The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Tuesday! Turns out it was another Xi-esque candle after all, with Trump's crypto reserve pump now fully erased amid the latest tariff-fueled slump.
In today's newsletter, industry leaders say the proposed U.S. crypto reserve "delegitimizes bitcoin," digital assets slide as Trump's tariffs take effect, Flowdesk raises $52 million in new funding and more.
Meanwhile, with Trump's backing, the Senate is set to vote on overturning a controversial crypto tax rule.
Let's get started.
President Trump's announcement of a U.S. Crypto Strategic Reserve surprised the industry by including XRP, SOL and ADA alongside BTC and ETH.
The market initially surged on the crypto reserve news, but bitcoin subsequently dropped over 10%, and ether plunged more than 15% after Trump's announcement of new tariffs on imports from Canada, Mexico and China fueled risk-off sentiment.
Flowdesk has raised a $52 million Series B extension in an 80/20 equity-to-debt split, co-founder and global CEO Guilhem Chaumont told The Block, bringing its total Series B funding to $102 million.
Interoperability-focused Across Protocol has raised $41 million in an ACX token sale led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures and Multicoin Capital.
Bybit CEO Ben Zhou said that 20% of the $1.4 billion stolen in the exchange's record hack has "gone dark," while 77% remains traceable and 3% is frozen.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
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.
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