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    Ethereum loses traction amid Solana and Bitcoin surge

    The Ether-to-Bitcoin price ratio, a measure of the second-largest token’s performance against the largest, dropped to its lowest level since 2021 on Monday, according to data analyzed by Bloomberg. During the same period, Bitcoin reached a record high of $109,241. Meanwhile, Solana’s native token, a blockchain that competes with Ethereum, achieved new highs over the weekend.The surge in Solana’s value was largely driven by two memecoins introduced on its blockchain by Trump and his wife Melania leading up to his inauguration. Trump’s memecoin saw intense trading activity over the weekend, reaching a market capitalization of $15 billion before experiencing a sharp drop, as per data from CoinMarketCap. The pro-crypto stance adopted by the Republicans has benefitted most major digital assets since Trump’s victory over Democrat Kamala Harris in November.Memecoins, often represented by joke tokens like Dogecoin, are highly volatile cryptocurrencies with little inherent value. They can record substantial gains if they garner the attention of social media users, but are equally susceptible to rapid crashes.Solana, self-proclaimed as an “Ethereum killer,” has become the preferred network for memecoin launches. The price ratio of its token against Ether reached a record high on Sunday, as speculators invested heavily in the Trump coins.While other cryptocurrencies are setting records, Ether remains about 30% below its 2021 peak. Over the past 12 months, the token has increased by 39%, compared to gains of 156% and 180% for Bitcoin and Solana, respectively.The comparatively subdued demand for Ether has caused concern among investors. Over the past three months, a group of 12 Bitcoin exchange-traded funds in the US saw a net inflow of over $17 billion, while similar Ether-investing products only attracted $3 billion, according to Bloomberg data.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    Dolomite to Launch Royco Pre-Deposit Campaign on Berachain

    Dolomite, a decentralized money market protocol, announced the upcoming launch of its pre-deposit campaign for Berachain, an emerging layer-1 blockchain with an innovative Proof of Liquidity (PoL) consensus mechanism that has already accrued around $2B in liquidity. This campaign allows users to commit assets to Dolomite ahead of Berachain’s official launch through Royco, the market for any onchain action, and earn future rewards.Through the campaign, participants can freely commit and uncommit assets until the Berachain mainnet goes live. Once the launch of Berachain occurs, committed assets will be locked on Dolomite for a predetermined period, with the lock up period bringing added incentives. On top of a base lending yield for providing lendable assets such as HONEY, USDC, ETH, and WBTC, users will receive veDOLO and BERA as additional rewards for their lockup. 30 million veDOLO tokens will be distributed, with reward weights varying by asset type. Berachain has committed 1%+ of the supply of BERA to be dedicated to Royco deposits. Shortly after the TGE, Dolomite will launch its liquidity mining program, allowing those supplying qualifying assets to earn oDOLO in addition to the veDOLO, BERA, and interest.Dolomite’s robust lending technology empowers users to unlock new efficiencies. Notably, the platform allows users to borrow against assets staked in PoL, repay debts using collateral, and loop borrowing processes in a single click. Furthermore, Dolomite will support borrowing against $BGT, Berachain’s soulbound and non-transferable governance token. As $BGT is not supported as collateral by other lending protocols on Berachain due to its non-transferable nature, Dolomite provides a critical solution for unlocking the utility of $BGT. Combined with Berachain’s ecosystem, the Royco campaign positions Dolomite to become a hub for liquidity on the Berachain blockchain.Lendable and non-lendable assets are both eligible for the Royco campaign. Lendable assets, including HONEY, USDC, NECT, ETH, and WBTC, will be locked for 90 days and receive a majority of rewards due to their support for the protocol’s lending and borrowing ecosystem. Non-lendable assets, such as uniBTC and beraETH, are locked for 30 days and receive a smaller share of rewards.Dolomite’s deployment on Berachain aligns with its ongoing mission to create a secure, efficient, and user-focused decentralized finance ecosystem. With over two years of secure operations, $800 million in trade volume processed, and over $115 million in TVL, Dolomite has established itself as a reliable and innovative platform. By combining Dolomite’s robust lending technology with Berachain’s dynamic ecosystem, this campaign provides participants with tools to maximize capital efficiency and support a protocol as it becomes a central hub for liquidity and innovation.Dolomite allows users to unlock dormant capital by smarter borrowing and lending. It enables smarter asset deployment through powerful integrations across the DeFi ecosystem. Dolomite’s advanced architecture supports separate borrow positions from a single wallet, each with a distinct risk profile. Its unique design allows for a broad range of yield-bearing assets to be used as collateral, helping users earn rewards while borrowing against these assets.Over time, Dolomite aims to become a hub for DeFi activity to allow other protocols, yield aggregators, DAOs, market makers, hedge funds, and others to manage their portfolios and run on-chain strategies.Website | X | Telegram | DiscordAbout BerachainBerachain is an EVM-identical Layer 1 (L1) blockchain that uses the novel Proof of Liquidity (PoL) consensus mechanism to secure the network and fuel the application layer. PoL enables users to earn directly from the network for contributing liquidity or performing incentivized actions—transforming the chain’s inflation into fuel for its applications and their users. This model aligns incentives with users who support the network over the long term, creating a sustainable ecosystem where the network’s growth and liquidity reinforce each other while increasing its security. What started as an NFT project in 2021 has evolved into a full-fledged blockchain ecosystem backed by a grassroots army of left and right curvers.ContactCo-founder and COOAdam Knuckeycontact@dolomite.ioThis article was originally published on Chainwire More

