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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 During their six-day streak of negative flows, these ETFs saw over $2 billion withdrawn from the products.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.
- 17:20"Fed Mouthpiece": Powell Defends Federal Reserve's PolicyJinse Finance reported that "Federal Reserve mouthpiece" Nick Timiraos stated that Federal Reserve Chairman Powell's remarks on the balance sheet accomplished several things: 1) Given the recent signs of strengthening in overnight repo rates, the speech provided a mark-to-market assessment of the current quantitative tightening outlook; 2) It refuted recent criticisms (such as those from US Treasury Secretary Bessent and others) that the support measures during the pandemic—implemented at the time with broad support from Congress and the early Trump administration—were absurd policy interventions. Powell acknowledged (as he has before) that stopping quantitative easing more quickly would have seemed wiser, but given how rapidly and sharply the Federal Reserve changed course in 2022, this move had no substantial impact on the macroeconomy. 3) It also defended against efforts by bipartisan populist senators to strip the Federal Reserve of its ability to pay interest on excess reserves (IOR), warning that revoking this policy tool could cause greater disruption to the markets.
- 17:15Powell: The Federal Reserve Focuses on Overall Inflation, Not Targeting Housing PricesChainCatcher news, according to Golden Ten Data, Federal Reserve Chairman Powell stated that the Fed focuses on overall inflation, does not target housing prices, and will not directly use the purchase of mortgage-backed securities to address mortgage rate issues.
- 17:15Powell hints at supporting another rate cut later this month as the U.S. job market cools downChainCatcher news, Federal Reserve Chairman Jerome Powell warned on Tuesday that the U.S. labor market is showing further signs of distress, suggesting he may be prepared to support another interest rate cut later this month. Powell pointed out: "The downside risks to employment have increased." This is the strongest indication so far that Federal Reserve officials believe they have enough evidence to support another 25 basis point cut in U.S. borrowing costs. Powell added that even without new data from the Bureau of Labor Statistics (delayed due to the government shutdown), privately produced labor market indicators and internal Federal Reserve research provide sufficient reason to indicate that the job market is cooling. "Existing evidence" shows that "layoffs and hiring numbers remain very low," while "households' views on job opportunities and businesses' perceptions of hiring difficulties continue to trend downward." These remarks indicate that Powell is becoming more dovish on monetary policy.