Are Privacy Coins Still A Thing In 2025? Trends And Predictions

Cryptocurrency

Summary:

Cryptocurrency as a whole has come a long way since Bitcoin’s introduction, and privacy coins were once heralded as the ultimate solution for financial anonymity.

Designed to keep transactions confidential and identities hidden, these specialized cryptocurrencies sparked interest and controversy from day one. However, in 2025, with evolving regulations, innovative technology, and changing user priorities, the relevance of privacy coins feels increasingly uncertain. Are they still useful? Or are they becoming relics in a more transparent crypto ecosystem? Let’s take a closer look at their history, current trends, and what the future may hold.

The Rise and Evolution of Privacy Coins

To understand where privacy coins stand today, it’s essential to revisit their origins and the reasons they captured attention in the first place.

What Are Privacy Coins?

Privacy coins are a type of cryptocurrency designed to prioritize user anonymity and the confidentiality of transactions. Unlike Bitcoin and Ethereum, where transactions are publicly recorded on the blockchain, privacy coins hide transaction details—including amounts, sender addresses, and recipient addresses.

Privacy technologies such as ring signatures, zk-SNARKs, and stealth addresses make this level of confidentiality possible. For example, Monero uses ring signatures to obscure the origin of funds, while Zcash employs zk-SNARKs to prove transactions occurred without revealing specific details. In short, these coins aim to protect user identities in an increasingly monitored digital world.

Why Privacy Coins Became Popular

The rise of privacy coins was driven by a growing demand for financial privacy. In the early days of crypto, Bitcoin was mistakenly thought of as an anonymous way to send value. When users realized Bitcoin transactions could be traced, privacy coins emerged to fill the gap.

These coins appealed to individuals seeking to safeguard their financial activities—whether to protect personal information or avoid surveillance. They also resonated with libertarians and privacy advocates who saw them as a tool for resisting government control and protecting freedom.

However, with anonymity came controversy. Privacy coins became heavily associated with illegal activities, such as money laundering and transactions on darknet markets. While many users employed these coins for lawful purposes, their misuse by bad actors attracted the attention of global regulators.

Regulatory Challenges Over the Years

From the start, privacy coins faced intense scrutiny from governments and financial institutions. Nations like Japan and South Korea banned their use entirely, citing concerns about tax evasion and criminal activity. Some exchanges in the US and Europe delisted privacy coins due to increasing compliance demands.

Regulators’ primary concern has always been the inability to trace transactions. Transparent blockchains like Bitcoin allow law enforcement to track illicit financial flows when necessary, but privacy coins make this nearly impossible. Over the years, this regulatory pressure has made it harder for privacy coins to gain mainstream traction.

Various technologies can bring privacy to blockchain and crypto.

Privacy Coins in 2025: Current Trends

Fast forward to the present day, and privacy coins still exist, but the landscape around them has shifted dramatically. Several key trends define their status today.

Adoption and Usage

As cryptocurrency adoption has gone mainstream, the demand for privacy coins has seen mixed results. On one hand, some industries and regions still rely on them. Privacy advocates, journalists, and political dissidents in authoritarian countries use these coins to protect themselves. On the other hand, stricter regulations and penalties have discouraged usage in developed economies.

Interestingly, privacy coins have made a small comeback within niche sectors. For instance, in the gaming industry or among decentralized communities valuing privacy, these coins have carved out specific use cases. However, their overall market share remains small compared to more broadly adopted assets like Bitcoin and Ethereum.

Advancements in Privacy Technology

Technological innovation has kept privacy coins competitive despite decreasing popularity. In 2025, advancements like zk-STARKs (an evolution of zk-SNARKs) and adaptive anonymity protocols have improved the efficiency and security of privacy features. These upgrades make transactions even harder to trace while reducing computational costs.

Moreover, some privacy concepts have migrated to mainstream blockchains, creating hybrid solutions. For example, Ethereum's layer-2 solutions now include optional privacy features, making it easier for users to toggle between transparent and private transactions. This integration raises questions about whether standalone privacy coins can maintain relevance in the long run.

