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China’s potential yuan devaluation in response to U.S. tariffs could reignite Bitcoin demand as investors seek refuge from economic uncertainty, as analysts point to historical trends.
Quick Take Bitcoin and other major cryptocurrencies fell on Wednesday following Trump’s additional tariff measures. Analysts said bitcoin is still highly correlated to U.S. macroeconomic situations, given its recent price movements. U.S. Treasury yields also rose considerably on Wednesday, which shows “shrinking appetite” for risk assets including crypto.
Quick Take Bitwise CIO Matt Hougan expects the trade war to weaken the U.S. dollar’s reserve currency status and catalyze demand for “hard money” like bitcoin. Despite escalating tension, the asset manager maintained its $200,000 end-of-year BTC price target.
Quick Take President Donald Trump has paused tariffs for 90 days and lowered reciprocal duties to 10% for most countries. Markets immediately bounced on the news — bitcoin reclaimed $81,000 while equities trotted higher. Analysts had said Wednesday’s FOMC minutes may spur a “dead cat bounce” and herald a potential multi-week recovery.
Quick Take Magic Eden just made its biggest move beyond NFTs — buying Slingshot to take on centralized exchanges. The NFT marketplace will now support trading across millions of tokens.
Quick Take Griffith, known for his contributions to the Ethereum Name Service, pleaded guilty to sanctions violations in 2021 after giving a presentation titled “Blockchains for Peace” in North Korea.
Quick Take In a new Congress, lawmakers are quickly working to pass both a stablecoin bill and a market structure bill. Some Democrats on Wednesday raised concerns over the Department of Justice’s move to shutter its crypto litigation division
Quick Take The agency approved trading options on Wednesday for the iShares Ethereum Trust as well as the Bitwise Ethereum ETF, the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust. Eight spot Ethereum ETF was approved almost a year ago and began trading over the summer.
- 16:29Trump: Will Impose Additional Tariffs on Countries Levying Tariffs on the USU.S. President Trump: Will impose additional tariffs on countries that levy tariffs on the United States.
- 16:29Trump: Congress is About to Pass the Largest Tax Cut in HistoryU.S. President Trump: Congress is about to pass the largest tax cut bill in history. The tax relief bill is "progressing smoothly" in Congress and will become the rocket propelling the leap of the U.S. economy.
- 16:28US Inflation Expected to Rise with the Evolution of Trade PoliciesIdanna Appio, Senior Vice President at First Eagle, an American investment management company, stated that following the moderate CPI report in April, U.S. inflation might rebound in the coming months. It is expected that there will be other moves in trade, with potential announcements of new tariffs and agreements. We must wait and see how some of these deals turn out. The recent US-UK trade agreement and the tariff suspension with China suggest that tariffs will be "significantly lower" than previously expected. The Federal Reserve seems more willing to accept the view that the impact of tariffs on inflation may not be merely temporary.