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China’s exports remain resilient under U.S. tariffs as the yuan stays tightly managed, sending ripples all the way to the crypto market.
In response, China has adapted to Trump's tactics, with tight control over the yuan's exchange rate playing a key role in its resilience.
According to a recent note by JPMorgan, this stance on exchange rate management has helped Beijing preserve export competitiveness and contain deflation, while amplifying dollar-led liquidity cycles during periods of trade stress.
In other words, China's exchange rate management tends to supercharge dollar-driven cash flows during the escalation of trade tensions, like storms that make the flood worse.
This affects bitcoin, which is a macro-sensitive asset. It tanks when the tariff-led risk-off makes the dollar liquidity scarce and rebounds when the tensions ease. That's exactly how bitcoin traded in March-April last year after trade tensions escalated.
China’s influence on crypto prices runs indirectly through currency management and global liquidity cycles, data suggests, unlike the U.S., where it flows directly via capital movements in exchange-traded funds and other alternative investment vehicles.
That interpretation aligns with arguments from Arthur Hayes, who has framed U.S.-China trade deals as largely performative and emphasized that the real economic adjustment occurs through quieter channels.
In his view, tariffs and negotiations set the political backdrop, while FX policy, capital-account tools, and Treasury-led liquidity management determine market outcomes
JPMorgan’s outlook reinforces that logic. China may not allow the yuan to strengthen meaningfully, but the interaction among tariffs, managed FX, and dollar liquidity still shapes the macro environment in which bitcoin trades.
According to JPMorgan Private Bank’s latest Asia outlook, China’s export engine remains resilient, with real exports on track to grow about 8% in 2025 and global market share rising to roughly 15%, despite a dense web of U.S. tariffs, and U.S.-bound exports from China dropping to below 10% of the total.
That resilience reflects diversification toward ASEAN and other regions, as well as a deliberate decision to tightly manage the yuan rather than allow it to appreciate.
The Chinese yuan has strengthened about 4% over the past year off its 2023 lows, but on a calendar-year basis in 2025 it is only marginally stronger against the dollar, underscoring how tightly managed and range-bound the currency remains.
Any recent yuan strength, the bank argues, is likely seasonal, with the medium-term outlook pointing to a stable, range-bound trajectory as policymakers prioritize export competitiveness and grapple with entrenched deflationary pressure.
The bank cautioned that the bar for meaningful yuan appreciation remains high, describing the currency as operating under a low-volatility management framework in which movements are largely dictated by the dollar.
For crypto markets, that framework shifts the focus away from sustained yuan appreciation and toward liquidity transmission.
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Liberty advocate Ron Paul argued that booms built on monetary “stimulus” end the old-fashioned way—with bankruptcies, inflation, and a painful reset—because fake growth demands a real correction. If this is the “biggest” boom, he warned, the payback could be proportionate. He traced the cycle to the post-2008 era of zero rates and quantitative easing, calling today’s cheerleading a rerun of past bubbles.
Rosini took aim at a presidential habit: brag about the stock market on the way up, pretend it doesn’t matter on the way down. He said inflation denial has migrated from one administration to the next, while household bills tell an entirely different story. With rate cuts expected, he said, higher prices are likely to linger—another reason the current expansion looks contrived.
Beyond the macro, Paul said the system isn’t “capitalism” so much as cronyism—a patchwork of interventions sold as democracy but steered by 51% coalitions and special interest groups. The result, he stressed, is pressure on Congress to keep the spending flowing, even when lawmakers know better. Interventionism, in his telling, is a bipartisan sport dressed up as unity.
Tariffs were Exhibit A. Paul called them immoral and economically backward because consumers foot the bill. Using a sneakers example, he argued protectionism punishes shoppers with higher prices while rewarding favored producers. “Tariffs are taxes,” he said, and even without the levy, foreign suppliers would raise prices in response to U.S. barriers—costs that ultimately land on buyers
Rosini added numbers to the critique, citing roughly $219 billion collected via tariffs and a Goldman Sachs estimate that Americans eat 86% of the tab—money that barely dents deficits while matching outlays such as U.S. funding aid to foreign countries. He said breathless claims about multi-trillion-dollar investment pledges are, for now, rhetoric outpacing the economic realities.
The pair said demagoguery thrives because people expect short-term gains, while lobbyists grease the machinery. Paul argued the United States lives in a permanent “mixed” economy—part corporatism, part central planning—where both parties enlarge the state in a relay. The true fix, he remarked, is a return to constitutional limits, sound money, and free market exchange.
Still, they ended on a glass-half-full note: ideas matter, and better economics can spread quickly once the costs of intervention bite hard enough. Citing groups teaching Austrian principles, Paul said public opinion can pivot fast—Covid-19 policies being a recent case study. Until then, Paul and Rosini urged vigilance and less cheerleading from the political class. They framed that pivot as achievable if voters reward restraint over grand, crowd-pleasing promises from either party instead.
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Nasdaq-listed Bitcoin mining company Bitdeer (ticker: BTDR) confirmed it sold all 227.5 $BTC it mined during the past week, reducing its proprietary Bitcoin holdings to zero. The disclosure was made in the company’s latest weekly operational report.
According to the report, Bitdeer mined 227.5 $BTC in the seven-day period ending last week and liquidated the entire amount. The company has maintained a policy of holding no Bitcoin on its own balance sheet since February, choosing instead to sell all newly mined coins immediately. This strategy excludes any Bitcoin deposited by customers, which remains separate from the company’s own holdings.
Bitdeer’s approach stands in contrast to many publicly traded mining firms that accumulate Bitcoin as a long-term reserve asset. Companies like MicroStrategy and Marathon Digital have built substantial Bitcoin treasuries, viewing the cryptocurrency as a strategic store of value. Bitdeer’s decision to sell immediately suggests a focus on generating cash flow to fund operations, reduce debt, or reinvest in mining infrastructure — a more conservative financial strategy in a volatile market.
For investors and analysts, Bitdeer’s consistent sell-off policy provides transparency about the company’s cash conversion cycle and liquidity position. By not holding Bitcoin, Bitdeer avoids exposure to price fluctuations that can significantly impact the balance sheets of miners that accumulate. This strategy may appeal to risk-averse shareholders but also means the company does not benefit from potential upside in Bitcoin’s price.
Bitdeer’s weekly sale of 227.5 $BTC reinforces its disciplined, cash-focused treasury management. As the cryptocurrency mining sector evolves, the company’s zero-hold strategy offers a clear contrast to peers that accumulate, providing a distinct financial profile for investors to evaluate.
Bitdeer has stated it sells all newly mined Bitcoin to maintain a zero-hold strategy, prioritizing cash flow and operational liquidity over holding the asset as a long-term investment.
Bitdeer’s own Bitcoin holdings are zero. However, the company may hold Bitcoin deposited by customers for its hosted mining services, which are not included in its proprietary holdings.
Many public mining firms like Marathon Digital and Riot Platforms accumulate Bitcoin as a reserve asset. Bitdeer’s immediate sale strategy is more conservative, reducing exposure to price volatility but also forgoing potential gains from price appreciation.
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CEO Paul Prager said the 20-year lease reflects surging demand for AI computing and validates TeraWulf's strategy of owning power, land and operations.
Prager said the Kentucky project won Anthropic through a competitive bidding process centered on access to grid power and long-term infrastructure.
The contract is valued at roughly $19 billion over its life, exceeding TeraWulf's current market capitalization, according to the interview.
Prager said TeraWulf already works with Anthropic and Google at its Lake Mariner campus in New York, giving the companies an established relationship.
Prager was interviewed by Jennifer Sanasie on CoinDesk's Public Keys at the New York Stock Exchan
TeraWulf is shedding non-core assets to focus capital on AI data centers it fully controls.
Prager said the company's sale of its interest in the Abernathy project reflects a disciplined capital allocation strategy rather than a change in AI ambitions.
He said TeraWulf earned a strong return on the sale and plans to reinvest the proceeds into wholly owned AI infrastructure projects, including additional sites in eastern Kentucky.
Prager said owning the site, power supply and operations gives TeraWulf greater control over customer relationships and long-term return
Prager argued the AI infrastructure boom is constrained by power quality rather than available land.
He said the U.S. faces a shortage of electricity and warned investors that "not all megawatts are created equally."
Prager said successful AI campuses require reliable generation, redundant transmission, favorable regulation and strong community relationships.
He added that TeraWulf focuses on redeveloping former industrial sites and, where needed, adding new power generation to support both AI facilities and the broader electric gri
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Quantum fears focus on vulnerable early wallets, but market data suggests even a worst case sell-off would be large, not catastrophic.
Quantum doomsayers warn that this would unleash a flood of supply and crash the market. The numbers suggest otherwise.
The threat of quantum computing is not in question.
Roughly 1.7 million BTC sit in Satoshi-era addresses that could be vulnerable under such a scenario. That is about $145 billion at current prices in potential sell pressure, which sounds catastrophic, but is in fact manageable.
During bull markets, long-term holders (investors that have held bitcoin for at least 155 days) routinely distribute between 10,000 and 30,000 BTC per day. At that pace, the entire Satoshi-era supply equates to roughly two to three months of typical profit taking. In the most recent bear market, more than 2.3 million BTC changed hands in a single quarter, exceeding the full quantum “target,” with no systemic collapse.
In addition, monthly exchange inflows approach 850,000 BTC. Derivatives markets cycle through notional volumes equivalent to the entire Satoshi stash every few days. What appears massive in isolation becomes relatively ordinary when set against bitcoin’s existing liquidity and turnover
A sudden, concentrated release would still matter. It would likely drive volatility and could trigger a prolonged downturn, according to Check. But even that scenario assumes economically irrational behavior. Any actor capable of accessing such a trove would be incentivized to distribute gradually, likely hedging through derivatives to minimize slippage and maximize returns.
Bitcoin markets routinely absorb supply on the same order of magnitude as the P2PK era coins. The timeframe is measured in months, not years.
The real issue is not mechanical sell pressure. It is governance. The bigger issue is potentially freezing the Satoshi coins, through BIP-361, then letting everything play out as it should.
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The trade policies of the Trump administration have hurt the standing of the U.S. debt around the world, principally with heavy treasury holders like China that have been directly affected by these measures. According to recent data published by the U.S. Treasury, Chinese holdings of U.S. treasuries fell to a new low since 2009, with the Chinese government reducing its exposure by nearly $1 billion from the number reported in April.
While this might not be seen as a significant drop by some analysts, others claim that it signals a new direction in the Chinese policy towards acquiring American foreign debt, amidst the dangers of retaliation if trade negotiations go south.
In March, China reduced its exposure to the U.S. debt by nearly $19 billion, falling to the third place among the top holders of treasuries behind Japan and the U.K., while it sold $8.2 billion of its American debt stash in April
Despite the continued selling and ongoing trade tensions between the two nations, China still holds $756.3 billion in U.S. securities, which contradicts the theory that the Chinese government is weaponizing these assets.
Nonetheless, the offloading moves echo the recommendations of Chinese analysts about diversifying the exposure from these potentially risky assets to less troubled commodities, including safe havens like gold and other metals.
The U.S. government’s measures have driven debt holders worldwide to adjust their exposures, driving a substitution of international investors for local buyers. While foreign buyers held 57% of the treasury issuance in 2008, this number has fallen to 32%, signaling potential trust issues in the proficiency of the current administration in dealing with the spiraling debt issue.
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LONDON/MILAN, April 24 (Reuters) - (This April 24 story was refiled to remove an extra word from the advisory)
French automotive group Cosmobilis is in talks to buy the commercial rights to the World ​Rally Championship (WRC), two people familiar with the matter told Reuters.
Cosmobilis moved ahead ‌after an auction for Munich-based WRC Promoter was held by existing rights holders Red Bull and German investment firm KW25 earlier this year, the people said.
If negotiations and financing are concluded successfully, ​a deal could be announced in the summer, one person said.
The sources, ​who asked not to be named because the matter is confidential, ⁠said there remained a chance of no deal.
A Cosmobilis spokesperson declined to comment. ​WRC, Red Bull and KW25 did not reply to requests for comment
The likely price ​for WRC Promoter is expected to be less than 500 million euros ($585 million), one person said.
Eric Boullier, co-founder and CEO of Cosmobilis' Circle unit, is leading the bid, the people said. Boullier, ​who did not respond to requests for comment, was previously Lotus Formula One -- now ​Renault-owned Alpine -- principal and was racing director of McLaren from 2014 to 2018.
Motorsport's governing body, the ‌International ⁠Automobile Federation (FIA), announced last year a tender process to replace Red Bull and German investment company KW25 as commercial rights holders of the World Rally Championship after Reuters reported preparations for a sale.
The FIA is committed to ensuring ​the WRC continues to grow as one of the world's premier ​motor sport ⁠disciplines, and we are confident the outcome of this process will reflect that ambition.”
The WRC races on four different continents with 14 rounds this year. Its reigning champion ⁠is France's ​Sebastien Ogier. Since 2022, WRC Promoter has also ​organised the European Championship and the Rallycross Championship.
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The U.S. Department of Justice [DOJ] plans to dismiss its criminal case against Matthew Goettsche, the alleged founder of the BitClub Network cryptocurrency investment scheme, Bloomberg Law reported. This could potentially bring one of the longest-running crypto fraud prosecutions to an end.
The reported move comes nearly seven years after federal prosecutors accused Goettsche and several co-defendants of operating a global cryptocurrency mining scheme that allegedly defrauded investors of at least $722 million.
While the DOJ is reportedly preparing to dismiss the case with prejudice, no dismissal motion had appeared on the public court docket at the time of writing.
Bloomberg Law reported that the DOJ has instructed prosecutors in New Jersey to dismiss the charges against Goettsche with prejudice. This means the case could not be refiled if the court approves the request.
The report also said Goettsche’s lawyers informed the court on July 8 that they had reached “an agreement in principle to resolve the pending charges.” A DOJ spokesperson told Bloomberg that the department routinely reviews long-running prosecutions and noted that the case has been pending for seven years.
The spokesperson also said the government is recovering a substantial amount for victims and denied that lobbying efforts influenced the decision.
Federal prosecutors unsealed the BitClub Network indictment in December 2019. It is alleged that Goettsche created and operated a fraudulent cryptocurrency mining investment scheme that collected at least $722 million from investors worldwide.
Prosecutors alleged that the defendants manipulated the mining earnings they displayed to investors while using new participant funds to sustain the operation.
The indictment also included internal messages in which prosecutors alleged members of the scheme discussed inflating mining figures.
They also referred to prospective investors using derogatory terms, arguing that the communications demonstrated knowledge that the business was operating fraudulently.
He agreed to plead guilty to conspiracy to commit money laundering and tax-related offenses arising from his role in laundering BitClub proceeds and assisting with false tax returns.
The reported move, therefore, appears limited to Goettsche’s prosecution rather than signaling the end of all enforcement actions stemming from the BitClub investigation.
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