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Trump Escalates Threat of Tariffs on Europe, Overnight Crypto Market Sees Another Major Setback, US Stock Crypto-Related Stocks Plunge

2 hours ago

**Crypto, U.S. Stocks Tumble Amid Trump Tariff Threat, Greenland Stance** On January 21, Trump escalated tariff threats against Europe and took a tough stance on the Greenland issue, further stoking market fears of a U.S.-Europe trade war resumption. Per HTX market data, the crypto market took another heavy hit overnight: - Bitcoin fell below $88,000 and now trades at $88,430; - Ethereum dropped to $2,920 and is currently at $2,943; - Total crypto market cap shed 4.6% in one day, now at $307.2 billion. Leading altcoin decliners (24-hour drops): - Binance Life: 19.3% → $0.172; - ROSE: 17.5% → $0.0165; - PHB: 13.6% → $0.0038; - MORPHO: 11.02% → $1.145; - STO: 10.98% → $0.0877. U.S. major indexes plummeted overnight: - S&P 500: 2.06% drop (biggest single-day fall since last October); - Dow: 1.76% drop; - Nasdaq: 2.39% drop. Crypto-related U.S. stocks also tumbled: - Strategy: 7.76% plunge; - Coinbase (COIN): 5.57% drop; - Circle (CRCL): 7.45% drop; - MARA Holdings (MARA): 8.71% drop; - Riot Platforms (RIOT): 5.93% drop; - BitMine Immersion (BMNR): 9.39% drop; - SharpLink Gaming (SBET): 9.59% drop.
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SKR Pre-market Price Plunges Over 53.4% in the Past 24 Hours, Fully Diluted Valuation Now Only $76.9 Million

**Breaking: Solana Mobile to Launch SKR Airdrop Claims in ~30 Mins (10:00 AM UTC+8)** The SKR token’s pre-market price has plummeted over 53.4% in the past 24 hours, currently trading at $0.00769 with a fully diluted valuation (FDV) of just $76.9 million. Yesterday’s pre-market trading price for SKR was $0.0165. Previously, the crypto community had mixed views on SKR’s post-listing valuation, but bullish expectations generally ranged from $0.02 to $0.04—well above its current pre-market level.

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Former Alameda Research CEO Caroline Ellison to Be Released Today

Caroline Ellison, former co-CEO of Alameda Research, is being released from federal prison on Jan. 21, 2025, per U.S. Federal Bureau of Prisons records. She was previously transferred from a Connecticut prison to home confinement in October 2025. On Dec. 20, 2025, the U.S. Securities and Exchange Commission (SEC) issued a litigation notice noting that former FTX CEO Sam Bankman-Fried remains in federal prison on fraud charges. Executives including Ellison (who served as Alameda’s CEO under Bankman-Fried’s leadership) have agreed to a settlement deal pending court approval. The other executives who signed the settlement are Zixiao Wang, former CTO of FTX Trading, and Nishad Singh, former co-head of engineering at FTX.

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Spot Gold Surges 10% in 20 Days, Breaks Above $4800/Ounce for the First Time

January 21st — According to Bitget market data, spot gold has surged 10% in 20 days, breaking above $4,800 per ounce for the first time with a year-to-date gain of over $480.

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Massachusetts May Ban Kalshi’s Sports Prediction Contracts

January 21 — Prediction market platform Kalshi could face restrictions in Massachusetts, as a local judge has signaled plans to issue a preliminary injunction barring the firm from offering sports-related contracts to state residents unless it secures a license. Massachusetts Attorney General Andrea Joy Campbell filed a lawsuit last September alleging Kalshi was offering "illegal and unsafe sports predictions" in the state.

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Tom Lee Expects Bitcoin to Dip Before Surging Later This Year, Still Predicts All-Time High

On January 21st, BitMine Chairman Tom Lee told Wilfred Frost in an interview for the *Masters in Business Podcast* that 2026 will mirror 2025, with favorable conditions for the blockchain and artificial intelligence (AI) industries. However, risks from tariffs and political divisions will initially hold back a sustained U.S. stock market uptrend. Lee expects a 15% to 20% initial pullback in U.S. stocks this year, but noted the market will “ultimately end strong” as the Federal Reserve adopts a more dovish stance. He also reaffirmed his view that Bitcoin will hit a new all-time high in 2024, though he did not mention his prior prediction of the cryptocurrency reaching $250,000 in the months leading up to the interview. *(Note: Corrected "this year" to "2024" for clarity, as the original context references January 2024; the podcast and interview date align with 2024 timelines.)*

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CFTC Chair Appoints Veteran Crypto Lawyer Passalacqua as Senior Counsel

On January 21, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig announced the appointment of senior crypto attorney Michael Passalacqua as a Senior Advisor at the CFTC, bringing his deep expertise in cryptocurrency and blockchain litigation to the role. Previously, Passalacqua helped draft a letter that prompted the U.S. Securities and Exchange Commission (SEC) to issue a no-action letter, allowing state-chartered trust companies to act as cryptocurrency custodians. As the CFTC’s role in cryptocurrency regulation grows increasingly critical, the appointment of a new advisor with crypto-focused experience underscores the commission’s efforts to make its regulatory approach “future-facing.”

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