Crypto News Today : Jerome Powell Speech, Ripple VS SEC Update, Trump Tariffs and More

China is reevaluating how it handles seized cryptocurrencies amid a surge in crypto-related crimes, totaling $59 billion in 2023. With trading banned, local governments have relied on private firms to liquidate assets, raising legal and ethical concerns. Experts and officials now push for centralized oversight and judicial recognition of digital tokens. A consensus is emerging for regulated disposal and potential creation of a crypto reserve, aligning with EAAT standards by prioritizing transparency, legal integrity, and public financial accountability.

Gold surged to a record $3,300/oz, fueled by soaring demand from Chinese gold ETFs, which saw April inflows surpass Q1 totals, according to the World Gold Council. China added 29.1 metric tons in just 11 days, outpacing U.S.-listed funds. The shift signals growing investor interest amid escalating U.S.-China tensions and a falling yuan. Premiums on gold in China surged, prompting large bullion imports. With global ETF demand at a three-year high, gold’s safe-haven appeal is powering its parabolic rally.

Nvidia shares slumped 5.2% in premarket trading after the company flagged $5.5 billion in charges due to fresh U.S. export curbs on its H20 AI chips to China. The move, part of escalating U.S.-China trade tensions, sparked a broader sell-off in chip stocks and dragged Nasdaq 100 futures down 1.2%. Other chipmakers, including AMD, Micron, and Broadcom, also dropped. Market volatility spiked, with the VIX rising to 31.86. Investors now await Fed Chair Powell’s speech for policy direction amid mounting uncertainty.

Tech stocks slumped after the U.S. tightened export curbs on Nvidia’s H20 AI chips to China, triggering a $5.5 billion charge for the chipmaker. ASML also spooked investors with weak orders and tariff disruption warnings. Nasdaq-100 futures dropped over 1%, echoing global losses. Meanwhile, China reported stable 5.4% Q1 growth, driven by pre-tariff export surges. Wall Street’s fear gauge spiked, while eyes turn to Fed Chair Powell’s upcoming speech and U.S. retail sales data for market direction.

XRP is drawing massive attention as the Ripple vs. SEC lawsuit nears its final verdict, scheduled today. With legal clarity in sight, analysts eye a potential rally beyond $5, fueled by institutional interest and possible XRP ETF filings. Technical indicators show consolidation between $2.10–$2.18, with bulls defending support. Although XRP trades at $2.07 amid mixed momentum, the resolution of the four-year-long legal battle could unlock new partnerships, SWIFT integration, and broader adoption, setting the stage for a breakout.

Federal Reserve Chair Jerome Powell will speak today at 11:30 AM ET, discussing inflation data and economic prospects. His remarks come amid rising market volatility driven by U.S. tariffs and inflation concerns. Investors are watching closely for clues on the Fed’s policy stance ahead of the May 6–7 FOMC meeting. With stagflation fears looming and inflation expectations rising, Powell’s tone could significantly sway markets, especially Bitcoin, which may experience sharp volatility today.