PANews reported on April 2nd that according to CoinDesk, Zach Pandl, the head of Grayscale Research, said that the impact of tariffs on cryptocurrencies may have already been "priced in," and the worst may have passed. Pandl estimated that tariffs have reduced economic growth by 2% so far. However, Trump's so-called "Liberation Day" might actually prevent the most severe pain felt by financial markets. Pandl stated: "If we see the tariff policy announced on Wednesday as both tough and phased, and focused on the 15 countries they seem to be targeting, I expect the market to rebound on this news. Once we get past this announcement period, the cryptocurrency market may refocus on fundamentals, which are very positive." Pandl said that announcements like Circle's initial public offering (IPO) would not occur if institutions did not have high confidence in the digital asset space and its related policies. Additionally, Pandl believes that tariffs will increase demand for non-dollar currencies.