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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.
- 15:06Tether CEO Releases Collection of USDT Use Cases: Involving Stable Dollar Savings, DeFi Lending, and 22 Other ItemsTether CEO Paolo Ardoino shared a collection of 22 use cases for the USDT stablecoin on the X platform, including: stable dollar savings, instant payments for freelancers, fast and low-cost remittances, inflation hedging, cryptocurrency exchange trading, global vendor payments, e-commerce payments, DeFi lending, stablecoin crowdfunding, holding dollars without a bank account, paying remote teams, international shopping, banking services for the unbanked, paying for mobile and utility bills, investing in tokenized assets, paying for privacy tools, microloans and P2P lending, accessing global markets, cross-border business settlements, storing emergency savings, online tipping for creators, and instant donations to disaster areas.
- 14:53Overview of Important Developments on the Evening of May 31. U.S. congressman suggests installing crypto ATMs in federal buildings 2. Bitdeer: Total Bitcoin holdings have increased to approximately 1,245 3. EU to fully ban anonymous crypto accounts and privacy coin transactions starting 2027 4. ZachXBT: $7 million frozen in $330 million BTC theft case 5. Circle: Considering registering a federal or state-level trust charter, or obtaining other non-bank licenses 6. Bank of America: "Willing" to issue stablecoins if U.S. Congress enacts relevant legislation
- 14:52A trader bought 3.79 million POPE an hour ago, sold due to FOMO, losing nearly $160,000According to OnchainLens monitoring, a trader bought 3.79 million POPE tokens an hour ago, spending approximately 608,900 USDC. Due to FOMO, they sold them and only received 449,600 USDC, resulting in a loss of 159,300 USD.