Tariff Tantrums and Token Tussles: The Crypto Chaos Continues!

“Tariff Tantrums and Token Tussles: The Crypto Chaos Continues!”

What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

President Donald Trump, that great champion of economic uncertainty, has once again threatened to increase import tariffs on the EU and Canada, because, why not? The man loves a good tantrum. And yet, despite this latest bout of trade-war hyperbole, the crypto markets remain as stable as a drunken sailor on a stormy night. Bitcoin, that great barometer of market sentiment, holds steady at about $87,500, because who needs economic stability when you have the power of blockchain, am I right? 🤣

But, of course, the real story here is the growing threat of economic harm to the U.S. from those pesky Europeans and Canadians. I mean, who needs allies when you have tariffs, right? And speaking of allies, the U.S. is meeting with Ukraine’s President Volodymyr Zelensky today to work on long-term security guarantees. Because, you know, the world needs more security guarantees. It’s not like we have enough of those already. 🙄

And then, of course, there’s the cryptocurrency market, which is being influenced not only by macroeconomic factors but also by the forthcoming expiry of around $15 billion worth of BTC and ETH options contracts on Friday. Because, you know, a little uncertainty is always good for a market. It’s like a shot of adrenaline straight to the heart of the crypto economy. 💉

But wait, there’s more! The U.S. House of Representatives has released a bill that’s set to help reduce systemic risks associated with stablecoin usage. Because, you know, stablecoins are a real thing and not just a bunch of made-up nonsense. 🤣 And blockchain development is also progressing steadily, with Ethereum‘s final Pectra test going live on the Hoodi network. Because, you know, progress is always a good thing, right? 🚀

Token Talk

By Shaurya Malwa

A viral AI art trend fueled by OpenAI’s new 40 model has sparked a surge in Studio Ghibli-themed memecoins, because who doesn’t love a good Studio Ghibli-themed meme? 🤣 The ghiblification (GHIBLI) token, the largest, boasted a $21 million market cap and $70 million in trading volume within 24 hours driven by over 250,000 trades on the Ethereum and Solana blockchains. Because, you know, a good meme is worth a lot of money. 💸
The trend, marked by the #GhibliAI hashtag amassing millions of hits on X and Instagram, reflects internet culture’s love for humor and absurdity, attracting speculators with low-cost, high-volatility tokens. Because, you know, who needs substance when you have humor and absurdity? 🤪

Derivatives Positioning

While BTC, ETH CME futures yields stopped falling early this month, there has been a noticeable lack of progress, particularly in the wake of continued corporate adoption of bitcoin. Because, you know, corporate adoption is always a good thing, right? 🚀
BTC, ETH perpetual funding rates on offshore exchanges are barely positive, another sign of cautious sentiment. Because, you know, caution is always a good thing, right? 😬

Market Movements:

BTC is up 0.22% from 4 p.m. ET Wednesday at $87,494.70 (24hrs: -0.86%)
ETH is up 0.69% at $2,025.47 (24hrs: -1.90%)
CoinDesk 20 is up 0.48% at 2,757.13 (24hrs: -2.19%)

DXY is unchanged at 104.47
Gold is up 0.82% at $3,045.80/oz
Silver is up 1% at $34.37/oz

Bitcoin Stats:

BTC Dominance: 61.69 (-0.14%)
Ethereum to bitcoin ratio: 0.02317 (0.17%)

Technical Analysis

The share price of bitcoin-holder Strategy (MSTR) has risen past $320, confirming a bullish double bottom breakout. Because, you know, a good chart is always a good thing, right? 📈

Crypto Equities

Strategy (MSTR): closed on Wednesday at $329.31 (-3.66%), up 0.48% at $330.89 in pre-market
Coinbase Global (COIN): closed at $193.95 (-5.03%), up 0.81% at $195.52