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Pi Network’s price steadies despite market turbulence, but concerns over inflation and scam allegations persist. With a $10 billion market cap and loyal fans, Pi remains a polarizing force in crypto.
Quick Take The SEC charged Sun and three of his companies — Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. — in March 2023. The lawyers looked to “jointly move to stay this case to allow the Parties to explore a potential resolution,” according to a filing. Sun is a major investor in the Trump-backed project, World Liberty Financial.
Quick Take The U.S. House Ways and Means Committee voted 26-16 during a hearing on Wednesday to overturn a controversial rule that requires “custodial brokers” to collect and report user data to the IRS. The resolution got some heat from Democrats, who say Republicans are trying to weaken the IRS.
Quick Take The price of bitcoin dropped to around $83,600 earlier tonight before rising back slightly to $84,738 at the time of writing. The bitcoin plunge was driven by the unwinding of basis trades, said an analyst of Presto Research.
- 21:40Deutsche Bank: U.S. Assets Still Face Resistance from Overseas BuyersAccording to a report by Jinse, Deutsche Bank has stated that despite a market recovery in the past week, foreign investors are still refusing to buy U.S. assets. To “real-time” observe the actions of overseas investors in recent weeks, Deutsche Bank's Head of FX Strategy, George Saravelos, studied the flows into various funds channeling foreign investments into U.S. stocks and bonds. Saravelos wrote that the data indicates a “sudden stop” in overseas purchases of U.S. assets over the past two months, with no signs of reversal even as the clouds over the market seemed to begin clearing last week.
- 21:34Gold Prices Rebound Strongly Amid Dip BuyingAccording to Jinse, gold prices reversed their decline on Monday and rose due to dip buying, as the market focused on trade developments and a series of economic data. Spot gold in the U.S. market rose nearly 1%, trading at $3,349 per ounce, after having dropped 1.8% earlier. TD Securities commodity strategist Daniel Ghali stated, "We are beginning to see preliminary signs of exhaustion in selling momentum," adding that the downside risk for gold is extremely limited. "Western investors, especially self-directed traders or macro funds, were fully underinvested in gold during the last wave of price increases, so the selling activity is limited, and the price rise reflects this."
- 21:21Bitcoin Maintains its Strength Amid Economic and Geopolitical PressuresBitcoin (BTC) fell during the early U.S. trading session but remained mostly stable after weak macroeconomic data was released. Bitcoin was trading just below $95,000 by the end of the day, marking a 0.5% increase over the past 24 hours. The Dallas Fed Manufacturing Index plummeted to -35.8, the lowest level since May 2020, reflecting significant economic concerns caused by the Trump tariffs. Meanwhile, hostilities between India and Pakistan may have also heightened market tensions.