Crypto Compass by BitcoinWalletSG #114

Hello Fam,

The cryptocurrency market has experienced significant volatility recently, influenced by President Donald Trump's initiatives to position the U.S. as a global crypto leader. His administration's establishment of a Strategic Bitcoin Reserve and the introduction of clearer regulations have bolstered investor confidence. Additionally, President Trump's comments on tariff flexibility have impacted market dynamics, with Bitcoin's price rising following indications of a softer approach. These developments underscore the intricate relationship between governmental policies and cryptocurrency market fluctuations.​

President Trump Pledges to Make U.S. the 'Crypto Capital of the World'

In a pre-recorded address to the Blockworks Digital Assets Summit, President Donald Trump outlined his administration's commitment to transforming the United States into the "undisputed Bitcoin superpower and the crypto capital of the world." He criticized previous administrations for their restrictive approaches to digital assets and announced plans to introduce clear regulations for stablecoins and market structures, aiming to stimulate investment and innovation in the crypto sector.

President Trump also highlighted the establishment of a Strategic Bitcoin Reserve, likening it to a digital Fort Knox, to preserve and maximize the government's cryptocurrency holdings. This initiative underscores his administration's intent to integrate cryptocurrencies into the national financial framework, recognizing their potential to drive economic growth and technological advancement.

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Bitcoin Prices Surge Following Tariff Comments

Following President Donald Trump's recent comments suggesting flexibility on upcoming tariffs, Bitcoin's price surged above $88,500, reflecting heightened investor optimism. This uptick coincided with a reversal in digital asset investment trends, as products saw $644 million in inflows last week, ending a five-week streak of outflows.

The broader financial markets also responded positively, with major indices like the Dow Jones Industrial Average and S&P 500 reaching two-week highs, driven by gains in technology stocks such as Nvidia and Tesla. This collective market optimism suggests that the administration's more measured approach to trade policies is fostering a favorable environment for both traditional and digital asset investments.​

Ether Supply on Centralized Exchanges Hits 9-Year Low

The amount of Ether (ETH) held on centralized exchanges has declined to 8.97 million tokens, the lowest level since November 2015. This trend suggests that investors are transferring their ETH to cold storage, reducing market liquidity. A similar pattern was observed with Bitcoin (BTC) earlier this year, where decreased exchange reserves preceded a significant price surge. This reduction in available ETH on exchanges could potentially lead to upward price pressure.

Happenings of the week

• Tornado Cash soars as U.S. lifts OFAC sanctions

• Fidelity files for onchain U.S. treasury fund with SEC

• BNB chain surpasses Ethereum in DEX volume

• Ripple founder bets $1B of his own money on replacing the ISS

Tornado Cash Relaunched on MegaETH Testnet Following U.S. Sanctions Lift

After the U.S. Treasury Department lifted sanctions against Tornado Cash—a cryptocurrency mixer previously accused of facilitating money laundering—a developer known as "Gunboats" has ported the protocol to the MegaETH testnet. This move aims to leverage MegaETH's high transaction capacity, offering enhanced privacy features to users. The ported version, named ETHTornado, was implemented without code modifications, highlighting the adaptability of decentralized protocols. While the relaunch signifies a step toward reinstating privacy tools in the crypto ecosystem, concerns persist regarding potential misuse by malicious actors.

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