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The crypto industry will be listening closely when Paul Atkins, President Donald Trump’s pick to run the SEC, testifies before a Senate committee Thursday during his nomination hearing.

With the stock market off its record high, it looks like investors have adopted a more cautious approach toward cryptocurrencies as well. After the market cap of the digital asset industry peaked at about $3.7 trillion in December, it has fallen 22% (as of March 24). The asset class is once again showing investors how cyclical it can be.

Treasury Secretary Scott Bessent has rejected suggestions the president will reorient his policies to support equity prices.

There's a long-standing rivalry between the king of cryptocurrencies, Bitcoin (CRYPTO: BTC), and the coin that many have considered to be the heir to the throne, Ethereum (CRYPTO: ETH). Bitcoin is both a store of value and to a lesser extent a medium of exchange, fulfilling two of the canonical properties of money. Its value is created by demand from investors who recognize its "scarcity".

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President Donald Trump has threatened to impose larger tariffs on the European Union and Canada if they attempt to harm the U.S. economy, potentially causing instability in the crypto market.