Headlines
▌Federal Reserve Meeting Minutes: Trade Policies Drag on Economic Activity More Than Expected
The Federal Reserve meeting minutes mentioned that staff predictions for real GDP growth in 2025 and 2026 are lower than those from the March meeting, as announced trade policies will cause actual economic activity to be more constrained compared to previously assumed policies. Trade policies are expected to slow productivity growth, thereby reducing potential GDP growth in the coming years. As the drag on demand is expected to start earlier and be larger than the supply response, the output gap is predicted to significantly expand during the forecast period. The labor market is expected to weaken substantially, with unemployment projected to be higher than staff estimates of the natural unemployment rate by the end of this year and remain above it until 2027.
▌Ark Investment Plans to Purchase $150 Million Worth of Circle IPO Stocks
Cathie Wood's Ark Investment Management plans to purchase $150 million worth of Circle IPO stocks. Previously reported, BlackRock plans to subscribe to 10% of Circle IPO shares.
Market
As of filing, according to CoinGecko data:
BTC price is $107,900, 24-hour change -1.1%;
ETH price is $2,676.45, 24-hour change +0.6%;
BNB price is $687.15, 24-hour change +0.1%;
SOL price is $172.80, 24-hour change -2.5%;
Doge price is $0.2212, 24-hour change -2.1%;
XRP price is $2.28, 24-hour change +1.8%.
Policy
▌US Vice President Vance Predicts US Bitcoin Holders Will Double, Promises Friendly Regulatory Framework
US Vice President Vance stated that approximately 50 million Americans hold Bitcoin, and he believes this number will soon increase to 100 million. Vance welcomed cryptocurrencies entering the US economic "mainstream", pledging to create "innovation-supporting" rules for digital assets and praising the crypto billionaires who supported Trump's presidential bid. On Wednesday, Vance spoke to thousands of Bitcoin investors in orange uniforms in Las Vegas, praising the rise of cryptocurrencies and predicting the number of Bitcoin holders in the US will soon double. "This is a movement - I'm proud to stand with you today," Vance said on a stage named after Bitcoin's anonymous developer Satoshi Nakamoto. "We want our American compatriots to know that cryptocurrencies and digital assets, especially Bitcoin, are part of the mainstream economy and will continue to exist." Vance said the Trump administration will quickly develop a token regulatory framework pegged to the US dollar. The next priority will be creating a "transparent and tailored digital asset regulatory framework - one that supports innovation and fully integrates cryptocurrencies into the mainstream economy".
▌US Court Halts Trump's "Liberation Day" Trade Policy
A US federal court (US International Trade Court) on Wednesday blocked the implementation of President Trump's "Liberation Day" tariffs, ruling that Trump's invocation of the International Emergency Economic Powers Act to impose comprehensive tariffs based on trade deficits was an overreach of power. The Manhattan-based International Trade Court stated that the US Constitution grants Congress exclusive rights to manage trade with other countries, and the president's international emergency powers to protect the US economy cannot override this. The lawsuit was filed by the nonpartisan Liberty Justice Center on behalf of five US small businesses importing goods from tariff target countries. These businesses stated that the tariffs would harm their business capabilities. This lawsuit is one of seven legal challenges to Trump's tariff policy, with additional challenges from 13 US states and other small business groups.
Blockchain Applications
▌GameStop CEO: Bitcoin Can Hedge Against Global Currency Depreciation
GameStop's CEO explained why the company purchased over $505 million of Bitcoin, stating that "Bitcoin can hedge against global currency depreciation."
▌Coinbase Partners with Toronto Football Club to Promote Cryptocurrency
Coinbase announced a multi-year league agreement with Toronto FC and Toronto Argonauts, combining digital marketing activities and providing cryptocurrency education programs aimed at enhancing fan engagement.
Cryptocurrency
▌VivoPower Raises $121 Million Under Saudi Royal Support to Launch XRP Financial Strategy
Nasdaq-listed energy company VivoPower International (VVPR) announced on Wednesday that it has reached a $121 million private equity placement agreement to fund its transformation focusing on XRP digital asset strategy. The company spokesperson stated that the financing was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, investing $100 million. According to documents submitted to the SEC on Wednesday, the company plans to issue 20 million common shares at $6.05 per share. The press release noted that Adam Traidman, former executive of SBI Ripple Asia, will join the company as chair of the advisory committee. Founded in 2014, VivoPower stated its goal is to become a listed company with an XRP-centric crypto funding strategy.
▌Pakistan Plans to Establish Bitcoin Strategic Reserve
A cryptocurrency advisor to the Pakistani government announced on Wednesday that the country will launch a strategic Bitcoin reserve. The newly appointed Prime Minister's Special Assistant for Blockchain and Cryptocurrency, Bilal Bin Saqib, stated at the Bitcoin 2025 conference in Las Vegas that the Pakistani government is planning to establish its own Bitcoin strategic reserve. An official added: "We were inspired by (the US government)." Earlier this year, President Donald Trump signed an executive order paving the way for the US to establish a strategic Bitcoin reserve. He added: "We will hold these Bitcoins and never sell them."
Important Economic Developments
▌"Federal Reserve Megaphone": Fed Minutes Highlight Concerns About Price Increases
Nick Timiraos, the "Federal Reserve megaphone", stated that Federal Reserve officials at the earlier meeting this month expressed concerns that significantly raising tariffs could drive up prices and potentially trigger higher inflation. The latest meeting minutes show that policymakers largely agreed that increased economic uncertainty and risks of unemployment and inflation should not change their wait-and-see policy stance. The minutes stated: "Participants unanimously agreed that economic uncertainty has further increased, so it is appropriate to take a cautious approach until the net economic impact of a series of government policy changes becomes clearer." During the official meeting from mid-March to early May, Trump raised tariffs on most US trading partners and then temporarily suspended some of the most aggressive tax increases.
Jinse Encyclopedia
▌What Are Ethereum Futures ETFs and How Do They Work?
Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself.
Consider a contract promising to purchase Ethereum at a specific price at a future time. These derivative contracts are traded through Ethereum (ETH) Futures Exchange Traded Funds (ETFs), providing a regulated method of investing in Ethereum using a brokerage account.
Disclaimer: Jinse Finance, as a blockchain information platform, provides article content for informational purposes only and does not constitute actual investment advice. Please establish a correct investment concept and be sure to improve risk awareness.
