Trump Tariffs Trigger $BTC Drop Below $65K
Bitcoin ($BTC) price declined over 5%, falling below $65,000, following President Donald Trump's announcement of plans to implement 15% global tariffs.
$BTC is trading at $65,713.00, down 3.29% in 24 hours and 4.8% over seven days. The market reacted with bearish sentiment, evidenced by the Fear & Greed Index registering 0/100.
$BTC sentiment registered 64.3% bullish, below its typical 65-75% baseline. U.S. Google searches for “Bitcoin to zero” surged. The $BTC Long/Short ratio stands at 66% long, and $BTC mindshare recorded a 1.1% change.
Crypto Liquidity Plunges to FTX-Era Lows Amidst $3B $USDT Drop
Broader crypto market liquidity has fallen to levels last observed during the FTX collapse, driven by a contraction in stablecoin supply. Over the past 60 days, Tether ($USDT) supply decreased by over $3 billion. This reduction in available $USDT coincides with conditions seen near Bitcoin's ($BTC) 2022 market bottom.
GigaBrain sentiment scores for discussions related to this $USDT liquidity signal registered around 24-25.
X Platform Reveals Crypto Account Bribery Ring
The X platform announced on May 15, 2024, the discovery of an employee bribery scheme to illicitly reinstate suspended crypto accounts. An internal investigation uncovered a network where employees accepted payments to circumvent security protocols.
Three X employees facilitated the reinstatement of approximately 60 accounts. These accounts had been suspended for violating X's terms of service, primarily for crypto scam promotion and market manipulation. Bribes ranged from $5,000 to $25,000 per reinstatement.
X terminated the employment of all three implicated individuals and referred the matter to law enforcement for criminal investigation. All illicitly reinstated accounts have been permanently banned.
Sentiment on platform security dropped 4 percentage points to 62% bullishness in online discussions following X's announcement. No price movements in major cryptocurrencies, including $BTC or $ETH, were observed following the news.
Court Rules XRP Programmatic Sales Not Securities
A court issued a ruling in the legal battle between the US Securities and Exchange Commission (SEC) and blockchain company Ripple Labs concerning the regulatory status of its native digital asset, $XRP.
The SEC's lawsuit alleged Ripple's $XRP sales were unregistered securities offerings, creating regulatory uncertainty for the token.
The court ruled that programmatic sales of $XRP (transactions conducted automatically on digital asset exchanges) do not violate existing securities laws.
Despite this seemingly positive legal clarity, the price of $XRP was recorded at $1.340000, down 5.6% in 24 hours and 10.1% over seven days. $XRP's mindshare changed by 0.8%.