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Financial Times: Musk's "cost-cutting and efficiency-boosting" plan has had little effect, while federal spending in the U.S. hits a new record

ChainCatcher news, according to the Financial Times, the latest data from the U.S. Treasury Department shows that Elon Musk's extremely aggressive efficiency improvement measures failed to prevent federal spending from rising to a record $603 billion last month, highlighting the difficulties the Trump administration faced in reducing the size of the government. The government efficiency department led by Musk claims to have saved over $100 billion, but in the first month of the new administration, only a few departments saw a decrease in spending. Compared to the same period last year, spending increased by $40 billion, a rise of 7%.This new data was released after Musk and members of the department infiltrated several government agencies, including state and health departments, as well as multiple divisions of the Treasury Department. Tens of thousands of workers were suspended or fired, and thousands of government grants and contracts were canceled. Musk has repeatedly claimed that the government efficiency department expects to save $1 trillion from the annual federal budget and stated that the plan is currently cutting at a rate of $4 billion per day. However, the monthly financial report for February showed that there was little significant decrease in major categories of spending. Treasury officials pointed out that the Department of Education cut $6 billion in spending.

4E: Trump's tariff adjustments boost the market, U.S. stocks and cryptocurrency markets rebound together

ChainCatcher news, Trump adjusts tariff policy, postponing auto tariffs on Canada and Mexico by one month, and is willing to consider more requests for tariff exemptions. The trade tensions may ease, boosting market sentiment. According to 4E monitoring, U.S. stocks rebounded significantly on Wednesday, reversing the decline of the previous two days, with the technology and automotive sectors leading the gains. By the close, the S&P 500 index rose 1.12%, the Dow Jones increased by 1.14%, and the Nasdaq climbed 1.46%. Major tech stocks generally rose, with Microsoft leading at 3.19%.The cryptocurrency market rebounded across the board. Driven by the U.S. stock market and the upcoming White House crypto summit, the market expects that policies regarding Bitcoin reserve plans and other crypto regulations will become clearer. Bitcoin broke through the 90,000 mark, reaching a high of $91,903, up 4.8% in 24 hours, while Ethereum returned above $2,200, gaining 4.59% in 24 hours. Various sectors in the market generally rebounded, with increases typically around 2% to 8%, boosting market sentiment.In the forex and commodities sector, the risk of a U.S. recession is rising, leading to a third consecutive decline in the dollar index, which fell 1.3% to a six-week low. Due to unexpected increases in supply, oil prices fell for three consecutive days, with U.S. oil dropping to its lowest level in nearly two years; the weaker dollar pushed precious metals higher, with spot gold slightly up 0.04%.The Federal Reserve's Beige Book indicates that overall economic activity in the U.S. has slightly increased since mid-January, but consumer spending has generally decreased, further confirming the uncertainty of the U.S. economic outlook. Economic data is mixed, with rising recession risks, and the market expects the Federal Reserve to cut interest rates by more than 70 basis points before the end of the year.

QCP Capital: Trump's launch of a cryptocurrency strategic reserve may boost his approval ratings, and the market is focused on Friday's White House cryptocurrency summit

ChainCatcher news, QCP Capital's latest analysis points out that after a turbulent week, the market has returned to the starting point of last Monday. Over the weekend, Trump announced the establishment of the U.S. Crypto Strategic Reserve. While some market participants believe this news has already been priced in, others see it as the only catalyst to drive cryptocurrency innovation to new highs later this year. Unexpectedly, Trump used this "lifeline" in advance, pulling the Bitcoin price back above $90,000 during the low liquidity period on Sunday.QCP Capital notes that for a president proud of being a market hero, last week's performance of risk assets was disappointing. The new round of tariff policies and the less-than-expected progress in the Russia-Ukraine talks have shaken investor confidence. Although the timing of the strategic reserve announcement was unexpected, the political considerations are clear—Trump needs a win to prevent a decline in approval ratings, which is a metric he personally values highly.Despite encouraging signs of recovery in risk assets, the market has not fully returned to normal. Bitcoin is still trading near the bottom of its multi-month range, front-end cryptocurrency volatility remains relatively high, and major cryptocurrencies continue to show a bearish skew until the end of March. The VIX fear index is also at a high level, indicating widespread unease in the market regarding overall risk assets, especially after the recent announcement by the U.S. government to raise tariffs.Key events this week include Wednesday's Purchasing Managers' Index (PMI), Friday's non-farm payroll data, and Friday's White House cryptocurrency summit. The latter will be an important event, expected to reveal key details about the U.S. cryptocurrency reserve and regulatory framework.

Huobi HTX Live Analysis of the Crypto Market Plunge: The Federal Reserve's Rate Cut Expectations in the Second Half of the Year May Boost BTC to New Heights

ChainCatcher news, recently, Huobi HTX held a Twitter Space themed "Can we still catch the bus in the crypto market downturn?"Crypto KOLs J@Crypto, SteveRen, AK, 527, and Big Brother were invited to attend and shared trading strategies behind the significant drop in the crypto market. The five guests generally believe that Trump's tax cuts, deregulation, and tariff policies, combined with the Federal Reserve's high interest rates of 4.25%-4.50%, have hindered global capital flows and reduced market liquidity.At the same time, the Solana celebrity coin controversy, the Bybit theft incident, and the repeated rejection of state-level Bitcoin reserve bills in the U.S. have led to a concentrated outbreak of negative news, causing the crypto market to decline continuously. J@Crypto believes that the downturn is a short-term shock, and long-term confidence remains. Institutions and traditional funds are slowly positioning themselves, which will extend the bull market cycle. SteveRen analyzed from a technical perspective that Bitcoin has reached the bull-bear boundary EMA200 moving average, and a sharp decline is unlikely to see a quick rebound in the short term.From the perspective of ecological construction, Ethereum is superior to Solana and SUI, with certain potential for an explosion. Big Brother optimistically believes that the Federal Reserve's expectation of interest rate cuts in the second half of the year may boost BTC to new highs. In extreme market conditions, prioritizing BTC with a 70%-80% position allocation, while managing positions and risks, can outperform most people. 527 believes that BTC will oscillate at a high level within the range of 70k-105k. During this period, there may be innovations and explosions in the on-chain ecosystem. Large positions can be allocated to wealth management or held in BTC, while small funds can seize on-chain opportunities.In contrast, AK is more pessimistic. He believes that the bull market ended last year, and the bear market has arrived. Altcoin liquidity has dried up, leaving no room for rebounds; funds can be placed in wealth management products on exchanges like Huobi HTX, such as USDD with up to 20% annualized returns; or one can wait for lower prices to heavily invest in BTC.
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