Democratic Party Opposition Leads to Cancellation of Joint Cryptocurrency Hearing in US House of Representatives
According to CoinDesk, a joint cryptocurrency hearing was canceled in the US House of Representatives due to opposition from Democratic Party members. These members stated that they cannot proceed with discussing the bill until the issue of former President Donald Trump's profits from cryptocurrency is addressed. They emphasized that instead, multiple committees should hold a joint hearing to investigate what corruption Trump might be committing through cryptocurrency.
New Hampshire Becomes First US State to Pass 'BTC Reserve Asset Law'
According to Watcher Guru, the governor of New Hampshire signed the Digital Asset Investment Bill (HB302), a BTC reserve bill. This is the first time a Bitcoin reserve asset introduction bill has been finally passed in the United States. The bill allows the state government to invest part of its general fund and revenue stabilization fund in digital assets. The investment authority is granted to the state treasurer.
US Senator Proposes Bill to Prohibit Trump MEME Coin Promotion
US Senator Chris Murphy proposed a bill to prohibit the promotion of Donald Trump's TRUMP coin. According to Decrypt, this is the Modern Graft and Misconduct Elimination (MEME) Act, which stipulates that public officials should not use their position for financial gain. It particularly applies to securities and cryptocurrencies. Chris Murphy stated in a statement, "TRUMP MEME coin is a prime example of what the MEME Act prohibits. This is the most corrupt act committed by a president in history."
Morgan Stanley: "BTC Now Usable as US Reserve Asset"
According to CryptoBasic, Morgan Stanley released a report evaluating that Bitcoin now has sufficient market capitalization to be considered a US government reserve asset. Morgan Stanley stated, "The current Bitcoin market capitalization is approximately $1.87 trillion, and the US should hold 12-17% of the total Bitcoin supply to match the proportion of other key currencies. However, it is true that Bitcoin has much higher volatility compared to traditional reserve assets."
Visa Invests in Cryptocurrency Banking Platform BVNK
Visa Ventures, under the global payment giant Visa, announced its investment in the cryptocurrency banking and payment platform BVNK. The investment amount was not disclosed. BVNK explained that the investment funds will be used for entering the US market.
Coinbase Partners with League of Legends Maker
Coinbase announced a partnership with Riot Games, the creator of the famous game League of Legends. As a result, Coinbase will become Riot Games' blockchain technology partner and exclusive cryptocurrency exchange.
Bitwise Applies to SEC for NEAR ETF
Bloomberg analyst James Seyfarth shared on X that "Bitwise has submitted an S-1 application to the US Securities and Exchange Commission (SEC) to launch a NEAR ETF".
Trump's WLFI Transfers Cryptocurrency Worth $4.51 Million in 45 Minutes
According to the on-chain data analysis platform Spot On Chain, Trump's DeFi project World Liberty Financial (WLFI) transferred cryptocurrency worth $4.51 million to a new wallet in 45 minutes. These were AVAX ($2.06 million), MOVE ($1.27 million), and SEI ($1.18 million), with a high likelihood of being transferred to Binance's institutional custody platform Ceffu.
DeFi Development Adds $11.2 Million SOL as 'SOL Reserve Asset'
According to The Block, DeFi Development (formerly Janover), a US-listed company that adopted SOL as a strategic reserve asset in April, purchased an additional $11.2 million worth of SOL. This increased their total holdings to 400,091 SOL. Previously, the company had announced plans to purchase an additional SOL worth $24 million.
KULR Technology Adds 42 BTC... Investment Yield 197.5%
KULR Technology, listed on the NYSE American, announced the purchase of an additional 42 BTC. This is approximately $4 million in size with an average purchase price of $94,403. As of May 6 (local time), the company's total Bitcoin holdings are 716.2, worth approximately $69 million. The average purchase price is $96,342. The company reported a Bitcoin yield of 197.5% since the beginning of the year. Previously, KULR had announced that 90% of its surplus cash would be invested in BTC.
Strike Launches New Cryptocurrency Loan Program
Strike, a Bitcoin Lightning-based payment app, has launched a new cryptocurrency loan program. According to The Block, this is Strike Lending, a service for individual users and businesses. It has been launched for users in some US regions, with plans to expand internationally.
Digital Euro Project Hub Established... 70 Companies Participate
The European Central Bank announced the establishment of an innovation hub with over 70 participants to test the digital euro project. According to CoinDesk, participating companies include Accenture, Swisscom, Caixa Bank, and KPMG.
