Key Takeaways
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Macro Environment: Trump renewed pressure on Powell to cut interest rates, while Fed officials struck a dovish tone in their speeches. The market's sensitivity to Trump’s tariff policies has declined this week, showing resilience despite uncertainty. The so-called “TACO trade” remains robust, with the S&P 500 and Nasdaq both reaching new record highs again.
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Crypto Market: Bitcoin (BTC) continued its strong momentum, hitting a new all-time high of $116,500. Ethereum (ETH) surpassed the $3,000 mark for the first time since February. ETH/BTC closed higher for the third consecutive day, recovering to the key resistance level of 0.0255. Bitcoin dominance declined for the sixth straight day, while altcoins saw widespread gains.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,280.47 | +0.27% |
| NASDAQ | 20,630.66 | +0.09% |
| BTC | 115,998.30 | +4.28% |
| ETH | 2,950.86 | +6.59% |
Crypto Fear & Greed Index: 71 (unchanged from 24 hours ago), level: Greed
Project Highlights
Trending Tokens: HYPER, SEI, MAGIC
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HYPER/BABY: Upbit listed KRW trading pairs for both tokens. HYPER surged 430%, BABY rose 13%. HYPER’s average funding rate was -1.5%.
Macro Economy
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Trump: Urged the Fed to cut interest rates immediately
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Fed's Daly: Expects two rate cuts in 2025; tariff impact may be less than expected
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Fed's Goolsbee: No strong signs yet that tariffs are driving inflation
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Trump: Imposed 35% tariffs on Canada; stated that all remaining countries will face tariffs of either 20% or 15%
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Indian Trade Officials: Phase-one US-India trade deal negotiations expected to conclude by Fall 2025
Industry Highlights
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U.S. Treasury: Officially canceled crypto broker reporting rules
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Shanghai SASAC (State-owned Assets Supervision and Administration Commission): Held a study session on trends and countermeasures related to cryptocurrency and stablecoin development
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BTC hit a new all-time high of $116,500
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Fed's Musalem: Stablecoins could become a critical component of payment systems
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Ant Group was rumored to integrate Circle's stablecoin into Ant International, but the company later denied the claim
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Bit Mining plans to raise $200M–$300M for Solana strategy
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Ethereum Foundation announced a strategic reorganization to focus on four key areas: enterprise relations, developer growth, applied research, and founder support
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K Wave Media, a U.S.-listed company, secured $1 billion in funding to advance its Bitcoin strategy, and has already purchased 88 BTC
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WLFI & BUILDon’s "USD 1 Million Incentive Program" concluded, with EGL1, Liberty, Tag, and Bank winning awards
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