The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Tuesday! An air of uneasy anticipation hangs over the crypto market as traders adopt a "wait-and-see" approach ahead of President Trump's "Liberation Day" tariff announcements tomorrow.
In today's newsletter, Tether buys another 8,888 BTC, multiple altcoins suddenly crash on Binance, "BitBonds" get pitched as a solution to Trump's budget-neutral bitcoin reserve strategy and more.
Meanwhile, Taiwan mulls a special crypto act that experts say may squeeze out small players, Timmy Shen reports.
Let's get started.
Stablecoin issuer Tether bought 8,888 BTC in Q1 for approximately $735 million, bringing its total bitcoin holdings to 92,646 BTC, worth more than $7.8 billion.
Several altcoins, including the Solana-based memecoin Act 1 The Prophecy (ACT), DeFi social trading platform DeXe (DEXE) and onchain liquidity network dForce (DF), crashed between 20% and 50% on Binance on Tuesday, despite a broader market uptick.
The Bitcoin Policy Institute proposed bitcoin-enhanced U.S. Treasury Bonds, or "BitBonds," as a solution to help implement President Trump's budget-neutral Strategic Bitcoin Reserve plans.
Kentucky dropped its lawsuit against Coinbase just days after passing a "Bitcoin Rights" bill, which includes mining and staking exemptions from securities legislation.
Chun Wang, co-founder of the Bitcoin mining pool F2Pool, became the first known bitcoiner to launch into Earth's orbit aboard SpaceX's Fram2 mission late Monday.
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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