Crypto Daybook Americas: Trump’s Looming Tariff Escalation Fails to Rattle Bitcoin

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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

So, here we are, folks! Despite President Trump’s latest tariff tantrum, Bitcoin (BTC) is just sitting there, sipping a piña colada and looking fabulous. Meanwhile, foreign exchange risk barometers like AUD/JPY are giving us all the positive vibes. Later today, Trump is set to slap a 25% tariff on steel and aluminum imports, because why not? It’s not like we’re in a global economic crisis or anything. 🙄

Now, this market calm before the tariff storm is a stark contrast to last week’s panic when Trump fired the first tariff shot. Maybe the market thinks he’s just playing a game of poker, trying to bluff his way to better trade deals. After all, he did suspend tariffs on Mexico and Canada for 30 days last Monday. Strategic genius or just a really good negotiator? You decide!

According to QCP Capital, this newfound market stability might just give Trump the courage to go full-on Tarzan. “A feedback loop is emerging — President Trump, highly sensitive to market reactions, is facing a market increasingly calling his bluff. This could embolden him further, adding another layer of volatility,” they said in a Telegram broadcast. Because who doesn’t love a little extra volatility in their life? 🎢

And speaking of social media, there’s a post making the rounds about record open short positions in the CME-listed cash-settled ether futures. But don’t panic! Those shorts might not be as bearish as they sound. They could just be savvy investors hedging their bets while holding long positions in ETFs. And let’s not forget the ETH ETF inflows that surged last week. It’s like a game of financial chess, and we’re all just pawns! ♟️

Over the weekend, Base member Kabir.Base.eth decided to clear the air, refuting claims that Coinbase was selling ETH earned as fees. Transparency is key, right? Or is it just a fancy way of saying, “Trust me, I’m not lying”? 🤔

In other news, the president of the Central African Republic, Archange Touadéra, has launched a new memecoin that turned a trader’s $5,000 into a jaw-dropping $12 million in less than three hours. Talk about a return on investment! If only my bank account could pull off such stunts! 💸

Meanwhile, litecoin (LTC) is strutting its stuff as the top-performing cryptocurrency of the past 24 hours, up 9%. Go, Litecoin, go!

On the macroeconomic front, U.S. consumer inflation expectations are rising, which has everyone biting their nails over the Federal Reserve’s rate cuts. And don’t forget, the U.S. Consumer Price Index (CPI) is due for release on Wednesday. Stay alert, people! 📈

Conferences:

CoinDesk’s Consensus to take place in Hong Kong on Feb. 18-20 and in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

  • Feb. 13-14: The 4th Edition of NFT Paris.
  • Feb. 18-20: Consensus Hong Kong
  • Feb. 19: Sui Connect: Hong Kong
  • Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)
  • Feb. 25: HederaCon 2025 (Denver)

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2025-02-10 15:05