Crypto News
Pro-crypto senator pushes back on Trump's memecoin dinner — Report
Senator Cynthia Lummis and at least one other Republican in Congress are reportedly critical of US President Donald Trump for offering the top holders of his memecoin a dinner and White House tour. According to a May 2 CNBC report, Lummis said the idea that the US president was offering exclusive access to himself and the White House for people willing to pay for it “gives [her] pause.” She wasn’t the only member of the Republican Party to be critical of Trump’s memecoin perks, announced on April 23, roughly three months after the then-president-elect launched the TRUMP token. “I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour,” said Republican Senator Lisa Murkowski, according to NBC News.Despite Lummis’ reported “pause” over the president’s actions, on May 2, she posted a video to X of herself speaking on the Senate floor, saying she was “particularly pleased” by Trump’s support of legislation to establish a strategic Bitcoin (BTC) reserve in the United States. The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, or BITCOIN, Act would seemingly codify Trump’s executive order to create a national crypto reserve.Related: House Democrats want ethics probe on Trump over crypto projectsThe launch of the TRUMP coin on Jan. 17 was met with outrage from many lawmakers and figures in the crypto industry, who pointed to potential conflicts of interest and implications of allowing foreign actors to channel funds directly to Trump. The criticism continued after Trump announced that a group of the top memecoin holders would have the opportunity to apply for a White House tour and dinner. “Trump once claimed he is so rich he cannot be bought,” said Craig Holman, a government ethics expert with the consumer advocacy organization Public Citizen. “But his obsession with money means he apparently can be bought for a meme.”Calls for impeachment over ties to cryptoGeorgia Senator Jon Ossoff, a Democrat, called for Trump’s impeachment during an April 25 town hall, claiming the memecoin dinner represented “selling access for what are effectively payments directly to him.” During his first term, Trump was impeached twice in the House of Representatives but acquitted after the Senate votes fell short of the two-thirds majority required for conviction.At the time of publication, it was unclear who, if any, of the memecoin holders would attend the May 22 dinner with Trump. Usernames from the TRUMP leaderboard have led to speculation that staunch supporters like Tron founder Justin Sun and Tesla CEO Elon Musk could be among the attendees. As of May 2, neither the individuals nor the companies have made any formal announcements.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published Date: 2025-05-02 22:20:00Creator: Cointelegraph by Turner Wright
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Bitcoin data, macroeconomic charts point to new BTC all-time high ‘in 100 days’ — Analysts
Key Takeaways:Analyst predicts that a low VIX, specifically below 18, signals a risk-on market, which could potentially boost the Bitcoin price to $135,000 within the next 100 days.The stablecoin market cap hits $220 billion, driving crypto liquidity and Bitcoin’s bullish price action.A negative Bitcoin funding rate hints at a possible short-squeeze to $100,000.Bitcoin network economist Timothy Peterson raised Bitcoin’s (BTC) chances of hitting a new high in 100 days, and he maintains an optimistic outlook in 2025. In an analysis shared on X that ties BTC’s price action to the CBOE Volatility Index (VIX) —an indicator that measures 30-day market volatility expectations — the analyst pointed out that the VIX index has dropped from 55 to 25 over the past 50 trading days. A VIX score below 18 implied a “risk-on” environment, favoring assets like Bitcoin. Peterson’s model, which had a 95% tracking accuracy, predicted a $135,000 target within the next 100 days if the VIX remains low. This aligns with Bitcoin’s sensitivity to market sentiment, as a low VIX reduces uncertainty, encouraging investment in riskier assets.Speaking on Bitcoin’s volatility, Fidelity’s director of global macro, Jurrien Timmer, compared Bitcoin’s nature to “Dr.Jekyll and Mr.Hyde.” Timmer believed Bitcoin’s ability to act as both a store of value (Dr. Jekyll) and a speculative asset (Mr. Hyde) differentiates it from gold, which remains a consistent “hard money” asset. Timmer emphasized the dynamics between Bitcoin and the global money supply and said, “Note that when M2 has grown and the stock market is rallying, Bitcoin has been off to the races because it has both attributes working for it. But when M2 has grown and equities are correcting, not so much.”Bitcoin price against global money supply. Source: X.comThis underscores Bitcoin’s sensitivity to macroeconomic conditions, making its performance less predictable than gold’s.Related: Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rallyStablecoin market cap hits record $220 billionData from CryptoQuant highlighted that the stablecoin market capitalization hit a record $220 billion, signaling a liquidity surge in the crypto market. This marks Bitcoin’s exit from a bearish phase as capital flows return, and with stablecoins representing crypto liquidity, new BTC highs could be a likely outcome in