEye offers objective, real-time data that has proven up to three times more reproducible than SCAT.

“In clinical trials with elite AFL athletes, BrainEye achieved 100 per cent sensitivity and 85 per cent specificity, successfully identifying players diagnosed with concussion through abnormal eye movement data,” Barrett shared.

“This empowers club doctors with real-time insights and extends vital concussion screening to schools, academies and community sports clubs, where 95 per cent of athletes do not have immediate access to medical professionals.”

At the core of BrainEye’s solution is the digitisation of ocular motility tests, which have long been used by frontline medical personnel to assess neurological function.

“Eye movements are generally very stereotyped, so any change in brain function will manifest through a change in ocular motility,” Barrett explained. “We have digitised this process, making it more objective and sensitive to subtle changes that might otherwise go unnoticed.”

The tech has been clinically measured and validated against gold-standard clinical devices, distinguishing it from many competitors in the market. With over 120,000 tests performed worldwide, BrainEye is classified as a Class 1M medical device and is designed for use across various sectors, including clinical neurology, sports safety, mental wellness, and elder care.

Machine learning plays a pivotal role in BrainEye’s precision and reliability.

“The more data we collect, the more accurate our app becomes,” Barrett noted. “Our algorithms are constantly tightening, becoming more accurate and reliable with every test. AI is central to our current success and future evolution as a leader in brain health technology.”

Also Read: Neuroscience-backed productivity tips every tech founder should adopt

The app allows users to monitor their brain health over time, with consistent downward trends prompting medical consultation. Early identification of potential neurological issues opens the door to earlier intervention and better patient outcomes.

“Earlier identification means earlier treatment, leading to better patient outcomes and reduced healthcare costs,” Barrett said. “For caregivers, disease progression can be slowed, reducing the intensity of care needed. Meanwhile, healthcare systems benefit from reduced physical and economic burdens as conditions are more effectively managed.”

Barrett acknowledged the challenges involved in developing the platform, particularly in securing data from unhealthy populations and balancing user-friendliness with data accuracy. “Usability was a major focus. The app is user-friendly, but it requires users to keep their hands and heads still during testing. Striking that balance was not easy,” he noted.

The team has also placed significant emphasis on ensuring regulatory compliance. BrainEye’s certified quality management system is built on established software development and risk management standards, with data encryption and high-level security protocols in place.

The company has secured approval from Australia’s Therapeutic Goods Administration (TGA), a milestone that paves the way for further approvals in other jurisdictions, including Southeast Asia.

“AI regulation is at the forefront of every major jurisdiction,” Barrett said. “Securing regulatory approval for our cutting-edge technology has been one of our biggest challenges, but it also underscores the robustness of our approach.”

As BrainEye prepares for its Indonesian rollout, the company remains focused on expanding both its platform capabilities and its global footprint. “We are presented with new use cases every time we meet someone new. There is so much potential,” Barrett added.

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Image Credit: BrainEye

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SeaX Ventures, a Thai and US-based venture capital firm, has announced the launch of SeaX Zero, a US$6 million climate-focused fund dedicated to supporting deep tech startups tackling global carbon emissions. The fund, which is part of SeaX’s broader US$100 million investment strategy, aims to back early-stage innovators with the potential to deliver scalable climate solutions across critical industries.

The new fund aligns with SeaX Ventures’ ambitious mission to reduce one per cent of global carbon emissions by investing in breakthrough technologies.

SeaX Zero will target seed to Series A companies developing solutions in next-generation materials, alternative proteins, sustainable food systems, and clean energy.

“At SeaX Ventures, we have always been drawn to transformative technologies that can reshape industries and improve lives,” said Dr Kid Parchariyanon, Founder and Managing Partner of SeaX Ventures, in an email interview with e27.

“The climate crisis, especially in Southeast Asia – responsible for around seven per cent of global emissions – demands urgent action. Yet, there’s a significant investment gap when it comes to deep tech solutions capable of real impact. SeaX Zero was created to bridge that gap.”

