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Santiment has spotted a positive development in the Chainlink ecosystem. Chainlink’s social media engagement surged significantly in the past six months. Whales accumulated notable amounts of LINK since September 2024.
Quick Take Bitcoin retraced modestly compared to altcoins as Friday’s U.S. PCE Index data reaffirmed growing inflation unease. The broader crypto market was harder hit by the news, with ETH, SOL, and XRP sliding over 6% in the past 24 hours. Inflation data may disincentivize the Federal Reserve from further rate cuts in May, but catalysts for a bounce still exist, according to experts.
Quick Take Bitcoin dominance has risen to 58%, defying expectations of an altcoin market rotation despite favorable conditions. The following is an excerpt from The Block’s Data and Insights newsletter.
- 10:59Analyst: US Q1 GDP Unexpectedly Shrinks, Fed's Dovish Turn Could Benefit BitcoinAccording to The Block, the United States' GDP in the first quarter of 2025 decreased by an annualized 0.3%, marking the first negative growth since 2022. BRN's Chief Research Analyst Valentin Fournier pointed out that the slowdown in economic growth and cooling inflation might prompt the Federal Reserve to adopt a more dovish monetary policy stance, providing support for risk assets like Bitcoin. The current bullish price trend is the main demand driver, and a new round of liquidity injection could benefit alternative risk assets like cryptocurrencies more than stocks, as stocks may struggle in an economic slowdown. Since "Liberation Day," Bitcoin has risen over 13%, reaching a two-month high, while the S&P 500 index has gained less than 1% in the past 30 days, with Bitcoin outperforming the stock market.
- 10:50Block: Proto Plans to Launch Bitcoin Mining Chips Made in the USA This Year to Mitigate Tariff RisksBlock CEO Jack Dorsey stated that the company is manufacturing Bitcoin mining chips, Proto, domestically in the U.S. to address rising tariffs and overseas manufacturing risks. The chip is planned to be launched in 2025, featuring an open-source design that emphasizes flexibility and direct collaboration with U.S. suppliers. Additionally, Block disclosed that its first-quarter gross profit reached $2.29 billion, a 9% year-over-year increase, with Cash App's gross profit rising 10% to $1.38 billion and Square's growing 9% to $898 million.
- 10:33Block CEO: Bitcoin Chips to Be Manufactured in the US to Counter Trade ImpactBlock CEO Jack Dorsey stated that the Bitcoin mining chip Proto, developed by the company, will be launched in 2025 and will be manufactured in the United States to address tariffs and overseas manufacturing risks. Dorsey emphasized that collaboration with domestic suppliers and manufacturers will ensure the chip's release as planned. Block's first-quarter gross profit reached $2.29 billion, a 9% year-over-year increase, with Cash App's gross profit rising 10% to $1.38 billion and Square's growing 9% to $898 million. However, due to the macroeconomic environment and weak consumer spending, the company has lowered its full-year gross profit forecast for 2025 to $9.96 billion, a 12% increase year-over-year.