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    in Cryptocurrency

    Bitcoin, $Trump fall after Trump’s inauguration

    Bitcoin, the largest cryptocurrency by market capitalization, reached a record high of $109,071 on Monday as Trump was sworn in as the 47th U.S. president. However, those gains quickly reversed, with the cryptocurrency trading at $102,100.0 by 04:27 ET (09:27 GMT) on Tuesday.The Trump-themed meme coin, $TRUMP, launched just days earlier on Friday, also saw a sharp drop. Priced at $6.5 at launch, it surged to a peak of $74.59 on Monday, giving it a valuation of over $14 billion. At the time of writing on Tuesday, the coin was trading at $40.20, according to CoinGecko.In his inaugural speech, Trump outlined various executive actions on trade tariffs, immigration, energy deregulation, and even issued a reprieve for TikTok. Yet, cryptocurrencies went unmentioned, disappointing industry stakeholders who had hoped for significant policy shifts under the crypto-friendly president.”I think in the short term there’s a chance this could be a sell-the-news event,” said Matthew Dibb, chief investment officer at Astronaut Capital. He noted that many investors had anticipated immediate executive actions addressing digital assets.”The market has some great expectations about a bitcoin strategic reserve and a loosening of regulations around digital assets, but it’s more likely these developments will be drip-fed over a series of months rather than days. Bitcoin has already retreated … We are expecting further volatility here and likely a selloff,” Dibb added.The crypto exchange-traded funds (ETFs) also felt the pressure, with the ChinaAMC Bitcoin ETF (HK:83042) dropping more than 5%.Despite the lack of immediate action on cryptocurrencies, Trump’s early personnel moves offered some hope for the industry.Mark Uyeda, a Republican member of the SEC, was named acting chair of the agency, with Trump planning to nominate former SEC Commissioner Paul Atkins for the permanent role.Atkins is expected to roll back the crypto crackdown initiated under Gary Gensler, Biden’s Democratic SEC chair. Uyeda has also criticized the agency for failing to provide clear guidance for crypto firms.Republican SEC officials are reportedly preparing to overhaul the agency’s cryptocurrency policies, with changes potentially coming as soon as next week, Reuters said in a report, citing sources familiar with the matter.Meanwhile, Trump’s launch of the $TRUMP token and First Lady Melania Trump’s $MELANIA token before his inauguration has raised conflict-of-interest concerns, Reuters said, citing ethics experts.Eighty percent of $TRUMP tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight. The companies claim the tokens are not investments but an “expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’.”Separately, World Liberty Financial, another Trump-linked crypto project, raised $300 million through an initial token sale. Trump has promised to transfer the management of his assets to his children, but the crypto asset is drawing significant scrutiny for its potential to rapidly generate billions in speculative investments with minimal transparency. More