Impact of Regulatory Policies

Regulators haven’t let up in their efforts to control or eliminate privacy coins. Compliance requirements have reached new levels of intensity. Most centralized exchanges outright refuse to list privacy coins due to Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Some countries, like the US and EU nations, have imposed severe penalties for their misuse.

Still, enforcement isn’t universal. Nations with looser regulatory oversight or a history of favoring cryptocurrency innovation—such as certain parts of Asia and Africa, remain havens for privacy coin activity.

Predictions for the Future of Privacy Coins

So, what lies ahead for privacy coins? Several possibilities may shape their trajectory beyond 2025.

Will Governments Intensify Restrictions?

There’s little doubt that privacy coins will remain a regulatory target. Governments are wary of their capacity to enable untraceable transactions, and this concern will likely lead to stricter enforcement. Over time, some privacy coins may migrate underground, appealing exclusively to users willing to take legal risks. Others could attempt to adapt by incorporating semi-compliant features—but at the cost of losing their appeal to hardcore privacy advocates.

Integration with Broader Blockchain Ecosystem

Instead of withering away completely, privacy-focused technology could integrate into broader crypto ecosystems. Already, major blockchains like Ethereum are experimenting with privacy solutions that offer the best of both worlds: transparency when required and privacy when desired. If this trend continues, standalone privacy coins could lose relevance as these features become standard on larger platforms.

Decentralized finance (DeFi) is also an area ripe for privacy innovation. Users of DeFi platforms might begin demanding more anonymity features, and privacy coins that integrate with DeFi protocols could see renewed interest.

Will Privacy Coins Survive?

The question of survival depends largely on whether these coins can adapt. If innovation stagnates or regulations become unbearable, they may fade into obscurity. However, as long as there’s demand for privacy in financial transactions, they’ll likely retain a small but dedicated user base. Their future may reside not in the mainstream but in specialized markets where privacy is non-negotiable.

Conclusion

Privacy coins occupy a unique, controversial space in the cryptocurrency world. While they’ve lost some of their early momentum due to regulatory crackdowns and technological competition, they remain valuable to those who prioritize financial privacy. The evolution of anonymity technology, combined with the steady push for compliance, will determine their survival in the years to come.

For avid crypto enthusiasts or those concerned with personal privacy, the next few years will be critical. Will privacy coins adapt or disappear? Only time will tell. One thing is clear: as the conversation around privacy, transparency, and control evolves, so too will the tools we use to navigate the crypto space.

Source: CryptoSlate

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Damon

Cryptocurrency

Trump Announces Tariffs Impacting Global Crypto Markets

Donald Trump declared the "Liberation Day" tariffs aiming to bolster U.S. industries. The policy affects over 25 countries, triggering market volatility. Trump's history of influencing markets continues, with crypto sectors responding swiftly.

Bitcoin's value rose by 2.3% to $66,500, while Ethereum gained 3.1%, reflecting confident market reactions to tariffs. Markets also saw significant trading volume, with heightened activity on exchanges and derivatives markets.

GameStop's $1.5 billion investment to "buy the dip" underscores institutional confidence in Bitcoin's potential amidst tariff-induced turbulence. Social media suggests bullish sentiment, with retail traders viewing this as a buying opportunity.

Financial markets are navigating this volatility, with historical trends suggesting that similar economic measures previously led to significant Bitcoin appreciation. Experts propose Bitcoin's future price could ascend significantly, indicating strategic interest across sectors.

Fred Krueger, Mathematician and Author, emphasized the role of Bitcoin in today's market dynamics: "Bitcoin is a portable digital gold, especially in the face of tariffs."

Despite the absence of immediate regulatory responses, the market's enthusiasm remains cautious yet optimistic. Investors eye digital assets for safeguarding wealth, anticipating advantages if geopolitical tensions escalate further.

Source: CryptoSlate

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Warren Takunda

Cryptocurrency

Bitcoin investors who bought BTC in 2020 or later are still waiting for higher prices, new research says.

In findings published on X on April 1, onchain analytics firm Glassnode revealed that $110,000 was not high enough to make many hodlers sell.

