The market’s doing a bit of a wobble, frankly. Tariffs announced by President Trump have sent shivers through global markets, and crypto isn’t immune. Hong Kong took a beating – a 14% plunge, the worst since the Asian Financial Crisis. Taiwan and Japan aren’t exactly celebrating either, down 10% apiece. Europe’s feeling it too, with major indexes off by more than 5%.
- Global markets are experiencing volatility due to newly announced tariffs by President Trump. Crypto markets are also affected, with Bitcoin dropping below $75,000.
- U.S. equities are nearing bear market territory, while China considers stimulus measures in response to tariffs. Investors are shifting towards U.S. bonds as a safer haven.
- Syscoin and Neutron have upcoming network upgrades, and Do Hyeong Kwon has a court date. Conor McGregor’s crypto token launch failed to meet its goal.
Bitcoin dipped below $75,000, a 10% drop. Ether wasn’t far behind, shedding 22%. XRP and SOL both took a nosedive, losing over 20%. Even DOGE couldn’t dodge the bullet, down more than 15%. Bitcoin dominance is creeping up, hitting 63% – a level we haven’t seen since early 2021. The CoinDesk 20 index? Down almost 12% in a single day. It’s a bit like watching your favorite team lose, isn’t it? Except this time, it’s your portfolio.
Wall Street’s Worries & China’s Response
U.S. equities are staring down the barrel of a bear market – down 20% from their peak. Pre-market trading has them 5% lower, potentially setting up the worst three-day performance in history. Not a great look. China, predictably, is considering stimulus measures to soften the blow, after announcing a 34% tariff on all U.S. goods. Trump, meanwhile, is tweeting about how tariffs are “a beautiful thing.” It’s all a bit… dramatic, really.
Where does that leave investors? Apparently, U.S. bonds are the place to be. The 10-year note is up 8% year-to-date, and the iShares 20+ Year Treasury Bond ETF is up 6%. Investors are piling in, pushing yields lower. Bill Ackman chimed in, noting that Secretary of Commerce Howard Lutnick doesn’t seem overly concerned about a crash, suggesting he’s positioned to profit from it. Smart man, that Lutnick.
Countries are starting to scramble, trying to avoid those tariffs. Argentina, Taiwan, and India are reportedly considering removing tariffs on U.S. imports. The uncertainty is keeping markets volatile, with the Volatility S&P 500 Index hitting 60 – the highest since August 2024. Stay alert, as they say. It’s going to be a bumpy ride.
What to Watch: Syscoin, Neutron, and Kwon’s Court Date
A few things on the crypto calendar. Syscoin activates its Nexus upgrade tonight. Neutron’s Mercury network upgrade goes live tomorrow, migrating it to a fully sovereign PoS network. And, perhaps more dramatically, Do Hyeong Kwon, the former Terraform Labs CEO, has a status conference at the U.S. District Court. That should be interesting. The SEC is also hosting a roundtable on tailoring regulation for crypto trading. Lots happening, even amidst the chaos.
We need to be real.
We didn’t hit our minimum raise.
All bids will be refunded in full.
This is not the end.https://twitter.com/getrealtoken/status/1908972985769415020?ref_src=twsrc%5Etfw
Conor McGregor’s crypto token, tied to Real World Gaming DAO, flopped. A bit of a disaster, really. They raised only $392,315 of their $1,080,000 goal, resulting in full refunds for investors. They blamed “challenging macroeconomic conditions” and a “distracting meme narrative.” A polite way of saying it didn’t quite land.
Token Unlocks & ETF Flows
Keep an eye on token unlocks. Tensor (TNSR) unlocks a hefty 35.96% of its supply tomorrow. Movement (MOVE) unlocks 2.04% the day after. Aptos, Axie Infinity, Starknet, and Arbitrum all have unlocks scheduled in the coming weeks. As for ETFs, spot BTC ETFs saw a net outflow of $64.9 million yesterday, while spot ETH ETFs saw a small inflow of $2.1 million. It’s a mixed bag.
Gold is up, silver is up, but the Nikkei and Hang Seng are down significantly. The DXY is down slightly. It’s a confusing picture, to say the least. Bitcoin dominance continues to climb, suggesting investors are seeking relative safety in the largest cryptocurrency. It’s a flight to quality, in a way. Or, perhaps, just a recognition that Bitcoin is still the biggest kid on the block.
XRP’s daily chart is showing a head-and-shoulders bearish reversal pattern. Not a good sign. It could bring a downtrend to $1.07. Technical analysis, of course, isn’t foolproof, but it’s something to keep in mind. It’s all a bit unsettling, isn’t it? But hey, that’s crypto. Buckle up.
