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The price of Bitcoin and other cryptocurrencies surged after President Donald Trump said he authorized a 90-day pause on tariffs for countries that havent retaliated against the U.S. The price of Bitcoin rose about 6% to nearly $82,000, while other cryptocurrencies like Ethereum and Solana jumped more than 10%. Overall, the $2 trillion-plus global crypto market posted a one-day increase in excess of 7%, according to CoinMarketCap. Crypto traders, like traders of other financial assets, welcomed the news Wednesday that Trump has backtracked on tariffs for most countries just days after announcing an aggressive agenda that upended global financial markets. Trump hasnt relented on levies on goods imported from China; in the same post on Truth Social, he said hes increasing tariffs on China to 125%. While the trade war with China is far from over, traders instead celebrated that Trump reduced reciprocal tariffs on other countries to 10% during the pause period after a brutal few days of whipsawed trading. Before announcing the pause, Trump posted on Truth Social urging Americans to be cool and that this is a great time to buy. The price of cryptocurrencies has provided an interesting read on the pro-crypto Trump administration. While cryptocurrencies like Bitcoin rallied in the weeks following his November 2024 election victory, that enthusiasm had already dissipated by mid-January when Trump returned to the White House. Bitcoin bear market In March, Bitcoin entered a bear market, defined as a decline of at least 20% from a high. Even with Wednesdays gains, the price of the largest cryptocurrency by market cap is still down more than 22% from an all-time high of more than $109,000 just hours ahead of Trumps second inauguration in January. Since then, global crypto markets have lost nearly $900 billion in value. Meanwhile, the major U.S. stock indices have thus far not entered bear markets, though they were all in bear market territory in recent days. Trumps announcement Wednesday buoyed stock prices, as the S&P 500 jumped 9.5% and the Nasdaq 100 spiked 12%. Still, while some sense of euphoria has returned to financial markets, some crypto experts caution that it could be some time before these assets recover their losses as the newest traders are being hit hardest by losses. Ki Young Ju, the CEO of CryptoQuant, has predicted the Bitcoin bear market could last as long as six months, for example.
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E-Commerce
When Donald Trump announced that Elon Musk would be joining the government as an adviser and head of the quasi-governmental Department of Government Efficiency (DOGE), there was skepticism about how long the relationship between the two would last. Experts predicted that the SpaceX founder wouldnt like playing second fiddle to the former Apprentice star. As Trump himself put it in his 1987 business-advice book The Art of the Deal, One of the problems when you become successful is that jealousy and envy inevitably follow. But its not success that appears to have driven the most serious wedge between the two businessmen. Its failure, and the catastrophic fallout from Trumps implementation of tariffs that has triggered a global trade wara decision that Trump has hit pause on, temporarily forestalling for 90 days reciprocal tariffs on all countries except China. Its a trade war that Musk never wanted. The Washington Post reports that Musk lobbied Trump directly, though unsuccessfully, to not levy tariffs. And as those tariffs decimated U.S. stock markets, in a series of gobsmacking posts on X this week Musk has dubbed White House trade tsar Peter Navarro Peter Retarrdo, a moron, and dumber than a sack of bricks. While the name-calling has been limited to Navarro, the criticism is fundamentally pointed at Trumps most signature policy to date. Musks brother, Kimbal, has quote tweeted Trump while adding negative comments about his tariff decisions. Mmm.. Celebrating causing China’s stock market to go down, by causing our own stock market to go down? Maybe this is why Trump brought back the R word. Its not clear whether he is referring to the risk of a recession, or echoing his brothers comments about Navarro when referring to the president. Karoline Leavitt, Trumps press secretary, said on April 8 about the Navarro-Musk spat: These are obviously two individuals who have very different views on trade and tariffs. Boys will be boys and we will let their public sparring continue. A clash of titanic egos Not everyone is convinced thats all there is to it. It could be the first major public blowup between two titanic egos who were always going to struggle to coexist. That Musk and Trump would clash on the issue isnt surprising. China was a healthy market for Musks