Glassnode: 2020 Bitcoin buyers “still holding”

Bitcoiners who entered the market between three and five years ago have retained their holdings despite significant BTC price upside.

According to Glassnode, this investor cohort, with a cost basis between the 2020 lows of $3,600 and the 2021 highs of $69,000, is still hodling.

“Although the share of wealth held by investors who bought $BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels,” it said.

“This suggests that the majority of investors who entered between 2020 and 2022 are still holding.” Bitcoin Sales at $109K All-Time High 'Significantly Below' Cycle Tops — Research_1

Bitcoin Sales at $109K All-Time High 'Significantly Below' Cycle Tops — Research_1

Bitcoin Realized Cap HODL Waves data. Source: Glassnode

An accompanying chart shows data from the Realized Cap HODL Waves metric, which splits the BTC supply into sections based on when each coin last moved onchain.

Using this, Glassnode is able to draw a distinction between the 2020-22 buyers and those who came immediately before them.

“In contrast, over two-thirds of those who had bought $BTC 5–7 years ago exited their positions by the December 2024 peak,” it reveals, reflecting their lower cost basis.

Speculators stay cool at BTC price highs

As Cointelegraph reported, more recent buyers, who form the more speculative investor cohort known as short-term holders (STHs), have proven much more sensitive to recent BTC price volatility.

Episodes of panic selling have occurred throughout the past six months as BTC/USD hit new record highs and then fell by up to 30%.

Continuing, Glassnode said that current STH participation does not suggest a speculative frenzy — something common to previous BTC price cycle tops.

“Short-Term Holders currently hold around 40% of Bitcoin's network wealth, after peaking near 50% earlier in 2025,” it said, alongside Realized Cap HODL Waves data on March 31.

“This remains significantly below prior cycle tops, where new investor wealth peaked at 70–90%, suggesting a more tempered and distributed bull market so far.” Bitcoin Sales at $109K All-Time High 'Significantly Below' Cycle Tops — Research_2

Bitcoin Sales at $109K All-Time High 'Significantly Below' Cycle Tops — Research_2

Bitcoin Realized Cap HODL Waves. Source: Glassnode

Source: Cointelegraph

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Warren Takunda

Economic

The EU and the UK are bracing for a damaging trade war with the US, as Donald Trump is expected to implement his threat to impose tariffs on imports from Europe.

For weeks, he has named 2 April “liberation day”, with the unveiling of a tariff plan to reverse what he called “unfair practices that have been ripping off our country for decades”.

What tariffs are expected?

A 20% blanket tariff on nearly all imports to the US has been drafted by Trump’s aides.

However, EU and UK leaders are concerned about the possibility of sectoral tariffs, as well as permanent levies he may impose to counter Europe’s VAT rates, which he considers a de facto tax.

Trump, who once challenged the then German chancellor Angela Merkel for not ensuring there were more Chevrolets in Munich, has already announced tariffs on cars starting on 3 April.

Will the UK be spared?

The relative warmth Trump showed Keir Starmer in the Oval Office last month is unlikely to protect the UK, with tariffs expected on “all countries”. However, the UK has been racing to agree a deal, with the business secretary, Jonathan Reynolds, suggesting that if any country can secure a carve-out, Britain could.

On Tuesday, Starmer said businesses did not want a tit-for-tat war. Instead of a “kneejerk” reaction, he would respond in a “calm and collected” manner.

He hoped a trade deal, something that eluded a succession of UK governments over decades, would “mitigate” the impact of tariffs. The UK was this time seeking a much narrower “economic prosperity deal” rather than a more comprehensive “free trade agreement”.

Although this would be far less expansive in scope, the hope is that it should be quicker to agree.

Does Trump really hate Europe?

European leaders were alarmed by the attacks on Europe by the vice-president, JD Vance, but Trump has been notably less visceral, confining his interests to defence and the trade imbalance.

He has complained that the US was “ripped off by every country in the world” and that he was “not happy with the EU” as a place to do business. His exclusion of the EU in talks over Ukraine has ruptured the higher-level geopolitical transatlantic relationship. Trump’s ‘Liberation Day’ Tariffs: What’s at Stake for UK and EU?_1

Trump’s ‘Liberation Day’ Tariffs: What’s at Stake for UK and EU?_1

How will the EU react?

