Crypto bounces back post-Trump tariff remarks as BitGo eyes $2.1B IPO

Major cryptocurrencies are seeing a rebound in the green following Donald Trump’s pivot regarding European Union tariffs. Bitcoin climbed 2% to $89,900, Ethereum increased 2% to $2,995, Solana rose 2% to $130, and XRP gained 3% to reach $1.94. Among the top movers, CC jumped 15%, SKY grew 11%, and SAND advanced 10%. Overall, the digital asset markets experienced over $1 billion in liquidations as Bitcoin recovered sharply after the president signaled a step back from his proposed tariff plans.

In network developments, Vitalik Buterin put forward a proposal for native Distributed Validator Technology (DVT) staking aimed at boosting Ethereum’s security and decentralization, pointing to ongoing protocol-level testing and experimentation.

Institutional milestones also made headlines as BitGo revealed its initial public offering priced at $18 per share, which places the company’s valuation at approximately $2 billion. Meanwhile, the Senate Agriculture Committee confirmed that its iteration of the Clarity Act will advance to a markup phase next week, moving forward despite a lack of bipartisan backing.

In traditional financial sectors, mortgage lender Newrez is investigating the possibility of factoring Bitcoin and Ethereum into mortgage qualifications, utilizing discounted asset valuations to factor in cryptocurrency market volatility. Overseas, regulators in Hong Kong have taken steps to roll out stablecoin licenses via a fresh regulatory framework that mandates stringent operational, reserve, and compliance standards. Additionally, Russian courts established a legal precedent for upcoming civil and criminal litigation by ruling that cryptocurrencies officially qualify as property under the law.

President Trump stated his aspiration to sign a crypto market structure bill in the near future, even as legislative hurdles and debates over the precise boundaries of regulatory oversight persist. On the security front, Saga’s EVM blockchain paused its operations in the wake of a $7 million security breach, with the stolen assets subsequently bridged over to Ethereum. Lastly, restaurant chain Steak ’n Shake introduced a Bitcoin bonus initiative for its hourly staff members, giving employees the option to receive a portion of their earnings in BTC.

Frequently Asked Questions

How did major cryptocurrencies react to the tariff news?

Major digital assets turned green and rebounded following President Trump’s pivot on EU tariffs, with Bitcoin, Ethereum, and Solana all rising by 2%, and XRP gaining 3%.

What valuation did BitGo receive for its IPO?

BitGo announced its initial public offering at $18 per share, which gives the company a valuation of approximately $2 billion.

Why did Saga’s EVM blockchain halt operations?

Saga’s EVM blockchain stopped working after suffering a $7 million hack, which involved stolen funds being bridged to Ethereum.

How are Russian courts currently classifying cryptocurrencies?

Russian courts have ruled that cryptocurrencies qualify as property under the law, creating a legal precedent for upcoming civil and criminal cases.

What new program did Steak ’n Shake launch for its workers?

Steak ’n Shake introduced a Bitcoin bonus initiative allowing hourly staff members to earn a portion of their compensation in BTC.