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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.
- 02:54BitGo announces partnership with SOL Strategies to expand Solana institutional staking servicesPANews reported on May 5 that digital asset custody and staking service provider BitGo recently announced that it has chosen SOL Strategies, Inc. as its Solana (SOL) validator partner. This collaboration aims to enhance Solana staking services for institutional investors. Through this partnership, clients can leverage BitGo's secure custody infrastructure while staking SOL via SOL Strategies' high-performance, high-yield, and ISO-27001 certified Solana validator.
- 02:54An ICO participant resells 1500 ETH, still holds over 13,000According to a report by Cointelegraph, as reported by Jinse Finance, a wallet address marked as an early participant in the Ethereum ICO has once again executed a sale operation. The address recently transferred and sold 1,500 ETH, valued at approximately $1.76 million at current prices. Data shows that since ending a long period of dormancy on April 17 this year, the address has been continuously selling, with a total of 16,500 ETH sold to date, valued at approximately $29.35 million, with an average selling price of about $1,779 per ETH. After completing this sale, the wallet address still holds 13,500 ETH, currently valued at approximately $24.82 million.
- 02:54Data: Hyperliquid Platform Whale Current Holdings at $2.17 Billion, Long/Short Position Ratio (48.53/51.47)According to ChainCatcher, Coinglass data shows that the whale on the Hyperliquid platform currently holds a position of $2.17 billion, with long positions at $1.053 billion, accounting for 48.53% of the holdings, and short positions at $1.117 billion, accounting for 51.47% of the holdings. The profit and loss for long positions is $37.8395 million, and for short positions, it is $24.6777 million. The whale address 0x20c2..f5 is shorting ETH at a 25x leverage with a price of $2,241.39, currently with an unrealized profit of $17.4905 million.