Crypto sells off amidst Trump Tariff Turmoil! $Trove falls 90% in awful TGE! Pump Fund announced!
Cryptocurrency markets experienced a significant downturn as geopolitical tensions surrounding tariffs imposed by former President Donald Trump impacted investor sentiment. Major cryptocurrencies saw notable declines, with Bitcoin (BTC) falling by 2% to settle at $91,100, while Ethereum (ETH) dropped 4% to $3,105. Solana (SOL) and XRP also faced losses, down 3% to $129 and 2% to $1.93, respectively.
Despite the overall market slump, some altcoins managed to perform well. Cryptocurrencies such as CC, MYX, and SYRUP emerged as top gainers, with increases of 12%, 5%, and 4%, respectively. Meanwhile, the New York Stock Exchange (NYSE) is gearing up for a significant development, preparing for round-the-clock trading of tokenized stocks and exchange-traded funds (ETFs).
In corporate news, Steak ’n Shake disclosed that it has approximately $10 million in Bitcoin exposure and announced plans to establish a corporate strategic reserve for Bitcoin. On the governance front, Ethereum co-founder Vitalik Buterin emphasized the need for more advanced governance models for decentralized autonomous organizations (DAOs) to enhance accountability and sustainability.
Additionally, Bermuda is taking steps toward creating a fully blockchain-based national economy, collaborating with Coinbase and Circle to develop payment systems, identity solutions, and tokenized financial infrastructure.
In terms of investment flows, Bitcoin ETFs reported a net outflow of $394 million on Friday, breaking a four-day streak of inflows. Conversely, Ethereum ETFs continued to attract investment, recording $4.7 million in inflows.
The meme coin sector mirrored the overall market decline, with significant losses across the board. Coins such as Dogecoin and Shiba Inu recorded drops of 1%, while PEPE and TRUMP fell by 2%. Notably, on-chain movers like USOR, GSD, and Eliza Town saw remarkable gains, registering increases of 70%, 50%, and 800%, respectively.
Key Takeaways
- Major cryptocurrencies faced losses due to tariff-related geopolitical tensions, with Bitcoin and Ethereum both declining.
- While most assets fell, certain altcoins like CC and MYX showed positive performance.
- The NYSE is preparing for 24/7 trading of tokenized stocks and ETFs, indicating growing institutional interest in crypto.
- Bermuda is advancing plans for a blockchain-based national economy, partnering with major crypto firms for infrastructure development.
This article was inspired by reporting from Decrypt. · Report an issue