SeaX Zero has already deployed capital into four pioneering startups: Hoxton Farms, Type One Energy, Active Surfaces, and Bluu Seafood. Each represents a strategic bet on scalable technologies poised to drive substantial carbon reductions.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

Among them, Type One Energy is working to commercialise fusion energy – a zero-carbon, limitless power source that could transform the global energy landscape. “Fusion is one of the most exciting breakthroughs in clean energy. It offers the potential for constant power without emissions or long-lived waste,” Dr Parchariyanon added.

Meanwhile, Hoxton Farms and Bluu Seafood are rethinking food production, using cultivated proteins to replace traditional animal farming, which is a major contributor to methane emissions and overfishing.

“Hoxton Farms, for instance, is developing cultivated fat to improve the taste and texture of plant-based meats, which is crucial for mainstream adoption,” he explained.

On the materials front, Active Surfaces has created ultra-thin, flexible solar technology that integrates seamlessly into building structures, turning everyday surfaces into clean energy generators.

SeaX Zero plans to invest in 15 to 20 startups by the end of 2025, deploying initial cheques between US$100,000 and US$500,000. Beyond capital, the fund offers strategic support, leveraging SeaX’s global network to help startups overcome commercialisation challenges and access key markets—particularly in Asia, where demand for climate solutions is surging.

“Early-stage climate tech startups face long development timelines and need strong industry partnerships to scale,” Dr Parchariyanon noted. “We go beyond funding by connecting our founders with the right partners, customers, and policymakers to accelerate their path to market.”

SeaX Ventures’ core focus on deep tech innovations spans health tech, agritech, and clean energy. The addition of SeaX Zero strengthens its commitment to sustainability while sharpening its impact investment thesis.

Also Read: Adopting electric trucks for a greener logistics future in Singapore

“This initial fund is designed to prove that early-stage deep tech ventures can drive massive carbon reductions while delivering strong financial returns,” Dr Parchariyanon said. “We’ll be closely monitoring technological progress, market adoption, and regulatory tailwinds as we prepare for a larger follow-on fund.”

According to Dr Parchariyanon, SeaX Zero’s approach balances scientific credibility, economic viability, and market demand. “The technologies we back must be commercially scalable and cost-competitive – not just greener but better than the status quo,” he added.

Looking ahead, Dr Parchariyanon sees growing momentum in fusion energy, AI-driven climate solutions, and bio-based materials. “Over the next five years, climate tech will evolve from niche to mainstream. The winners will be those creating superior, cost-effective solutions that make sustainability the default choice for industries and consumers alike.”

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Image Credit: SeaX Ventures

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Singapore-based Flagright, an AI-native anti-money laundering (AML) compliance and risk management platform, has announced a US$4.3 million seed funding round.

The investment was led by Frontline Ventures, with significant participation from existing investors including Y Combinator, Pioneer Fund, and Moonfire Ventures.

Rubin Ritter (ex-co-CEO of Zalando), André Silva (ex-Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (ex-CCO of Advance.AI), and Saqib Mirza (CEO of Sciopay) also participated in this funding round.

Also Read: Reimagining anti-money laundering processes with blockchain technology

This new capital injection will be channelled towards accelerating AI innovation, notably the launch of their AI Forensics product family, and facilitating expansion into the North American market by establishing new offices in New York and San Francisco.

Founded by Baran Ozkan (CEO) and Madhu G Nadig (CTO) and incubated in Y Combinator’s Winter 2022 batch, Flagright provides an AI-native operating system designed for modern risk management teams. The company currently serves over 50 customers across six continents.

The funding announcement comes when the complexities and consequences of financial crime are increasingly apparent, as highlighted by recent high-profile cases such as Singapore’s SGD3 billion (US$2.24 billion) money laundering scandal and TD Bank’s US$3 billion settlement over AML failures. These incidents underscore the critical need for more effective and proactive compliance tools.

Flagright’s platform aims to address the limitations of traditional compliance vendor systems, which are often characterised as outdated, slow, and inefficient, leading to excessive false positive rates and labour-intensive manual processes. Its no-code platform offers a centralised solution encompassing dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening.

