Bitcoin’s rally hit a major speed bump this weekend as the world’s most valuable cryptocurrency sank below the $77,000 mark. The dip follows renewed global market turmoil sparked by a fresh round of U.S. tariffs under President Donald Trump’s latest economic policy moves.

At the time of writing, Bitcoin is trading around $76,221, down about 4% in the past 24 hours, according to Coin Metrics. This marks a nearly 30% drop from its all-time high in January, when Bitcoin briefly broke past $100,000. While it had been hovering comfortably above $80K for most of the year, recent volatility has shaken that stability.

Last week, Bitcoin managed to resist the broader market plunge, even climbing slightly as stocks and gold slipped. But that resilience didn’t last.

Overnight, Ethereum (Ether) and Solana took steeper hits, falling 8% and 6%, respectively. The downturn wasn’t just price-based — massive liquidations followed.

According to CoinGlass:

• $247 million in Bitcoin long positions were wiped out in 24 hours
• Ether traders lost $217 million over the same period

These forced sell-offs occurred as leveraged traders betting on price increases were caught off guard and had to unwind their positions.

The crypto crash coincides with a massive global market rout. Investors scrambled to unload risky assets after Trump rolled out new blanket tariffs on all imports, with additional duties aimed at key trading partners.

The impact was immediate:

• $7.46 trillion in global stock market value evaporated in just two trading sessions
  • $5.87 trillion lost in U.S. markets
  • $1.59 trillion dropped globally outside the U.S.

The fear? A full-blown trade war leading the U.S. and possibly the world into recession.

Bitcoin is now down 15% in 2025, and analysts see few crypto-specific catalysts on the horizon. Instead, Bitcoin’s movements are expected to mirror equities, as economic worries and recession fears dominate sentiment.

Still, some experts see a potential silver lining.

“There is a lot of noise at the moment,” said Geoff Kendrick, Head of Digital Assets Research at Standard Chartered.
“But U.S. isolationism could increase the risks of holding fiat. In that light, Bitcoin may eventually emerge as a hedge against tariff risks.”

Bottom Line: As traditional markets convulse under the weight of tariff fears, crypto is no longer dancing to its own beat. Traders and investors should brace for more turbulence — and watch closely for signs of decoupling, or deeper entanglement, between digital assets and traditional finance.

Source: CNBC – Bitcoin drops below $77,000 as cryptocurrencies join global market rout

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A newly launched meme coin by President-elect Donald Trump has rapidly ascended to prominence in the cryptocurrency market. Dubbed $TRUMP, the token has achieved a market capitalization of $5.81 billion within days, making waves as part of Trump’s entrepreneurial ventures ahead of his inauguration.

Key Facts

• Announcement: Trump introduced $TRUMP on Friday via a post on Truth Social, describing it as a celebration of his election victory and upcoming inauguration.
• Market Performance: The price of $TRUMP skyrocketed over 300% to just under $29 as of 10:15 a.m. EST Saturday, according to CoinMarketCap. Trading volume reached a staggering $6.64 billion.
• Development and Supply: Solana, a blockchain platform, developed $TRUMP, initially limiting its supply to 200 million coins. The total supply is set to expand to 1 billion over the next three years, as stated on the coin’s official website.
• Ownership: Eighty percent of the tokens are held by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a Delaware-based entity established on January 7. These entities will receive undisclosed revenue from trading activity.
• Legal Disclaimer: The token’s website emphasizes that $TRUMP is not an investment opportunity, a security, or affiliated with any political campaign, office, or government agency.

Big Number

$6.64 billion — The trading volume of $TRUMP since its launch as of Saturday morning.

Key Background

Trump’s presidency has been closely associated with crypto enthusiasm. Supported by prominent billionaires in the crypto sector, Trump’s election victory significantly influenced the market. Bitcoin surged to record highs, surpassing $100,000 within a month of Election Day. Since then, the global cryptocurrency market’s value has grown by $1.8 trillion, including a $1 trillion increase post-election, according to CoinGecko.

Trump’s Crypto Policies

• Trump has pledged to use executive powers to ease regulations on crypto firms, including establishing a new advisory council.
• An anticipated executive order will declare cryptocurrency a policy priority, directing government agencies to collaborate with the industry.
• The order also proposes creating a federal bitcoin reserve, allowing the government to buy and sell bitcoin. These developments pushed bitcoin’s price to $105,000 on Friday, the highest in nearly a month.

