Bessent expects tariff easing for China. Trump to host dinner with $TRUMP holders

Hey there! 👋

After weeks of uncertainty and pain, full-scale relief has finally arrived in the crypto market. But what triggered this dramatic turnaround? Let’s dive into the details in this week’s digest 👇

quick weekly news

Trump was warned of empty shelves and financial turmoil from tariffs and firing Powell

First, a perhaps not-so-obvious yet positive piece of news that shook not only the U.S. stock market but also the crypto market is Trump’s U-turn on key economic policies. It seems that, after weeks of attempting to gain negotiating leverage for the country and facing backlash from other nations over tariffs, the U.S. President has reverted to a less radical stance.

According to CNN, the main reason behind this shift might be multiple warnings from top-tier American CEOs, most of whom supported Trump during his 2024 election campaign. This development comes just weeks after reports emerged that Elon Musk, a strong Trump supporter, and Scott Bessent, the U.S. Secretary of the Treasury, teamed up to persuade Trump to abandon the “Liberation Day” tariffs, which they warned could be disastrous for the U.S. economy. Now, rumors have also surfaced about a possible easing of tariff rates on China, which remains the U.S.’s main trading partner. 

Another positive sign for the U.S. economy this week was the news that Trump appears to have abandoned his attempts to fire Federal Reserve Chairman Jerome Powell or force him to lower interest rates, despite inflation risks tied to the tariffs. Markets seem to trust Powell, and the reassurance that the Fed will remain independent is a positive sign for the long-term health of the economy.

US President’s planned dinner for TRUMP memecoin holders

But that’s not the end of Trump-related news. On April 23, 2025, the team behind the official memecoin $TRUMP announced a private dinner scheduled for May 22 at the Trump National Club in Washington, D.C., exclusively for the top 220 memecoin holders.

Moments after the announcement, the coin surged over 50%, reaching nearly $14 per coin. It is currently trading around the $12 mark, with a market capitalization of $2.4B. Notably, its 24-hour trading volume skyrocketed to over $5.4B, more than double its current market cap.

Source: GoodCrypto

Even more interestingly, the Trump team also revised the lockup terms for tokens that were set to be unlocked within the next 90 days. A spokesperson on X stated: “Tokens from the initial cliff and from the following three months of daily unlocks will remain locked, each for an additional 90 days.”

Ubisoft brings ‘Might & Magic’ to Ethereum via Immutable card game

In the days leading up to the news, Immutable X – an Ethereum Layer 2 blockchain focused on NFTs, teased a massive “billion-dollar” partnership. It was later revealed to be a collaboration with Ubisoft, the game development company behind Assassin’s Creed, Far Cry, and Just Dance.

According to the announcement, Immutable will develop a card strategy game titled Might & Magic: Fates, based on the long-running Might & Magic series. The game will be free-to-play on iOS and Android, allowing players to collect and trade hundreds of cards featuring legendary creatures and heroes from the franchise.

However, despite the scale of the partnership, the involvement of Ubisoft, still a major name in gaming, but currently experiencing a downturn, raises some doubts about the game’s potential success. Ubisoft had previously released a Web3 strategy game, Champions Tactics: Grimoria Chronicles, which ultimately failed and was abandoned shortly after its release due to a lack of active players.

Ubisoft’s stock ($UBI) has also seen a steep decline, over 50% this year and more than 80% in the past five years. Many gamers have even labeled the company “dead” unless it shifts its focus back to traditional Web2 gaming.

As a result, it remains uncertain whether this new project will mark a turning point for Immutable X and Ubisoft, or simply be the final nail in the coffin for both companies.

Source: TradingView

Americans lost $9.3B to crypto fraud in 2024

Recently, the U.S. Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) released its annual report on scams and fraud involving crypto in 2024. According to the report, IC3 received nearly 140,000 complaints related to crypto scams, which collectively resulted in $16.6M in losses.

Individuals over the age of 60 were the most affected demographic, with over 33,000 complaints and $2.8B lost. In contrast, individuals under the age of 20 accounted for only a small fraction of losses, around $7M.Source: FBI report

“Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023,” the FBI noted. Additionally, total losses from ransomware surged by approximately 66%, increasing from nearly $5.6B in 2023 to $9.3B in 2024.

This significant rise in losses may be partially attributed to the boom in the memecoin space, which saw a wave of rug pulls and scams launched on platforms like pump.fun throughout 2024.

As always, do your own due diligence before investing in any coin, especially those on-chain.

Stay safe!

Ichimoku Cloud definition and uses by GoodCrypto

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How to Use Ichimoku Cloud:

🔸 Bullish Trend: When the price is above the cloud and the cloud is green, with both Tenkan Sen and Kijun Sen above the cloud, this signals a strong buy opportunity;
🔸 Bearish Trend: When the price is below the cloud and the cloud is red, with both Tenkan Sen and Kijun Sen below the cloud, this indicates a go-to sell signal;
🔸 Neutral Zone: If the price is inside the cloud, it’s a consolidation zone, where you should avoid entering trades until clearer signals appear.

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