Good morning. Apple wins some reprieve from tariffs. The Trump family is betting big on crypto. And a luxury confectioner is trying to double its global footprint. Listen to the day’s top stories.

A degree of calm returned to Wall Street, with stocks and bonds notching a twin rally after a tumultuous week in the grip of President Donald Trump’s disruptive trade war.

Over the last four years, Dubai property prices have surged 70% and outperformed other major cities. That relentless boom now faces its biggest threat since the pandemic as US President Donald Trump’s tariffs roil markets.

A fundamental shift has taken hold

JPMorgan Chase & Co. expanded its blockchain-based payments service for corporate clients, adding pound-denominated accounts that will use its Kinexys Digital Payments network for commercial bank transactions.

The largest stablecoin issuer, Tether Holdings SA, has become one of the major sources of liquidity in the digital asset market since the crash that nearly wiped out the entire crypto-lending sector several years ago.

Michael Saylor’s Strategy took advantage of the large price swings in the company’s common shares last week to purchase $285.8 million more of Bitcoin.

Crypto exchange Kraken, which is planning to go public early next year, has expanded beyond digital assets and into trading of US stocks and exchange-traded funds through a brokerage partnership.

Stocks whipsawed as President Donald Trump’s fast-evolving tariff war with top trade partners showed little signs of abating, leaving investors unwilling to take on too much risk after a two-day rally.

Nasdaq-listed Bitcoin mining firm Bitdeer Technologies Group is doubling down on its self-mining operations while pushing ahead with plans to make machines in the US, as it confronts a cooling crypto market and mounting uncertainty over US trade policy.

HF0, a live-in program for startup founders in San Francisco, mixes New Agey spirituality with Silicon Valley-esque hypercapitalism.

A new cryptocurrency aims to occupy the final frontier of investor safety — cash that doesn’t lose purchasing power to inflation.

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, congressional correspondent Erik Wasson looks at the potential impact of cuts at the IRS. Sign up here and follow us at @bpolitics. Email our editors…

Suvashree Ghosh finds an oasis of calm in otherwise turbulent market action.

Warnings from Jerome Powell that trade tensions risk undermining the Federal Reserve’s employment and inflation goals whipped up fresh volatility on Wall Street Wednesday, with stocks resuming sharp declines while haven assets like Treasuries and gold surged.

Standard Chartered Bank estimates the size of the stablecoin market could surge by about 10-fold to $2 trillion within the next three years after the expected passage of US legislation that seeks to provide a regulatory framework for the cryptocurrencies.

Crypto exchange OKX is expanding in the US just weeks after agreeing to pay half a billion dollars to settle charges brought by local authorities.

A US maker of Bitcoin mining computers said it has closed a $153 million funding round as its Chinese competitors face increasing scrutiny and tariffs imposed by the Trump administration.

President Donald Trump’s crypto project World Liberty Financial has signed a new partner: A market maker that has been accused in press reports of manipulative trading activity.

Crypto market participants are bracing for the release of a large swath of the memecoin first debuted by President Donald Trump just before his second inauguration that ended up whipsawing buyers.