Tangent

The $TRUMP meme coin marks the latest addition to Trump’s extensive merchandise portfolio. Previous ventures include:

• Luxury Items:
  • Trump Watches, priced up to $100,000.
  • Limited edition sneakers and $100 silver coins.
  • Signed and unsigned guitars, sold at $11,500 and $1,500, respectively, generating $4.6 million in sales.
• NFTs: Trump’s NFT collection has been a major revenue stream, earning $7.2 million in licensing fees.

Trump’s ability to leverage his brand continues to expand, now bridging the gap between traditional merchandise and the digital asset revolution.

Source

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U.S. stock indexes retreated on Tuesday, paring some of their impressive gains from the year. The S&P 500 slipped 0.4%, holding close to its all-time high reached earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, while the Nasdaq composite fell 0.3% from its record high set the day before.

Nvidia’s Decline Weighs on the Market

Nvidia, a key driver of Wall Street’s strong performance this year, fell 1.2%, marking its eighth loss in nine days. The stock has dropped over 12% from its record high last month as its previously rapid growth slows. Critics had warned that Nvidia’s stock price had become overly reliant on perfect execution moving forward.

Fund Managers Shift Strategies

A Bank of America survey of global fund managers revealed a significant shift towards U.S. stocks, with many reducing cash reserves to invest. Cash levels in portfolios are now comparable to 2002 and 2011, periods that preceded challenging times for riskier investments. The survey’s optimism index, driven by expectations for economic growth, reached its highest level since August 2021—a potentially concerning sign for contrarian investors.

S&P 500’s Resilient Year

The S&P 500 is up nearly 27% this year, poised for one of its best performances since 2000. This success is attributed to a resilient U.S. economy, optimism about President-elect Donald Trump’s policies boosting growth without spiking inflation, and the Federal Reserve’s decision to ease interest rates.

Federal Reserve on Rate Cuts

The Federal Reserve is expected to announce its third interest rate cut of the year on Wednesday, along with projections for future rate movements. However, expectations for additional cuts are declining as inflation remains stubbornly above the Fed’s 2% target. A report on Tuesday showed stronger-than-expected retail sales, signaling an economy that might not require further rate reductions. Chris Larkin, managing director at E-Trade from Morgan Stanley, noted, “The Fed is still on track to cut rates (Wednesday), but strong economic data could prompt a pause in January.”

Treasury Yields Steady

In the bond market, Treasury yields remained stable after the retail sales report. The 10-year Treasury yield held at 4.40%, while the two-year yield slightly dipped to 4.24% from 4.25%.

Broadcom and Nvidia Drag on Stocks

Broadcom fell 3.9% after two consecutive days of significant gains. The company had previously surged 24.4% and 11.2% following a strong profit report and revenue forecast driven by demand for its AI products. Alongside Nvidia, Broadcom was among the biggest drags on the S&P 500 Tuesday.

Pharma Stocks Provide Support

Pfizer helped limit market losses with a 4.7% rise after issuing a profit forecast for next year that exceeded analyst expectations. Other pharmaceutical stocks also performed well, including Bristol-Myers Squibb, which gained 3.2%.

Market Performance Summary

The S&P 500 dropped 23.47 points to 6,050.61, the Dow Jones Industrial Average fell 267.58 points to 43,449.90, and the Nasdaq composite dipped 64.83 points to 20,109.06.

Global Markets and Central Banks

Overseas, London’s FTSE 100 fell 0.8% ahead of Thursday’s Bank of England interest rate decision. In Asia, Japan’s Nikkei 225 slipped 0.2% as the Bank of Japan prepared to meet on interest rates later this week. Unlike other central banks, Japan is raising rates after years of maintaining negative policy rates.

Bitcoin Hits New Highs

Bitcoin briefly surged to a record above $108,000 before settling around $106,500, according to CoinDesk. The cryptocurrency has skyrocketed from approximately $44,000 at the beginning of the year, fueled by optimism that Trump’s policies will favor digital currencies.

