Some believed that the bull market surge for Bitcoin was over after the price of the largest digital asset fell below $93,000 on Monday. The reason? President Trump’s trade tariffs spooking markets—again.
However, the president’s change of heart to pause tariffs against Mexico and shortly after Canada resulted in a rebound in the price of Bitcoin and other digital tokens.
The price of Bitcoin then surpassed the significant $100,000 mark before hovering between $96,000 to $98,000 for most of the week. CoinGecko shows that Bitcoin’s current price is $96,050, a decrease of nearly 6% over the past seven days.
ETF movements
Investor enthusiasm for Bitcoin exchange-traded funds has been underwhelming since the start of the week. On Monday, speculators withdrew $234 million from the funds. Since then, there have been fluctuations, but data from Farside Investors shows a total inflow of around $200 million throughout the week.
New contender in the race
In other news, President Donald Trump’s new fintech venture, Truth.fi, announced that it had applied to register trademarks for two Bitcoin vehicles: the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA.
Trump Media and Technology Group did not respond to Decrypt’s questions regarding the future products, including the meaning of the “Plus” in the name.
MicroStrategy stops buying—and changes its name
Bitcoin treasury company MicroStrategy rebranded to just Strategy, which sparked a wave of memes on the internet. The company, currently the largest corporate holder of Bitcoin with holdings valued at over $45 billion, stated that the rebrand was a natural evolution as it becomes more focused on BTC.
The rebranding coincided with the release of the company’s Q4 2024 earnings, which showed a net loss of $670.8 million. Strategy also did not make any further Bitcoin purchases this week, breaking a streak of 12 consecutive weeks of purchases. Perhaps their three-month BTC shopping spree totaling $20 billion was enough? We will find out next week.
Sovereign wealth fund
The potential establishment of a strategic Bitcoin reserve gained attention once again after President Donald Trump signed an executive order to create an American sovereign wealth fund, a first for the U.S. as a nation.
Such a fund would involve the government reinvesting government revenues into assets like stocks, bonds, and real estate. Although prominent Bitcoiners, including Sen. Cynthia Lummis (R-WY), were quick to speculate that this could mean a stockpile of Bitcoin, the asset was not mentioned, and the idea remains vague.
Does Kraken know who Satoshi is?
Speculation surrounding the identity of Bitcoin’s creator or creators resurfaced in the cryptosphere this week after Coinbase’s head of product, Conor Grogan, revealed a discovery. Grogan found a number of on-chain transactions linked to a Satoshi wallet and Cavirtex, a defunct Canadian Bitcoin exchange.
To summarize, Satoshi Nakamoto received Bitcoin from Cavirtex in 2014 and may have had to provide personal details to do so, considering the exchange’s enforcement of know-your-customer protocols at the time. Cavirtex closed, and American crypto exchange Kraken acquired it in 2016, potentially gaining access to any revealing information. However, the exchange did not seem interested in addressing the rumors and declined to respond to Decrypt or Grogan, simply tweeting, “We are all Satoshi.”
Nobel laureate doesn’t like Bitcoin
Lastly, Nobel-winning economist Eugene F. Fama expressed his dislike for Bitcoin in an interview with the “Capitalisn’t” podcast, stating that Bitcoin is going to zero.
Is this pointless fear, uncertainty, and doubt, or does Fama have a point? He argued that Bitcoin would ultimately be “unsustainable” due to its high computing power requirements and lack of utility.
Edited by Andrew Hayward