In today’s crypto news, Bitcoin has surged past the $81,000 mark, spurred by President Trump’s decision to impose a three-month hiatus on tariffs, except for those imposed on China. This has been a day of good news for several, including the former Ethereum developer, Virgil Griffith, who has been released from prison.
Following the tariff news, which has been largely positive with the exception of China, the cryptocurrency markets have seen a slight recovery. Bitcoin’s price soared by over 5% to breach the $81,000 threshold after President Trump raised tariffs on China to 125% in retaliation to Beijing’s trade activities. However, he also declared a 90-day suspension of tariffs for other countries, temporarily reducing reciprocal tariffs to 10%.
Major cryptocurrencies and U.S. stock indices such as the S&P 500 and Nasdaq have responded positively to this development, recording gains of over 5%. Market experts have highlighted that the increased volatility in both crypto and traditional markets echoes the sudden fluctuations observed in meme stocks. They have indicated the release of the Federal Open Market Committee (FOMC) minutes and upcoming U.S. inflation data as potential triggers for further market dynamics.
Meanwhile, legislators in the United States are ramping up their efforts to establish comprehensive cryptocurrency regulations in response to the Department of Justice’s (DOJ) announcement that it will discontinue its crypto enforcement unit. During a hearing of the House Financial Services Committee, lawmakers underscored the pressing need for clear digital asset rules, with measures like FIT 21 gaining traction.
Magic Eden, a Solana-based NFT platform, has acquired the cryptocurrency trading app, Slingshot Finance, marking its first significant purchase. With this acquisition, Magic Eden gains access to Slingshot’s chain abstraction technology, enabling users to trade millions of tokens across multiple blockchains without necessitating technical expertise.
Finally, Binance, a prominent cryptocurrency exchange, is unveiling LDUSDT, a new margin asset that offers rewards and enables users to trade crypto futures while still earning passive rewards from locked USDT.
