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As U.S. President Trump announced the application of additional tariffs of over 10% to trade partner countries, the cryptocurrency market, including BTC, sharply declined on the 3rd. President Trump presented a rationale of eliminating discrimination against U.S. companies at an event in the White House Rose Garden, raising tariff rates for existing trade partners. Mutual tariff rates by country are 25% for South Korea, 34% for China, 20% for the European Union (EU), 46% for Vietnam, 32% for Taiwan, 24% for Japan, and 26% for India. Following Trump's announcement, altcoins dropped by over 5%, with BTC falling by about 3% due to global inflation concerns.
2. Nansen: "Cryptocurrency to Plunge Before June"
On-chain analysis platform Nansen assessed a roughly 70% probability of the cryptocurrency market hitting bottom within two months due to economic recession from Trump's expanded trade war, as per their report released on the 3rd.
3. Japan's Sumitomo Mitsui Group Announces Stablecoin Issuance with Avalanche and Fireblocks
On the 2nd, Japan's Sumitomo Mitsui Financial Group announced plans to establish a joint venture for stablecoin issuance with the Avalabs cryptocurrency foundation and Fireblocks, a cryptocurrency management system specialist. The Mitsui Group stated in an official statement that they will prepare to issue a stablecoin with the aim of starting experiments in the second half of 2025, primarily for inter-corporate payment processing.
4. Stablecoin FDUSD Loses Dollar Peg Following Justin Sun's "Insolvency" Claim
On the 3rd, the stablecoin First Digital (FDUSD) lost its dollar peg following Justin Sun's claim that the issuing foundation does not hold assets equivalent to its issued volume. The First Digital Foundation posted on their official X account that "First Digital's asset status is safe and there is a clear accounting report," but the First Digital price has not recovered to $1.
5. Ripple "Integrates Stablecoin RLUSD into Ripple Payment"
Ripple has integrated the stablecoin RLUSD into its Ripple Payment network. Cryptocurrency media Bitcoin.com reported on the 3rd that about two months after market launch, RLUSD's market capitalization exceeded $250 million on the 2nd, and Ripple integrated RLUSD into Ripple Payment.
6. U.S. Congresswoman: "Trump Attempting to Replace Dollar with Personal Stablecoin"
On the 2nd, Democratic Congresswoman Maxine Waters claimed in a hearing that President Trump is planning to replace the dollar with a stablecoin he would issue.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
