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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.
- 06:40Stablecoin Protocol Falcon Finance's Reserve Assets Approaching $200 MillionBlockbeats reports on April 28 that, according to official information, the synthetic dollar stablecoin protocol Falcon Finance, launched by DWF Labs, currently has reserve assets reported at $198.9 million, and the circulation of the protocol's stablecoin USDf has reached $189.8 million.
- 06:37A whale withdraws over 190,000 TRUMP from CEX, reaching second place on the TRUMP dinner leaderboardAccording to Jinse, monitored by OnchainLens, a whale has withdrawn 190,987 TRUMP worth $2.83 million from CEX to increase its holdings for the TRUMP dinner. The whale, registered as "MeCo," ranks as VIP second on the TRUMP dinner leaderboard (Top 25). Currently, the whale holds 1,389,000 TRUMP, valued at $20.59 million.
- 06:31Inverse XRP ETF to be Launched by TeucriumChainCatcher reports, according to CoinDesk, that exchange-traded fund issuer Teucrium announced plans to launch an inverse XRP ETF, allowing investors to profit from the decline in XRP prices, pending a demand assessment. Additionally, Teucrium has launched the first US XRP exchange-traded fund, the Teucrium 2x Long Daily XRP ETF, which aims to provide twice the daily return of XRP through swap agreements and uses a European exchange-traded product as a reference rate.