Bitget Daily Digest (May 29) | U.S. Court Blocks Trump’s “Liberation Day” Tariff Plan, Musk Confirms Exit from Trump Administration

Today’s Preview

1. U.S. Initial Jobless Claims (week ending May 24) to be released today. Previous: 227K
2. U.S. Q1 Real GDP (Revised Annualized QoQ) to be announced. Previous: -0.3%
3. Ethena Labs’ eUSDe Pendle Pool (in collaboration with Ethereal) expires today — offering 50x Ethena rewards and Ethereal points
4. MilkyWay Airdrop Claim Deadline is today

Macro Headlines

1.U.S. Court Halts Trump’s “Liberation Day” Tariff Policy A U.S. federal court (U.S. Court of International Trade) has blocked President Trump’s "Liberation Day" tariffs, ruling that invoking the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs over trade deficits exceeded presidential authority. The court, based in Manhattan, emphasized that the U.S. Constitution grants Congress exclusive authority over international trade, and that emergency powers cannot override this. The lawsuit, filed by the nonpartisan Liberty Justice Center on behalf of five small U.S. businesses, marks the first major legal challenge to Trump’s tariff initiative. Frances Cheung, Head of FX and Rates Strategy at OCBC: "The court's ruling lifted risk sentiment temporarily, boosting equity futures, Treasury yields, and the U.S. dollar."

2.Trump Sons Forecast $170K Bitcoin by End of 2026 At Bitcoin 2025 in Las Vegas, Donald Trump Jr. and Eric Trump predicted that Bitcoin could surpass $170,000 by late 2026. Eric Trump shared that MicroStrategy founder Michael Saylor had encouraged the family to mortgage Mar-a-Lago to invest in Bitcoin and guided them in building a crypto reserve strategy. Recent Trump-family crypto moves include:

Truth Social’s parent company aiming to raise $2.5B to create a Bitcoin reserve

Joint venture American Bitcoin targeting a SPAC listing

World Liberty Project planning a new stablecoin launch

3.U.S. Department of Labor Withdraws 2022 Crypto Investment Guidance The Employee Benefits Security Administration has officially rescinded the 2022 guidance that discouraged retirement plans from investing in crypto. Criticized for overstepping the neutrality of ERISA, the reversal reaffirms fiduciary discretion. Labor Secretary Lori Chavez-DeRemer: "The move corrects administrative overreach and restores fiduciary independence."

4.U.S. White House Crypto AI Head: Bitcoin Purchase Possible At Bitcoin 2025, White House advisor David Sacks said while no commitments can be made, the U.S. government could buy more Bitcoin if it could do so in a “budget-neutral” way — avoiding taxation or further debt. "If the Treasury or Commerce Department can figure out how to fund it, they effectively have the President’s green light," he said.

5.Musk Confirms Exit from Trump Administration Elon Musk has confirmed he will soon step down from his role as a special government employee under Trump: "As my time serving under President Trump comes to an end, I want to thank him for the opportunity to cut wasteful spending. DOGE’s mission will only grow stronger over time—it will become a way of life in government." The White House has confirmed the resignation process will begin tonight.

6.Pakistan to Establish Bitcoin Strategic Reserve, Will Never Sell At Bitcoin 2025, Bilal Bin Saqib, Pakistan’s special advisor on blockchain and crypto, announced the creation of a national Bitcoin strategic reserve with a “never-sell” commitment. Inspired by U.S. initiatives, the government will also allocate 2,000 MW of excess power to Bitcoin mining and AI data centers to boost revenues, jobs, and foreign investment.

Market Overview

1.Bitcoin Pulls Back to $106K; Liquidations Top $224M (Mostly Longs) Top gainers on Bitget: $A8, $LAUNCHCOIN, $HOUSE Top volume tokens: $X, $VIRTUAL

2.U.S. Markets Surge Post-Session Gold and JPY dip as equities rise following the Trump tariff halt. FOMC Minutes: Caution toward rate cuts due to high inflation risk. Policymakers noted increased uncertainty and the need for difficult trade-offs.

3.Bitget BTC/USDT Liquidation Heatmap

If BTC drops to $105,579: Long liquidations exceed $510M

If BTC rises to $109,579: Short liquidations exceed $450M Long-side risk dominates — traders advised to manage leverage carefully

4.BTC 24H Flows

Inflows: $19.3B

Outflows: $20.9B

Net Outflow: $1.6B

5.Top Net Outflows in Contracts (24H) $BTC, $XRP, $SOL, $DOGE, $TRUMP — may present trading opportunities

Institutional Insights

• BlackRock: Recommends 2% BTC allocation in portfolios 🔗 Source
• Matrixport: Traders taking profit, watching for re-entry after pullback 🔗 Source
• K33: Slower corporate BTC buys due to shrinking premium and increasing treasury competition 🔗 Source

News Updates

1. Polish presidential candidate Karol Nawrocki vows support for crypto
2. FOMC: Uncertainty rising; rate cut expectations priced for once or twice this year
3. Pakistan announces government-led Bitcoin reserve
4. UK FCA launches consultation on stablecoin and crypto custody rules
5. U.S. Labor Dept withdraws 401(k) crypto investment restrictions

Project Updates

1. VivoPower raises $121M (led by Saudi prince), pivots to XRP reserve strategy
2. Trump sons predict BTC > $170K by 2026
3. Musk denies xAI-Telegram deal is signed
4. FTX to distribute $5B+ in stablecoins to creditors this Friday
5. Bergen County, NJ to tokenize $240B in real estate deeds on Avalanche
6. Katana Chain (by Polygon x GSR) officially launches; 15% of KAT to be airdropped
7. DWF Labs receives 20M SOPH for market making
8. Cetus confirms xCETUS rewards distributed as scheduled; to pause for one week
9. Telegram to issue $1.5B in bonds; investors include Blackstone, Mubadala, Citadel
10. BlackRock increases IBIT Bitcoin ETF holdings by 25%

X Highlights

1.BroLeon: “I doubled down on $B after the dip.” Despite BNB chain’s pullback, $B remains the narrative’s core driver, supported by the USD1 ecosystem and on-chain activity. This correction feels more like a setup for a stronger breakout. 🔗 Original

2.Phyrex: “Policy tailwinds, but BTC didn’t rally?” BTC fell, but fundamentals are bullish:

DOL removed 401(k) crypto restrictions

VP Vance declared BTC a strategic asset Price dip seems driven by short-term hands; long-term holders remain calm. Key support: $93K–$98K 🔗 Original

3.0xWizard: “Don’t rely on leverage, rely on effort.” For small capital, the best path is airdrops, small-cap plays, and grinding. Real advantage lies in diligence, not leverage. 🔗 Original

4.Murphy: “SOL exchange supply near 2-year low = bullish signal” SOL reserves on exchanges down 27.4% since March. Driven by ETF speculation, staking boom, whale accumulation, and on-chain momentum. URPD shows SOL holding $176 — a breakout would ease resistance significantly. 🔗 Original