Tariff concerns shook Wall Street again, with the S&P 500 index entering a correction, falling to its lowest level in six months. Bitcoin briefly fell below the $80,000 mark last night, still fluctuating within the range, closing at $81,303. Rumors have it that the Trump family will invest in Binance, and BNB once surged to $600, being one of the few cryptocurrencies that rose yesterday.
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ToggleTrump's trade war worsens market sentiment, S&P 500 enters correction
According to Bloomberg, the S&P 500 index has fallen 16 trading days from its February 19 high, the seventh fastest pullback since 1929. Three of the seven fastest such declines occurred during President Donald Trump's tenure - in 2018, 2020, and now.
Although recent data has provided some evidence that the economy remains resilient, investor sentiment is deteriorating. This pessimistic sentiment shows that Trump's policies (particularly trade policy) have seriously disrupted Wall Street's nerves. At the same time, the wave of layoffs and deportation threats from federal agencies have also undermined confidence in the strength of the labor market.
On Thursday, Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and other parts of the EU, the latest escalation of the brewing trade war, further dampening market sentiment.
Meanwhile, US Treasury Secretary Scott Bessent came out and said that the Trump administration's economic policies are focused on long-term development and will not be shaken by short-term market volatility. He emphasized that the US government's core focus is on the "real economy", i.e. how to create an environment that is conducive to long-term market growth and the interests of the American people. They will not worry about a bit of market volatility within three weeks.
Rumor has it that the Trump family will invest in Binance, BNB once surged to $600
Bitcoin briefly fell below the $80,000 mark last night, still fluctuating within the range, closing at $81,303.
The few cryptocurrencies that rose yesterday were BNB and XRP.
The WSJ reported that the Trump family has been in negotiations to invest in Binance, and BNB once surged to $613, but was later denied by Binance founder CZ. BNB closed at $577, up 1.4% in 24 hours.
4. Sorry to disappoint. The WSJ article got the facts wrong.
More than 20 people have told me they were asked by the WSJ (and another media), "Can you confirm that CZ made some deal for a pardon?"
They probably asked hundreds of people to have 20 people reach out to me. In… https://t.co/ELyDPmKD3G
— CZ 🔶 BNB (@cz_binance) March 13, 2025
According to a report by Fox reporter Charles Gasparino, the US Securities and Exchange Commission's five-year lawsuit against Ripple Labs may soon come to an end. The last issue being discussed is the comparison with ETH. The focus of the debate is whether XRP can continue to trade and have utility like a commodity rather than a security. XRP rose nearly 1% in 24 hours, also being one of the few cryptocurrencies that rose yesterday.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