the coming weeks. While BTC continues its uptrend, lower-time frame (LTF) charts reveal a shift in market dynamics. The funding rate for BTC futures has turned negative again, indicating a rise in short positions as traders bet against the rally.Bitcoin 4-hour chart and funding rate. Source: Velo.chartThe 4-hour chart's funding rate has reached its most negative level in 2025, indicating that short-side liquidity significantly exceeds long-side liquidity. This creates a condition for a potential short squeeze.This imbalance could propel BTC toward the $100,000 level. Cointelegraph pointed out that over $3 billion is at risk for a short-side liquidation, which may amplify upward momentum, catching bearish traders off guard. Bitcoin short liquidations data. Source: X.comRelated: Bitcoin hodler unrealized profits near 350% as $100K risks sell-offThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-05-02 21:38:00Creator: Cointelegraph by Biraajmaan Tamuly
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Ethereum’s era of crypto dominance is over — LONGITUDE panel
Ethereum’s relative dominance among layer-1 (L1) blockchain networks has declined, resulting in an “open race” to become the leading Web3 platform, according to Alex Svanevik, CEO of data service Nansen.“If you’d asked me 3–4 years ago whether Ethereum would dominate crypto, I’d have said yes,” Svanevik said during a panel discussion at the LONGITUDE by Cointelegraph event. “But now, it’s clear that’s not what’s happening.”Ethereum is still the most popular L1 network. According to data from DefiLlama, its roughly $52 billion in total value locked (TVL) represents 51% of cryptocurrency residing on blockchain networks.However, Ethereum’s dominance has diminished sharply since 2021, when the L1 controlled as much as 96% of aggregate TVL, the data shows. Panelists at the LONGITUDE by Cointelegraph event in Dubai. Source: Cointelegraph“It’s an open race between multiple L1s for becoming the go-to platform for trading and broader blockchain use,” Svanevik said.“We’re seeing smaller chains grow extremely fast, and a group of five or six chains emerging as leaders. It’s an exciting time,” he said.Cointelegraph’s LONGITUDE is an event series that brings together leaders and innovators from the blockchain and Web3 space for exclusive discussions.TVL distribution among blockchain networks. Source: DeFiLlamaRise of SolanaSolana (SOL), an alternative layer-1 known for faster transactions and lower fees than Ethereum, is in pole position to become Web3’s next leading chain, according to the Nansen CEO. “Solana has overtaken Ethereum on most onchain metrics — active addresses, transaction volume, even gas fees,” Svanevik said. “Ethereum still leads in TVL, and stablecoin issuance is still strong, but Solana’s growth is undeniable.”Meanwhile, dozens of smaller L1s are also vying for market share — and not all of them are gaining sustainable traction, Vardan Khachatryan, chief legal officer of trading platform Fastex, told Cointelegraph during the panel. "Unfortunately, what we see in reality is that chains become popular when they are the hype of that particular bull run, new coins, airdrops, etc., rather than sustained adoption,” Khachatryan said.Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet
Published Date: 2025-05-02 20:39:57Creator: Cointelegraph by Alex O’Donnell
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Most shops in Cannes to accept crypto by summer this year — Web3 exec
Merchants in Cannes, France, the site of the international Cannes Film Festival, are set to begin accepting crypto payments by summer this year in an effort to attract clientele with high disposable income by modernizing the city's commercial payment ecosystem.According to Artem Shaginyan, founder and head of strategy of Web3 payment company Lunu Pay, the Cannes municipal government is aiming for a 90% adoption rate among local merchants. The executive also told Cointelegraph:"This is a big signal. When a city like Cannes, known globally for culture and commerce, starts integrating crypto at scale, it shows that Web3 payments aren’t just a niche thing anymore. It’s about proving that crypto can work in everyday settings, not just online or in theory."In February, Cannes Mayor David Lisnard announced a crypto payment integration training session for business owners and professionals to promote the widespread acceptance of crypto payments in the city.The Rue d’Antibes, Canne’s shopping and commercial district. Source: City of CannesCanne's shift toward embracing cryptocurrencies reflects the broader trend of crypto adoption by city, state, and federal governments as these institutions seek to remain competitive on the global stage.Related: Panama's capital to accept crypto for taxes, municipal feesAhead of the curve? Other jurisdictions modernize with cryptoIn December 2023, the Swiss city of Lugano started accepting Bitcoin (BTC) and stablecoin payments for taxes and municipal fees as part of the city's broader initiative to become a global crypto hub.Governor Jared Polis of the US state of Colorado directed the state's Department of Revenue to begin accepting crypto tax payments in September 2022.The Canadian city of Vancouver passed a motion in December 2024 to make the jurisdiction a “Bitcoin-friendly city” by exploring integrating BTC into the city's financial system and potentially adopting a Bitcoin treasury strategy.More recently, in April 2025, the capital city of Panama announced that taxes and municipal fees could now be paid in crypto, including Bitcoin, Ether (ETH), Circle's US-dollar stablecoin (USDC), and Tether's USDt (USDT) token.Panama City mayor Mayer Mizrachi suggested the move would modernize the city and bring increased investment as well as global recognition.Magazine: Crypto City Guide to Seattle: Site of CZ’s downfall and pot crypto vendors