Source

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Ripple is set to launch its new stablecoin, RLUSD (Ripple USD), for trading starting Tuesday. This follows approval from the New York State Department of Financial Services earlier this month. The stablecoin will be backed by the U.S. dollar and available on both the Ethereum blockchain and XRP ledger, initially listing on several global exchanges. However, it will not be available on major platforms like Coinbase or Robinhood at launch.

A New Solution for Cross-Border Payments

Ripple’s move to introduce RLUSD comes as the company sees increasing demand in the cross-border payments market. “We’ve seen tremendous growth, particularly in cross-border payments, and we believe having our own native stablecoin can provide a more cost-effective, operationally efficient solution,” said Jack McDonald, Ripple’s Senior Vice President of Stablecoins, in an interview with CNBC.

This launch is significant in the context of the growing demand for alternatives to traditional payment systems. Ripple has long been a key player in the cross-border payments space, serving banks and financial institutions globally.

Ripple’s Legal Battles and Market Context

The launch of RLUSD also arrives amid a more favorable outlook for crypto regulation under President-elect Donald Trump’s administration. Ripple has faced challenges with U.S. regulators, notably the Securities and Exchange Commission (SEC), which sued the company in 2020, alleging that Ripple sold XRP as an unregistered security. However, a partial victory for Ripple came in 2023 when a judge ruled that XRP is a security when sold to institutions but not when traded to retail investors on exchanges.

Meanwhile, the market for dollar-backed stablecoins has surged, with the total market cap growing 50% this year alone. Tether (USDT) dominates with about 70% of the market, followed by USDC (issued by Circle) at around 20%. Ripple sees a gap for competition in this market, with McDonald noting, “The market is looking for alternatives to the incumbents—not to replace them entirely, but to offer something new. The current concentration in the market is a concern for regulators and new players.”

Ripple’s Strategic Position in the Stablecoin Market

Ripple, a 12-year-old company, has primarily focused on facilitating cross-border payments for banks, payment companies, and financial institutions, with a significant portion of its business outside the U.S. While stablecoins have traditionally been used for trading, Ripple views them as a complementary tool to enhance its business operations.

McDonald emphasized the continued relevance of both XRP and stablecoins in Ripple’s strategy: “There’s a place for both XRP and stablecoins in the payments sector. We’ve been advocates for stablecoins in our payment flows alongside XRP where it makes sense.”

XRP, Ripple’s native token, has been at the core of the company’s cross-border payment services since its launch in 2012. Although Ripple holds a significant amount of XRP, its focus has now expanded to integrating stablecoins into its offerings. The company is launching RLUSD on both the Ethereum blockchain and XRP ledger, enhancing the demand for XRP as a bridge asset within Ripple’s network.

Ripple’s Competitors and the Growing Stablecoin Sector

Ripple’s stablecoin initiative comes as the stablecoin market grows increasingly competitive. In November, several major crypto firms, including Kraken, Robinhood, and Galaxy Digital, revealed plans to launch their own joint dollar-backed stablecoin, USDG, as part of the “Global Dollar Network.” Meanwhile, MercadoLibre and fintech company Revolut are also exploring similar projects.

As the stablecoin sector continues to evolve, Ripple’s RLUSD is positioning itself as a key player in the rapidly growing market, offering an alternative to the dominant stablecoins and addressing the unique needs of cross-border payments.

Source

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A Chinese-born cryptocurrency entrepreneur has followed through on his promise to eat the banana featured in Maurizio Cattelan’s $6.2 million artwork, Comedian. The infamous piece, which consists of a banana taped to a wall, was sold at a Sotheby’s auction in New York last week.

Justin Sun, who runs the Tron blockchain network, outbid six others to purchase the artwork. During a press conference in Hong Kong, he ate the banana to make a statement about the connection between art and cryptocurrency.

The banana is regularly replaced before exhibitions, and Sun bought the rights to display the piece along with a guide on how to replace the fruit. Although the banana has been eaten twice before—once by a performance artist in 2019 and again by a South Korean student in 2023—neither of them paid for the privilege like Sun did.

“Eating it at a press conference can also become a part of the artwork’s history,” Sun said. “It’s much better than other bananas,” he joked.

Sun, 34, admitted he was curious about the banana’s lifespan, saying he had “dumb questions” about whether the fruit would rot. According to The New York Times, the fresh banana was purchased for 35 cents the day of the auction but became one of the most expensive fruits in the world after Sun’s purchase.

