Romp interrupted
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 24th April 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
TRUMP Pumps By Dint Of Presidential Meal
The spot price of Official Trump (TRUMP), a Solana-run memecoin closely associated with U.S. President Donald Trump, spiked by as much as 70% on Wednesday after it was announced that more than 200 top holders would be invited to dine with Trump at his Washington, D.C.-area golf club.
As of Thursday morning, TRUMP, 50th-largest digital asset, straddled $12 on a gain of 32% since this time yesterday. TRUMP's all-time high of about $73 came back on Jan. 19, one day before his swearing-in.
TRUMP's market capitalization is now roughly $2.5B. Approximately three-fourths of all existing tokens are still locked up. A Trump-owned company owns a sizable chunk. Some $300 million worth of previously locked-up TRUMP tokens were added to circulation on April 18, according to CoinDesk, citing Tokenomist data. In July, another $600M worth of TRUMP tokens will be unlocked.
At the dinner, Trump will discuss the future of crypto, according to Politico, citing the memecoin’s website.
It's not quite a "where were you when...?" type moment in time but the whole thing does seem historic. Past American presidents just have not done this. Discussed crypto's future with crypto owners over a meal, we mean.
"It’s another prominent example of Trump mixing politics and his personal business," Politico said.
What's down
Major Coins, Ripping Green Of Late, Slump
Total cryptocurrency market capitalization reached $3.05 trillion yesterday. That's proving to be this week's highwater mark. As of this morning, most big coins are losing ground.
Bitcoin, which claims nearly two-thirds of that total crypto market cap, fell 1.4% in the past 24 hours to roughly $92,400. BTC remains up nearly 10% over the past week. This double-digit mark stood as of about 7:30 a.m. (EST).
No. 2 Ethereum, which has been smacked around (-16%) over the past month, shed 3.3% in the past day. A few majors, including XRP and DOGE, lost 5%-6%.
Many traders apparently did the whole profit-taking thing after a market-wide spurt on Tuesday and part of Wednesday. At last check, total crypto assets stood at $2.98T, down 3.6% (CoinGecko).
What's next
SEC Takes Ownership Of Industry Question
Tomorrow, the SEC's Crypto Task Force will host its second policy roundtable, part of a four-part series, with this one set to focus on crypto asset custody.
The roundtable, per Decrypt, will feature two panels. One of them is titled "Custody Through Broker-Dealers and Beyond;" the second one is called "Investment Adviser and Investment Company Custody." This topic isn't nearly as bone-dry boring as you might suspect.
Under current SEC rules, investment advisers must hold client funds and digital assets with a qualified custodian, typically a bank or broker-dealer. But holding crypto can often require the use of myriad technologies beyond the scope of what is used traditionally by banks and BDs that deliver custodian services in a way the SEC deems proper. Advocates for more thoughtful, tailored rules point to dual demands from clients — for both secure storage and access.
In 2023, the SEC, at the time led by Gary Gensler, put forth a proposal to update custody rules for crypto. This was in the wake of the FTX collapse in November of 2022. Under the proposal, a qualified custodian would be subject to independent audits, certain documentation requirements, and would be required to segregate advisers' clients' assets individually. The proposal drew criticism for its lack of practical solutions for crypto-native firms. "Few firms are set up to meet these requirements when it comes to crypto assets," Decrypt said.
One of the scheduled speakers on the topic is Justin Browder of the law firm Simpson Thacher. Browder has in the past criticized the SEC’s stance as "forcing advisers to choose between client needs and regulatory compliance."
Another roundtable participant is Neel Maitra, a partner at Dechert LLP. He has previously called custody "the single greatest question facing crypto market participants."
Two more SEC gatherings are set for the remainder of the spring. A roundtable on tokenization will be held on May 12. Another, on decentralized finance, or "DeFi," is set for June 6.
