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Today's Top Crypto Headlines:
Bitcoin Drops After New Tariffs | DOGE Saves $36B in Fraud | Quantum Computing & Bitcoin and more...
King Fatrick Gil Añasco
February 10, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Bitcoin Falls After Trump Tariffs: Bitcoin briefly dropped to $94,000 after Trump announced a 25% tariff on steel and aluminum, sparking market volatility.
DOGE Saves $36B in Fraud: Elon Musk’s Department of Government Efficiency (DOGE) reportedly saved U.S. taxpayers $36.7B in fraudulent entitlement payments.
💡Feature of the Day - Quantum Computing & Bitcoin: Tether CEO Paolo Ardoino warned that future quantum computing could crack lost Bitcoin wallets, returning them to circulation.
All this and more in today’s headlines!
📰 News Highlights:
Bitcoin briefly fell to $94,000 after President Donald Trump announced a 25% tariff on steel and aluminum, sparking fears of economic instability.
The broader crypto market also dipped, with the total market cap falling from $3.15 trillion to $3.10 trillion.
The latest tariffs add to Trump’s previous moves, including a 25% levy on Canadian and Mexican imports.
I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B, As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however,… x.com/i/web/status/1…
— Ben Zhou (@benbybit)
12:35 PM • Feb 3, 2025
Analysts speculate that recent tariffs could lead to further market volatility. Bybit CEO Ben Zhou estimated that crypto liquidations reached up to $10 billion.
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Elon Musk’s Department of Government Efficiency (DOGE) has reportedly saved U.S. taxpayers $36.7 billion in its first few weeks.
Watch Stagwell's CEO Mark Penn interview Elon Musk at CES!
— Live (@Live)
3:46 AM • Jan 9, 2025
Following this success, Coinbase CEO Brian Armstrong called for blockchain-based transparency in government spending.
Great progress @DOGE
Imagine if every government expenditure was done transparently onchain. Would make it much easier to audit.
doge-tracker.com
— Brian Armstrong (@brian_armstrong)
10:23 PM • Feb 8, 2025
Musk suggested that a blockchain-powered Treasury system could reduce fraud and inefficiencies.
To be clear, what the @DOGE team and @USTreasury have jointly agreed makes sense is the following:
- Require that all outgoing government payments have a payment categorization code, which is necessary in order to pass financial audits. This is frequently left blank, making… x.com/i/web/status/1…
— Elon Musk (@elonmusk)
7:51 PM • Feb 8, 2025
DOGE’s investigations uncovered $50 billion in annual fraudulent entitlement payments.
💡 Feature of the Day:
Tether CEO Paolo Ardoino warned that quantum computing could eventually crack lost Bitcoin wallets, returning those funds to circulation.
Prediction.
Quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography.
Quantum resistant addresses will eventually be added to Bitcoin before there is any serious threat.All people alive (and that have access to their wallets) will move… x.com/i/web/status/1…
— Paolo Ardoino 🤖🍐 (@paoloardoino)
4:11 PM • Feb 8, 2025
While he reassured that meaningful risks remain distant, the prospect raises concerns about long-term Bitcoin security.
I want to express my thoughts about the so-called ‘quantum computing threat’ to crypto and blockchain.
A couple of years ago, this might’ve been a valid concern, but not anymore. Sure, Satoshi’s old wallets could theoretically send us back to the stone age, but the Bitcoin… x.com/i/web/status/1…
— CryptoSkull 💀 ze last bull standing (@cryptoskullx)
4:22 AM • Dec 12, 2024
Quantum-resistant cryptography is expected to protect active wallets, but lost holdings could become vulnerable. Some traders fear that recovering Satoshi Nakamoto’s estimated 1 million BTC could destabilize the market.
I’m being misquoted in some places. And in others, folks are just being intellectually lazy or technically dumb.
So to be clear:
Quantum Computing will be a risk to v1 cryptographic approaches. The time frame is very much not clear and it’s not in the immediate time horizon.… x.com/i/web/status/1…
— Chamath Palihapitiya (@chamath)
8:53 PM • Dec 14, 2024
Billionaire Chamath Palihapitiya echoed similar concerns, urging Bitcoin holders to prepare for future quantum advancements.
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And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com