Notably, Flagright boasts a high-performance scenario builder with sub-second API response times and advanced integrations with data providers like LSEG and Dow Jones.

According to the company, customers have reported significant improvements in operational efficiency, including 98 per cent fewer false positives, 87 per cent less manual monitoring effort, and a 90 per cent improvement in compliance accuracy. The platform’s reliability is underscored by its 99.99 per cent uptime and real-time data processing in under 700 milliseconds.

Also Read: XTransfer’s AI-driven Anti-Money Laundering technology empowers B2B international trade

Flagright’s newly launched AI Forensics product family promises to automate compliance workflows across screening, monitoring, governance, and quality assurance. This includes AI agents for monitoring (automating alert investigations), governance (simplifying regulatory change management), and quality assurance (enhancing compliance QA processes). These agents are integrated into Flagright’s AML solution with a centralised data lake, enabling superior risk detection and continuous improvement.

The firm also has offices in Berlin and Bangalore.

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Over the weekend, fresh headlines hinted that President Donald Trump’s much-discussed reciprocal tariffs, slated for April 2, might not be the broad, blunt instrument markets initially feared. Instead, they could be more targeted, potentially easing some of the anxiety that’s kept investors on edge. But let’s not kid ourselves—the situation remains fluid, and a major risk still looms large. Markets hate uncertainty, and this story is far from written.

Last week offered a glimpse into how these dynamics are playing out. The Federal Open Market Committee’s (FOMC) latest dot plot stuck to its script, signalling expectations of two rate cuts this year despite a bump in near-term inflation projections from 2.5 per cent to 2.8 per cent.

That’s a notable shift—it suggests the Fed sees price pressures sticking around a bit longer than anticipated. Meanwhile, the median growth forecast took a hit, sliding from 2.1 per cent to 1.7 per cent, a clear nod to the mounting headwinds facing the US economy.

Friday’s market action encapsulated the mood: equities spent most of the day in the red, only to be yanked into positive territory by a late rally from mega-cap tech giants, nudging the S&P 500 up 0.1 per cent by the close. It’s a classic case of the market’s bipolar nature—pessimism giving way to a flicker of optimism driven by a handful of heavyweights.

The bond market, meanwhile, told its own story. The US Treasury yield curve steepened, with long-end yields creeping higher after Fed Governor Christopher Waller suggested the banking system still has plenty of reserves to handle the Fed’s ongoing Treasury runoff without disruption. The 10-year yield edged up 0.9 basis points to 4.246 per cent, reflecting confidence in the longer-term outlook.

At the front end, however, yields dipped—the 2-year yield fell 1.6 basis points to 3.948 per cent—as markets priced in more Fed easing to come. It’s a delicate balancing act: the Fed resisting short-term pressure to pivot aggressively while signalling it’s not blind to the softening growth picture.

The US Dollar Index, up 0.2 per cent to 104.09, notched its first weekly gain in three weeks, a subtle flex of muscle amid the uncertainty. Commodities offered a mixed bag: gold, often a safe-haven darling, shed 0.7 per cent as profit-taking kicked in, while Brent crude eked out a 0.2 per cent gain, buoyed perhaps by geopolitical jitters or steady demand signals.

Over in Asia, the MSCI Asia ex-Japan index dropped 0.9 per cent on Friday—its third straight day of losses—dragged down by tariff fears, though it still managed a 1.22 per cent weekly gain. Chinese tech stocks weren’t so lucky; profit-taking hammered the Hang Seng and CSI 300, which slumped 2.19 per cent and 1.52 per cent, respectively, as investors cashed out amid the overhang of potential trade disruptions.

Also Read: Examining global hybrid and remote work trends beyond the West

Looking ahead, this week’s economic calendar is packed with potential market movers. Friday’s US Personal Consumption Expenditures (PCE) data—the Fed’s preferred inflation gauge—will be the headliner, offering fresh clues on whether those upwardly revised inflation projections hold water.

