Despite whale deposits, ENA shows resilience as buyers maintain pressure near a key supply zone.
ETF issuers VanEck, 21Shares, and Canary Capital have formally urged the SEC to reinstate the “first-to-file” principle, emphasizing its critical role in fostering innovation and fair competition within the crypto
Beaverbuild, a leading Ethereum block builder, recently deposited 5,500 ETH worth $13.6 million into Binance, signaling significant activity within the Ethereum ecosystem. This transaction is part of a broader pattern,
Wall Street finished ended the week on a strong note as a better-than-expected U.S. jobs report boosted investor confidence. The Dow Jones Industrial Average surged 443 points (1.05%) to lead Friday’s gains among major indices.The S&P 500 advanced 1.03%, closing above the 6,000 level for the first time since February. The Nasdaq Composite climbed 1.2%, dsriven by a rebound in major tech stocks . The S&P 500 and Dow are both up over 1% for the week, while the Nasdaq gained more than 2%. The U.S. economy added 139,000 jobs in May, beating estimates of 125,000, data from the Bureau of Labor Statistics showed. The unemployment rate remained unchanged at 4.2% while wage growth came in slightly better than expected. It is reasonable to conclude we are facing a resilient labor market despite tariff and trade uncertainty, and political turmoil at the White House. Trump vs. Powell on rates Despite the strong data, President Donald Trump renewed his call for the Federal Reserve to cut interest rates by a full percentage point, labeling Fed Chair Jerome Powell a drag on the economy. Trump may not get what he wants as the markets are currently pricing in no chance of a cut at the June meeting. Meanwhile, the odds of a September cut dipped from 74% to 62% after Friday’s report. Meanwhile, Trump announced U.S.-China trade talks will resume in London next week and it will be led by the President’s point man, Treasury Secretary Scott Bessent. Next week’s trading action will be dictated by inflation data and the Fed’s June policy meeting.
Stablecoin issuer Circle's stock skyrocketed out of the gate, beating the initial public markets performance of tech giants.
Wall Street’s addiction to hype just hit a wall. The fallout from the public split between Trump and Elon Musk torched everything tied to their names — from crypto to ETFs. According to data from Bloomberg, the clash between the sitting US President and the world’s richest man wiped billions off trades in less than 24 hours . Stocks linked to their brands collapsed while retail investors scrambled. No speeches. No warnings. Just losses. The drama exploded after a tax bill from the White House threatened to slash Tesla’s electric vehicle subsidies. Elon fired back. Trump, already deep into his second term, didn’t back down. The market responded instantly. Dogecoin fell 10%. Destiny Tech100 Inc., a fund pitched as retail access to SpaceX, tumbled 13%. Leveraged bets around Elon’s empire nosedived by 25%. Even Trump Media & Technology Group took a hit. By the end of the day, anything orbiting either man was bleeding red. Trump’s tax bill triggers massive losses The selloff was driven by panic, not fundamentals. Peter Atwater, who runs Financial Insyghts, said , “You can go from being an incredible beneficiary one moment and then being bludgeoned the next.” Atwater warned that crowded Elon trades are like dominos — once they fall, they don’t stop. While the feud rocked risk-heavy assets, traditional indexes didn’t flinch. The S&P 500 rose 1.5% for the week. The extended FANG index, which excludes Tesla, broke a record. Treasury yields on ten-year bonds surged more than 10 basis points after new jobs numbers killed off short-term recession fears. The dollar, meanwhile, dropped to its lowest point in nearly two years. But retail traders — the ones riding dreams instead of earnings — got smoked. Tesla’s stock acts like a scoreboard for Elon’s ambitions. Trump’s growing crypto empire, his media play, and his MAGA-branded products give him financial influence that stretches far beyond politics. Each post, each insult, each headline — it’s all a chance to suck in capital from retail traders chasing clout instead of value. ARK Innovation ETF and Baron Partners Fund both got caught in the carnage before Friday’s mild rebound. The problem is the entire system is built for these