Market Update
One week it’s a tariff, next it’s Greenland, today it’s SEC Chair Jerome Powell. In the face of mounting criticism, Trump has walked back his threat (like many of his other threats) of firing Jerome Powell. This was causing significant uncertainty around the world and adding a lot of fuel to the USA recession fears.
Interestingly, in the face of this fear, BTC continued to rally. In a stark move in the opposite direction of the NASDAQ on Tuesday, BTC gained about $60bn market cap while the NASDAQ fell sharply - giving Bitcoin maxis around the world the vindication they have been searching for. BTC actually broke its all time high when priced in units of the NASDAQ index, citing a rather large decorrelation of the two. While correlation ebbs and flows with the varying degree of macro factors out there, this metric is one to watch - you can find a write up about it here.
Overnight BTC broke out from a downward trend from roughly the beginning of this year, surging through US$93k and bringing everything along with it, including ETH! Very quickly, ETH is about to undergo a transformational upgrade that threatens the existence/value proposition of almost every layer 2, read about it here but the TLDR is that staking nodes can be larger and smart contracts can be way larger (10x) allowing for faster, more interesting applications on ETH mainnet instead of using rollups or other Layer 2 technology.
As always, a lot is happening and we’re here to help you see through the noise.
Crypto News
Australian Federal Court Backs Crypto Lender Block Earner in Landmark Win Over ASIC
The Full Federal Court of Australia ruled in favor of crypto lender Block Earner on Tuesday, overturning previous findings that its discontinued "Earner" product constituted a regulated financial product requiring licensing.
New SEC Chair Paul Atkins Under Pressure With 72 Crypto-Related ETF Applications, $XRP Leads Filings
Paul Atkins has officially been sworn in as the new chair of the U.S. Securities and Exchange Commission (SEC) and the cryptocurrency industry is watching him closely as he has a full-packed schedule ahead of him with over 70 crypto exchange-traded funds (ETFs) to check.
Crypto Firms Donated $85 million in Trump’s Inauguration, What Did They Receive?
According to a new report, 15 firms and individuals from the crypto industry donated more than $100,000 to President Trump’s Inauguration, totaling over $85 million.
Disclaimer: The information contained in this blog is general in nature and is provided for informational purposes only. It does not constitute financial, legal, or tax advice, and should not be relied upon as such. Block Earner does not guarantee the accuracy or completeness of any information presented. You should consider your own personal circumstances and seek professional advice before making any financial or investment decisions. Past performance is not indicative of future results. All investments carry risk.