At the auction, each attendee received a banana and duct tape as a souvenir. Sun remarked, “Everyone has a banana to eat.”

Sun is also a well-known figure in the cryptocurrency world, where he runs the Tron blockchain—a platform for digital currency transactions. He compared the banana artwork to NFTs (non-fungible tokens), a form of digital art that holds no intrinsic value beyond what people are willing to assign to it. Sun’s platform allows users to trade NFTs.

Last year, Sun was charged by the US Securities and Exchange Commission for offering unregistered security tokens, a case he denies. This week, he revealed he invested $30 million in a crypto project backed by US President-elect Donald Trump.

Source

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According to Coin Metrics, Bitcoin is on track for a 38% gain in November, making it the best-performing month since February, when it gained 45% after the launch of spot bitcoin ETFs. At the end of the month, Bitcoin was trading around $97,081, with earlier peaks reaching $98,722.

Trump’s Election Victory Fuels Bitcoin Surge

Bitcoin’s rise in November was strongly tied to the anticipation of a second Trump presidency. During his campaign, Trump presented himself as a champion for the cryptocurrency industry, promising to bring clarity and stability after a period of regulatory uncertainty. This optimism from investors led to Bitcoin’s surge toward $100,000.

A potential second term for Trump is seen as a positive catalyst for Bitcoin, boosting the crypto market’s legitimacy. His presidency could lead to larger budget deficits, higher inflation, and changes in the global role of the U.S. dollar—factors that tend to support Bitcoin’s price.

Bitcoin ETFs and Institutional Interest

After Trump’s election victory, Bitcoin ETFs, particularly BlackRock’s popular IBIT fund, saw massive inflows. This fueled further demand, even as some long-term Bitcoin holders sold off their positions to take profits. The introduction of Bitcoin ETF options also created new ways for investors to trade and speculate on the cryptocurrency’s price.

Long-term Bitcoin holders have been selling while institutional investors, including those backing ETFs, have been buying. This shift reflects growing interest in Bitcoin as an investment, with many institutions using it as part of their portfolio.

Looking Ahead: Bitcoin’s Price Could Reach $100,000 by Year-End

Bitcoin bulls are optimistic about its future, with many predicting it will hit $100,000 by the end of 2024. Some even expect the price to double by the end of 2025. Although Trump’s victory sparked an immediate price boost, analysts believe Bitcoin’s fundamentals—such as the reduction in supply from this year’s halving and the growing institutional demand—will continue driving the price higher in the long term.

Bitcoin’s price cycles typically peak about a year after each halving event, meaning the best may be yet to come. As more institutions, states, and countries consider Bitcoin a treasury reserve asset, demand is expected to push the price even higher.

Source

Top picture credit: CryptoQuant|Bloomberg|Getty Images

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Wall Street’s major indexes began the shortened Black Friday trading session with slight gains, positioning themselves for a strong finish to the month. Investors were closely monitoring retail stocks, which were in the spotlight as the holiday shopping season kicked off with Black Friday discounts expected to attract millions of shoppers.

Adobe Analytics projected that online sales on Black Friday 2024 would reach a record-breaking $10.8 billion, marking a 9.9% increase from last year.

Shares of major retailers were on the rise: Target climbed 1.5%, Hasbro gained 3.7%, Costco rose 0.8%, Walmart edged up 0.4%, and Nike added 0.5%.

Ross Mayfield, an investment strategist at Baird, noted that retailers, heavily reliant on imports, face challenges with inventory levels and tariffs. Despite these concerns, he emphasized that the Black Friday and Cyber Monday sales looked promising.

By 9:49 a.m., the Dow Jones Industrial Average was up 140.39 points (0.31%) at 44,862.45, the S&P 500 had gained 13.80 points (0.23%) at 6,012.54, and the Nasdaq Composite rose 47.87 points (0.25%) to 19,108.35.

Technology stocks, including Nvidia and Apple, helped boost the S&P 500, while the industrial and financial sectors supported the Dow. Chip stocks rebounded from earlier declines, sending the Philadelphia Semiconductor Index up by 1.3%.

The small-cap Russell 2000 index rose 0.7%, benefiting from a retreat in Treasury bond yields from their recent highs.

