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Gold prices have soared to unprecedented levels, reaching above $3,385 an ounce, driven by a combination of factors including a weakened US dollar, President Trump's criticism of the Federal Reserve, and persistent trade war tensions. Trump's contemplation of firing Fed Chair Jerome Powell has raised concerns about the independence of the US monetary policy, potentially eroding confidence in the dollar and increasing the appeal of gold as a safe-haven asset. This year, gold has seen a robust demand, with central banks adding to their reserves and investors continuously investing in bullion-backed ETFs for the longest streak since 2022. The trade conflict has unsettled markets, reducing the appetite for risk assets and accelerating the rush towards havens like gold. Additionally, the weakening dollar and positive forecasts from banks like Goldman Sachs, predicting gold could hit $4,000 by mid-next year, further support the bullish trend in gold prices.
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The launch of a Donald Trump-branded crypto wallet by Magic Eden and the team behind the Official Trump (TRUMP) memecoin has descended into confusion, labeled as "absolute chaos" by crypto skeptic Molly White. Announced on June 3, the wallet was promoted as the "Official $TRUMP Wallet," but Trump family members, including Donald Trump Jr., Eric Trump, and Barron Trump, have publicly disavowed any involvement, stating the Trump Organization has no connection to the project. Despite this, the wallet is tied to Fight Fight Fight LLC, co-owned by CIC Digital LLC, a Trump Organization affiliate holding significant TRUMP tokens. The situation highlights communication breakdowns among Trump-linked crypto ventures, with no official response from Magic Eden or the TRUMP token team. This incident adds to ongoing confusion surrounding Trump’s crypto endeavors, including past contradictions over Bitcoin investments by Trump Media and Technology Group.
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South Korean entertainment company K Wave Media has announced a $500 million securities purchase agreement with Bitcoin Strategic Reserve KWM to fund a Bitcoin-centric crypto treasury strategy. The deal, revealed on June 4, aims to position K Wave as the “Metaplanet of Korea,” inspired by the success of Metaplanet and MicroStrategy in adopting Bitcoin as a corporate reserve asset. The funds will primarily be used for purchasing and holding Bitcoin long-term, with potential investments in other cryptocurrencies, alongside yield optimization strategies. Additionally, the company plans to allocate resources for mergers, acquisitions, and growth in its content and K-POP businesses. K Wave also intends to enhance decentralization by operating Bitcoin Lightning Network nodes and investing in related infrastructure. Following the announcement, K Wave Media’s stock surged 162% on Nasdaq, trading at $5.04. This move aligns with a growing trend of public companies in Asia and beyond embracing Bitcoin as a reserve asset, a practice popularized by MicroStrategy since 2020.
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Cango, a Bitcoin mining company, reported mining 954.5 BTC, valued at over $100 million, in April and May 2025, following a complete shift to crypto mining after selling its legacy China operations to a Bitmain-associated entity. This pivot allowed Cango to focus solely on Bitcoin mining, achieving an average hashrate of nearly 30 exahashes per second during the two months. Earlier in 2025, the company mined 1,541 BTC in the first quarter, worth around $162 million. Additionally, Cango's co-founders, Xiaojun Zhang and Jiayuan Lin, agreed to sell 10 million high-vote Class B shares to Enduring Wealth Capital for $70 million, a deal awaiting shareholder approval. This transaction will grant Enduring Wealth voting control while maintaining limited economic equity. Cango's rapid expansion and strategic moves highlight its commitment to becoming a significant player in the Bitcoin mining industry amidst a competitive and computationally intensive landscape.
