According to a new report, 15 firms and individuals from the crypto industry donated more than $100,000 to President Trump’s Inauguration, totaling over $85 million.
Almost all of these companies apparently received direct or indirect benefits from Trump’s administration. This includes dropped legal proceedings, lucrative business partnerships, participation in Trump’s Crypto Summit, and more.
Crypto Industry Went All-In on Trump’s Inauguration
Since promising to bring friendlier regulations on the campaign trail, Donald Trump attracted a reputation as the Crypto President.
Crypto Donations For Trump’s Inauguration. Source: Fortune
Since taking office, President Trump and his family have been allegedly involved in prominent crypto controversies, and these donations may be linked to several of them.
The commission might have dropped its probe against these companies anyway due to its changing stance on crypto enforcement. However, being in the President’s good books likely helped the process.
Further Alleged Benefits for Donors
In other words, nearly half the firms that made donations to Trump’s Inauguration have seen their legal problems cleared up quickly. This isn’t the only regulation-related benefit they allegedly received.
All three of these companies made major donations to Trump’s Inauguration.
It seems that most of the firms involved got at least some sort of noticeable benefit from these donations. Donors like Multicoin and Paradigm received invitations to Trump’s Crypto Summit, while much more prominent groups like the Ethereum Foundation got snubbed.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
Hashflow (HFT), a decentralized exchange (DEX) that uses a Request for Quote (RFQ) mechanism, has just posted a sharp spike in trading volume and impressive price performance at the start of July.
While the broader altcoin market still struggles to recover, what helped HFT move against the trend?
Hashflow (HFT) Leads DEX Tokens With a Gain of Over 100%
According to data from BeInCrypto, HFT’s price soared more than 100% in just the past two days. Currently, HFT is trading around $0.135 — its highest price since February 2025.
On June 30, HFT recorded a daily increase of over 80%. That day marked its strongest single-day performance since the peak back in 2023.
Additionally, CoinMarketCap data shows HFT’s 24-hour spot trading volume has surpassed half a billion USD. This is the highest daily volume of the year and is 25 times higher than its recent daily average.
This price surge has made HFT the best performer among DEX tokens, making the DEX sector the best-performing crypto segment over the past week.
Data suggests investors are buying back into HFT heavily after the token lost up to 95% of its value over nearly three years.
What’s Driving HFT’s Price Rally?
In June, Binance announced support for HFT deposits on the Solana network, alongside other integrations with platforms like Jupiter and Titan.
“Hashflow is growing fast in the Solana ecosystem. Binance now supports HFT on Solana and so do we. We’ve already integrated with Jupiter, Kamino, and Titan. More integrations are coming,” Hashflow stated.
These developments may have sparked positive investor sentiment and fueled HFT’s price rally.
However, this rally could face some challenges. First, the project’s token unlock schedule continues daily and will last until the end of 2028. Currently, only 36.5% of HFT’s total supply is in circulation, while each month, an additional 15.8 million HFT—equal to 1.58% of the total supply—is unlocked.
Moreover, CoinMarketCap data shows that nearly 70% of HFT’s supply is held by whales.
HFT Token Distribution Structure. Source: CoinMarketCap
Although holders who have kept tokens for over a year account for more than 71%, many have endured a price drop of over 90% in nearly three years. These long-term holders might sell if the price recovers.
Although HFT’s price surged, Hashflow’s TVL showed no significant breakout. It remains modest at just $618,000, while its daily DEX trading volume stands around $7.6 million.
Together, these data points highlight that the real challenge for Hashflow lies in sustaining this price momentum, rather than it being just a short-term breakout.
In a sad occurrence, Eugene Shen, co-founder of the RWA project Plume, reportedly passed away this week. However, this announcement prompted a major PLUME token dump, splitting the community with acrimonious accusations.
Some skeptics wondered if Plume was a scam or if this death announcement was some sort of hoax. Others deplored these accusations and token dumps, professing support for the company. Regardless, it has been a bizarre market reaction to an unfortunate, tragic event.
The firm announced the death of Plume co-founder Eugene Shen, presumably establishing a reason for this price action:
It is with heavy hearts that we share the news of a tragic loss within our company. Earlier this week, we lost our cofounder and dear friend, Eugene. We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are…
— Plume – RWAfi Chain (@plumenetwork) May 29, 2025
Plume’s announcement didn’t specify a date or cause of Shen’s death, only that it took place last week. Still, this immediately clarified the PLUME token dump for some users, many of whom strongly condemned investors’ behavior.
Although PLUME had already been falling for several days, it experienced an additional 7.4% crash and a 145% increase in trading volume today. Presumably, Shen’s death caused today’s price actions.
PLUME Trading Volume and Price Performance. Source: CoinMarketCap
However, alternate narratives also began circulating, even if they remained a minority position. Why did the price drop begin days ago?
It appears that several token holders are calling PLUME a scam token and the co-founder’s death a hoax. Yet, these claims have no evidence and show a rather unsettling display of public empathy.
Sad story:
Bought $Plume 5 months ago at $0.13 with a 2B circulating supply Didn’t sell at x2 ATH
Now it’s dipping hard after a 433M token unlock and the death of a team member—right before mainnet launch
Even if this was not a popular position, this jarring cynicism still shocked the crypto community. Sure, crypto scams are rampant right now, but would PLUME really fake someone’s death to dump tokens?
Defenders immediately began noting all Plume’s major investors, claiming that the company has a clear history and market presence.
This bizarre incident only highlights a rather hidden ugliness in the crypto community. Perhaps MANTRA’s fall damaged investor confidence for the entire RWA market, or maybe users are just growing tired of scams.
It’s bad enough that PLUME users dumped their tokens after a team member’s death, but it’s far more concerning that some people think it’s all a scam.