Earlier this week, Wall Street’s major indexes had closed lower after data showed persistent inflation, leading investors to believe the U.S. Federal Reserve might take a cautious approach on interest rate cuts in 2025. Still, the three main indexes were on track for monthly gains, with the S&P 500 set for its biggest monthly rise since November 2023. The Russell 2000 index hit a record high earlier in the week and was on course for its best monthly performance this year.

Equity markets also gained momentum from Donald Trump’s victory in the U.S. presidential election earlier this month, as well as his Republican Party securing control of both houses of Congress. Investors speculated that Trump’s pro-business policies could spur economic growth and improve corporate performance, though concerns remained about inflationary pressures and their potential impact on global growth.

Traders anticipate the Federal Reserve will lower borrowing costs by 25 basis points in December but expect a pause in rate cuts in January, according to CME Group’s FedWatch tool.

In the cryptocurrency space, stocks rose as Bitcoin surged 2.5%, trading around $97,000. MicroStrategy gained 4.3%, MARA Holdings climbed 6.2%, and Bit Digital jumped 7.7%.

In a major setback, Applied Therapeutics saw its stock plunge 75% after the U.S. Food and Drug Administration declined to approve its drug for treating a rare genetic metabolic disease.

Given the lighter trading volumes following Thursday’s Thanksgiving holiday, analysts expect stock movements to be more volatile. On the NYSE, advancing stocks outnumbered decliners by a ratio of 3.27-to-1, while on the Nasdaq, advancing issues led decliners by 2.14-to-1.

The S&P 500 recorded 19 new 52-week highs, with no new lows, while the Nasdaq Composite saw 75 new highs and 10 new lows.

Source

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The frog-themed meme coin, Pepe (PEPE), has made impressive strides, outperforming Dogecoin (DOGE) in weekly gains following listings on two major U.S.-based exchanges, Robinhood and Coinbase. The announcement of these listings ignited a surge in Pepe’s market value, propelling it to a new level of visibility and attracting significant retail interest.

Pepe’s Rapid Rise

The news of Pepe’s listings generated immediate market excitement, with its market cap briefly surpassing $10 billion within hours. For context, Dogecoin, which has long dominated the meme coin space, currently holds a market cap of around $56 billion. Pepe’s trading volume reached an impressive $24 billion within just a few hours of the listing announcements, nearly matching Dogecoin’s 24-hour volume of $28 billion.

In terms of weekly performance, Dogecoin saw a 104% increase, while Pepe surged ahead with gains of approximately 131%. The value of Pepe reached an all-time high of $0.00002299 on Wednesday, surpassing its previous peak set in May, according to CoinGecko. This rapid rise has earned Pepe a spot in the top 20 cryptocurrencies by market cap for the first time.

Meme Coin Market Rally and Republican Victory

The broader meme coin market has seen significant growth recently, fueled by optimism following the recent U.S. election results and a general market rally. Dogecoin also benefited from this environment, reaching a peak price of $0.40—a level not seen since 2021. The renewed interest in Dogecoin was partly driven by Tesla CEO Elon Musk’s public endorsements, which came during President-elect Donald Trump’s campaign and inspired a broader rally across the meme coin sector.

Pepe’s Long-Awaited Coinbase Listing

Coinbase’s decision to list Pepe followed over 18 months of community requests, making it the fourth meme coin available on the platform after Dogecoin, Shiba Inu (SHIB), and Bonk. The listing signifies growing acceptance of meme coins within mainstream crypto exchanges, and analysts believe this could set Pepe on a similar trajectory as Dogecoin. Daan de Rover, founder of the automated crypto trading platform CryptoSea, shared his enthusiasm on social media, predicting that “The Pepe breakout starts now,” with potential for a 900% increase.

Expanding Meme Coin Market

Interest in meme coins shows no signs of slowing down, with other tokens challenging established players like Dogecoin and Pepe. Recently, Binance added Solana-based meme coins ACT and PNUT, both of which experienced gains of up to 1,300%. This trend suggests an expanding meme coin ecosystem as new players continue to capture attention in the market.

The Origins of Pepe

Launched in April 2023, Pepe is inspired by the iconic “Pepe the Frog” internet meme created by Matt Furie in 2005. The token began with modest beginnings but has since cultivated a loyal community, establishing itself as a notable contender in the meme coin arena.

Source

Pepe Coin

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