Background Information:
Bitcoin's price has rebounded to approximately $97,000, influenced by plans for US and Chinese officials to meet in Switzerland to advance trade dispute progress, leading to a rise in market risk appetite.

Key Events:
1. Ethereum developers activated the Pectra upgrade on Wednesday, marking the largest network update since the 2022 merge.
2. Coinbase disclosed over 10,000 documents through the Freedom of Information Act, revealing the US Securities and Exchange Commission's (SEC) discussions regarding the regulatory classification of XRP and ETH.
3. K33 analysts recommended adopting a "Hold in May and continue holding" strategy, opposing the traditional "Sell in May and go away" approach.
4. Metaplanet announced the purchase of 555 bitcoins, valued at approximately $54 million, bringing its total holdings to 5,555 bitcoins (about $539 million).
5. Movement Labs dismissed co-founder Rushi Manche due to his alleged involvement in a market maker scandal that caused the MOVE token price to plummet.

Potential Impact:
These developments reflect the active dynamics in the crypto market, including technological upgrades, enhanced regulatory transparency, and adjustments in market strategies. At the same time, compliance and integrity issues within the industry have also drawn attention.

The following article is adapted from The Block’s newsletter,The Daily, which comes out on weekday afternoons.Happy Wednesday! Bitcoin climbed back around the $97,000 level this morning as U.S. and Chinese officials confirmed plans to meet in Switzerland over the weekend — fueling hopes of progress in the trade dispute and reigniting "risk-on" market sentiment.In today's newsletter, Ethereum developers activate its Pectra upgrade, Coinbase reveals SEC documents regarding XRP and ETH, "hold in May and stay," bitcoin analysts say amid upcoming summer catalysts, and more.Meanwhile, Russia could be the largest Bitcoin mining beneficiary if President Trump's tariffs hit in full, according to an industry expert.Let's get started.Ethereum developers activated the Pectra upgrade at epoch 364032, around 6:05 a.m. ET on Wednesday, marking the network's biggest update since The Merge in 2022.Coinbase released over 10,000 documents via Freedom of Information Act requests to multiple agencies on Wednesday, revealing SEC discussions on XRP and ETH's regulatory classification.This time is different, according to analysts at K33, who argue in favor of a "hold in May and stay" strategy rather than the old adage of "sell in May and walk away" that crypto has inherited from traditional markets.Metaplanet disclosed on Wednesday that it has bought another 555 BTC, worth around $54 million, bringing its total stash to 5,555 BTC ($539 million).Movement Labs has fired co-founder Rushi Manche, following allegations that he was involved in a recent market maker scandal involving 66 million MOVE tokens that caused a price plummet.Never miss a beat with The Block'sdaily digestof the most influential events happening across the digital assetecosystem.

Ethereum Pectra Upgrade Launched, Coinbase Discloses SEC Emails Regarding XRP and ETH