Crypto Daily | Bitcoin Steadies Above $70,000; Power Stays with Trump Administration Parents While Their Kids Mint Crypto Fortunes

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Bitcoin Steadies Above $70,000 After Wild Roller-Coaster Ride

Bitcoin stabilized above $70,000 in Asia trading Monday following a roller-coaster ride at the end of last week.

The original cryptocurrency briefly dipped as low as $69,991 early in Singapore but was holding around $70,876 at 14:10 p.m., almost unchanged from its open. The relative calm was in stark contrast to last week’s wild swings that saw Bitcoin on Thursday plunge to $60,033, its lowest since October 2024, before rallying back above $70,000 on Friday.

Ethereum(ETH) Rises to $2,100 with a 0.3% Increase in 24 Hours

Ethereum has crossed the $2,100 benchmark and is now trading at $2,087, with a narrowed 0.3% increase in 24 hours.

Power Stays with Trump Administration Parents While Their Kids Mint Crypto Fortunes

One generation runs the country. The next one, newly fluent in crypto, is getting rich fast, The Wall Street Journal reported late Saturday.

As senior figures took the reins in Washington, their sons built digital-asset ventures that threw off cash at a pace old-line businesses never matched. The clearest example is World Liberty Financial, a crypto outfit launched during Donald Trump’s time out of office and turbocharged after his return. Led by Zach Witkoff, the son of presidential envoy Steve Witkoff, the firm has paid out at least $1.4 billion to the Trump and Witkoff families since the election, according to disclosures reviewed by the Journal.

The pattern repeats across the administration’s orbit. Eric Trump fronts a bitcoin mining company valued at more than $1 billion at launch. Don Jr. and Barron Trump co-founded World Liberty alongside Witkoff. Brandon Lutnick, son of Commerce Secretary Howard Lutnick, now runs Cantor Fitzgerald, which has emerged as a go-to bank for crypto deals. All were crypto novices a few years ago; all raised billions before the market cooled, limiting their exposure compared with retail investors.

Gold and Silver Prices Surge Amid Market Volatility

Gold prices have officially reclaimed the $5,000 per ounce mark, while silver has risen back to $80 per ounce, signaling a turbulent week ahead for the markets. The Kobeissi Letter posted on X, highlighting these significant developments in the commodities sector. The surge in precious metal prices reflects ongoing market volatility and investor uncertainty. Analysts are closely monitoring these trends as they may impact broader economic conditions. The rise in gold and silver prices is often seen as a hedge against inflation and economic instability, attracting investors seeking safe-haven assets. As the week progresses, market participants are advised to stay vigilant and consider the implications of these price movements on their investment strategies.

Strategy's Debt Strategy Hinges on Bitcoin's Long-Term Growth

Strategy CEO Phong Le has outlined the company's approach to managing its convertible debt, emphasizing that significant pressure would only arise if Bitcoin's price dropped to $8,000 and stayed at that level for five years. According to NS3.AI, Le highlighted that the company's debt strategy relies on Bitcoin's historical average annual growth rate of about 30%. He further noted that as long as funding costs remain below approximately 20%, the strategy continues to generate value for shareholders. Le also stated that the company aims to maintain yield stability even if Bitcoin's price experiences substantial increases.

Dorsey’s Block Cutting Up to 10% of Staff in Efficiency Push

Jack Dorsey’s Block, Inc. has been notifying hundreds of employees that their jobs may be eliminated during annual performance reviews as the payments firm embarks on a broader business overhaul.

Up to 10% of Block’s workforce is at risk of being cut, according to people familiar with the matter who were granted anonymity to discuss sensitive information. The company had fewer than 11,000 employees as of late-November, an executive said at the time.

Cryptocurrency Google Search Volume Hits Yearly Low Amid Market Downturn

Google search volume for cryptocurrency has reached its lowest point in a year, signaling a decrease in investor interest. According to NS3.AI, the Google Trends index is currently at 30 out of 100, marking a substantial drop from last August's peak of 100. This decline highlights weakening investor sentiment as the broader crypto market continues to experience a downturn.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF last Friday was $371.15 million. The total net asset value of Bitcoin spot ETFs is $89.43 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.39%.

The Bitcoin spot ETF with the highest net inflow on Feb. 6 was iShares Bitcoin Trust ETF, with a net inflow of $231.62 million. Followed by ARK 21Shares Bitcoin ETF, with a net inflow of 43.25 million, according to SoSoValue.

SoSoValue