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    in Cryptocurrency

    Bitcoin price today: slides to $101k from record highs amid Trump uncertainty

    Crypto markets had rallied on Monday ahead of Trump’s inauguration, especially amid reports that the President would dole out pro-crypto executive orders upon taking office.But Trump so far made no references to crypto policy, with his orders instead focusing on several other campaign promises, including TikTok, trade, and the energy sector.Bitcoin slumped from record highs of over $109,000 on this trend, with uncertainty over Trump’s plans for trade tariffs also weighing on risk appetite. The world’s biggest cryptocurrency was trading down 5.2% at $101,820.7 by 01:32 ET (06:32 GMT).Crypto markets were also rattled by Trump’s launch of two memecoins- $TRUMP and $MELANIA, which ramped up volatility in the sector despite being received positively by traders. Crypto markets were holding out for some executive orders from Trump, after the President made no reference to the industry in a flurry of executive orders signed through Monday. Trump threatened trade tariffs against Canada and Mexico, declared a national emergency over the energy sector, and even allowed social media platform TikTok an extension in the implementation of a publicly opposed ban. But the President- who had campaigned on a pro-crypto platform- did not sign any orders addressing the industry. Media reports prior to his inauguration showed crypto industry members, such as Circle CEO Jeremy Allaire, were expecting pro-crypto orders “imminently.” Bitcoin had surged to record highs on this notion, although it only briefly held those levels. Despite some hopes for Trump’s policies, sentiment towards crypto markets was also dented by the launch of two memecoins by the President.While trader demand for $TRUMP was initially robust, the memecoin logged wild swings after falling sharply from weekend highs. Data from Coinmarketcap showed the memecoin had a market capital of $7 billion, about half of its weekend peaks. The launch of $MELANIA, named after the First Lady, was met with less enthusiasm, with traders raising some ethical questions over Trump leveraging his political standing to influence speculative markets to his favor. Both tokens substantially boosted the President’s personal net worth, at least on paper.Broader crypto prices fell in tandem with Bitcoin, as the market was underwhelmed by a lack of crypto-oriented orders from Trump.World no.2 token Ether fell 5.2% to $3,238.23, while XRP fell 3.8% to $3.0528.Solana, Cardano, and Polygon slid between 3.8% and 7%, while among meme tokens, Dogecoin lost 6.1%. More

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    in Economy

    EU urged to add industrial kiln commodity to list of key raw materials

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The EU urgently needs to classify a substance used to line furnaces and kilns for making cement, glass and steel as a critical raw material or supplies will become hostage to China, the world’s biggest producer of high-end industrial ceramics has warned.Stefan Borgas, chief executive of London-listed RHI Magnesita, told the Financial Times that while magnesite was essential to basic chemical processes underlying Europe’s industrial base, its absence from a list of strategically important materials had disincentivised homegrown production.Magnesite is used to make refractories, materials that allow furnaces to handle extremely high temperatures above 1,200C. Europe imports most of its magnesite from China, which controls two-thirds of global production.“We have enough magnesite in Europe that we could secure supply to the European heavy industries,” Borgas said, adding that EU critical materials designation was helping to boost investment in the mining and processing of lithium, nickel and other metals where China also dominated supply.RHI Magnesita’s plant in Kufstein, Austria More

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    in Economy

    South Korea economy barely grew in Q4; BOK to cut rates in February – Reuters poll

    BENGALURU (Reuters) – The South Korean economy barely grew last quarter as political chaos weighed on consumer spending, according to a Reuters poll of economists who expect the Bank of Korea to cut interest rates next month following a surprise hold last week.Asia’s fourth-largest economy grappled with uncertainty from President Yoon Suk Yeol’s brief Dec. 3 martial law attempt, weakening economic sentiment and sluggish domestic demand which overshadowed the recovery in exports.After only growing 0.1% in the July-September quarter, South Korea’s economy likely expanded a seasonally adjusted 0.2% in Q4, according to the median forecast of 24 economists.On an annual basis, the economy expanded 1.4% last quarter, according to the median forecast of 25 economists polled Jan. 15-20, barely changed from 1.5% in the previous quarter.”We expect Q4 GDP data to show lackluster growth. High-frequency indicators point to domestic demand weakness, particularly in December as political events hurt consumer and business confidence,” said Krystal Tan, an economist at ANZ.Exports rose 6.6% in December compared to a year earlier. Semiconductor exports increased 31.5% during the same period.The Bank of Korea (BOK) unexpectedly held its key rate steady on Jan. 16 to prevent the Korean won – which fell more than 12% last year – from weakening further, as political instability undermined investor confidence. The currency has seen a modest gain since the decision.Although currency stability took precedence over domestic demand concerns in last week’s meeting, BOK Governor Rhee Chang-yong indicated a rate cut was still on the table.All 25 economists in a Reuters snap poll taken after the BOK’s January decision expected it to lower borrowing costs by 25 basis points in February and median forecasts showed a total cut of 75 basis points by end-Q3.”Even if the USD/KRW climbs back, as long as the current political situation does not worsen and it is driven more by the global dollar strength, the BOK is likely to deliver a rate cut in February,” noted Min Joo Kang, senior economist at ING.”After that, the BOK will keep a close eye on political developments, growth, inflation, and the won to gauge when to cut rates.”The BOK has lowered its 2025 economic growth projection from 1.9% in November to a range of 1.6% to 1.7%, reinforcing the rate cut view. More