Strongly. The EU has already announced a string of tariffs it plans to introduce on US imports targeting steel and aluminium in kind, as well as textiles, leather goods, home appliances, house tools, plastics and wood.

Sources say it is also considering nuclear options, including tariffs on revenues generated in the EU by big tech firms and social media.

This could be seen as highly provocative and would put Trump’s allies, such as Elon Musk and Jeff Bezos, in the crosshairs. It would also test the unity of the EU, with Ireland expected to argue against more punitive measures because of the dominance of the US tech sector in Dublin.

The EU’s preference is to negotiate so it has decided to delay countermeasures to open a space for talks. Maroš Šefčovič, the European commissioner for trade and economic security, has already met the US commerce secretary, Howard Lutnick, and, although Šefčovič reportedly came home last week “empty handed”, he is operating the Brexit playbook, hoping to build a personal relationship that will provide credit in the bank when they get down to talks.

Why not enter immediate negotiations?

One EU official said there was no point negotiating with the US at this stage, saying it would be like arguing over rotten fish.

“It is not very productive to now start negotiating about removing the tariffs,” the official said. “You put a stinking fish on the table, and then you start negotiating to remove that stinking fish, and then you say: ‘Wow, we have a great result: there’s no stinking fish on the table.’ That is not a very productive conversation.”

Trade experts also say negotiations with the US would involve agreeing a strategy between 27 different member states, which could be tricky given the potential for splits between countries, as EU states negotiate trade deals as a unified bloc.

What is Trump’s game plan?

Trump has been obsessed with tariffs since the 1980s, when he railed against the Japanese buying up real restate in the US, an open economy, but with US investors unable to reciprocate in Tokyo.

His goal is to reindustrialise the US and to repatriate jobs and taxes he thinks US companies should be paying at home rather than abroad. While currently at a 21% corporate tax rate, the US for a long time operated at a 35% corporate tax rate, pushing some of its biggest companies to push for lower taxes.

To revive local industry, Trump wants to shorten the supply chain and make sure more components are manufactured locally.

What does the data on trade show?

The US is the largest importer of goods in the world, buying $3tn-worth of products in 2023. Its largest trade deficit is with China, from where it imports $279bn more than it exports, followed by the EU at $208bn.

EU-US trade is worth €1.6tn but only three countries – Ireland, Germany and Italy – enjoy a surplus in goods trade.

Germany’s trade surplus in goods was €57bn in 2023, according to official US data. In 2023, Germany sold €144bn-worth of goods to the US, of which €22bn was on cars. By contrast, the US sold €87bn-worth of goods to Germany, including €8.25bn-worth of cars.

Ireland has the second-largest trade imbalance, a surplus of €50bn largely caused by the export of pharmaceuticals to the US from large US multinationals. But it has been consistently singled out by Trump and is seen as highly exposed.

Italyhas a trade surplus of €41bn, selling about €65bn-worth of goods to the US. Packaged medicines and cars account for about €5bn and €4.66bn of all exports respectively.

The UK has a more balanced relationship with the US. The US is Britain’s largest single-export market, worth £60.4bn in goods in 2023, accounting for 15.3% of the global total. The UK imported £57.9bn in goods from the US.

How is business reacting?

The US markets are spooked, with S&P 500 and Nasdaq closing March trade with their worst quarter performance since Russia’s invasion of Ukraine in 2022.

The EU is presenting itself as a safe haven. “I do think investors at the moment are re-evaluating the EU and investing in the European Union. I think there’s a growing appreciation of the value of predictability and order on the global stage,” said Paschal Donohoe, Ireland’s finance minister.

So far this year, the pan-European Stoxx 600 index has gained 6.4%, while the US S&P 500 index has lost 5% and had its worst quarter since 2022.

Source: Theguardian

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Warren Takunda

Economic

News reports rolling in ahead of the 'Liberation Day' tariff announcements - due at about 21:00 BST - show a growing preference for a flat universal tariff.

