Bitcoin responded with renewed enthusiasm to Moody’s downgrade of the U.S. credit rating, recording its highest weekly close in history at $106,520 — and edging to just 2% away from a new all-time-high price 🤩 🤩 🤩
Welcome to the Weekly Crypto Market Update:
Bitcoin futures ‘open interest’ just hit a record high of $72 billion, signaling rising use of leverage with $1.2 billion in shorts at $107,000 - $108,000 at risk of liquidation, boosting breakout potential 🚀
After the deepest correction in 65 years, M2 money supply is now expanding again at 4.1% from a year ago — which is a very constructive ‘tail wind’ for the crypto market as a leading liquidity beneficiary and indicator. But always DYOR!
In a remarkable u-turn, JP Morgan Chase has announced that it will now allow clients to purchase Bitcoin, but won't custody the asset 😮
A report from Citi’s Future Finance think tank predicts the Stablecoin market could surpass the current size of the combined crypto industry, growing to US$3.7 trillion by 2030!
Circle, the issuer of USDC Stablecoin, is still planning an IPO, but the company is also in informal talks with Ripple and Coinbase about a sale 🤝
In a second distribution of assets, the FTX estate is set to start distributing more than $5B “within 1 to 3 business days” of May 30 🎉
El Salvador’s ‘Bitcoin President’ Bukele just posted their Bitcoin P&L on social media showing +124% gains and $357 million in unrealized profit!
Bitcoin is now ‘deflationary’ according to CryptoQuant CEO, pointing out that Michael Saylor's company Strategy is buying Bitcoin at a faster rate than total miner output 😅
Yuga Labs has just sold CryptoPunks, one of the most iconic NFT collections consisting of 10,000 pixel-art characters, to the not-for-profit Node Foundation in a deal that is focused on the preservation and exhibition of digital art.
Just days after joining the S&P 500, Coinbase reported last week that cybercriminals bribed overseas support agents to steal customer data to use in social engineering attacks. The incident may cost Coinbase up to $400 million to fix 🙀
👇 Other Crypto News:
🔘 The SEC delayed its decision on Grayscale's Solana ETF to assess compliance with investor protection
🔘 Uniswap has become the first DEX to reach $3T in all-time trading volume
🔘 As the meme coin dinner with President Trump approaches, it appears as if most of the attendees will be people from other countries
🔘 UK crypto firms will need to report customer transactions on their platforms from 2026 onward as part of an initiative to strengthen crypto tax reporting practices
🔘 Crypto Execs are reportedly ‘beefing up their security’ as violent attacks on crypto investors are on the rise and authorities are concerned about public safety
🔘 Abu Dhabi’s sovereign wealth fund disclosed a $408.5 million stake in the iShares Bitcoin Trust, according to a 13F filing released last week
And that's a wrap... until next week! 😎