electric vehicle company, Tesla, and Trumps 125% tariffs on goods from China will likely harm that business relationship. Musk has a big financial relationship with China, which is not happy with tariffs, says Steven Hassan, author of The Cult of Trump. Navarros expertise is more rooted in academia and therefore takes a different approach to Musks, explains Steven Buckley, a lecturer in digital media sociology at City, University of London, who specializes in U.S. politics. Fundamentally I dont believe anyone in Trumps Cabinet actually has a good understanding of the impact of tariffs and how the wider global economy works. However, Musk actually experiences the direct impact of them on his businesses, and so regardless of whatever good trade policy would be, he knows that this isnt itfor him at least. Trump, for his part, is not exactly jumping to tariff architect Navarros defense. Despite Trumps press secretary saying this spat is just boys being boys, its clear that Trump is fine to let these spats occur out in the open as they serve as a convenient distraction from any disagreement those in the administration may have with [him], Buckley adds. Its notable that Musk has held his tongue publicly about Trump, instead attacking individuals linked to the plan lower down the White House pecking order, while outriders like his brother criticize the presidents tariffs. Attacks on Navarro can also be excused away by Trump as not targeting him or his decision-makingimportant, given the president can be stuck in his ways and refuses to back down on his decisions, even when presented with evidence that hes wrong, as shown by a vignette in Bob Woodwards recent book about first-term economic adviser Gary Cohn telling Trump Americans dont want to do manual labor. Navarro acts as a useful scapegoat so that when the damage these tariffs cause starts being felt by consumers Trump can blame him for his advice, Buckley says. In the end, the tempestuous tweets were to be expected. Both Trump and Musk (who, in attacking Navarro, has attacked Trump and his policy by proxy) have built their reputations being abrasive and shooting from the hip on social media. The White House has sought to downplay the spat, releasing a statement about the brouhaha, saying: Whatever. We are the most transparent administration in history, expressing our disagreements in public. Says Buckley: Its clear that Trump and those in his administration are immune to embarrassment and so these ugly public arguments only serve as a media story about political personalities at war with one another.
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E-Commerce
Basketball great LeBron James has become the first professional male athlete to have his likeness depicted in a Ken doll. Mattel Inc. unveiled the LeBron Ken doll on Wednesday to kick off the toy manufacturer’s Kenbassador series. Last year, nine female athlete Barbies, including tennis star Venus Williams, were introduced. As a young kid, I was fortunate to have role models who not only inspired me but also showed me whats possible through hard work and dedication,” James said. “Now, as an adult, I understand how vital it is for young people to have positive figures to look up to. Thats why partnering with Barbie to release the LeBron James Kenbassadors doll is such an honor. Its an opportunity to recognize the powerful impact of role models who instill confidence, inspire dreams, and show kids that they, too, can achieve greatness. The LeBron doll wears sunglasses, headphones and a blue-and-white letterman’s jacket with LJ on the left breast, his number 23 on the right sleeve and Ohio and crown patches on the other. His first name is on the back with Just a kid from Akron underneath. His T-shirt says We Are Family, a nod to the LeBron James Family Foundation. His blue shoes, of course, are Nikes. The doll costs $75 and goes on sale Monday. In an Associated Press-produced video of James seeing the doll for the first time, the King expressed his approval, repeatedly calling the doll “dope, another word for cool. While looking it over, he put an I Promise wristband on the doll’s wrist and adjusted the strap on its fanny pack. OK, now we ready, James said. I mean, he might need to do a little lifting. Legs look a little skinny. Little fraily little fellow. Nah, that’s dope. Mattel senior vice president Krista Berger noted that Ken is Barbie’s longtime best friend and supporter. We are excited to bring fans a new presentation of Ken that celebrates LeBron as a role model, his icon status, lasting impact on culture, and dedication to setting a positive example for the next generation to reach their limitless potential, Berger said.
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E-Commerce
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