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Analysts from cryptocurrency analytics firm MarktQuant have revealed a little-known metric that affects the price of Bitcoin.
SHIB and BTC are well in the green on a weekly scale, while the Pi Network team announced some important amendments.
Quick Take Cryptocurrencies and U.S. stocks are now more closely aligned than at almost any time in recent years, according to a Bloomberg report on a new correlation study. This increasing positive correlation suggests that macroeconomic factors, particularly following last week’s Federal Reserve rate cut, are significantly influencing both markets, the report noted.
Quick Take Ethereum has outperformed bitcoin since the U.S. Federal Reserve cut its Federal Funds rate by 50 basis points last Wednesday. This upward momentum coincides with a significant increase in the ether open interest-weighted perpetual futures funding rate, indicating stronger demand for long positions and growing optimism among traders that the price of ether may rise.
- 21:40US Vice President Vance Predicts US Bitcoin Holders Will Double, Promises to Develop a Friendly Regulatory FrameworkAccording to a report by Jinse Finance, U.S. Vice President Vance stated that approximately 50 million Americans hold Bitcoin, and he believes this number will soon increase to 100 million. Vice President Vance welcomed the entry of cryptocurrency into the "mainstream" of the U.S. economy, vowing to establish "innovation-supporting" rules for digital assets and praised the cryptocurrency billionaires who supported Trump's presidential bid last year. On Wednesday, Vance addressed thousands of Bitcoin investors dressed in orange uniforms in Las Vegas, touting the rise of cryptocurrency and predicting that the number of Americans holding Bitcoin will soon double. "This is a movement—I am proud to stand with you today," Vance said on a stage named after Bitcoin's anonymous developer Satoshi Nakamoto. "We want our fellow Americans to know that cryptocurrencies and digital assets, especially Bitcoin, are part of the mainstream economy and are here to stay." Vance stated that the Trump administration will quickly establish a regulatory framework for tokens pegged to the dollar. The next priority will be to create a "transparent and tailored regulatory framework for digital assets—a framework that supports innovation and fully integrates cryptocurrency into the mainstream economy."
- 21:35The US Dollar Index rose by 0.35% on the 28thThe U.S. dollar index, which measures the dollar against major currencies, rose 0.35% on the day, closing at 99.874 in the forex market.
- 20:58Trump responds to "TACO" deal, slams Wall Street for not understanding negotiationsThere is a saying circulating on Wall Street now that Trump ultimately does not want to fulfill his extreme tariff threats. Trump is annoyed by this rhetoric, stating that his repeated retreats are part of a trade compromise strategy. "It's called negotiation," Trump said, explaining that as part of the negotiation, he intentionally "sets an outrageously high number" and then "adjusts it slightly downward." During an event in the Oval Office, Trump was asked to respond to reports of the so-called "TACO" deal. TACO stands for Trump Always Chickens Out, where investors buy low after Trump issues tariff threats, and when he eventually softens his tone, the stock market rebounds.