US Senate Reaches Bipartisan Consensus on Stablecoin Bill
According to USA Today, the Republican and Democratic parties have reached a bipartisan consensus on the GENIUS Stablecoin Regulation Bill. While the detailed contents of the bill have not been disclosed yet, the Republicans plan to push for a Senate vote this week. The media explained, "Although the GENIUS Bill was previously surrounded by opposition from some pro-cryptocurrency Democratic lawmakers and certain Republican members, a breakthrough seems to have been prepared this time."
New York Prosecutor Requests SEC to Consider ETH as a Security in 2023 Kucoin Lawsuit
CoinDesk reported that in the 2023 lawsuit against Kucoin, the New York prosecutor requested the US Securities and Exchange Commission (SEC) to consider Ethereum (ETH) as a security. This information was revealed through SEC internal documents obtained by Coinbase via the Freedom of Information Act. According to the documents, Shamiso Maswera, then-director of the New York State Investor Protection Bureau, requested the SEC to "lend support to the claim that ETH is a security" and submit a court opinion. However, the SEC did not provide an official stance at the time as the opinion on ETH's security status was not yet finalized. The media added that "the issue of ETH's security status could potentially influence the cryptocurrency regulatory climate in the United States."
G7 to Discuss North Korean Cryptocurrency Hacking at June Summit
Bloomberg reported that G7 leaders are expected to address North Korean hacking and cryptocurrency theft as a major agenda item during their mid-June summit in Alberta, Canada. Investigations have shown that North Korean hackers have been stealing billions of dollars from cryptocurrency companies and exchanges to evade sanctions and fund weapons of mass destruction. The G7 is expected to strengthen international cooperation to block illegal funding through cryptocurrencies.
Stripe Launches Stablecoin-Based Financial Account
Global online payment company Stripe announced the launch of a stablecoin-based financial account. It supports stablecoin and dollar/euro transfers and is built on the infrastructure of Bridge, a stablecoin payment startup acquired for $1.1 billion last year.
Robinhood Plans to Introduce Blockchain for US Asset Trading in Europe
Walter Bloomberg reported that the US stock and cryptocurrency trading app Robinhood plans to introduce blockchain for trading US assets in Europe.
Coinbase Supports PENDLE Trading for New York Residents
Coinbase announced via its official X platform that it will support Pendle trading for New York residents.
Coinbase Lists PAXG
Coinbase announced via its official X platform that it will list PAXG on May 8th at 2:00 AM (Korean time).
1 Billion USDT Newly Issued
According to Whale Alert, 1 billion USDT was newly issued from the Tether Treasury address.
500,000,000 USDT Transferred... Aave → HTX
According to Whale Alert, 500,000,000 USDT was transferred from the Aave address to the HTX address. This amounts to $500 million.
300,000,000 XRP Transferred... Ripple → Anonymous
According to Whale Alert, 300,000,000 XRP was transferred from the Ripple address to an anonymous address. This amounts to $630 million.
US Benchmark Interest Rate Remains Unchanged, Matching Market Expectations
The Federal Open Market Committee (FOMC) of the Federal Reserve announced via an official statement that the benchmark interest rate will remain unchanged, in line with market expectations. Thus, the US benchmark interest rate remains at 4.25%~4.50%.
US Federal Reserve: "Rate Freeze, Future Adjustments to Be Determined... Inflation Remains Relatively High"
The Federal Open Market Committee (FOMC) of the Federal Reserve stated in an official announcement, "While recent economic indicators maintain a robust situation, we are freezing the benchmark interest rate. Future adjustments will be determined based on data." They further explained, "Unemployment has remained stable at a low level in recent months, and the labor market continues to be robust, but inflation remains relatively high. Recent economic forecast uncertainties have increased, and both high unemployment and high inflation risks have risen. In this meeting, all committee members, including Chair Jerome Powell, agreed to freeze the interest rate."
