[Cryptocurrency Issues of the Week] Trump-Musk Breakup… Gemini and Circle IPO

This week in the cryptocurrency market, there were several important developments: Trump and Elon Musk ended their partnership, a Spanish coffee company focused on Bitcoin investment, and Gemini filed for IPO.

Polymarket also established a partnership with X, and analysts mentioned that the altcoin market is experiencing a record-breaking bearish trend. These topics and more can be found on BeInCrypto.

Trump, Elon's Separation

The biggest cryptocurrency news this week was the separation between Donald Trump and Elon Musk. They were close allies after Trump's inauguration, but these cryptocurrency giants went through a complicated political divorce.

Musk accused the president of being a pedophile, and Trump threatened to withdraw the CEO's government contracts and subsidies.

The core of their argument was Trump's "big and beautiful bill" that Musk strongly criticized. In response, meme coins with the theme "kill the bill" emerged, but most of their value dropped today.

Spanish Coffee Chain Turns to Bitcoin

Another important cryptocurrency event this week was Vanadi Coffee. This Spanish company decided to follow in MicroStrategy's footsteps.

After losing more money than they earned last year, Chairman Salvador Martí proposed completely abandoning the coffee business and holding Bitcoin. He suggested spending $1.1 billion on Bitcoin purchases.

Corporate Bitcoin acquisitions are an increasing trend in this market, with companies worldwide joining in. This can be a gamble that may pose unexpected risks, especially for small businesses, but could also bring significant dividends.

In the past few months, Bitcoin has been much less volatile than usual. This could increase Vanadi's opportunities.

Gemini Files for IPO

Gemini, the famous cryptocurrency exchange, filed for IPO this week. The co-founders have been hinting at development for months. However, Circle's large IPO success may have influenced the decision.

Some famous KOLs still expressed anxiety about these IPOs, arguing that this could indicate an unhealthy cryptocurrency market.

Gemini's IPO is still in the early stages, and it's unclear how much funding the company wants to raise. However, co-founder Cameron Winklevoss recently promised significant developments. Therefore, Gemini's IPO goals could be quite ambitious.

Polymarket Partners with X

Polymarket, a popular cryptocurrency prediction market, announced a new partnership with X this week. Neither company provided clear details about what the partnership will include, but Polymarket's press release mentioned several distinct possibilities.

"We will be able to provide contextualized, data-driven insights instantly to millions of Polymarket users worldwide by combining Polymarket's accurate and unbiased real-time prediction market probabilities with Grok's analysis and 𝕏's real-time insights. We are proud to work with 𝕏 as our official prediction market partner and will continue our fruitful collaboration." – Shane Coplan, Polymarket Founder and CEO

Polymarket is built on Polygon, an Ethereum-based L2 scaling solution, and its value surged after the partnership announcement.

Depending on the future goals of both companies, this partnership could provide strong potential for multiple assets.

Altcoins in Worst Bearish Market

Lastly, analysts determined that the current bearish cycle of the altcoin market this week exceeded all previous cycles in terms of duration and severity. Altcoins have been in a continuous decline for over 1,200 days, and some are worried about whether an "altcoin season" will come this year.

However, experts do not agree on this pessimistic view. If this downturn breaks, the market could experience a record altcoin season after hitting bottom.

In the end, making a definitive prediction is impossible. This week was very eventful for cryptocurrency, and the market saw much confusion and positive developments.