Arthur Hayes believes that if Trump's budget proposal is blocked, Bitcoin may pull back to the range of $70,000 - $75,000.
Author: Deep Tide TechFlow
Market Dynamics Yesterday
**Viewpoint: The recent crash in the crypto market may be caused by the strengthening of the *Yen*
According to Coindesk analyst Omkar Godbole, the Yen has appreciated nearly 6% in six weeks amid market expectations that the Bank of Japan will raise interest rates.
Market concerns are that the current strengthening of the Yen may repeat the situation from July last year, when the Bank of Japan's interest rate hike led to a significant appreciation of the Yen, triggering widespread risk aversion, which caused Bitcoin's price to plummet from about $65,000 to $50,000 within days.
**Arthur Hayes: If Trump's budget proposal is blocked, Bitcoin may *pull back* to the range of $70,000 - $75,000**
BitMEX co-founder Arthur Hayes stated, "Now we calm down, pull back, and wait. If Trump cannot pass his budget proposal—which increases spending and raises the debt ceiling—then the market will revert to the levels before the election victory, that is, the range of $70,000 to $75,000. This will be a test of Trump's control over the Republican Party."
Aya Miyaguchi to serve as the new chair of the Ethereum Foundation
According to official news, Aya Miyaguchi has been appointed as the new chair of the Ethereum Foundation. She stated that she will continue to nurture Ethereum's unique culture and serve as a voice bridging the gap between Ethereum and the broader global community.
SBF tweets for the first time in two years, discussing company layoffs and management issues
Former FTX CEO Sam Bankman-Fried (SBF) tweeted for the first time in two years. In this series of tweets, SBF mainly discussed issues related to company layoffs and management.
Du Jun: A $50 million loss is merely the "entry-level trial and error cost" in the crypto industry
Du Jun, founder of ABCDE, pointed out that in the crypto industry, especially for projects involving funds, if one has not experienced a loss of $50 million, they may not have even sat at the table. Although $50 million is a large absolute value, it is not outstanding in the crypto industry. Throughout the history of the industry, from Mt. Gox, Luna, PayPal to FTX and last week's Bybit, every leading project has faced losses in the hundreds of millions. In the face of such scale, $50 million can only be considered an entry-level trial and error cost.
Insiders: The US SEC plans to cut regional executives and prepare for DOGE scrutiny
According to Jinshi reports, two insiders revealed that the U.S. Securities and Exchange Commission (SEC) plans to replace senior leaders in regional offices across the country as part of its cost-cutting proposal to the Trump administration. Sources said that on Friday, the SEC informed the directors of its 10 regional offices that their positions would be eliminated based on a plan to be submitted next month.
The SEC oversees over $100 trillion in U.S. capital markets and is currently under pressure from Trump to cut jobs and reduce costs. Some of the government's cost-cutting efforts involve the newly established Department of Government Efficiency (DOGE) and Elon Musk. Agency leaders have been instructed to submit proposals for significant budget cuts to the government.
SEC confirms acceptance of Grayscale's spot Cardano ETF application
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has confirmed the acceptance of the spot Cardano ETF listing application submitted by NYSE Arca on behalf of Grayscale. The application was submitted on February 10 and will be custodied by Coinbase Custody Trust Company, with BNY Mellon responsible for asset services and administration.
Market news: Nasdaq has submitted a 19b-4 application for Grayscale's DOT ETF
According to market news, Nasdaq has submitted a 19b-4 application for Grayscale's DOT ETF (Grayscale Polkadot Trust).
Trump announces the launch of the "Gold Card" program to sell U.S. permanent residency for $5 million
According to Jinshi reports, U.S. President Trump announced on Tuesday that he will launch the "Gold Card" program in two weeks, offering U.S. permanent residency and a path to citizenship to investors for $5 million. This program will replace the existing EB-5 investment immigration program.
Commerce Secretary Lutnik stated that unlike EB-5, the "Trump Gold Card" allows applicants to pay funds directly to the U.S. government rather than investing in U.S. businesses. Lutnik added, "They can come to the U.S., the president can give them a green card, they can invest in the U.S., and we can use this money to reduce the deficit." The Trump administration believes that this program can be implemented without congressional approval, but complete implementation details have not yet been disclosed.
Trump's son Eric Trump: ₿uy the dips!!!
Trump's second son Eric Trump posted on the X platform "₿uy the dips!!!", where the "B" is replaced with the Bitcoin symbol, possibly suggesting buying Bitcoin on dips.
Trader "Set 10 Big Goals First" cuts losses of 1,783.48 BTC, totaling $159 million
According to Ai Yi monitoring, well-known trader "Set 10 Big Goals First" (@Jason60704294) cut losses when Bitcoin's price fell to $89,000, liquidating his holdings of 1,783.48 BTC at an average price of $89,138, totaling $159 million.
The trader's opening average price was $100,320.8. Previously, on February 3, when Bitcoin fell to $91,231, he had not yet liquidated, and this liquidation caused him to lose all previously accumulated unrealized gains.
Market Dynamics
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