From September 1 to 5, the virtual asset market showed mixed signals amid the ruling on the constitutionality of the reciprocal tariff by U.S. President Donald Trump and financial instability originating from Europe. Experts noted that the ruling on the reciprocity of tariffs contributed to market stability, but the financial instability in Europe remains a potential risk, and the mixed signals are expected to continue in the short term.
As of 5 p.m. on the 5th, Bitcoin recorded $112,947. This represents an increase of 2.19% from 24 hours ago and 2.67% from a week ago. On the 2nd, it briefly fell to around $107,000 but regained $110,000 the following day on the 3rd. Around the same time, Ethereum rose to $4,418, up 1.01% from 24 hours prior and 0.88% from a week earlier. In the altcoin market, MemeCoin (M) surged by 214.43%, Story (IP) by 29.31%, and PumpDotPump (PUMP) by 27.65%, leading the bullish trend.
The major variable in the virtual asset market last week was the ruling on the constitutionality of reciprocal tariffs. The U.S. Federal Appeals Court ruled that imposing reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) is 'generally unconstitutional.' As the Trump administration has indicated plans to appeal to the Supreme Court, a final conclusion has been postponed until next year. However, a law was proposed in the U.S. Congress to impose a 10% basic tariff on all imports and up to 100% on strategic items. The unconstitutional ruling has eased short-term tariff risks, but uncertainty remains.
Soaring long-term interest rates due to financial instability in Europe were also a key factor. France, the United Kingdom, and Germany initiated economic stimulus through increased fiscal spending (such as government bond issuance), which led to a sharp rise in long-term interest rates in Europe, resulting in an increase in U.S. 30-year bond rates. On the 3rd, the yield on U.S. 10-year bonds was 4.2%, and 30-year bonds showed stability at 4.8%, but the unstable trend is expected to continue.
◇ Trump family secures 7 trillion won in assets through WLFI coin
The digital asset financial company World Liberty Financial (WLFI), established by the Trump family, saw its coin listed on global exchanges, with its market capitalization nearing 40 trillion won at one point. As a result, the Trump family has secured assets estimated to be around $5 billion (7 trillion won). This includes the three sons of President Trump (Donald Jr., Eric, Barron), who participated as co-founders, while President Trump is named as the honorary co-founder.
WLFI was promoted as part of the Trump family's cryptocurrency ecosystem expansion strategy alongside the stablecoin 'USD1'. This listing is aligned with the 'digital asset treasury' strategy aimed at capitalizing on the sharp increase in stock prices amid the virtual asset rally. However, the president's direct involvement in the virtual asset business is expected to spark controversies in both politics and the virtual asset market.
WLFI is set to co-host the global digital asset conference 'Eastpoint: Seoul 2025', which will take place in Seoul. The event is expected to include officials from the White House, as well as stablecoin issuers Tether and Circle, along with Korea's four major financial holding companies.
◇ 'Digital asset innovation law' proposed... includes regulation of foreign stablecoins
Lee Kang-il, a member of the Democratic Party of Korea, proposed a bill on the digital asset innovation law on the 4th. In the virtual asset industry, this bill is seen as establishing a comprehensive regulatory framework that defines the digital asset industry as a national strategic industry rather than just a simple investment area, including regulations on entry, business operations, and disclosures.
The bill includes the introduction of a segmentation licensing system for digital asset operators (covering trading, exchange, custodial, wallet, lending, etc.), capital requirements for licensing (10 billion won) and registration (50 million won), legislative standardization for exchange listing review criteria, and strengthening regulations to prevent unfair business practices. Notably, it also legalizes domestic initial coin offerings (ICOs) that have been controversial.
The bill also contains a separate regulatory framework for stablecoins. Issuers must have a minimum capital of at least 10 billion won, and reserve assets must consist only of short-term safe assets. Monthly internal audit reports and annual external reduction reports must also be disclosed. In particular, the bill includes measures to prevent regulatory arbitrage by allowing only foreign-issued stablecoins that meet the requirements set by the Financial Services Commission to circulate domestically.
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It provides essential operational solutions and trust-based community building services for companies and foundations adopting Web3. It operates a crypto data intelligence platform called Jangle, and the Jangle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.