NewLimit, Founded by Coinbase CEO, Raises $130 Million in Series B Round
According to TechCrunch, NewLimit, a life extension project company co-founded by Coinbase CEO Brian Armstrong, raised $130 million in the Series B round. This investment round was led by Kleiner Perkins, with participation from Nat Friedman, Khosla Ventures, Founders Fund, and Dimension Capital.
Movement Foundation "Transfers 500 Million MOVE to Binance for Launchpool Season 2"
The Movement (MOVE) Foundation announced through X that they "transferred 500 million MOVE to Binance for Launchpool Season 2".
Bitcoin Community Debates Lifting '80-Byte' Data Limitation
According to The Block, the Bitcoin community is engaged in heated debate about lifting the OP_RETURN function's limitation, which allows inserting small amounts of data into transactions. This function is used to record specific data such as text or metadata on the blockchain, currently limited to 80 bytes. The media explained that "the issue arose with the popularity of Ordinals and Inscriptions last year, where many cases of bypassing the 80-byte limit and inserting excess data occurred. This led to UTXO set contamination and network performance degradation. Some argue that completely removing data limitations would be more beneficial to the network. However, the opposing side counters that this violates Bitcoin's fundamental principle of 'lightweight finance'".
US CFTC Withdraws Appeal Against Crypto Prediction Market Kalshi
CoinDesk reported that the US Commodity Futures Trading Commission (CFTC) has withdrawn its appeal against the crypto-based prediction market Kalshi. Previously, the CFTC had banned betting on political issues in 2023, and Kalshi had filed a lawsuit claiming over-regulation. As a result, both parties have voluntarily withdrawn their lawsuits and will bear their own legal costs.
Adidas Launches Sui Non-Fungible Token Collection for Crypto Shooting Game Society
According to Blockworks, Adidas is launching a Sui-based Non-Fungible Token collection for the upcoming third-person crypto shooting game Society (Xociety). The collection consists of 2,600 mystery box Non-Fungible Tokens with game skins including hoodies and tracksuits featuring the Adidas logo. The mystery boxes will be minted on Tradeport on May 16th at 10 PM Korean time.
Benchmark Suggests 'Buy' Rating for Mining Equipment Manufacturer Canaan
The Block reported that the US investment bank Benchmark has issued a 'buy' investment recommendation for Nasdaq-listed Chinese mining equipment manufacturer Canaan (CANAAN), with a target price of $3. Benchmark stated that "Canaan has a vertically integrated business model combining Bitcoin mining hardware production and its own mining system, which can benefit significantly when Bitcoin prices rise. Considering these factors, Canaan's current stock price appears quite low".
Analysis: On-Chain Indicators Suggest Bitcoin Strength Potential
Cointelegraph forecasted that on-chain indicators show low probability of Bitcoin correction and high potential for strength. The media explained that "the Bitcoin risk-off signal indicator dropped to 23.7, reaching its lowest point since March 2019, when Bitcoin was priced at $4,000 and subsequently rose 1,550%. This indicator combines six metrics including downward and upward volatility, exchange inflows, funding rates, futures open interest, and market capitalization. It is primarily used to assess correction risks. When the indicator points to blue or becomes lower, it suggests low correction risk and high potential for an upward trend".
4.8 Billion USDC Burned
According to Whale Alert, 4.8 billion USDC was burned from an anonymous address.
2.5 Billion USDC Newly Issued
According to Whale Alert, 2.5 billion USDC was newly issued from the USDC Treasury address.
Franklin Templeton CEO Expects One Fed Rate Cut This Year
According to foreign media, Franklin Templeton CEO Jenny Johnson predicted that "the US Federal Reserve will only cut rates once this year".
US Stock Indices Close Lower
US stock indices closed lower.
S&P500: -0.77%
Nasdaq: -0.87%
Dow: -0.95%
US Treasury Secretary Says "CBDC is a Symbol of Weakness"
According to Watcher Guru, US Treasury Secretary Scott Besent stated that "Central Bank Digital Currency (CBDC) is a symbol of weakness. I will not support the Federal Reserve issuing it".
Bonfida Announces New Token Social Network Launch
Solana-based decentralized exchange Bonfida (FIDA) announced through its official blog the launch of a new token social network. They explained, "FIDA, launched 5 years ago, provided utility, incentives, and connectivity, but now we believe it has reached its limits. We decided to launch a social network after gathering community feedback". According to CoinMarketCap, FIDA is currently trading at $0.06557, down 12.74%.
BTC Surpasses $95,000
According to Coinness market monitoring, BTC has surpassed $95,000. On Binance USDT market, BTC is trading at $95,000.
