Crypto News Today
In today’s crypto news, a report from TRM Labs reveals a fascinating trend: Yemenis are increasingly turning to decentralized finance (DeFi) as US sanctions tighten on the Houthi group, labeled a “terrorist” organization. Meanwhile, in the US, President Trump reignited his criticism of the Federal Reserve chair for what he sees as lagging interest rate cuts. And finally, according to CoinGecko, the crypto market in early 2025 continues to be captivated by memecoins and AI.
Yemenis are Turning to DeFi Amid US Sanctions on Houthi Group
Facing the bite of US sanctions targeting the Houthi group, which the US has labeled a terrorist organization, Yemeni citizens are increasingly adopting decentralized finance (DeFi) protocols as a way to manage their finances.
According to data from TRM Labs, DeFi platforms dominate Yemen’s crypto landscape, making up over 63% of the country’s crypto-related web traffic. In comparison, global centralized exchanges only account for 18%.
The TRM Labs report, dated April 17th, points out that limited crypto adoption in Yemen was previously due to factors like shaky internet infrastructure and low financial literacy within the population already struggling with conflict.
“However, there are signs of growing interest and usage driven primarily by necessity rather than speculation,” the blockchain intelligence firm said.
“For those who use cryptocurrencies in Yemen, this technology provides a critical pathway to sidestep disruptions in traditional financial services. This offers a vital sense of financial resilience, particularly as banks become inaccessible or simply non-functional amidst the ongoing conflict.”
Trump Criticizes Powell as ‘Too Late’ on Interest Rate Cuts
President Donald Trump has once again taken aim at Federal Reserve Chair Jerome Powell, accusing him of dragging his feet on interest rate cuts. This latest salvo further escalates their ongoing dispute, raising concerns about the political independence of the central bank.
Trump, posting on Truth Social on April 17th, pointed to the European Central Bank’s (ECB) recent interest rate cut as further evidence, stating that “Too Late” Powell has failed to act appropriately in the US, even as inflation cools down.
“Powell’s termination cannot come fast enough!” Trump said.
Florida Senator Rick Scott agreed with the president, saying, “it’s time for new leadership at the Federal Reserve.”
Trump’s public criticism marks a departure from decades of political norms in the US, which have aimed to shield the Federal Reserve from political influence—a convention designed to protect the central bank’s independence, even concerning presidential decisions about replacing its chair.
Responding to the pressure, Powell reaffirmed the Fed’s stance on independence, stating in an April 16th address at the Economic Club of Chicago that it is “a matter of law.” He has previously indicated his intention to complete his term, which runs until May 2026.
Memecoins and AI Tokens Still Top Crypto Narratives in Early 2025: CoinGecko
It seems the crypto market is sticking with what it knows, as old trends continue to reign supreme. According to CoinGecko’s latest report, we haven’t seen many fresh narratives take hold in the first quarter of 2025.
The report reveals that artificial intelligence (AI) tokens and memecoins continued to dominate crypto narratives in Q1 2025. Together, they grabbed a whopping 62.8% of investor attention! AI tokens actually took the lead, capturing 35.7% of global interest, while memecoins followed in second place with 27.1%.
Looking at the top 20 crypto narratives of the quarter, memecoin categories accounted for six spots, and AI-related narratives took five.
Bobby Ong, CoinGecko’s co-founder and COO, summed it up in an April 17th X post: “Seems like we have yet to see another new narrative emerge and we are still following past quarters’ trends,” adding, “I guess we are all tired from the same old trends repeating themselves.”
Interestingly, memecoin interest spiked leading up to President Trump’s inauguration on January 20th. This surge came after his team launched the Official Trump (TRUMP) memecoin on January 18th, followed quickly by the Official Melania (MELANIA) token on January 19th, both on the Solana network.
However, some industry experts are voicing concerns that this memecoin frenzy could be diverting investment away from utility-focused tokens, like Solana, potentially hindering their price growth.
