Trump Tariffs 3: Return of the Bull Market! NYSE Tokenising, what that means for $Hype! Claude Meme Meta!
Cryptocurrency markets experienced a downturn following renewed tensions related to tariffs announced by former President Donald Trump. Major cryptocurrencies saw declines, with Bitcoin (BTC) dropping 2% to $91,100, Ethereum (ETH) falling 4% to $3,105, and Solana (SOL) decreasing by 3% to $129. XRP also saw a decline of 2%, settling at $1.93. Despite the overall bearish trend in major cryptocurrencies, certain altcoins demonstrated gains, with CC rising by 12%, MYX by 5%, and SYRUP by 4%.
In a significant development for traditional finance, the New York Stock Exchange (NYSE) is preparing to implement 24/7 trading for tokenized stocks and ETFs. This move is expected to enhance liquidity and accessibility in the financial markets, offering investors new opportunities in tokenized assets.
On the corporate front, Steak ’n Shake disclosed an exposure of approximately $10 million in Bitcoin, along with plans to establish a corporate strategic reserve in BTC. This reflects a growing trend among companies to explore cryptocurrency as a means of diversification and investment.
In governance discussions, Ethereum co-founder Vitalik Buterin emphasized the necessity for more advanced governance models for Decentralized Autonomous Organizations (DAOs). He advocates for improved accountability, coordination, and sustainability within these entities to foster long-term success.
Bermuda has announced plans to transition to a fully on-chain national economy, collaborating with Coinbase and Circle to develop a robust financial infrastructure that includes payment solutions and identity verification via tokenization.
In the realm of exchange-traded funds (ETFs), Bitcoin ETFs experienced significant outflows, totaling $394 million on Friday, thus ending a four-day streak of inflows. Conversely, Ethereum ETFs maintained a positive trajectory, attracting $4.7 million in new investments.
The meme coin sector mirrored the broader market's decline, with notable reductions in values. Dogecoin (DOGE) and Shiba Inu (SHIB) each fell by 1%, while other meme coins like PEPE and TRUMP experienced losses of 2% and 1%, respectively. However, some smaller on-chain projects saw extraordinary gains, with Eliza Town skyrocketing by 800%.
Key Takeaways
- Major cryptocurrencies faced declines amid renewed tariff tensions, with Bitcoin and Ethereum both experiencing significant drops.
- The NYSE is set to launch 24/7 trading for tokenized stocks and ETFs, signaling a shift towards increased market accessibility.
- Steak ’n Shake's announcement of Bitcoin exposure highlights a growing trend of corporate investments in cryptocurrency.
- Bermuda is moving towards a fully on-chain economy, partnering with major crypto firms to enhance its financial infrastructure.
This article was inspired by reporting from Decrypt. · Report an issue