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Trump heads to Beijing for first US state visit to China since 2017
Trump arrives in Beijing as markets watch US-China talks, Bitcoin loses $80K, and Schwab opens crypto trading to clients.
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The world's two biggest economies are back at the negotiating table.
Meanwhile, hot inflation data just crushed any remaining hopes for rate cuts this year.
Bitcoin is sliding, traditional brokerages are piling in, and corporate treasury bets are bleeding red.
Today's stories sit at the intersection of geopolitics, monetary policy, and Wall Street's crypto ambitions.
Trump lands in Beijing for first US state visit to China since 2017
Trump just touched down in Beijing for a three-day state visit, the first since 2017.
The visit centers on AI and semiconductor dominance, the defining tech battle of the decade.
Whatever comes out of the Great Hall of the People could reshape trade policy and risk appetite globally.
Markets
Hot producer prices torch rate cut hopes and drag crypto lower
April's Producer Price Index surged 1.4% month-over-month, nearly triple what economists expected.
Annual PPI hit 6%, the biggest jump since December 2022.
Rate cut odds evaporated. Odds of a hike climbed to roughly 39% after the report.
BTC slipped below $80K, ETH fell near $2,250, SOL dropped to around $91, and XRP held flat near $1.42.
Charles Schwab launches spot Bitcoin and Ethereum trading for its $12T client base
Schwab Crypto went live today, letting retail clients buy Bitcoin and Ethereum directly.
The 0.75% trading fee undercuts Fidelity's 1% rate, firing the first shot in a brokerage price war.
When a $12T asset manager makes crypto a menu item, the "mainstream adoption" debate is basically over.
Metaplanet posts $725M Q1 net loss amid Bitcoin markdowns
Japan's biggest corporate Bitcoin holder just reported a $725M quarterly loss.
Operating profit actually surged 283%, but mark-to-market accounting on 40,177 BTC wiped it all out.
It's the clearest case study yet for what happens when a treasury strategy meets a 24% price drawdown.
On Our Radar
Blueface's net worth: The rapper's fortune sits around $4 million, mostly from music.*
Nvidia's trillion-dollar problem: It's now worth more than entire economies.
Oops, we did it again: Transit Finance lost $1.8 million to an exploit.
*sponsored
ICYMI
Meme of the Day
See you in the next one.
Estéfano
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