Former President Trump has recently been making frequent trade moves, including revoking tariff exemptions for Vietnam (covering copper, pharmaceuticals, and chips) and potentially imposing new tariffs on the European Union. This suggests a potential return of protectionism in his second term, adding further uncertainty to the global supply chain.
US stock market volatility has intensified, with mixed gains and losses. The cryptocurrency market has been surprisingly calm. $BTC held steady around $109,000, while Ether rose modestly by 2.8% to $2,612. This stability is unusual given the trade risks and volatility in US stocks, potentially reflecting a lack of market momentum in the crypto market itself, with investors awaiting macroeconomic or regulatory signals.
Asset management company TrueShares has applied for a multi-currency tracking ETF. If approved, this would broaden market access for compliant institutions and be of significant significance. Meanwhile, Robinhood's launch of blockchain-based "equity tokens" has sparked an SEC investigation, with the core controversy revolving around whether the company circumvented securities regulations. The latter highlights the sharp conflict between radical innovation and existing regulations, a typical example of the industry's "growing pains."
As geopolitical trade risks escalate and traditional markets come under pressure, the crypto market, while seemingly calm, is experiencing both challenges and opportunities brought about by its deep integration with traditional finance. How regulators set the tone and respond (e.g., regarding ETF approvals and the definition of hybrid products) will be key variables in shaping the future market landscape.
