Bitcoin (BTC) reached a record high of $111,970 earlier this week but has since dipped to around $108,874. Despite the pullback, BTC maintains a 19% gain year-to-date. The surge was fueled by the breakout of spot Bitcoin ETFs, including the iShares Bitcoin Trust, and legislative advancements such as Hong Kong's stablecoin bill and the U.S. Senate's GENIUS Act for regulating dollar-pegged tokens.
Ethereum (ETH) is trading at approximately $2,562.12, having experienced a recent decline. Analysts note that ETH is forming a bull flag on the daily chart, with a potential breakout above $3,600 if it reclaims the 2-week high.
Altcoins such as BNB, XRP, and Cardano (ADA) have also seen declines:
BNB: $667.46 (-2.03%)
XRP: $2.36 (-2.88%)
ADA: $0.776 (-3.63%)
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📰 Top News Stories
Coinbase Data Breach: Coinbase experienced a significant data breach, affecting nearly 70,000 users and potentially costing up to $400 million. The breach has raised concerns about security in the crypto industry.
Crypto Game Shutdown: Ethereum-based MMO game Ember Sword has shut down four years after raising $203 million in NFT land sales. The developer, Bright Star Studios, cited challenges in sustaining the game's development.
Trump's Crypto Dinner: Former President Donald Trump hosted a dinner for top holders of his $TRUMP meme coin, which has raised ethical concerns due to the involvement of foreign nationals among the attendees.
#TrumpTariffs Trump tariffs" refers to a series of trade barriers implemented by former U.S. President Donald Trump during his administration (2017–2021), primarily aimed at reducing the U.S. trade deficit and encouraging domestic manufacturing. These tariffs marked a significant shift in U.S. trade policy, moving away from free trade principles toward a more protectionist approach.
The most notable tariffs were imposed on imports from China, beginning in 2018 as part of a broader trade war. Tariffs of up to 25% were placed on hundreds of billions of dollars’ worth of Chinese goods, citing unfair trade practices and intellectual property theft. In response, China imposed retaliatory tariffs on U.S. exports.
Trump also placed tariffs on steel and aluminum imports from various countries, including traditional allies like Canada and the European Union, invoking national security concerns under Section 232 of the Trade Expansion Act of 1962.
Supporters argued the tariffs protected American jobs and industries, while critics said they increased costs for consumers and businesses, disrupted global supply chains, and hurt American farmers due to retaliatory measures.
The tariffs remain a debated legacy, with some still in place under President Joe Biden, reflecting ongoing tensions in U.S.-China economic relations and the broader reevaluation of global trade strategies.