Earlier in the week, the UK’s February CPI on Tuesday and Tokyo’s March CPI on Friday will shed light on global price trends. Stateside, the Congressional Budget Office’s debt ceiling estimate on Wednesday could stir the pot, especially with the Treasury’s cash pile under scrutiny.

And let’s not forget the steady drumbeat of Fedspeak—comments from Fed officials could either soothe or spook markets, depending on their tone.

Asia’s in the spotlight too. The China Development Forum, which kicked off in Beijing on Sunday and wraps up today, Monday, March 24, has drawn global business leaders eager to gauge China’s next moves. Some are slated to meet President Xi Jinping later this week, a rare chance to take the pulse of China’s leadership amid trade tensions. Early trading in Asian equities today has been a mixed bag, reflecting the push and pull of optimism over narrower tariffs and lingering unease about what’s next.

Then there’s the crypto angle, which has been lighting up financial headlines. Bitcoin, XRP, and Solana (SOL) kicked off Monday with gains, riding a wave of positivity tied to those reports of more targeted Trump tariffs. Bitcoin’s hovering around US$86,500, up 2.7 per cent in the last 24 hours, while SOL’s outpacing the pack with a near six per cent jump to US$138. The S&P 500 futures are cheering, too, pointing to a higher open for US stocks.

It’s tempting to see this as a sign that Bitcoin may have found a floor, with some analysts eyeing a rebound toward US$90,000 if tariff fears continue to ease and the Fed holds steady. Trump’s signalling of a lighter touch on trade and the Fed’s resistance to knee-jerk rate cuts last week seems to have injected a dose of cautious optimism into the crypto space.

Also Read: Global economic shake-up: Bitcoin hits US$90K, German bonds slide

Michael Saylor’s MicroStrategy is another piece of this puzzle. The company’s CEO has been dropping hints via his “Saylor Bitcoin Tracker” posts on X, a reliable signal that more Bitcoin buys are coming. Sure enough, the word is that MicroStrategy might announce a massive purchase—potentially 500,000 BTC, worth billions—tomorrow morning.

Saylor’s strategy of scooping up Bitcoin during dips has turned MicroStrategy into a crypto behemoth, with its holdings currently valued at US$8.73 billion, down from a peak of US$19.50 billion. It’s a bold bet on Bitcoin’s long-term value, and if this rumoured US$21 billion acquisition pans out, it could light a fire under the market just as sentiment starts to thaw.

Fidelity Investments is making waves too, stepping into blockchain tokenisation with a filing to register a tokenised version of its US dollar money market fund on the Ethereum network. Submitted last Thursday to the SEC, the plan involves a new “OnChain” share class for its US$80 million Fidelity Treasury Digital Fund, mostly made up of US Treasury bills.

It’s a move that echoes efforts by BlackRock and Franklin Templeton, signalling that traditional finance is increasingly cozying up to blockchain’s promise of transparency and efficiency. If approved, it could mark a turning point for how institutional money flows into digital assets.

Ethereum itself is a bit of a paradox right now. The price has been sliding—down over 51 per cent from its December peak of US$4,100 to around US$2,000—yet so-called “Ethereum whales” are quietly stacking their bags. Glassnode data shows wallets holding at least US$100,000 worth of ETH jumped from 70,000 on March 10 to over 75,000 by March 22, a stark contrast to the 146,000 seen when ETH was flying high in December. Analysts are eyeing a potential breakout to US$2,200 if buying pressure builds, but for now, ETH’s stuck in a rut, caught between whale accumulation and broader market malaise.

The prospect of more targeted tariffs is a lifeline for markets desperate for clarity, but the risks haven’t vanished—they’ve just shifted shape. The Fed’s juggling act—balancing inflation worries with growth concerns—keeps everyone guessing, and this week’s data could tip the scales either way.

Crypto’s riding a wave of cautious hope, bolstered by big players like Saylor and Fidelity, but it’s tethered to the same macro uncertainties as equities and bonds. Asia’s fate hinges on how China navigates this tariff tightrope, and the US debt ceiling looms as a wildcard. It’s a high-stakes game, and while the pieces are moving, the board’s still a mess.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: DALL-E

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