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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.
Why has utility become such a losing bet?
President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.The implementation of the tariffs was delayed to Tuesday at 12:01 am.Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.
Stablecoin liquidity has increased, surpassing $200B in total market cap. USDT and USDC lead the expansion, signaling potential market shifts. Analysts say this trend could impact Bitcoin and crypto prices.
- 01:27Bitwise CIO predicts that the US SEC may approve 5 cryptocurrency ETFs this yearBitwise's Chief Investment Officer Matt Hougan stated that US regulators may approve up to five different digital asset spot ETFs this year. However, to achieve this goal, he stated that the SEC needs to cross the regulatory "Rubicon". In addition, Bitwise has submitted the S-1 document of the Dogecoin ETF to the US SEC and listed Coinbase Custody as the proposed custodian of the spot Dogecoin ETF. However, Bitwise's document does not specify the proposed fees and trading codes of the ETF, nor does it specify which securities exchange it will be listed on if approved.
- 01:27India re-examines cryptocurrency stance due to global changesAccording to Reuters, Indian Minister of Economic Affairs Ajay Seth stated in an interview that India is reviewing its stance on cryptocurrency due to the changing attitudes of other countries towards cryptocurrency. This review comes after US President Trump announced a friendly policy towards cryptocurrency, which may further delay the release of the cryptocurrency discussion paper originally scheduled for September 2024.
- 01:26Real-time market morning report: NEAR price breaks through $3.618/coin, up 3.19% intradayBitget data source, NEAR Protocol latest price news, NEAR real-time price up 3.19% to 3.618 dollars, trading volume 429 million dollars Based on the analysis of the K-line chart, it is currently in a fluctuating trend. It has slightly increased compared to 22:00, slightly decreased compared to 21:00, rebounded slightly compared to 17:00, and decreased slightly compared to 14:00. The price has fallen but the trading volume has increased, usually indicating intensified selling pressure and sellers are actively selling. This may be due to the market's pessimistic attitude towards future prices or panic selling triggered by negative news. In this case, future prices may continue to fall due to high selling pressure and low market sentiment. Investors need to pay attention to whether the price will fall below the key support level. If the support level is breached, it may lead to a larger decline. The market is hot, but the price is falling. The William indicator indicates that there is no overbought or oversold state now. Recently, the trading volume has increased, with an increase in trading volume compared to the previous few hours, a decrease in price, and an increase in trading volume: selling pressure has increased. The increase is small, selling pressure still exists, it is recommended to continue to observe and wait for the market to further clarify. The above content is for reference only and does not constitute investment advice.