JH Kim

According to The Block, a cryptocurrency media outlet, on the 7th (local time), Changpeng Zhao, founder and former CEO of Binance, has been appointed as a strategic advisor to the Pakistan Virtual Asset Committee. Previously, Pakistan announced that it would prioritize the development of virtual asset policies in line with former U.S. President Donald Trump's policies.

On the 7th (local time), according to the cryptocurrency media Watcher Guru, Larry Fink, CEO of the world's largest asset management company BlackRock, stated, "We seem to be in a recession now," and "There is a possibility that the market could decline further."

On the 7th (local time), U.S. President Donald Trump stated on X (formerly Twitter), "(Strengthening reciprocal tariffs) should have been done decades ago," and emphasized, "We must not become weak or foolish. We need to stay strong and patient. Then we can achieve great results." Previously, multiple foreign media outlets reported that "Kevin Hassett, Chairman of the White House National Economic Council (NEC), is considering a 90-day tariff suspension for all countries except China," but this was confirmed to be false.

U.S. President Donald Trump stated on Truth Social on the 7th (local time), "If China does not withdraw the 34% retaliatory tariffs, the U.S. will impose an additional 50% tariff on China," and announced, "We will suspend all meetings requested by China and start negotiations with other countries."

The three major indices of the U.S. stock market are showing a downtrend. The Nasdaq Composite Index is trading at 15,451.93 points, down 0.87% from the previous session as of 00:54 on the 8th. The Dow Jones Index is down 1.33% at 37,805.17 points, and the S&P 500 Index is recording a decline of 1.16% at 5,015.15 points.

The three major indices of the U.S. stock market closed lower. The Nasdaq Composite Index fell 5.82% from the previous day to 15,587.79 points. The Dow Jones Index fell 5.50% to 38,314.86 points, and the S&P500 Index closed at 5,078.40 points, down 5.90%.

On the 4th (local time), according to the cryptocurrency-focused media outlet Cointelegraph, Bakkt, a digital asset trading and custody platform under the world's largest stock exchange group Intercontinental Exchange (ICE), has been embroiled in a class action lawsuit for non-disclosure of specific information. According to the lawsuit filed in the Southern District Court of New York, a group of Bakkt investors claims they suffered damages due to violations of securities laws and lack of transparency in business contracts with Bakkt's major clients, Bank of America (BofA) and Webull. In particular, it was pointed out that since Bank of America and Webull accounted for a significant portion of Bakkt's revenue, the failure to renew contracts could result in a loss of about 73% of maximum revenue.

The intraday decline of the Nasdaq index in the US stock market is expanding. The Nasdaq Composite Index is trading at 15,686.70 points, down 5.22% from the previous day as of 02:14 on the 5th. The Dow Jones Index is down 4.30% at 38,801.07 points, and the S&P 500 Index is recording a 5.17% drop at 5,117.84 points.

On the 4th (local time), according to the virtual asset (cryptocurrency) specialized media CoinDesk, the virtual asset and fiat currency application P2P.me has secured a seed investment of $2 million from Multicoin Capital and Coinbase Ventures. The investment is said to have been used for team expansion with the aim of entering Latin America.

According to Reuters on the 4th (local time), Jerome Powell, the Chair of the United States Federal Reserve (Fed), stated in a speech that "Inflation will rise, and economic growth will slow," adding, "However, the direction of monetary policy is still unclear. There is no need to rush right now." He continued, "We have time," emphasizing that "the independence of the Fed is very important. Therefore, trade policy, energy policy, climate change, and immigration issues are not the Fed's responsibility." He also stressed, "We must focus on our mission," and "Our role is to maintain economic stability under any circumstances."

According to Reuters on the 4th (local time), Jerome Powell, the Chair of the Federal Reserve System (Fed), stated in a speech, "The Fed is facing the risks of rising unemployment and inflation. The situation is somewhat challenging," and added, "However, we are not in conflict between our two goals of maximum employment and price stability. It's different from the 1970s." He continued, "In about a year, the impact of Trump's policies will become clearer, significantly reducing uncertainty," and added, "Currently, the level of uncertainty is high, making it difficult to determine which policy to adopt. Now is an appropriate time to step back and organize the situation."

According to Reuters on the 4th (local time), Jerome Powell, Chairman of the Federal Reserve System (Fed), stated in a speech, "The Fed does not make probabilistic predictions about the likelihood of a recession, but external experts see that possibility as high." He added, "Tariffs were announced higher than most experts expected. However, it is still uncertain where the tariffs will be applied and whether they will actually be implemented," adding, "Uncertainty is increasing and downside risks have expanded, but the U.S. economy is still in good shape. Long-term inflation data and economic indicators remain solid."

According to Reuters on the 4th (local time), Jerome Powell, the Chairman of the Federal Reserve (Fed), stated in a speech that "it is still too early to say what the appropriate path for monetary policy is," and that "the Fed is prepared to wait." He added, "The impact of tariffs on the economy could be greater than expected," and emphasized the need to ensure that price increases do not lead to sustained inflation.

According to CNBC on the 4th (local time), U.S. President Donald Trump stated that "now is the most appropriate time for Jerome Powell, Chairman of the Federal Reserve (Fed), to cut interest rates."

The three major indices of the U.S. stock market are showing a downward trend. The Nasdaq Composite Index is trading at 15,785.74 points, down 4.62% from the previous day as of 00:02 on the 5th. The Dow Jones Index is down 3.46% at 39,143.48 points, and the S&P 500 Index is recording a 3.91% decline at 5,185.76 points.

The three major indices of the U.S. stock market closed lower. The Nasdaq Composite Index fell 5.97% from the previous day to 16,550.61 points on the 4th. The Dow Jones Index fell 3.94% to 40,560.34 points, and the S&P 500 Index closed at 5,399.78 points, down 4.78%.

According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrency), Prime Broker (a financial institution providing various services to investment firms) Hidden Road has received an acquisition proposal from a virtual asset company. Currently, acquisition negotiations are underway, but the outcome is uncertain. Industry insiders report that Hidden Road has raised approximately $50 million over the past year from investors including virtual asset venture capital firm Dragonfly Capital, and one of these investors is said to have proposed the acquisition to Hidden Road.

On the 3rd (local time), according to cryptocurrency specialist media CoinDesk, the state of Illinois, following Kentucky, Vermont, and South Carolina, is expected to withdraw its lawsuit related to Coinbase's staking service. Previously, Paul Grewal, Coinbase's Chief Legal Officer (CLO), stated that the withdrawal of the lawsuit is to clarify that the staking service is not a security.

Eleanor Terrett, the host of 'Crypto in America,' reported on the 3rd (local time) on X (formerly Twitter) that the US Securities and Exchange Commission (SEC) Crypto Asset Task Force (TF) met with a delegation from the world's largest asset manager, BlackRock, this week to discuss the possibility of allowing in-kind redemptions for the crypto asset exchange-traded fund (ETF) managed by BlackRock.

According to CoinDesk, a media specializing in virtual assets (cryptocurrency), investment platform Republic is set to acquire Canadian-based digital securities and virtual asset trading platform INX for $60 million on the 3rd (local time). Republic previously secured a 9.5% stake in INX in 2023, and plans to actively participate in INX's management and operations once the acquisition is finalized.