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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.
- 16:57Federal Reserve Governor Waller: The Independent Structure of the Federal Reserve Has Proven Its ValueAccording to a report by Jinse Finance, Federal Reserve Governor Waller stated that the structure of the Federal Reserve Board has "stood the test of time" and should be preserved. Members of this structure cannot be dismissed due to policy disputes and are staggered with the presidential term. Waller cited earlier research by himself and others, saying that the Fed's system allows each U.S. president, with a four-year term, to appoint some members of the seven-member board, thereby achieving electoral accountability, while the term of up to 14 years enables the Fed to make objective, non-partisan decisions. Waller stated, "This is the structure that the Fed currently employs. I believe it has stood the test of time, and I hope it continues to exist in the coming years."
- 16:57SOL Short Liquidation Volume on Solana Chain Exceeds Centralized Exchanges, Reaching $47 MillionAccording to SolanaFloor monitoring, in the past 24 hours, the liquidation volume of SOL short positions on Solana's native perpetual contract exchange reached $47 million, surpassing the $31 million liquidation scale of centralized exchanges.
- 16:57Goldman Sachs: US Stocks May Drop About 20% Due to "Recession Risk"According to a report by Jinse Finance, Goldman Sachs stated that the U.S. stock market faces a risk of nearly 20% decline, with recession posing a significant risk to the stock market. In a podcast on Thursday, Goldman Sachs' Chief Economist Jan Hatzius and Chief Global Equity Strategist Peter Oppenheimer appeared particularly cautious. Hatzius reiterated the expectation that "the probability of a U.S. economic recession in the next 12 months is 45%," acknowledging that recent data has been mixed, with weak soft data such as sentiment surveys and better hard data like the latest non-farm employment figures. Goldman Sachs' Chief Political Economist Alec Phillips warned that comments by the U.S. President regarding the trade agreement with the UK suggest that many countries will ultimately face higher tariffs than before Trump's re-election.