The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

I hope you had a good weekend, folks—well, outside of the crypto markets anyway—as the Trump tariff-fueled sell-off over the past few days raises questions about whether the current cycle is already over.

In today's newsletter, we take a look at what's next for crypto after the tariff-driven price plunge, South Korea's "kimchi premium" soars to a 10-month high, THORChain's governance approves a $200 million debt crisis plan and more.

Meanwhile, crypto-friendly Treasury Secretary Scott Bessent is set to take temporary charge of the CFPB. Plus, the Trump-backed World Liberty Financial DeFi project disputes allegations of "selling tokens" to crypto teams.

Let's get started.

Crypto markets crashed after President Trump's weekend tariff announcements, with bitcoin dropping over 10%, ether plunging 36% and leading memecoins falling more than 40% amid broad risk-off sentiment.

South Korea's bitcoin "kimchi premium" surged to a 10-month high of 9.7% on Monday as local prices remained steady amid a broader global crypto sell-off, according to data from CryptoQuant.

THORChain's governance body has approved a plan to convert $200 million in defaulted debt into TCY equity tokens, giving creditors a stake in the protocol.

Steve Yun, former president and current board member of TON Foundation, has launched TVM Ventures, a $100 million fund focused on TON-based DeFi and PayFi startups, backed by his own capital and an undisclosed Toncoin miner.

MicroStrategy's 12-week bitcoin buying streak has come to an end after the company confirmed that it did not sell any shares of class A common stock under its at-the-market equity offering program and did not purchase any bitcoin between Jan. 27 and Feb. 2, per an 8-K filing with the SEC on Monday.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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