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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.
- 02:02Analysis: The Pace of the Federal Reserve's Balance Sheet Reduction is Slowing, Now Reduced to $6.7 TrillionAccording to The Kobeissi Letter analysis, the Federal Reserve's balance sheet decreased by $17 billion last month to $6.7 trillion, the lowest level since April 2020. Since April 2022, the Federal Reserve has reduced its balance sheet by $2.3 trillion, a decrease of 25%. This accounts for approximately 48% of the $4.8 trillion purchased by the Federal Reserve during the post-pandemic response period. The Federal Reserve currently holds $4.2 trillion in Treasury securities and $2.2 trillion in mortgage-backed securities (MBS). In March, the Federal Reserve announced that it would slow the average pace of quantitative tightening (QT) from $60 billion per month to $40 billion. This indicates that the pace of the Federal Reserve's balance sheet reduction is slowing down.
- 02:02A whale failed to long TRUMP, switched to 10x long PEPE, now with an unrealized profit of $81,000According to Lookonchain monitoring, a whale went long on TRUMP 2 hours ago, but due to TRUMP's sharp decline, he quickly closed the position and was partially liquidated. Then, he opened a new 10x long position on PEPE, currently holding an unrealized profit of $81,000.
- 02:01A certain whale deposits 23.444 billion PEPE worth approximately $3.14 million into CEX after holding for 2.5 monthsAccording to Onchain Lens monitoring, a whale with an address starting with 0x5f95 deposited 2.3444 billion PEPE into a CEX after holding for 2.5 months, valued at approximately $3.14 million, with a profit of about $1.35 million. The whale still holds 437 million PEPE, valued at approximately $58,000.