Published Date: 2025-05-02 20:30:00Creator: Cointelegraph by Vince Quill
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Crypto skeptic to release SBF, Mashinsky interviews in documentary
Ben McKenzie, an actor known for his roles on television shows including Gotham and The OC, will make his directorial debut in a scathing documentary about cryptocurrency.According to an April 29 Deadline report, McKenzie wrote, directed, and produced the documentary Everyone Is Lying To You For Money, set to premiere at SXSW London in June. The film features footage from 2022 of former FTX CEO Sam “SBF” Bankman-Fried and former Celsius CEO Alex Mashinsky before their respective companies folded. “Why is the false story of crypto still spreading?” said McKenzie, according to Deadline. “That’s the question I set out to answer with this film.”Sam Bankman-Fried (left) with Ben McKenzie (right). Source: InstagramWorking with The New Republic staff writer Jacob Silverman, McKenzie pivoted from a role in Hollywood to speaking out against many of the issues surrounding cryptocurrency in 2021. After the collapse of FTX in November 2022, the actor testified at a US Senate hearing investigating the downfall of the crypto exchange. In addition to interviews with SBF and Mashinsky, the documentary will reportedly explore El Salvador President Nayib Bukele’s connections to crypto. Bukele rose to prominence in the industry after proposing that El Salvador recognize Bitcoin (BTC) as legal tender in 2021.Related: Peter Todd forced into hiding after HBO doc claims he invented BitcoinIt’s unclear what, if anything, could be revealed in the Bankman-Fried and Mashinsky interviews. Cointelegraph reached out to McKenzie for comment but did not receive a response at the time of publication.Bankman-Fried in prison, Mashinsky could soon follow The former FTX CEO has been the subject of other documentaries, interviews, and a Michael Lewis book. Bankman-Fried was found guilty on seven felony charges related to his role in the collapse of FTX and sentenced to 25 years in prison in 2024.Mashinsky, who pleaded guilty to two felony charges as part of a deal with US prosecutors in December 2024, is scheduled to be sentenced on May 8. Authorities requested that a judge impose a 20-year sentence on the former CEO of Celsius.Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom
Published Date: 2025-05-02 19:45:00Creator: Cointelegraph by Turner Wright
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XYO Network tops 10M DePIN nodes — Co-founder
XYO Network has onboarded more than 10 million nodes to its decentralized physical infrastructure network (DePIN), co-founder Markus Levin told Cointelegraph in an interview.The nodes mostly comprise human users who provide data in exchange for rewards via the network’s mobile application, COIN. “The vast majority of our 10 million nodes are mobile users, but some are IoT devices like smart speakers,” Levin told Cointelegraph. Approximately 80% of XYO’s users are non-crypto natives who are participating in Web3 for the first time, he added.They include truckers, rideshare drivers, delivery people, and nurses among others, Levin said, adding that “95% convert after onboarding through the COIN app.”XYO launched a layer-1 blockchain network in January. Source: XYO Related: DePIN XYO launches on SolanaDePIN TokenomicsIn exchange for data, XYO awards its users points that are redeemable for its native XYO token, as well as “BTC, ETH or even gift cards,” he said. In October 2024, XYO bridged its native token to Solana (SOL) in a bid to reach more users. The XYO token has a market capitalization of roughly $180 million as of May 2, according to data from CoinMarketCap.XYO earns revenue by collecting and validating data in sectors ranging from real-world assets (RWAs) to gaming. It then uses a portion of that income to buy back XYO. In January, XYO launched its layer-1 blockchain, which collates real-world data from across XYO’s nodes onto a public ledger. The network’s validators stake XYO and earn rewards denominated in XL1, the network’s newly-launched gas token. XYO has a market capitalization of around $180 million. Source: CoinMarketCapDePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communications networks, data warehouses, energy markets, and more.They are among Web3’s “next big use case[s],” with the potential to onboard “a significant number of new users to the crypto space,” according to a September 2024 report by MV Global, a Web3 investing firm.According to MV Global, the DePIN ecosystem comprises upward of 1,000 projects and represents roughly $50 billion in total market capitalization.Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
Published Date: 2025-05-02 18:25:00Creator: Cointelegraph by Alex O’Donnell
