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Bitcoin Nears Death Cross, Yuan Tumbles with Asian Markets After Trump Tariffs Put Focus on China’s Response

It’s a risk-off day in Asia as traders look to Beijing’s response to U.S. President Donald Trump’s sweeping reciprocal tariffs on China and other Asian nations.
On Wednesday, Trump announced reciprocal tariffs on imports from 180 nations, including higher taxes on trading partners identified as worst offenders, such as China and the European Union.
Trump imposed a new 34% tariff on goods from China in addition to the existing 20% tax, bringing the total levy to 54%, the highest for any nation. Meanwhile, the latest action did not affect Canada and Mexico.
Observers say the ball is now in China’s court, and the nature of its retaliation could determine the market reaction.
«Everything now depends on China. If China devalues the Yuan in response to today’s large, additional US tariffs, that sets off a global risk-off that hits EMs first and then — if it persists — spills back to the US. China has so far kept a very low profile. That may now end,» Robin Brooks, managing director and chief economist at the International Institute of Finance, said on X.
Early Thursday, Beijing urged the U.S. to lift tariffs while vowing retaliation immediately. Meanwhile, the Chinese yuan dropped to a seven-week low of 7 RMB/USD alongside losses in the Asian equities and an impending death cross on bitcoin (BTC).
Letting the yuan depreciate, which makes Chinese goods more attractive in international markets, is one way to counter Trump’s tariffs. That said, it could spell trouble for carry (currency) trades and scare financial markets, as observed in 2015 and 2018.
Besides, potential intervention by the People’s Bank of China (PBoC) to stall a rapid yuan decline can boost the dollar index, inadvertently weighing over risk assets, including stocks and cryptocurrencies.
It’s no coincidence that Asian equities traded in the red at press time, with Japan’s Nikkei hitting an eight-month low. The U.S. stock futures fell over 2%, pointing to risk-off mode.
Bitcoin (BTC), the leading cryptocurrency by market value, traded near $83,300, having dropped from $88,000 to $82,500 following Trump’s tariffs announcement, according to CoinDesk market data.
The 50-day simple moving average (SMA) of the cryptocurrency’s spot price appears on track to cross below its 200-day SMA, confirming what is known as the «death cross» bearish technical pattern.
Though it has a mixed record of predicting price trends, the latest cross happening against the backdrop of escalating trade tensions warrants attention – more so, as options pricing now shows bias for puts or downside protection out to the June end expiry, according to Deribit and Amberdata.
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Chart of the Week: Tariff Carnage Starting to Fulfill Bitcoin’s ‘Store of Value’ Promise

April has been a month of extreme volatility and tumultuous times for traders.
From conflicting headlines about President Donald Trump’s tariffs against other nations to total confusion about which assets to seek shelter in, it has been one for the record books.
Amid all the confusion, when traditional «haven assets» failed to act as safe places to park money, one bright spot emerged that might have surprised some market participants: bitcoin.
«Historically, cash (the US dollar), bonds (US Treasuries), the Swiss Franc, and gold have fulfilled that role [safe haven], with bitcoin edging in on some of that territory,» said NYDIG Research in a note.
NYDIG’s data showed that while gold and Swiss Franc had been consistent safe-haven winners, since ‘Liberation Day’—when President Trump announced sweeping tariff hikes on April 2, kicking off extreme volatility in the market—bitcoin has been added to the list.
«Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is,» NYDIG wrote.
Zooming out, it seems that as the «sell America» trade gains momentum, investors are taking notice of bitcoin and the original promise of the biggest cryptocurrency.
«Though the connection is still tentative, bitcoin appears to be fulfilling its original promise as a non-sovereign store of value, designed to thrive in times like these,» NYDIG added.
Read more: Gold and Bonds’ Safe Haven Allure May be Fading With Bitcoin Emergence
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Trump Token’s 85% Weekly Surge Defies Democrats’ Call for Impeachment, Massive Unlocks