If the flat-rate tariff rate is surprisingly high, a severe post-tariff market selloff could ensue. Here, Pound Sterling could fall against the Euro and Dollar but rise against the Australian and New Zealand Dollars and other risk-sensitive currencies.

However, other reports point to a more nuanced set of announcements with the door left ajar to negotiations, which could allow the recent FX market function to persist, whereby the UK currency is seen as a relative 'safe haven' amidst the tariff noise.

The Pound's 'haven' status in the tariff trade is largely because of the UK's favourable trade relationship with the U.S., which means the world's biggest economy often runs a trade surplus in goods with the UK.

This puts it well down the list of problem countries that the U.S. wants to reorganise its trade relationships).

"There are a number of scenarios for the impact on the UK, but our sense is that the UK escapes the worst excesses of tariffs due largely to a relatively benign trade position with the US. That should be GBP supportive," says Kamal Sharma, FX Strategist at Bank of America.

"While no outright bullish GBP theme has emerged, we have noticed clients using GBP as a numerator more and more. EURGBP puts, GBPAUD calls, and GBPCAD calls have all been going through," says a new note from Spectra Markets.

Pound Sterling 'Safe Haven' Status to Be Tested_1

Above: The UK and Australia stand out as running rare goods trade deficits, image courtesy of Corpay's Karl Schamotta.

However, there are some significant tail risks for foreign exchange markets more broadly, and the Pound specifically.

One of these is the prospect of a flat blanket tariff, which is said to be increasingly favoured by the administration. This would pose significant problems for UK exporters and could challenge the Pound's ongoing resilience to tariffs.

If the Pound has benefited thus far, it is logical to assume that any unwind of a 'safe-haven' premium could be notable.

We would also be wary that the tariffs, if severe enough, trigger a market rout that would hurt the Pound against the traditional safe havens likes the Dollar, yen and franc.

The Pound-to-Euro exchange rate would also come under pressure in a broader market rout. However, gains against market-sensitive currencies like the Australian and New Zealand Dollars - as well as developing market names - would also be expected.

"Talking with clients, the consensus appears to be for 10-15% blanket tariffs (maybe closer to the 10% mark), broadly similar to our house view. However, recent media reporting mentioned a 20% tariff baseline, which would be higher than expectations and risk-off," says Andrzej Szczepaniak, Senior European Economist at Nomura International.

Pound Sterling 'Safe Haven' Status to Be Tested_2

Above: S&P 500 shows markets have settled in anticipation of the announcements.

Trump is poised to unveil sweeping new trade measures on Wednesday, with investors and global partners anxiously awaiting details of a tariff strategy that could reshape U.S. trade relations and roil global markets.

According to individuals familiar with internal deliberations, the Trump administration is weighing several competing tariff structures, including a tiered system, a customised reciprocal model, and a flat global rate, Bloomberg reported.

Each approach represents a different method for delivering on the president’s long-promised campaign to "level the playing field" on trade.

Broad Application to Rope in UK Exports

Flat-rate levies could apply widely, including to countries with which the U.S. does not have a trade imbalance, Bloomberg reported. This would include the UK, which the U.S. enjoys a rare trade surplus with.

While simple to administer, such a model risks triggering broad retaliatory action and complicating existing trade relationships.

Sources cited by Bloomberg noted that the president has not made a final decision, even as the announcement looms. The event is scheduled to take place in the White House Rose Garden at 4 p.m. Eastern Time.

While the tariff move has been framed as pro-worker and revenue-generating, questions persist as to whether the goal is negotiating leverage or a permanent shift in trade strategy.

Trump’s aides are reportedly aiming to raise $700 billion annually in tariff revenue, a figure that would mark one of the most aggressive trade policy pivots in modern U.S. history.

The market’s reaction so far has included sell-offs in equities, pressure on the dollar, and elevated caution in the corporate bond market, according to the Financial Times.

Multiple Models Under Consideration

Under an alternative tiered approach, countries would be grouped into bands based on their existing tariffs and non-tariff barriers, with levies imposed at either 10% or 20%. The highest rates would target nations deemed the most egregious offenders in terms of protectionist practices.

