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One crypto analyst suggests that Bitcoin long positions may "become viable" once the long-term seller supply increases again.
Bitcoin dropped by 9.7% and ether declined by 14.7% as Trump initiated a trade war with tariffs on Canadian and Mexican imports coming into effect on Tuesday. An analyst stated that Trump's stringent tariff measures have "further fueled risk-off sentiment."
President Trump's announcement regarding a U.S. Crypto Strategic Reserve sent prices soaring across the crypto industry, boosting the total industry market cap by nearly 20% since its recent lows on Friday. Cardano, XRP, Trump's memecoin, and Solana were the best performing coins over the past 24 hours; BNB rose the least out of the top 10 cryptocurrencies by market cap.
US spot bitcoin ETFs experienced a total daily net outflow of $1 billion, excluding flow data from Ark Invest’s ARKB. During their six-day streak of negative flows, these ETFs saw over $2 billion withdrawn from the products. Analysts suggested that the rebalancing of institutional investors’ positions in the ETFs might have contributed to the record-high outflows.
The sentiment in the crypto market plummeted to "Extreme Fear" following US President Donald Trump's announcement that 25% tariffs against Canada and Mexico are proceeding as planned.
Bitcoin traders are concerned about a return to the lower end of the BTC price range as market inertia allows bears to maintain control approaching the monthly close.
Bitcoin is finally exhibiting behaviour similar to stocks and gold, approaching near all-time highs as BTC price action resumes.
Bitcoin is mirroring gold's price growth path, increasing the likelihood of achieving price targets exceeding $300,000.
World Liberty Financial utilised its USDC reserves to acquire $1.4 million in MOVE and $5 million in wrapped BTC. Additionally, it staked 2,221 ETH with Lido Finance and deposited 5 million USDC into Aave’s lending protocol.
- 05:48A Chinese man arrested in Bangkok for allegedly running a $14 million cryptocurrency Ponzi schemeJinse Finance reported that Thai police arrested Chinese national Liang Ai-Bing (transliteration) on Wednesday for allegedly participating in a $14 million cryptocurrency scam related to the now-defunct platform FINTOCH. FINTOCH had promised a daily return rate of 1%, falsely claimed to be backed by Morgan Stanley, and even hired actors to play a fake CEO, ultimately conducting an exit scam in May 2023. On-chain analyst ZachXBT tracked that in this exit scam, the fraudsters transferred 31.6 million USDT via the Tron and Ethereum networks, calling it the largest DeFi exit scam of 2023.
- 05:45AI education agent VideoTutor completes $11 million seed round financing, led by YZi LabsChainCatcher news, AI education agent platform VideoTutor announced the completion of an 11 million USD seed round of financing, led by YZi Labs, with participation from Jinqiu Fund (affiliated with ByteDance), Baidu Ventures, Amino Capital, and BridgeOne Capital. It is reported that VideoTutor was founded by 20-year-old Silicon Valley entrepreneur Kai Zhao, and combines large language models (LLM) with the Manim rendering pipeline to transform any question into a personalized animated course. The platform has already attracted over 20,000 users and has received more than 1,000 API integration requests from educational institutions.
- 05:37DeFiance Capital founder: Speculative sentiment among Asian crypto native users hits a new low in this cycleJinse Finance reported that Arthur, founder of DeFiance Capital, stated on social media, "The speculative sentiment among Asian crypto-native users has reached a new low in this cycle. I haven't seen such poor market sentiment and performance since 2022."