Former Trump Crypto Policy Advisor Aims to Raise $300 Million for BTC Investment Company
David Bailey, who served as the cryptocurrency policy advisor to Donald Trump during the 2024 election campaign, is reportedly seeking to raise approximately $300 million to establish a Bitcoin investment company. He plans to transition to a Bitcoin investment enterprise and adopt the strategy of MicroStrategy (MSTR), which involves bond and stock buyback strategies.
Tether CEO Announces AI Presentation on 5/14
Tether (USDT) CEO Paolo Ardoino announced via X that he will present Tether's AI and goals at the Milan AI Week on May 14th (local time).
Zhao Changpeng Officially Applied for Pardon from Trump Two Weeks Ago
According to Watcher Guru, Binance founder Zhao Changpeng stated in an interview that he officially applied for a pardon from US President Donald Trump approximately two weeks ago. In March, Bloomberg and the Wall Street Journal reported that the Trump family was discussing the acquisition of Binance US shares and a potential pardon for Zhao Changpeng, which he previously denied. Regarding this, Zhao stated, "After the media reports, I decided to apply for a pardon. If such reports are circulating, I thought it would be better to officially apply for a pardon." He added, "My lawyers are proceeding with this. We will follow the legal procedures for the pardon process."
Bybit Recovers Liquidity Level 30 Days After Hacking
Bybit has recovered its liquidity to the pre-hacking level about 30 days after the $1.5 billion hacking incident in February, according to a recent report by cryptocurrency research firm Kaiko. Kaiko explained, "Bybit users' risk-averse sentiment had a greater impact on altcoins within the exchange. The altcoin liquidity is currently at 80% of the pre-hacking level. However, this is more likely due to market weakness from macroeconomic uncertainty rather than the aftermath of the hacking."
Uniswap Founder: "Plans to Launch Own Smart Wallet in the Future"
Uniswap (UNI) founder Hayden Adams stated, "The EIP-7702 (account abstraction) applied to the Ethereum (ETH) Petra upgrade has removed the complex text of addresses. Uniswap plans to launch its own smart wallet in the future." Previously, Ethereum applied the Petra upgrade at Epoch 364032.
Binance Maintains Over 100% Reserve Ratio for 30 Consecutive Months
Ublockchain reported that Binance has maintained a reserve ratio (the ratio of Binance's holdings to user assets) over 100% for 30 consecutive months. Bitcoin and Ethereum holdings slightly decreased compared to the previous month, while USDT showed a slight increase.
Analysis: "BTC Rise Triggers Profit Conversion for Many, Stimulating Capital Inflow"
Glassnode's recent report analyzed that the Bitcoin rise has brought over 3 million BTC into profit, stimulating capital inflow. The report stated, "When BTC was around $74,000, over 5 million BTC were at a loss, but now only about 2 million BTC are at a loss. In the past two weeks, over $4.5 billion has been injected into the US BTC spot ETF, offsetting the outflows in March and April. On-chain indicators suggest the market is about to determine a significant direction. However, the options market shows a reduction in volatility premium, and structurally, it's like the calm before the storm. Short-term sharp fluctuations cannot be ruled out."
Analysis: "Continued BTC Investor Profit-Taking Similar to Late 2021 Bull Market"
Crypto analyst Cryptomebsimi, through a Cryptoquant contribution, reported that continued profit-taking by Bitcoin investors is creating a situation similar to the late bull market of 2021. He explained, "The 7-day moving average net realized profit/loss of BTC has maintained over $1 billion daily since the beginning of last year, which means investors are continuing to realize profits despite BTC approaching its all-time high. In past cycles, similar phenomena often led to sharp corrections."
BTC: $13.8 Billion Short Positions to Be Liquidated if $97,953 is Breached
According to CoinGlass data, if Bitcoin breaches $97,953, approximately $1.38 billion in short positions are expected to be forcibly liquidated on major cryptocurrency futures exchanges. Conversely, if BTC falls below $94,903, $1.3 billion in long positions are expected to be forcibly liquidated.
BTC Below $96,000
According to Coinness market monitoring, BTC is trading below $96,000. On the Binance USDT market, BTC is trading at $95,980.
