2025-02-08 Daily Crypto News Update

According to Reuters, US President Trump informed Republican lawmakers that he plans to announce an equal tariff policy as early as Friday.
Prior to this, during his campaign, Trump promised to impose tariffs on goods imported into the US at the same rate as the tariffs imposed by the US’s trading partners on American exports. The White House has not yet responded to requests for comments.

Federal Reserve’s Kashkari spoke on macro data, “The rise in the U.S. 10-year Treasury yield is not a concern, which may also stem from the fiscal deficit. The Fed will bring down inflation, and there is a lot of uncertainty about the neutral interest rate level.”
“The most important data today is the 4% unemployment rate. The current labor market remains strong. The economy is robust, and business prospects are optimistic. Regarding U.S. tariff policy, we need to wait and see. We are currently in a good place to wait and see here until we get more information about government policy. If we see good inflation data and the labor market remains strong, then this will lead me to support further rate cuts.”
“If inflation is declining, I don’t see why we should keep rates unchanged. Unless there are some truly surprising changes in fiscal policy, it is expected that by the end of the year, rates will be gently lowered from the current level. It is expected that inflation will continue to decline this year.”

The US Dollar Index (DXY) surged more than 50 points in the short term, now trading at 107.91; non-US currencies declined, with the US Dollar against the Japanese Yen (USD/JPY) jumping more than 100 points in the short term, and the Euro against the US Dollar (EUR/USD) dropping more than 60 points.

Today, the US January seasonally adjusted non-farm payrolls recorded 143,000, well below the market’s expected level of 170,000, hitting a new low since October last year. Federal Reserve’s Gullsby commented on the macro data, stating, “This is a robust non-farm payroll report. It looks like we are about to achieve full employment. Following recent observations, I am optimistic that tariffs will not ultimately be a significant obstacle to trade. Satisfied with the economic development path. Tariffs may become a ‘wrench’ in the supply chain. Wage growth is roughly in line with the 2% inflation level. Long-term market-oriented inflation expectations indicate that the market believes the Fed will keep inflation under control at 2%.”
“Currently, the Federal Reserve is maintaining interest rates unchanged, but in the next 12 to 18 months, interest rates will be slightly lower than the current level. The pace of interest rate cuts will slow down under greater uncertainty. On the road to achieving the 2% inflation target, we may temporarily keep interest rates unchanged. The neutral balance point for interest rates has decreased. Stable rates need to be achieved on a ‘cautious’ timetable. I do not think the Federal Reserve will play a role in any sovereign wealth fund.”

According to Bloomberg, 29-year-old Bo Hines will serve as a White House Digital Asset Policy Advisor, working under the leadership of newly appointed U.S. Special Advisor on Artificial Intelligence and Cryptocurrency, David Sacks, responsible for coordinating communication between the cryptocurrency industry and the government.
Bo Hines is expected to manage a team of 2 to 3 staff members. Previously, this former Yale University football player ran for North Carolina state congress twice unsuccessfully. During his campaigns, he promised to promote the decentralization of the cryptocurrency industry and proposed the establishment of a national Bitcoin reserve.

According to Blockworks, Empire analyst Jason Yanowitz pointed out that if we exclude Strategy’s (formerly MicroStrategy) Bitcoin buying behavior, the current cycle may still be in its early stages. The current Bitcoin price is fully dependent on the over $20 billion thrown in by Strategy from the end of last year to now. The current market is still in the “Player versus Player” (PvP) stage, and venture capital funds have not entered in a large scale yet.
Dan Matuszewski of CMS Holdings agrees with this view, noting that the impact of the 2022 bear market is still ongoing. The market liquidity is severely lacking, unable to drive substantial inflows of funds. Currently, apart from a “few selected targets,” there has not been a large-scale influx of funds. The debate about whether we have reached the peak will intensify. But regardless of the position in the cycle, we must recognize that the new regulatory regime is just beginning, and its policies may become a future catalyst.

Tether CEO Paolo Ardoino posted, stating, “At the El Salvador PlanB forum, I was asked this question: Are you worried about USDT’s competitors? My answer: Many people do not realize that Tether has already built one of the most extensive digital and physical distribution networks in human history over the past 10 years.”
“While some competitors raise funds from investors and increase the market value of their stablecoin on the balance sheet by paying incentives to banks, Tether already has hundreds of thousands of partners, established service terminals in all developing countries, built a digital platform with tens of millions of users, and amazing technology. The scale of our network is already different.”
“This is why USDT has been able to successfully empower 400 million users in emerging markets, enabling them to access the global financial system through the USDT stablecoin. Still, billions of people cannot access basic financial services, these are good people who are simply not bankable because they are too poor. We will continue to fulfill our mission to help them. And in the process, we help the U.S. economy by repurchasing hundreds of billions of U.S. bonds and strengthen the dollar’s position as the most widely used fiat currency in the world. So no, I’m not worried at all.”

According to official sources, FTX will begin initial distribution to eligible claimants in its Chapter 11 convenience class category starting on February 18, 2025. The initial distribution is limited to claimants allowed in the planned convenience class category that have completed the distribution prior to the allocation. Eligible creditors should receive their allocation within 1 to 3 business days starting from February 18, 2025.

According to TheDataNerd monitoring, multiple addresses are accumulating ETH, with 12,624 ETH (31.2 million US dollars) transferred out from CEX in the past 24 hours:
Address “0xc37” transferred out 915 ETH (about 2.46 million US dollars);
Address “0x11d” transferred out 3235 ETH (about 820,000 US dollars);
Address “0x3AA” transferred out 670 ETH (about 1.78 million US dollars);
Address “0x013” transferred out 600 ETH (about 1.55 million US dollars);
Address “0x562” (possibly belonging to Berachain) transferred out 2500 ETH (about 6.48 million US dollars);
Address “0xf36” transferred out 500 ETH (about 1.56 million US dollars);
Address “0x23f” transferred out 2000 ETH (about 5.23 million US dollars);
Address “0xc3e” transferred out 2220 ETH (about 5.83 million US dollars).

In this issue of Time magazine, Elon Musk is featured as the cover figure, with an article titled “Elon Musk’s War on Washington.” The cover depicts Musk in a suit seated behind a luxurious wood-carved desk symbolizing power (or mimicking the Resolute Desk in the Oval Office). To his left is the American flag, and to his right is the presidential flag, implying Musk’s deep ties to presidential power and American politics.
According to the article, “On one side is a 64-year-old institution with a $350 billion budget and a mission explicitly defined by federal law; on the other, a political wrecking crew Musk has assembled to dismantle the bureaucratic apparatus. They call themselves the ‘Department of Government Efficiency’ (DOGE), a group of temporary staff with no charter, no website, and no clear legal authority. Their power emanates from Musk—the richest person on the planet—who has been tasked with dismantling much of the federal bureaucracy—cutting budgets, streamlining the civil service, and stripping independent agencies of their ability to impede the president’s objectives.”