Billions of dollars have flowed into the U.S.-listed spot bitcoin BTC exchange-traded funds (ETFs) in recent weeks, as the cryptocurrency chalked out a sharp recovery rally from $75,000 to $100,000. Most of the investment is likely driven by bold, strategic bullish directional bets rather than market-neutral arbitrage plays, data analysis suggests. The 11 spot ETFs … Read more
A 26-year-old man from Alabama has been sentenced to more than a year in prison for his role in a social media hack that briefly sent the price of bitcoin BTC soaring. Eric Council Jr. of Huntsville pleaded guilty to charges tied to the January 2024 hack of the U.S. Securities and Exchange Commission’s X … Read more
CoinDesk hosted its annual Consensus conference in Toronto this week. It was busy, to put it mildly. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Read more The narrative It’s been a hectic week, watching the Senate’s ongoing negotiations … Read more
Two of the year’s most chaotic token blowups — Movement Labs’ MOVE scandal and the collapse of Mantra’s OM — are sending shockwaves through crypto’s market-making businesses. In both cases, rapid price crashes revealed hidden actors, questionable token unlocks, and alleged side agreements that blinded market participants, with OM falling more than 90% within hours … Read more
Major tokens slumped Saturday as investors digested the implications of Moody’s Ratings downgrading the U.S. credit score, with ether (ETH), XRP, and dogecoin (DOGE) dropping roughly 3%. The broader crypto market held at $3.3 trillion, paring earlier gains after briefly touching the week’s high. The move came after rating giant Moody’s cut the U.S. sovereign … Read more
ETH has quietly slipped into historically rare territory as one market signal shows its deeply undervalued compared to bitcoin (BTC), at a ratio not seen since 2019, a new CryptoQuant report says. The signal comes from Ethereum’s ETH/BTC Market Value to Realized Value (MVRV) metric, a gauge of relative valuation that measures market sentiment and … Read more
Despite recent setbacks, U.S. legislation to regulate stablecoin issuers may be heading toward debate and passage next week, according to the backers of the bill known as the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act. “Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes … Read more
Blockchain development platform Alchemy said it has acquired Solana developer DexterLab for an undisclosed fee. The acquisition will accelerate the development of Solana-based Web3 applications to meet growing enterprise demand, Alchemy said in an emailed announcement on Friday. DexterLab’s technology has previously powered the Solana development of Google and the Solana Foundation, establishing itself as … Read more
“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” Eric Trump told the crowd at Consensus in Toronto, Canada. “That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.” The son of U.S. President Donald Trump and co-founder … Read more
While cryptocurrencies put in a flattish performance on Friday with bitcoin BTC churning around $104,000, crypto-related stocks were having a moment to shine. Crypto mining and data center firms such as Cipher Mining (CIFR), Hive Digital (HIVE), Hut 8 (HUT) and TeraWulf (WULF) booked 10%-20% gains on optimism about artificial intelligence (AI) computing demand, jolted … Read more
TORONTO — Ethereum just completed its most significant upgrade in more than a year, but the milestone comes after a turbulent stretch for the blockchain. The price of ether (ETH) has declined, developers have migrated to rival platforms, and the Ethereum Foundation — a nonprofit steward of the project — has faced criticism for a … Read more
World Liberty Financial’s USD1 stablecoin is now operable across multiple blockchains through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the companies announced Friday. That’s according to World Liberty Financial’s team, Chainlink co-founder Sergey Nazarov, and the son of U.S. President Donald Trump, Eric Trump, who announced the cross-chain capabilities at Consensus 2025. USD1, a … Read more
Christy Goldsmith Romero, one of the four commissioners at the Commodity Futures Trading Commission, will depart the federal regulator at the end of the month, she announced Friday. Goldsmith Romero joins fellow Commissioner Summer Mersinger, who announced earlier this week that she would leave on May 30 after being named the next CEO of the … Read more
Global economic uncertainties are weighing on cryptocurrency markets as TRX consolidates following its recent failed breakout attempt. The token, which established a trading range between $0.271 and $0.278, has shown resilience despite mounting trade tensions between major economies. Tron’s blockchain continues to demonstrate strong fundamentals, processing over $1 billion in daily transaction volume while maintaining … Read more
Nasdaq-listed DeFi Development Corp. (DFDV) jumped 30% on Friday to fresh record highs after unveiling a partnership with Solana’s top memecoin BONK and purchasing another batch of Solana’s SOL SOL tokens. The company said it will co-manage a Solana validator with BONK, claiming to be the first time a memecoin community and a public company … Read more