An alternative reciprocal model—earlier touted by administration officials—would set individualised tariffs that mirror the trade barriers imposed on U.S. exports by specific countries.

Though this strategy had gained traction in recent weeks, it is reportedly no longer the leading option under discussion.

Tariffs to Take Immediate Effect

White House Press Secretary Karoline Leavitt stated the tariffs would be "effective immediately," while Treasury Secretary Scott Bessent suggested the rates could act as a cap, with countries given the opportunity to negotiate them down post-announcement.

According to the Financial Times, investors remain on edge, with many fund managers opting to reduce risk exposure ahead of the event. Market volatility has ticked up in recent days, with the VIX index rising to 22, above its long-term average.

"People are doing aggressively nothing," said Ed Al-Hussainy of Columbia Threadneedle Investments, reflecting a general market hesitancy as traders await clarity.

Potential Disruption and Ongoing Uncertainty

Tariffs are expected to apply even to goods already en route to the U.S., raising immediate concerns for supply chains. While the official line suggests midnight enforcement, logistical complexities may delay implementation, as seen with earlier measures targeting auto and Canadian imports.

The administration’s internal debate remains intense, reflecting uncertainty not only in strategy but in policy objectives.

As TD Cowen’s Christopher Krueger put it, “It should answer the biggest question from markets, which is if the tariffs are a means to an end, or the end.”

Source: Poundsterlinglive

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Warren Takunda

Economic

US President Donald Trump’s new tariffs will take effect immediately after their official announcement at 4 pm Eastern Time today, the White House has confirmed.

“My understanding is that the tariff announcement will come tomorrow. They will be effective immediately, and the president has been teasing this for quite some time,” said White House Press Secretary Karoline Leavitt on Tuesday.

Leavitt stated that Trump had finalised his decision on the tariff levels but declined to disclose specifics. “I don’t want to get ahead of the President. This is obviously a very big day. He is with his trade and tariff team right now, perfecting it to ensure this is a perfect deal for the American people and the American worker. You will all find out in about 24 hours from now.”

However, a few news sources indicated that Trump’s team was still finalising the size and scope of the tariffs.

Leavitt suggested that Trump remains open to negotiations with other nations, saying, “Certainly, the president is always up to take a phone call, always up for a good negotiation, but he is very much focused on fixing the wrongs of the past and ensuring that American workers get a fair shake.”

Her comments echo Trump’s speech last week, in which he described the reciprocal levies as “very lenient,” noting that, in many cases, they would be “less than the tariff that they’ve been charging us for decades.” On Monday, the White House said that the tariffs would be “country-based” with “no exemptions.”

Trump is also expected to announce a 25% tariff on imported vehicles at the same time today. He stated that all cars “not made in the United States” would be subject to this duty. Bloomberg reported on Monday that several major US automakers are lobbying the administration to exclude low-value parts from the planned tariffs.

European Commission President Ursula von der Leyen responded to the impending tariffs on Tuesday, stating, “If necessary, we have a strong plan to retaliate and will use it.” However, she also emphasised the EU’s aim to achieve a “negotiated solution” to avoid an all-out trade war.

Global markets rebound ahead of the tariff announcement

European stock markets began April on a positive note after posting their first monthly decline of the year. The market rally was broad-based, with most sectors finishing higher on Tuesday. The Pan-European Stoxx 600 rose 1.07%, the DAX gained 1.67%, and the CAC 40 climbed 1.1%.

On Wall Street, the S&P 500 and the Nasdaq closed higher, while the Dow Jones Industrial Average edged lower. US stock markets have been particularly hit by Trump’s tariff plans, with the S&P 500 entering correction territory in March. Investors fear that the tariffs could lead to higher inflation and slower economic growth.

Some analysts believe that once the tariffs are officially announced, global markets may recover from March’s sell-off, which was largely driven by uncertainty. Tom Lee of Fundstrat Global Advisors told CNBC that the odds of a V-shaped stock market rebound is “extremely high” after 2 April.

