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What happened today?

Another day of strange price action for crypto as Bitcoin gains 2.5% in spite of the stock market losing $1.4 trillion in a sea of red. Trump threatening to fire the chair of the Fed Jerome Powell, the continuous tariffs, and the overall sense of uncertainty has resulted in the weakening of the US dollar and intentional destruction of capital like we’ve never seen before. Gold once again reaching a new all-time-high today, while impressive, feels pretty eerie; we certainly would not be seeing price action like this if the public’s confidence in our government and the future of the dollar hadn’t been truly shaken.

This is likely also the reason we’ve seen strength in Bitcoin relative to the rest of the market, as many look to it as a safe haven asset during tumultuous times. For a few reasons I don’t think it’s quite there yet, but with sovereign and institutional adoption going the way it is it’s no surprise that that sentiment is catching on. In fact just today, Standard Chartered and Deutsche Bank announced their intentions to expand crypto operations in the United States; while the current administration has caused a lot of problems in the market, having regulators with a positive view of crypto has opened the door for companies to engage in the space in a meaningful manner.

Tweet of the Day

Sometimes it feels like we’re living an episode of Family Guy.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin nears $88,000 amid market sell-off and Trump’s latest Fed broadside

• Stategy’s Bitcoin buying spree has minimal impact on prices, TD Cowen says

Alt Coins and Stocks

• USDC closes in on $61 billion as institutional demand outpaces USDT growth

• GSR anchors $100M investment in Upexi to purchase SOL, stock rockets 700%

Random

• Crypto firms have $18M to Trump’s inauguration, Ripple’s $4.9M gift was second biggest overall

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The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR