The Daily: What’s next for crypto after the Trump tariff tantrum, South Korea’s ‘kimchi premium’ soars to 10-month high and more
2025-02-04
Category: None

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
I hope you had a good weekend, folks—well, outside of the crypto markets anyway—as the Trump tariff-fueled sell-off over the past few days raises questions about whether the current cycle is already over.
In today's newsletter, we take a look at what's next for crypto after the tariff-driven price plunge, South Korea's "kimchi premium" soars to a 10-month high, THORChain's governance approves a $200 million debt crisis plan and more.
Meanwhile, crypto-friendly Treasury Secretary Scott Bessent is set to take temporary charge of the CFPB. Plus, the Trump-backed World Liberty Financial DeFi project disputes allegations of "selling tokens" to crypto teams.
Let's get started.
What's next for crypto after the Trump tariff tantrum?
Crypto markets crashed after President Trump's weekend tariff announcements, with bitcoin dropping over 10%, ether plunging 36% and leading memecoins falling more than 40% amid broad risk-off sentiment.
Bitcoin 'kimchi premium' soars to 10-month high
South Korea's bitcoin "kimchi premium" surged to a 10-month high of 9.7% on Monday as local prices remained steady amid a broader global crypto sell-off, according to data from CryptoQuant.
THORChain approves $200 million debt crisis plan
THORChain's governance body has approved a plan to convert $200 million in defaulted debt into TCY equity tokens, giving creditors a stake in the protocol.
TON Foundation veteran launches $100 million VC fund
Steve Yun, former president and current board member of TON Foundation, has launched TVM Ventures, a $100 million fund focused on TON-based DeFi and PayFi startups, backed by his own capital and an undisclosed Toncoin miner.
MicroStrategy ends 12-week bitcoin buying streak
MicroStrategy's 12-week bitcoin buying streak has come to an end after the company confirmed that it did not sell any shares of class A common stock under its at-the-market equity offering program and did not purchase any bitcoin between Jan. 27 and Feb. 2, per an 8-K filing with the SEC on Monday.
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