According to The Kobeissi Letter, citing the Wall Street Journal, President Trump advised Japan’s Prime Minister not to provoke China over Taiwan after speaking with President Xi, indicating a potential de-escalatory signal in the immediate term for cross-strait tensions, per the Wall Street Journal as relayed by The Kobeissi Letter. For crypto traders, geopolitical headline risk matters because BTC and ETH increasingly move in sync with U.S. equities, raising beta to risk-on/risk-off shifts, according to the International Monetary Fund’s 2022 analysis and the Bank for International Settlements’ 2022 research. Safe-haven demand historically benefits the Japanese yen in risk-off episodes, making USDJPY a key barometer to watch alongside crypto, according to Ranaldo and Soderlind, Journal of Finance 2010. Geopolitical risk shocks generally lift global risk premia and volatility across assets, which can spill into digital assets’ short-term returns and volumes, according to the Caldara and Iacoviello Geopolitical Risk Index research.