Weekly Recap: Bitcoin Moves, Tariffs Hit Imports, Musk vs. Trump Feud

The first week of June witnessed major developments in the crypto industry, including Microstrategy’s latest Bitcoin strategy and a significant security breach at Coinbase. U.S. imports have plummeted to historic lows as tariffs take their toll. In a dramatic clash, Donald Trump and Elon Musk’s feud intensified, while institutional Bitcoin adoption continued to rise, spotlighting various initiatives and economic shifts as the FOMC meeting approaches.

Weekly Recap: Bitcoin Moves, Tariffs Hit Imports, Musk vs. Trump Feud

The first week of June really shook up both the crypto world and the economy. Major incidents and moves went down that could change the landscape—let’s break it down.

On Monday, Microstrategy, a business analytics firm from the US, made a splash with its new preferred stock offering called STRD. The aim? Raise $250 million to buy more Bitcoin. Meanwhile, in a concerning twist, a report blew up: Polymarket traders were showing doubts about an interest rate cut this month, with a whopping 97% betting against it. The sentiment’s clearly shifted toward expecting rates to stay high longer.

Then came news of a security breach at Coinbase, reported on June 2. Turns out, this breach happened back in January 2025 and involves TaskUs contractors who were leaking sensitive customer data for bribes. That’s a mess for Coinbase.

On Tuesday, a significant drop in U.S. imports was noted, reaching levels we haven’t seen since the 2008–2009 housing crisis. This decline is mostly due to those “Liberation Day” tariffs, which is really shaking up the manufacturing market. Fed Chairman Jerome Powell weighed in on the economy, hinting at possible dollar volatility ahead. Institutional involvement in Bitcoin is up, with Norwegian Block Exchange (NBX) seeing a staggering 138% stock value increase after announcing a hefty Bitcoin purchase. Ethereum also took steps forward with the launch of the Devconnect ARG Scholars Program, mingling legal, cultural, and technical experts.

On Wednesday, California stepped up with new crypto regulations by passing the AB 1180 bill, which allows businesses to use blockchain more effectively in financial services. Sadly, market fluctuations led to some traders getting liquidated, and then there’s the bizarre story of a crypto influencer who lost hundreds of millions on an ultra-leveraged Bitcoin position. In regulatory news, the UK FCA updated its enforcement investigation guide for cases starting June 2025, introducing criteria for public disclosures, including options for anonymous notices.

Thursday saw a public clash between Donald Trump and Elon Musk, revolved around business failures and political disputes. Musk accused Trump of connections to the Epstein files, while Trump threatened to cut subsidies for Musk’s companies. This conflict apparently caused Tesla’s stock to take a nosedive. On the flip side, Dogecoin’s creator, Billy Markus, criticized Trump’s tariffs as “super stupid,” igniting more debate in crypto circles. Also, Trump took another stab at pushing for interest rate cuts, reiterating his demands to Fed Chairman Powell—who seems to be holding his ground.

Fast forward to Friday, where we learned that imports fell by an astonishing $68 billion just last month—the biggest drop on record. In a notable twist, Musk announced a new partnership between his platform X and the prediction market Polymarket, which indicates Twitter is getting further entwined with crypto. All in all, a week packed with significant events that have investors on edge. \n
As we approach the next FOMC meeting in ten days, the anticipation brews over what to expect regarding inflation management. It’s a waiting game, folks. Ready to trade? Join WEEX via Bitcoinsensus for a 20% deposit bonus—up to 400 USDT await you! Also, there’s a $30,000 reward pool waiting to be claimed!