As US President Donald Trump and his family increase their engagement in digital assets, the cryptocurrency globe is abuzz with debate over transparency, regulatory control, and possible corruption. Their projects comprise two popular meme coins, $TRUMP and $MELANIA, a token-issuing exchange named World Liberty Financial, and American Bitcoin, a crypto mining company slated to go public backed by Eric and Donald Trump Jr. These endeavors, which have been reported to increase Trump’s net worth by nearly 40% — approximately $2.9 billion — are giving the Trumps unprecedented opportunities for financial influence, particularly given the anonymity and global reach of cryptocurrencies. For instance, at a recent private dinner for top $TRUMP meme coin holders, CNN reports that the top 25 holders were promised direct access to President Trump and a “VIP tour” of one of his private clubs. In an interview with CNN, Jordan Libowitz, the vice president for communications at… Read More at Coingape.com
Cryptocurrency exchange Binance has once again turned investors’ heads with its latest update on the DeepBook token. The centralized exchange giant announced that it is launching a USD-Margined perpetual contract for the abovementioned crypto this Tuesday.
DEEP coin’s price thus reacted by promptly extending its intraday gains to over 30%. DeepBook is a decentralized central limit order book (CLOB) built on Sui, with the protocol’s native token currently sitting at $0.1255 after witnessing gains.
Binance made an announcement on April 22 stating that it is launching the DEEPUSDT perpetual contract at 08:30 UTC. The platform’s massive user base can partake in this trade offering, enjoying up to 50x leverage while futures trading.
Primarily, the exchange has unveiled this new listing for its users as it looks to expand the choices offered on the platform, thereby magnetizing more market participants. In turn, the platform constantly cements its ranking as one of the top crypto exchanges across the globe.
The capped funding rate for DEEPUSDT perpetual contract was set at +2.00% / -2.00%. Further, the same pair will also be available for “Futures Copy” trading. This offering allows inexperienced traders to copy experienced traders’ investment portfolios to capitalize on returns, thereby paving the way for more market interaction with the asset.
CoinMarketCap’s data revealed that DEEP token’s trading volume also reacted positively, surging 1639% to $268.52 million. At the time of reporting, DeepBook’s price surged from a 24-hour bottom of $0.08707 to even hit $0.1827 briefly. This significant uptrend emerges in sync with Binance’s announcement, underscoring the exchange’s massive influence over an asset.
However, the announcement also notified users that the perpetual contract remains subject to changes based on market risk factors. Crypto market traders and investors are currently keeping the coin on their radars, awaiting clear signs about future actions before investing.
In another similar chronicle, CoinGape reported that Binance opened trading for Balance (EPT) crypto. However, EPT price has crashed nearly 73% despite major support from a CEX titan. In the wake of this saga, market participants exercise caution surrounding DEEP price prospects as well.
OFFICIAL TRUMP has seen notable volatility in recent days. The meme coin failed to breach its resistance level at $16 despite a brief bullish momentum last week.
Since then, TRUMP has faced consistent downward pressure, with its most significant 24-hour drop occurring today. At the time of writing, the altcoin is trading at $11.08 — down 16% over the weekend.
TRUMP Traders Make The Most Of The Drop
Traders had anticipated a potential decline this week. The funding rate for OFFICIAL TRUMP was deeply negative — the most bearish it’s been in the past three weeks. This pattern shows that short sellers were highly active, positioning themselves to benefit from the token’s fall.
These traders likely capitalized on the downturn. However, if the price recovers, holding short positions may lead to rapid losses. This creates a possibility for a shift in strategy, with traders now seeking to reduce risk, potentially driving a rebound in TRUMP’s price.
Despite today’s steep drop, macro indicators reveal an optimistic outlook among investors. The Chaikin Money Flow (CMF) remains positive, indicating continued capital inflow into the asset. This bullish signal highlights that buyers still dominate despite the recent market weakness.
The CMF’s strength suggests that the broader market sentiment is not entirely bearish. As long as TRUMP’S CMF holds above zero, investors will likely retain faith in the altcoin’s long-term trajectory. This support from long-term holders may counteract the short-term pressure from speculators.
OFFICIAL TRUMP is currently trading at $11.08 following a sharp 24-hour decline of 16%. This downturn was triggered when the meme coin failed to break above the crucial $16.00 resistance. The failed attempt led to increased selling pressure, driving the asset downward.
However, TRUMP is still holding above the critical $10.29 support level. This area serves as the final line of defense before a potential slip below $10.00. If investors continue to back the asset, a recovery could follow.
Reclaiming $12.18 as support would signal renewed strength and encourage further accumulation.
That said, heightened bearish sentiment in the broader crypto market could shake investor confidence. Panic selling under these conditions may push the price below $10.29. In such a scenario, OFFICIAL TRUMP could tumble to $9.11, weakening the bullish thesis and extending the decline.
The FOMC concluded its latest meeting by announcing that it will not cut US interest rates. This decision was largely priced in, and the crypto market hasn’t seriously suffered.
Rate cuts would’ve provided a bullish narrative to juice fresh investment, which the market desperately needs. Bearish signals are growing alongside fears of a US recession.
However, the FOMC made its report to the public and claimed that no rate cuts would be taking place.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4.25% to 4.5%,” it said.
This news more or less fits with the industry’s expectations. Fed Chair Jerome Powell already clearly stated that the FOMC doesn’t plan to cut interest rates.
The industry hoped that rate cuts could provide a bullish narrative, especially while the markets are afraid. For now, it seems like it’ll need to find an optimistic signal somewhere else.
Despite uncertainty from tariffs and bold fiscal policies, officials expect interest rates to drop by another half percentage point by 2025. Since the Fed typically adjusts rates in 0.25% steps, that means we’re likely to see two cuts this year.
Federal Reserves Still Project Two Rate Cuts This Year. Source: CNBC
Rate cuts would be bullish for investors, especially for risk-on assets like cryptoassets. However, this isn’t the Federal Reserve’s only concern. The FOMC alluded to its “dual mandate” when denying rate cuts. In other words, it needs to juggle investor concerns with consumer inflation fears, uncertainty around Trump’s tariffs, and a possible US recession.
If the FOMC were to slash interest rates, it would likely boost US inflation. The most recent CPI report was better than expected, and some in the industry hoped that this would build confidence. Ultimately, the main hopes rested with President Trump, who personally advocated for rate cuts. However, he didn’t make a major intervention.
It’s not all bad, though. The FOMC also announced would slow Quantitative tightening (QT) by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion.
Some members of the community were pleased by this news, as slower QT can increase market liquidity. This announcement is at least some consolation for investors.
In any event, this lack of rate cuts was expected and priced in. The FOMC didn’t shock anybody by refusing to cut interest rates, and the market hasn’t been chaotic. A few of the top-performing cryptoassets suffered minor losses, but no substantial drops have materialized.
Crypto Reacts to FOMC Decision. Source: BeInCrypto
The crypto industry has been desperate for a bullish narrative, and some major players are visibly cracking at the seams.
The FOMC, however, did not provide this narrative via rate cuts. Hopefully, crypto will find something else to be optimistic about before a full-blown market correction takes hold.
