Weekly Recap: Bitcoin and Other Cryptos Drop as Trade War Fears Grow

Welcome to the latest edition of ChainPlay's Newsletter, where we dive into the week's most exciting and innovative crypto news.

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Biggest VC Deals of Last Week

The Market In General

Bitcoin and Other Cryptos Drop as Trade War Fears Grow

The crypto market took a big hit on Monday as worries about a global trade war scared investors. The sell-off happened after reports that the U.S. will apply a 25% tariff on most Mexican and Canadian imports, plus a 10% tariff on Chinese goods, starting Tuesday.

Bitcoin and other major cryptocurrencies sharply dropped after U.S. President Donald Trump announced new tariffs on imports from Mexico, Canada, and China. Bitcoin fell 6.6%, trading at $92,991.

Other popular cryptocurrencies also suffered. XRP dropped 24%, Solana fell 8.8%, BNB lost 16.6%, Dogecoin plunged 25.1%, Cardano dropped 27%, Tron fell 12%, Chainlink lost 23%, Avalanche dropped 25%, and Sui fell 22%. Meme coins were also affected, with Official Melania Meme down 12% and OFFICIAL TRUMP dropping 16%.

Crypto Liquidations Soar to Over $2.2 Billion as Bitcoin Sells Off

According to CoinGlass data, the total value of liquidated positions during this market crash has surged past $2.2 billion in a single day. More than 700,000 traders have been affected within this period. The largest individual liquidation occurred on Binance, involving the ETH/BTC trading pair, which has dropped to its lowest level in years. This position was worth over $25 million.

Bitcoin and Solana Lead Crypto Recovery After US-Mexico Tariff Pause

Bitcoin and Solana are leading a cryptocurrency market rebound after the US and Mexico agreed to pause a 25% tariff threat for one month. 

This decision, made by US President Trump and Mexican President Sheinbaum, eased concerns about economic impacts. After steep losses, with Bitcoin falling below $93,000 and Solana dropping 24%, the market reacted positively. 

Bitcoin has since rebounded to around $99,500, while Solana gained 2%. Other tokens like XRP also saw strong recoveries. Experts suggest that despite short-term volatility, Bitcoin’s long-term value remains strong.

GameFi

NRN Agents Bring AI Gaming to Ronin in 2025

NRN Agents is bringing AI-driven gameplay to the Ronin blockchain, starting in Q1 2025.

This integration will introduce adaptive AI agents, large-scale AI battles, and real-time player-driven economies to Ronin’s gaming ecosystem.

The rollout begins with proof-of-concept demos in select Ronin games, showcasing how AI enhances gameplay. AI Arena, NRN’s flagship game, will also launch a campaign, allowing players to contribute to AI training.

By Q2, NRN’s gaming SDK will be available for developers, enabling wider adoption of AI across Ronin’s ecosystem.

Arena of Faith Introduces $ACP: Shaping the Future of MOBA Crypto Gaming

The revolutionary gaming platform Arena of Faith (AOF) has launched its native token, $ACP, marking a new era for MOBA (Multiplayer Online Battle Arena) gaming. The introduction of $ACP enhances the platform by incorporating advanced AI technology, decentralized finance, and a vibrant community.

Memecoins

Grayscale Launches New Dogecoin Trust

Grayscale has launched a new closed-end fund offering exposure to Dogecoin (DOGE), marking the token's shift from a meme coin to a potential tool for global financial inclusion. 

According to Grayscale, DOGE's low transaction costs and fast transfer speeds make it ideal for international remittances, particularly in regions with limited banking infrastructure. 

This launch comes after President Trump's election, which saw several fund managers file for DOGE ETFs, signaling growing institutional interest. The Dogecoin Trust will charge investors a 2.5% management fee.

Errol Musk to Launch ‘Musk It’ Meme Coin with $200 Million Fundraising Goal

Errol Musk, father of Elon Musk, has announced plans to launch a meme coin named “Musk It,” aiming to raise between $150 million and $200 million. The funds will support the Musk Institute, a new for-profit think tank focused on scientific innovation. Despite claims of independence from his son, many investors link the project to Elon Musk's influence in the crypto world.

The meme coin has faced skepticism due to its lack of detailed tokenomics and concerns over potential scams. As meme coins continue to grow in popularity, “Musk It” joins a controversial wave of politically and celebrity-driven tokens, facing increased scrutiny from regulators.

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ChainPlay team