Trump escalates trade war, Bitcoin at $80.000
On April 8, 2025, President Donald Trump intensified the ongoing trade conflict with China by threatening an additional 50% tariff on Chinese goods unless Beijing retracts its retaliatory measures by April 9. This announcement, made via Truth Social, follows China’s recent 34% tariff increase, which Trump labeled as exacerbating longstanding trade abuses.He dismissed the notion of pausing tariff actions for negotiations, asserting that many nations are eager to establish new trade agreements with the U.S., but only on terms he deems fair. National Economic Council Director Kevin Hassett supported this stance, noting that officials from over 50 countries have expressed interest in forming new trade deals with the U.S.
China’s response was swift and assertive. Liu Pengyu, spokesperson for the Chinese embassy in Washington, condemned the U.S. actions as unilateralism, protectionism, and economic bullying. He emphasized that threats are unproductive in negotiations and affirmed China’s commitment to safeguarding its interests.
The financial markets reacted with notable volatility. The S&P 500 experienced significant fluctuations before closing down 0.2%. Apple Inc., heavily reliant on Chinese manufacturing, saw its stock drop by 3.7%, reflecting investor concerns over potential supply chain disruptions. Conversely, the Nasdaq Composite edged up by 0.1%, indicating mixed sentiments across different sectors.
Prominent investor Ray Dalio provided a broader perspective, suggesting that the focus on tariffs overlooks deeper, more perilous trends. He pointed to unsustainable debt levels in both public and private sectors as fundamental issues contributing to global instability. Dalio warned that economies like the U.S., heavily dependent on borrowing, and creditor nations like China, overexposed to American debt, are part of a fragile system unraveling amid eroding trust and accelerating deglobalization.
In the midst of these economic tensions, Bitcoin has emerged as a notable beneficiary. The cryptocurrency’s value surged, reaching $80,000, as investors sought refuge from traditional market uncertainties. This trend underscores a growing perception of digital currencies as viable safe-haven assets during periods of geopolitical and economic turmoil.
In summary, the escalation of the U.S.-China trade war, marked by increased tariffs and heightened rhetoric, has led to market volatility and intensified concerns about global economic stability. Amid these developments, cryptocurrencies like Bitcoin are gaining prominence as alternative assets for investors navigating the uncertain landscape.
Source: Coinpaprika
Ripple buys crypto broker Hidden Road
Ripple, a blockchain-based payments network, has announced its acquisition of crypto-friendly prime broker Hidden Road for $1.25 billion, marking one of the largest mergers in the cryptocurrency industry to date. This strategic move positions Ripple as the first crypto firm to own and operate a global, multi-asset prime brokerage. Hidden Road currently clears over $3 trillion across more than 300 institutions, and this acquisition is expected to reinforce Ripple’s position as the world’s largest non-bank prime broker.
The acquisition also aims to bolster Ripple USD (RLUSD), an institution-focused stablecoin launched by Ripple in December 2024. Ripple has been a customer of Hidden Road for years, and this longstanding relationship has given Ripple firsthand experience of Hidden Road’s expertise. Ripple CEO Brad Garlinghouse highlighted that Hidden Road’s $3 trillion in annual clearing will integrate with Ripple-backed XRP and its underlying decentralized, public blockchain, the XRP Ledger (XRPL).
Garlinghouse emphasized that instead of waiting up to 24 hours to settle trades through fiat rails, Hidden Road will utilize XRPL for clearing a portion of trades and use RLUSD as collateral across its prime brokerage services. He noted that the significance of this deal lies not just in its price tag, but in the opportunity it presents for crypto to access the largest and most trusted traditional markets, and vice versa.
This acquisition comes at a pivotal time in the U.S. digital assets industry, amid a regulatory shift. Garlinghouse stated that the U.S. market is effectively open for the first time due to the end of the regulatory overhang from the former SEC, and the market is maturing to address the needs of traditional finance. He added that Ripple is continuing to pursue opportunities to transform the space, leveraging the strengths of XRP to accelerate business and enhance current solutions and technology.
Marc Asch, founder and CEO of Hidden Road, expressed confidence in the anticipated growth of the company with the acquisition. He stated that with new resources, licenses, and added risk capital, the deal will unlock significant growth in Hidden Road’s business, allowing for increased capacity to their customer base, expansion into new products, and servicing more markets and asset classes.
Source: Cointelegraph
Bitcoin user accidentally pays $70K in fees after RBF error
A Bitcoin user inadvertently paid a transaction fee of 0.75 BTC, equivalent to approximately $70,500, due to a panic-induced replace-by-fee (RBF) error. This incident underscores the potential risks associated with manual transaction settings in cryptocurrency wallets.
The sequence began when the user initiated a Bitcoin transaction with a default or conservative fee. Seeking to expedite the process, the user employed the RBF feature, which allows for the replacement of an unconfirmed transaction with a new one that includes a higher fee. The first RBF attempt nearly doubled the initial fee and altered the transaction’s target address.
However, this transaction remained unconfirmed. In a subsequent attempt to ensure confirmation, the user executed another RBF transaction, this time significantly increasing the fee to 0.75 BTC. This final transaction was confirmed, resulting in the substantial fee payment.
Anmol Jain, vice president of investigations at crypto forensics firm AMLBot, analyzed the situation and suggested that the user may have intended to set a fee of 30.5692 satoshis per byte but, possibly due to haste or typographical error, ended up setting it to 305,692 satoshis per byte.
Additionally, the user added an extra unspent transaction output (UTXO) containing nearly 0.75 BTC. The change from this UTXO was mistakenly included as part of the fee, likely because the user failed to update the change address or misjudged the transaction’s structure.
This incident highlights the complexities and potential pitfalls of using the RBF feature in Bitcoin transactions. RBF allows users to replace unconfirmed transactions with new ones that offer higher fees, incentivizing miners to prioritize them.
While this can be useful for expediting transactions, it also introduces risks if not handled carefully.Misunderstandings or errors in setting transaction fees and addresses can lead to unintended consequences, as demonstrated in this case.
The broader cryptocurrency community has witnessed similar incidents in the past. For instance, there have been cases where users accidentally paid exorbitant fees due to mistakes in manual transaction settings. These events serve as cautionary tales, emphasizing the importance of double-checking transaction details and understanding the functionalities of wallet features before proceeding.
In conclusion, while features like RBF provide flexibility in managing Bitcoin transactions, they require a thorough understanding to use effectively. Users are advised to exercise caution, verify all transaction parameters meticulously, and consider seeking guidance or using wallet interfaces that minimize the risk of such costly errors.
Source: Cointelegraph