The Blockchain Bulletin, Feb 14: Trump to Announce New Tariffs on India, Vietnam, Brazil
Hey folks! It’s Valentine’s Day – a time to celebrate love in all its forms, be it as a couple or as a single embracing your independence. Just like relationships, the crypto market is unpredictable, filled with twists, turns, and opportunities. Over the last 24 hours, 95,382 traders were liquidated, for a total of $176.44 million. The largest single liquidation order was on Bybit – BTCUSDT, valued at$1.28M.
Texas’s move to reintroduce Bitcoin reserve bill with no purchase cap has garnered attention in the crypto community. The bill renamed Senate Bill 21 (SB 21) makes the State a leader in Bitcoin innovation and adoption. Following Texas, Oklahoma and Pennsylvania have expressed similar plans, Meanwhile, Fed Governor Christopher Waller calls for stablecoin regulation to expand the USD’s global use. Waller stated that stablecoins could improve payments and offer a stable store of value in inflation-hit areas.
Related: CFTC, SEC Discuss Joint Efforts to Regulate the Crypto Market
After being suspended in 2022, Coinbase is set to make a comeback after gaining approval from the FUI. The crypto exchange had left the country citing pressure from the RBI. Apart from Coinbase, Kraken and Binance were also operating illegally, but have now complied with the FUI. On the other hand, Cboe seeks SEC approval for 21Shares Ethereum ETF staking integration. If approved, the ETF may offer ETH price gains and staking yields.
Coinbase will support Popcat (SOL) (POPCAT) and Pudgy Penguins (PENGU) on the Solana network (SPL token). According to a report, Robinhood Markets reached $1.01 billion in their Q4 revenue, exceeding the expected $940.8 million. Upbit, the largest exchange in South Korea, will launch TRUMP’s trading pairs of Korean Won, BTC, and USDT. Phantom, the largest wallet on Solana faced an outage but resumed operations shortly.
President Donald Trump is expected to announce another list of tariffs on developing countries in Southeast Asia and Africa including India, Vietnam, and Brazil. On the other hand, the crypto community was excited after WLFI’s co-founder promoted a meme coin based on Barron Trump on his X account. However, it was revealed that the coins were fake as the account was compromised.
Related: Are The Celebrity Coins Simply Just a Hype in The Market?
On the market front, traders of SUI, LINK, and ADA watch key price levels take momentum. While Cardano is on track to hit $0.85 and Sui could retrace to $3.3 after a sharp surge, Chainlink would witness a potential correction if price drops to $17. However, as of press time, the token is trading at $18.79. Binance Coin’s market cap rose 9.83%, surging past Solana. Further, the BNB token recorded increased activity as transaction fees surged 115%.
XRP is expected to gain momentum as it holds above the ascending channel. Further, technical indicators like Wave Trend and Stochastic RSI confirm a bullish breakout while OBV trends upward, indicating a rise in buying pressure. Bitcoin faces resistance at $97K and a breakout could signal further price increase. Further, the MACD indicator signals a reduced bearish momentum.
Tether’s Bitcoin holdings face pressure as US laws tighten while Ethereum foundation moves 45K ETH to DeFi platforms. In a nutshell, while Bitcoin and XRP show bullish potential, stablecoin regulations, ETF developments, and geopolitical factors like Trump’s tariffs add layers of complexity to the evolving crypto market.
