Weekly Market Highlights - Trump’s Tariffs Shake Markets

07 February 2025Macro/TradFiTalk of Trump's new tariffs shook the markets this week. Fears of a trade war caused $2.3 billion in crypto liquidations on Monday, per CoinGlass. On Tuesday, Trump delayed the 25% tariffs on Canada and Mexico for 30 days. The 10% tariffs levied on Chinese goods took effect on Tuesday however. Minutes after, Beijing announced 10-15% retaliatory tariffs on U.S. products, including coal and liquid natural gas, effective Feb 10.Beijing also filed a lawsuit against the tariffs with the WTO, aiming to portray the country as a champion of global rules, in contrast to Trump's America, say analysts.MicroStrategy, the software company turned "bitcoin development" firm, unveiled a new name and logo ahead of its Q4 earnings report. The company will now be called Strategy.The SEC has acknowledged Solana and Litecoin ETF applications, setting an October deadline for approval or denial.CryptoL1/L2:Analytics firm IntoTheBlock reported nearly $1 billion in ether left centralized exchanges on Monday, the highest single-day net outflow since January 2024. "Traders took advantage of the drop to accumulate ETH," the firm said in a Telegram broadcast.On Monday, pessimistic proofs went live on the Agglayer mainnet. These proofs ensure no single chain can withdraw more than deposited from the unified bridge, making Agglayer more flexible and secure for cross-chain interoperability.Berachain launched its "proof-of-liquidity" layer-1 blockchain and began its BERA token airdrop.DeFi:According to a Blockworks article, World Liberty Financial, backed by Trump, is offering "token swap" deals to blockchain teams: buy $10M in WLFI tokens with a 10% fee, and they'll match the purchase in the blockchain's native token.0G Foundation launched an $88.88 million fund to boost AI-powered DeFi projects and autonomous agents (DeFAI).Uniswap launched its v4 DEX on 12 blockchains on Jan. 31. The upgrade features "hooks," allowing developers to create custom trading logic.Stablecoins:Senator Hagerty, with co-sponsors, introduced the U.S. Stablecoins (GENIUS) Act, allowing state regulation of payment stablecoins under $10 billion.Tether, the issuer of USDT, is venturing into AI with a new platform. CEO Paolo Ardoino announced AI applications for translation, voice assistance, and Bitcoin wallet management, with an open-source SDK launch planned for March 2025.Tether also announced plans to launch USDT on Bitcoin and the Lightning Network, enabling high-speed, scalable transactions on the number one blockchain.Others:India is reconsidering its cryptocurrency stance due to global shifts, a senior official told Reuters.U.S-based cryptoasset exchange operator, Bullish Global, backed by billionaire Peter Thiel, is reportedly eyeing an IPO this year.Latest Binance Research Publications Check out our latest publications:Monthly Market Insights - February 2025From Challenges to Opportunities: How DeSci Reimagines ScienceFull-Year 2024 & Themes for 2025Explore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. 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