TRUMP, the memecoin tied to U.S. President Donald Trump, is up about 16% in the last 24 hours, even as Democratic lawmakers cite the president’s involvement with the token as potential grounds for impeachment and after a massive unlock earlier in the month.
At a town hall on Friday, Sen. Jon Ossoff (D-Ga.) pointed to the crypto project offering its top holders an invitation to a dinner event with President Trump, calling it a clear case of selling access to the presidency, NBC News reports.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” Ossify said.
U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) also sent a letter on April 25 to the U.S. Office of Government Ethics asking for an investigation to determine if President Trump violated federal ethics rules by inviting top investors.
Read more: Dinner With the U.S. President? All You Need Is $420 Worth of TRUMP
The allegations stem from an announcement that a private dinner will be held on May 22, where the top 220 TRUMP memecoin holders can meet with the U.S. President.
Still, the TRUMP token has kept on rising. The memecoin surged over 70% after the event was announced and has already been up 85% over the last seven days.
The rise came even after the token saw a massive $320 million unlock earlier this month, significantly inflating its circulating supply. In less than three months, TRUMP token is set to endure an additional unlock of 25.1% of its current circulating supply, at the time of writing, worth nearly $780 million.
Despite the recent rise, the token is still down more than 77% from its all-time high above $70, which it saw shortly after launch. Its subsequent price plunge led to an estimated $2 billion of investor losses.
Read more: TRUMP Token Pops 12% After U.S. President Calls It ‘The Greatest of Them All’
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GameFi Tokens Show Signs of Life After Gala Games, White House Tie-Up

Gaming tokens have seemingly been on the sidelines since the 2021 crypto boom. In fact, data from SoSoValue shows that they were the worst-performing crypto basket over the last 12-month period, enduring a 62% drop in the period, compared to a 174% rise on PayFi tokens.
However, under the Trump administration’s crypto-friendly stance, it might be changing.
Gala Games—a blockchain-based gaming platform—says it became the first crypto gaming company to partner with the White House, bringing a Web3 game Easter Egg Hunt to the 2025 Easter Egg Roll. White House official X’s account also mentioned on the social media platform about the tie-up amid a plethora of other collaborations with tech giants.
The GALA token has risen roughly 18% since the announcement, GameFi tokens went up 13%, and the broader crypto market, as measured by the CoinDesk 20 (CD20) index, rose 8%.
User engagement
The effort aimed to introduce blockchain to families without overwhelming them.
The game, hosted at easter.gala.games, offered a «free and simple» experience where players collected virtual eggs to win unique non-fungible tokens (NFTs) stored on GalaChain, Gala’s proprietary Layer 1 blockchain, the company said in an announcement shared with CoinDesk.
Players were able to log in, explore, and collect eggs without needing a crypto wallet experience, Gala Games said. Every NFT reward was stored on GalaChain, hinting at future use across Gala’s entertainment projects, including Gala Music and Gala Film.
The Web3 gaming firm told CoinDesk that over 300,000 games have been played since the event launched, with about 100,000 new accounts created. Roughly 17% of participants went on to explore Gala’s other projects, suggesting real user engagement beyond the Easter event.
The project, founded in 2019 by Zynga co-founder Eric Schiermeyer, has been laying the groundwork for broader adoption through partnerships with DreamWorks Animation, NBCUniversal, and collaborations with artists like Snoop Dogg. Earlier this month, Gala Film announced a partnership with LG Electronics to bring Web3 entertainment to TVs, and the company hinted it is working with a government agency on transparency efforts.
Industry reaction
The Easter game marks a real-world test for the project and the broader GameFi sector.
When asked about the lead-up to the event, Schiermeyer shared that the project has been focusing on the high-level tie-up. «We have a team dedicated to government outreach,» they said. «I also spent time at Mar-a-Lago and spoke with the President. But mainly we wanted to help make the event more fun, and I think that sentiment was well received.»
Industry reactions were mixed. Some praised the visibility, while others pointed out that more work is needed for the mass adoption of the GameFi industry.
Jack O’Holleran, CEO of SKALE Labs, told CoinDesk that GameFi has never stopped expanding, but its issue has been visibility instead. The technology, on top of that, has matured. «In the past, you needed to manage your own crypto wallets and pay high gas fees just to play,» he said. «Now, gas-free blockchains and seamless onboarding remove those barriers.»
“Functional values and utility that blockchain brings to gaming cannot be suppressed for much longer,» he added.
Still, a broader adoption of the GameFi sector will require further meaningful collaboration with mainstream gaming outlets. This could potentially open the “floodgates,» O’Holleran added, as player bases for the traditional gaming sector are far beyond the crypto sector’s user count. If so, the “floodgates will be open.”
Meanwhile, Mitja Goroshevsky, co-founder of Gosh, praised the visibility of Gala Games and the GameFi sector via the White House tie-up but warned that the industry must still solve its identity crisis.
«It’s caught between being about gaming and being about trading,» he said.
«Until blockchain games introduce fundamentally new experiences, government partnerships alone won’t drive mass adoption.»
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