Big tech has reversed its April selloff, further boosting crypto investor confidence as Bitcoin continues to outperform 🆙
Welcome to the Weekly Crypto Market Update:
The $BTC price has continued to show relative strength as Bitcoin available on exchanges has dropped to a 5-year low.
Eric Trump was one of over 200 speakers at the world's largest cryptocurrency conference, Token 2049, this past weekend in Dubai—attracting more than 15,000 attendees from over 4,000 companies 🎉
A notable comment from BlackRock at the event is that Bitcoin ETFs are seeing a lot of new investment, but from large organizations and financial advisors rather than individual investors.
Bitcoin mining has become more difficult and unprofitable—as a single $BTC now costs the largest U.S. public mining companies over $82,000 USD, nearly double the previous quarter’s cost 😅
Senate Democrats, led by Chuck Schumer and Elizabeth Warren, have withdrawn support for a bipartisan Stablecoin bill to negotiate more favorable terms with Republicans—prompting an ‘open letter’ from the crypto community 👏
There is no shortage of TradFi (traditional finance) firms looking to enter the growing crypto space—recently Morgan Stanley announced plans to launch cryptocurrency trading services, and now $7 trillion asset manager Charles Schwab is planning the same 🤝
Mastercard is launching support for Stablecoin payments across its network, partnering with OKX, Circle (USDC), and Stablecoin issuer Paxos to allow consumers to settle transactions using digital assets.
Coinbase has launched a Bitcoin Yield Fund aiming to offer exposure for institutional investors outside the US—and has also increased the limit of its bitcoin-backed loans to $1 million, 10 times the previous limit of $100,000 🤩
Coinbase has also just released a new Bitcoin “21 million” commercial that beautifully dramatizes $BTC scarcity versus the inflating USD 🎬
👇 Other Crypto News:
🔘 Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected
🔘 The SEC has delayed a decision until June on next steps for the Bitwise Dogecoin ETF and Franklin XRP Fund
🔘 Tether said its “total exposure” to U.S. Treasurys had neared $120 billion at the end of March (close to 80% of its total backing)
🔘 Vitalik Buterin has proposed a major overhaul of the Ethereum base layer, aiming to simplify the protocol’s architecture for improved security, scalability, and long-term sustainability—to be as simple as Bitcoin by 2030
🔘 President Trump is set to raise millions from his “Crypto & AI Innovators Dinner,” priced at $1.5 million per plate and requiring $TRUMP coin token ownership to attend
And that's a wrap... until next week! 😎