hype trades. Since Elon and Trump teamed up on the campaign trail, backed by Elon’s $250 million contribution, the market has turned into a giant meme casino. Every new product, from joke tokens to leveraged ETFs, promises insane upside with almost no guardrails. Speculative gains vanish in a day Some of those bets were working, for a while. Destiny Tech100 Inc. soared 500% in a month after the November 5 election. Dogecoin ran from 15 cents to 43 cents. Even ARK popped 26% in under two weeks. These moves weren’t backed by earnings calls. They were driven by emotion. Jay Hatfield, CEO of Infrastructure Capital Management, said, “I put him in the separate category of the Zeus of personality cults, beyond anything that has ever happened.” Hatfield was talking about Elon, but the same could apply to Trump, whose fans treat his products like religion. The speculative wave has been building since the pandemic, but got supercharged once Trump returned to the Oval Office. Elon’s economic plan, ironically named after a crypto token born as a dog joke, helped cement the meme style of investing. Meanwhile, Trump’s media company is pushing toward launching the Truth Social Bitcoin ETF , one of several MAGA-themed crypto products feeding this frenzy. It’s not just gamblers getting sucked in though. Bloomberg Intelligence’s Athanasios Psarofagis said 16% of ETFs launched this year are single-stock products using either options or leverage. That’s a record. Most of them are made for retail traders looking to swing big and buy every dip. Dave Mazza, the CEO of Roundhill Investments, who launched a Tesla ETF in February, said, “Retail traders — the bro trade component of retail — they’ve never really cared much about fundamentals.” Mazza said it’s all about the story, not the numbers. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Three prominent financial firms—VanEck, 21Shares, and Canary Capital—have formally challenged the U.S. SEC’s evolving approach to approving crypto exchange-traded funds (ETFs), emphasizing concerns over fairness and market growth. The firms
The post World Liberty Announces Strategic Acquisition of Official Trump ($TRUMP) and the Closure of Trump Meme Wallet appeared first on Coinpedia Fintech News Eric Trump, the Executive Vice President of the Trump Organization, has announced a strategic partnership between the World Liberty Finance (WLFI) and the Official Trump ($TRUMP) memecoin. According to an X post on Friday, Eric announced that World Liberty Finance and the TRUMP meme project will align for mutual long-term success. As a result of the strategic partnership, the TRUMP memecoin project agreed to halt the development of the planned meme wallet in collaboration with Magic Eden (ME). On the other hand, the World Liberty Finance team committed to a significant amount of TRUMP tokens for its long-term treasury management. Breaking News: I am proud to announce the $TRUMP Meme Coin has aligned with @WorldLibertyFi . Although their meme wallet isn’t moving forward, they remain focused on building the most exciting MEME on earth – $Trump . Moreover, we're proud to announce that World Liberty Financial… — Eric Trump (@EricTrump) June 6, 2025 Market Impact of the Collaboration Between Trump Meme and World Liberty Finance The announcement will have a detrimental midterm impact on Magic Eden (ME), which gained notable traction following the purported partnership to launch the Trump meme wallet. Already, ME price has obliterated all the gains made after the announcement earlier this week to trade at about $0.8435 on Friday, June 7 during the late North American session. Meanwhile, TRUMP, a mid-cap memecoin that has a market cap of about $2 billion and a 24-hour average trading volume of about $796 million, has gained significant bullish sentiment. The long-term support from World Liberty Finance will play a crucial role in the overall liquidity provision for the TRUMP memecoin project. As of this writing, the TRUMP meme price hovered about $10, up around 5 percent in the past 24 hours.
ETF issuers say abandoning the long-held first-to-file method stifles innovation and rewards lazy behavior on the part of filers.
Davis Commodities (NASDAQ: DTCK) has taken a notable step by allocating $4.5 million of its recent $30 million fundraising round to Bitcoin, signaling growing institutional confidence in digital assets. This