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    Trump holds off on immediate tariffs but plans trade overhaul

    WASHINGTON (Reuters) – President Donald Trump did not immediately impose tariffs on Monday as previously promised but directed federal agencies to “investigate and remedy” persistent U.S. trade deficits and unfair trade practices and currency manipulation by other countries. Trump, sworn in on Monday, said in his inaugural address the U.S. would collect “massive amounts” of income from foreign trade duties as his administration works to rebuild American industry.”Tariffs are going to make us rich as hell,” Trump later told supporters at Capital One (NYSE:COF) Arena in Washington. “It’s going to bring our country’s businesses back that left us.”His first day reprieve signals a possibly more deliberative approach to imposing tariffs, an issue that has shaken global policymakers and investors, and prompted a relief rally in global stocks and key foreign currencies against the dollar.While Trump mentioned no specific tariff plans in his inaugural address, he and members of his cabinet said they were coming, to be collected by a new agency called the External Revenue Service.Trump added that his policies would make America “a manufacturing nation once again.”In a broad presidential trade memo draft seen by Reuters, Trump also directed federal agencies to assess China’s performance under the “Phase 1″ trade deal he signed with Beijing in 2020 to end a nearly two-year tariff war.The deal required China to increase purchases of U.S. exports by $200 billion over two years, but Beijing failed to meet the targets as the COVID-19 pandemic hit.”China’s adherence to this agreement will now be assessed, to determine whether enforcement or changes are required,” the memo reads.DAY ONE REPRIEVEDuring his election campaign, Trump vowed to impose steep tariffs of 10% to 20% on global imports into the U.S. and 60% on goods from China to help reduce a trade deficit that now tops $1 trillion annually. He also vowed to impose 25% duties on goods from Canada and Mexico on his first day in office, if they failed to clamp down on the flow of illicit drugs and migrants entering the U.S. illegally.Such duties would tear up longstanding trade agreements, including the U.S.-Mexico Canada Agreement (USMCA) upend supply chains and raise costs, according to trade experts.The memo directs agencies to ensure that USMCA and other trade agreements “prioritize American workers, farmers and businesses,” signaling plans for a 2026 renegotiation. Some industry groups and trade lawyers in Washington had expected Trump to invoke the International Emergency Economic Powers Act, a law with sweeping powers to control imports, to impose broad tariffs.But Trump will coordinate closely with Congress on tariff measures, a senior administration official said, downplaying differences of opinion within his fledgling cabinet on how quickly to enact Trump’s promised tariffs.The source said that Trump’s Commerce secretary nominee, Howard Lutnick and his nominee for Treasury secretary, Scott Bessent, would push Trump’s trade agenda forward soon, but gave no specific timetable.RELIEF RALLY The U.S. dollar slumped broadly on the news against a basket of major trading partners’ currencies, with particularly large upswings in the euro, Canadian dollar, Mexican peso and Chinese yuan. MSCI’s measure of global stock markets rose. U.S. financial markets are closed for the Martin Luther King Jr. Day holiday.Canadian Finance Minister Dominic LeBlanc told reporters in Ottawa that it would be a positive step for the U.S. to study bilateral trade ties rather than impose tariffs. Industry groups also expressed relief at the reported lack of immediate duties.”U.S. businesses would welcome a deliberative approach that identifies unfair trade practices and helps Americans succeed in the global economy,” said Jake Colvin, president of the National Foreign Trade Council, which represents a broad swath of large American companies on trade matters.Trade analysts said they still expect Trump to press ahead with a global tariff early in his administration.”The universal tariff was a core part of the economic plan he ran on and I think he’s going to do what he said he would,” said Kelly Ann Shaw, a former White House trade adviser during Trump’s first term.”This is an idea he’s supported for a long time,” Shaw, now with the Hogan Lovells law firm, said in an interview last week. More

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    Trump vows new US ‘golden age’ as he moves to unwind Biden era

    $99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More