From Donald Trump’s tariffs to Bitcoin’s price dropping below $76,000, here are the top stories in the past seven days.
Trump’s Tariffs Could Trigger Bitcoin Rally, BitMEX Co-Founder Claims
While tariffs imposed by American President Donald Trump have rattled the global economy, BitMEX co-founder Arthur Hayes claims they could be the catalyst that Bitcoin needs to rise to new all-time highs.
He explains that these tariffs are ‘correcting the global imbalance,’ which is good for Bitcoin. He adds that such tariffs could weaken the US Dollar Index as foreign investors dump their US stocks to invest in safe-haven assets like Gold and Bitcoin.
Hayes shared his thoughts on Trump’s international trade policies a day before the President announced an additional 34% tax on Chinese goods.
Dill Bit Meme Coin Jumps 200% as Fortnite Adds a Server Mine Location
On Saturday, a day after popular video game Fortnite announced a new server farm location, which appeared to be a crypto mining operation, a meme coin on Solana inspired by the game’s in-currency ‘Dill Bits’ saw its price surge to $0.0005 following a 210% rally.
A section of the cryptocurrency community believes that Fortnite is planning to incorporate crypto elements into its legendary game in the coming months.
Provide Information on Trump’s Crypto Firm, Two US Policymakers Ask the SEC
Two lawmakers from the Democratic Party have requested that the US Securities and Exchange Commission provide information on Donald Trump’s cryptocurrency project, World Liberty Financial. House Representative Maxine Waters and Senator Elizabeth Warren claim that the President’s company is influencing the commission, thus interfering with the regulator’s mission to safeguard US investors.
BTC to Drop to $70,000 in Ten Days, Analyst Claims
While Hayes remains confident that Trump’s tariffs could spur a rally, crypto analyst Timothy Peterson thinks otherwise. On Sunday, he said that Trump’s policies had caused the investor risk-asset sentiment to become negative, forcing many to sell their BTC holdings.
For this reason, Peterson anticipates a move to $70,000 in the next ten days as selling pressure continues piling up. However, he’s optimistic that low levels will attract buyers, thus limiting the price correction.
UAE Crypto Company CLS Global Charged for Wash Trading
A Massachusetts-based court has charged a UAE crypto company, CLS Global, for wash trading. According to court documents, the firm is accused of manipulating the trading volume on its platform.
CLS Global will now pay $428,000 to settle the charges. In addition, it has agreed to halt its US operations for three years.
Bad Actors Are Selling Counterfeit Mobile Phones With Malware for Stealing Crypto
According to cybersecurity company Kaspersky, hackers are developing and selling counterfeit mobile phones with malware intended to steal sensitive data and crypto assets. These gadgets are sold at discounted prices to attract victims.
Kaspersky’s cybersecurity expert, Dmitry Kalinin, has said that the malware gives hackers unlimited control over those devices, allowing them to transfer crypto from users’ Web3 wallets.
Elon Musk Could Pay the EU $1 Billion for Alleged Disinformation on X
Regulators in the European Union region are reportedly planning to sue Elon Musk’s X for violating the Digital Service Act, according to a recent report by The New York Times. The media house claimed that EU authorities want Musk, a well-known Dogecoin supporter, to pay over $1 billion for failing to ‘ prevent harmful and illegal activities online on his social media platform.
Winners and Losers
Bitcoin has dropped 8.6% this week. It fell below the $76,000 crucial support a few days ago but has since recovered to $76,883, according to CoinGecko data. Ethereum, on the other hand, is among the top losers after plummeting 21.3% to $1,461. It has been under selling pressure since Tuesday when onchain lookers discovered that Trump’s DeFi project was dumping its ETH holdings. Other notable losers this week include Toncoin, which is down 23.7%, and Near Protocol, which has dropped 24.5%. As for the winners, Fartcoin, Pendle, and EOS lead the way with gains of 9%, 17.8%, and 19%, respectively.