French Minister of the Interior Bruno Retailleau agreed on a series of measures to tighten the security of crypto professionals at a Friday meeting following a number of kidnappings that have targeted industry figures in the country. Measures including strengthening collaboration with internal security officers to protect professionals, a security briefing provided by police units … Read more
World Liberty Financial, the crypto business tied to President Donald Trump and his family, is pushing back against scrutiny from U.S. Senator Richard Blumenthal, the leading Democrat on a panel responsible for investigating corruption and mismanagement. “WLFI is not operating in the shadows,” according to a letter the company’s lawyers sent to the Connecticut senator. … Read more
There’s no shortage of crypto projects that have been touted as the thing that will onboard the next billion users to Web3, but Moonwalk Fitness has a slightly different approach — wellness. The fitness accountability app, which launched for iOS and Android earlier this year, essentially offers users a way to bet on whether they’ll … Read more
Galaxy Digital (GLXY) just debuted on the Nasdaq, but it appears the financial services company’s listing will be jostling for the attention of the crypto sphere’s hive mind. Crypto X — still widely known as Crypto Twitter (CT) despite the platform’s name change — was abuzz with users sharing news of fast food company Steak … Read more
TORONTO — David Goyer, the filmmaker whose credits include the Blade trilogy, The Dark Knight, and Apple TV’s Foundation series, said Friday he is building a new blockchain-based science-fiction universe called Emergence. The world of Emergence, according to Goyer, features spaceships, relic-hunting and white holes — science-fiction staples that will serve as the foundation for … Read more
U.K.-based Coinsilium Group (COIN:AQSE), which became the first blockchain firm to IPO in 2015, has announced a £1.25 million raise as it looks to establish its bitcoin BTC treasury initiative. The raise came alongside a record high in trading volume of Coinsilium Group shares, with 14 million shares changing hands on Friday. Shares are currently … Read more
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index. The CoinDesk 20 is currently trading at 3238.87, up 1.3% (+41.2) since 4 p.m. ET on Thursday. Nineteen of 20 assets are trading higher. Leaders: AAVE (+7.4%) and ETH (+2.9%). Laggards: XRP (-0.6%) and APT (+0.2%). … Read more
A federal judge has rejected a joint request by Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement. In a ruling issued Thursday, U.S. District Judge Analisa Torres said the parties’ motion was not only outside her jurisdiction, as the case is currently on appeal, but also … Read more
The State of Wisconsin Investment Board (SWIB), one of the first U.S. state pension funds to invest in a spot bitcoin BTC exchange-traded fund, exited its position entirely in the first quarter as the price of the largest cryptocurrency fell about 12%. At end of 2024, the board held more than 6 million shares in … Read more
Ether’s ETH rally, though impressive, leaves much to be desired. That’s because the unwinding of shorts is said to be fueling the rally, not fresh longs or bullish leveraged bets on the Chicago Mercantile Exchange (CME). “The rally is primarily the result of short covering – traders unwinding bearish positions – rather than a surge … Read more
A sharp sell-off in Coinbase (COIN) stock may be an overreaction to two pieces of bad news that hit on the same day, according to analysts at Barclays and Oppenheimer. Shares of the crypto exchange dropped 7.2% on Thursday after it disclosed a social engineering-driven data breach and later reports revealed a long-running Securities and … Read more
By Omkar Godbole (All times ET unless indicated otherwise) The global crypto corporate-adoption narrative is thriving even as bitcoin and the wider crypto market take a bull breather, potentially establishing a base for a new high. Méliuz, a publicly listed Brazilian fintech firm, announced Thursday the purchase of 274.52 BTC. It now holds 320.2 BTC … Read more
Bitcoin BTC bulls face a $120 million resistance challenge as they look to extend the classic “stair-step” uptrend, or periodic controlled move higher, order book data show. Since April 9, bitcoin has climbed about 38%, advancing from around $75,000 to $104,000 as trade tensions eased and major market participants deployed capital. This rally can be … Read more
U.S. Department of Justice (DOJ) has charged 12 individuals for stealing over $263 million in crypto. The individuals are linked to an earlier investigation where scammers were able to siphon off over $243 million from a Genesis creditor. According to blockchain sleuth ZachXBT, last year one of the creditor of defunct trading firm Genesis was … Read more
FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan, the FTX Recovery Trust said Thursday. The estate will pay out to four classes of creditors, with recoveries ranging from 54% to 120% of their original claims. The … Read more