🔔 MARKET MOVING NEWS! (10/02/25)
1️⃣ Crypto Prices Slide As Trump Announces New 25% Tariffs On Steel, Aluminium ❓
The crypto market experienced a slight dip earlier today after U.S. President Donald Trump announced he was planning to levy 25% tariffs on steel and aluminum imports sometime next week. Specifically, this announcement resulted in the market as a whole dipping down 2.15% over the past day. According to the report, memecoins on Solana seem to be hit the hardest.
2️⃣ Central African Republic Seemingly Launches Memecoin While Doubts Emerge ⚡️
#centralafricanrepublicmemecoin
The official X account of Faustion-Archange Touadéra - the President of the Central African Republic reportedly posted a tweet claiming the country has launched a memecoin as part of an experiment to see whether it can benefit national development. A follow-up social media post included a video announcement of the memecoin launch supposedly featuring President Touadéra himself. The memecoin is denoted with the ticker ‘CAR’ and is described as “the official meme of the Central African Republic” on Solana launchpad pump.fun. However, several members of the crypto community have cast doubts about the memecoin project’s legitimacy.
The President’s post reads,
Today, we are launching $CAR — an experiment designed to show how something as simple as a meme can unite people, support national development and put the Central African Republic on the world stage in a unique way.
3️⃣ Trump’s Acting CFPB Chief Cuts Off Funding, Suspends Some Oversight ‼️
Russell Vought, US President Donald Trump’s newly anointed head of the Consumer Financial Protection Bureau (CFPB), has reportedly cut off the agency from new funding. He also reportedly instructed employees to "cease all supervision and examination activity" and pause enforcement actions. For context, the CFPB was set up to regulate financial companies such as banks and money transfer firms. It also takes complaints about US-based crypto exchanges. However, many in the crypto industry hate the CFPB since they view it as an unconstitutional regulator that uses enforcement actions to stifle innovation. This includes a previously proposed rule that would have resulted in the supervision of crypto wallet providers.
Vought stated,
I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not ‘reasonably necessary’ to carry out its duties. The Bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment.
4️⃣ Landfill In £620m Lost Bitcoin Saga Set To Close 🧐#bitcoin
According to a BBC report, a landfill site in the UK at the center of a man’s fight to recover a lost hard drive with 8,000 BTC (worth $768 million) on it is expected to close in the 2025-26 financial year. The man named James Howells claims the hard drive ended up at the site after his former partner mistakenly binned it in 2013. Howells sued the Newport council to either get permission to dig around the landfill to try and retrieve the drive or be compensated for his loss. However, he lost this decade-long legal battle with the Newport council in January when a judge tossed the case, stating that he had “no realistic prospect” of succeeding at a full trial.
5️⃣ Austin University To Launch $5M Bitcoin Fund With 5-Year HODL Strategy 💸
The University of Austin is reportedly launching a first-of-its-kind Bitcoin investment fund. The report claims the University of Austin will raise a Bitcoin fund worth over $5 million as part of the institution’s $200 million endowment fund.
Chun Lai, the foundation’s chief investment officer, stated,
We don’t want to be left behind when their [cryptocurrency’s] potential materialises dramatically.