However, Michael Brown, a senior research strategist at Pepperstone London, expects the bearish trend to persist. “Despite the intraday rally, I remain bearish on risk for the time being, still favouring a rally-selling strategy,” he wrote in a note.

“I view this more as the beginning than the end of the tariff saga, with countries across the globe now likely to retaliate with tariffs of their own… All of this, naturally, will prolong the current elevated level of uncertainty.”

Source: Euronews

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Warren Takunda

Stocks

Asian shares were mixed on Wednesday, with benchmarks changing little as investors waited to see what U.S. President Donald Trump will announce about tariffs on what he refers to as “Liberation Day.”

Japan’s benchmark Nikkei 225 gained 0.3% to 35,725.87.

Hong Kong’s Hang Seng dropped 0.1% to 23,176.47, while the Shanghai Composite edged less than 0.1% lower to 3,346.66.

Australia’s S&P/ASX 200 added 0.1% to 7,934.50. South Korea’s Kospi dipped 0.7% to 2,504.86.

“Amid the uncertainty on tariffs details, risk sentiments were broadly fragile,” Tan Jing Yi at Mizuho Bank said in a commentary.

Tuesday on Wall Street, the S&P 500 rose 0.4% to 5,633.07 after roaring back from an early drop of 1%. The Dow Jones Industrial Average edged less than 0.1% lower, to 41,989.96. The Nasdaq composite added 0.9% to 17,449.89.

Markets have been particularly shaky recently, and momentum has been swinging not just day to day but hour to hour because of uncertainty about what Trump will do with tariffs — and by how much they will worsen inflation and erode growth for economies.

In the bond market, Treasury yields sank after a report said U.S. manufacturing activity contracted last month, breaking a two-month streak of growth. A separate report said U.S. employers were advertising slightly fewer job openings at the end of February than economists expected.

The yield on the 10-year Treasury fell to 4.16% from 4.23% late Monday and from roughly 4.80% in January. That’s a significant move for the bond market, and yields have been falling with worries about a potentially slowing U.S. economy.

Companies are saying they’re already feeling effects from Trump’s trade war, even ahead of Wednesday when Trump has promised to roll out a set of tariffs, or taxes on imports from other countries, that he says will free the U.S. from a reliance on foreign goods.

The U.S. economy is still growing and the job market has remained relatively solid even with February’s slightly weaker-than-expected job openings.

Even if Trump announces less-punishing tariffs than feared on Wednesday, though, the stop-and-start rollout of his trade strategy may by itself cause U.S. households and businesses to freeze their spending, which would damage the economy. Trump has pushed for tariffs in part to bring manufacturing jobs back to the United States from other countries.

All the nervousness in the market has helped push the price of gold to records, and it briefly topped $3,175 per ounce Tuesday. That’s up from less than $2,700 at the start of the year.

On Wall Street, Tesla charged 3.6% higher a day ahead of reporting how many vehicles it delivered during the first three months of the year.

Worries have grown about a potential backlash from customers, and protestors have been swarming Tesla showrooms due to anger about CEO Elon Musk’s leading the U.S. government’s efforts to cut spending. Tesla’s stock is still down by roughly a third for the year so far.

PVH jumped 18.2% after the company behind the Calvin Klein and Tommy Hilfiger brands reported a stronger profit for the latest quarter than analysts expected. It also said it plans to send $500 million to shareholders this year through purchases of its own stock.

Newsmax soared another 179% to follow up on its 735% surge from Monday, which was the first day of trading for the news company’s stock.

On the losing end of Wall Street was Johnson & Johnson, which dropped 7.6% after a U.S. bankruptcy court judge denied the company’s settlement plan related to baby powder containing talc. It’s the third time the company’s attempt to resolve the baby powder settlement through bankruptcy has been rejected by courts.

In other dealings early Wednesday, benchmark U.S. crude lost 8 cents to $71.12 a barrel. Brent crude, the international standard, fell 9 cents to $74.40.

In currency trading, the U.S. dollar rose to 149.83 Japanese yen from 149.62 yen. The euro cost $1.0794, up from $1.0791.