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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.
- 14:32An ancient whale who has held Bitcoin for 14 years transfers 10,000 BTCAccording to Jinse Finance, on-chain analyst Yu Jin has monitored that an ancient whale who has held Bitcoin for 14 years became active half an hour ago, transferring 10,009 Bitcoins (worth approximately $1.22 billion) from one of their wallets. This whale holds a total of 80,000 Bitcoins.
- 14:29Bankless: Ethereum is Evolving from a Simple Asset to Foundational Infrastructure, and This Bull Market Has Only Just BegunOdaily Planet Daily reported that Bankless posted on X, stating that with Ethereum staking reaching an all-time high, traditional finance (TradFi) building yield and stablecoin channels around ETH, and renewed holder confidence, the Ethereum ecosystem has built up strong momentum for a new round of growth. To increase ETH exposure, attention should be paid to the following areas:· Base ecosystem tokens: AI coins such as MORPH, AERO, and VIRTUALS· Ethereum reserve company stocks: SBET, BMNR, and BTBT· ETH-related MEME coins: SPX, MOG, and PEPEBankless concluded that Ethereum is currently in a favorable position: staking is at a record high, corporate capital is flowing in, and Wall Street interest is rising. DeFi, AI tokens, corporate ETH reserves, and meme coins are all investment directions worth watching. Ethereum is evolving from a simple asset into infrastructure, and this market cycle is just beginning.
- 14:29Linea Project Lead: Tokenomics Expected to Be Announced by End of July, Exact TGE Timing Depends on CEX and Other External FactorsOdaily Planet Daily – Linea project lead Declan Fox stated on X that Linea’s tokenomics and governance details will be announced by the end of July (not the Token Generation Event, TGE). Airdrop eligibility criteria and a checking tool will be released a few days before the TGE. The exact timing of the TGE will depend on external factors such as CEXs, but it will not be significantly delayed.