Welcome to the Beluga Brief, where we deliver data-driven insights to your inbox every week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

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What happened today?

Statements earlier in the day from the White House indicating we may be seeing a resolution in the trade conflict with China have led to positive action in the markets, with BTC reaching almost $95,000 at its highest point. The impressive strength of Bitcoin during the shakiness of the last few weeks has led to Bitcoin dominance reaching its highest point since the end of 2020; I’m not typically someone who believes in patterns like this, but what immediately followed in 2021 was the insane altcoin run we were all hoping we’d get this cycle…

It’s also worth taking a look at this new trend of Strategy (formerly MicroStrategy) clones, the latest of which is a joint operation between SoftBank, Tether and Cantor Fitzgerald headed up by Jack Mallers of Strike. My gut tells me this trend probably ends poorly, but it’s definitely interesting seeing it get adopted by players of that size. Michael Saylor’s buying spree has generated and continues to generate significant buy pressure on Bitcoin, the question now is just how powerful a group of Michael Saylors can be. We’ve also now seen the first Solana version of the Strategy playbook by way of the newly rebranded “SOL Strategies” — Strategy has been incredibly successful thus far due to the success of Bitcoin itself, and it’s unclear how this might play out using another asset. Regardless of how it ends, it’ll definitely be interesting to watch.

To round today’s Beluga Brief off, we also need to mention today’s Trump memecoin announcement: the top 220 holders of the coin will be invited to have dinner with Donald Trump at the White House. The surprise announcement caused the memecoin to gain 50% in a matter of minutes, yet it still trades down over 80% from its ATH around the inauguration. I’m not thrilled about the President having a memecoin, but hey at least he hasn’t fully rugged it right?

Tweet of the Day

Today’s launch of the Zora token left a few people dissatisfied, to say the least.

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 edges higher as Treasury’s Bessent tempers China trade expectations

• Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital

Alt Coins and Stocks

• Coinbase to open Charlotte office, hire 130 as part of
  US expansion and Trump-aligned push

Regulatory

• PGI Global founder hit with fraud charges in alleged $200M crypto ponzi scheme

Random

• SBF on the move again: from ‘Victimville’ to low-security prison

Recent Beluga Content

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