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Bitcoin ETFs, gov’t adoption to drive BTC to $1M by 2029: Finance Redefined
The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.Bitcoin (BTC) rose to an over two-month high of $97,300 last seen at the end of February, before the “Liberation Day” tariffs announcement in the US, bolstering analyst predictions for a rally driven by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.Total crypto market cap, 1-year chart. Source: CoinMarketCapIn the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world’s second-largest blockchain network.Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise execBitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold's market cap and total addressable market by 2029,” he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.Gold is currently the world’s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.Top 10 global assets by market capitalization. Source: CompaniesMarketCapFor the 2025 market cycle, Bitcoin may surpass $200,000 in the “base case” and $500,000 with more governmental adoption, Dragosch said.Continue readingEric Trump: USD1 will be used for $2 billion MGX investment in BinanceAbu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump’s family to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.Source: CointelegraphMGX announced its investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.At the time, Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction. This marks the Abu Dhabi-based investment firm’s first venture into the cryptocurrency space.Continue readingEthereum to simplify crosschain transactions with new token standardsEthereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.“The result? A messy, inconsistent experience that breaks crosschain UX,“ Wonderland stated.Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.Wonderland’s ERC-7828 and ERC-7930 explanation post. Source: WonderlandIn the post, the organization shared what was discussed at a recent Ethereum Foundation interoperability working group call. Teddy from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:“We badly need feedback on the ETH-Magicians forum.”Continue readingCrypto hackers hit DeFi for $92 million in April as attacks double from MarchCryptocurrency hackers stole more than $90 million in April, dealing another blow to the industry’s mainstream reputation despite ongoing efforts to improve cybersecurity.Hackers made off with $92 million of digital assets across 15 incidents in April, according to an April 30 research report by blockchain cybersecurity firm Immunefi.The total marks a 124% month-over-month increase from March, when hackers stole $41 million.Crypto stole in April 2025. Source: ImmunefiThe month’s largest hack on open-source platform UPCX accounted for most of the damage in April, with over $70 million in losses, while KiloEx lost $7.5 million as April’s second-largest hack.The KiloEx exploiter returned the stolen funds just days after the attack occurred.All of April’s reported attacks targeted decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents during the month, the report noted.Top 10 losses in April. Source: ImmunefiImmunefi, which says it helps protect $190 billion in user funds, has paid more than $116 million in bounties to white hat hackers.Continue readingCrypto group asks Trump to end prosecution of crypto devs, Roman StormThe crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice's lawless campaign to criminalize open-source software development.” The letter specifically mentioned the prosecution of Storm, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.The DeFi Education Fund said that in Storm’s case, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”The group also called for the recognition that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance from Trump’s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters. Source: DeFi Education Fund“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it also “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”In January, a federal court in Texas ruled that the Treasury overstepped its authority by sanctioning Tornado Cash. Continue readingDeFi market overviewAccording to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.The Virtuals Protocol (VIRTUAL) token rose over 103% as the week’s biggest gainer, followed by the Solayer (LAYER) token, up over 29% during the past week.Total value locked in DeFi. Source: DefiLlamaThanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Published Date: 2025-05-02 18:00:00Creator: Cointelegraph by Zoltan Vardai
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Price predictions 5/2: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
Key points:Bitcoin trends toward $100,000. Will bears sell at this level?Altcoins are trading above their respective support levels, suggesting that an altcoin rally is brewing.Bitcoin’s (BTC) tight consolidation resolved in favor of the bulls with a break above the $95,000 barrier on May 1. The bulls are trying to push the price to the psychologically crucial level at $100,000, which may again witness a tough battle between the bulls and the bears. Veteran trader Peter Brandt sounded positive when he said in a post on X that Bitcoin could rally to the $125,000 to $150,000 range by August or September 2025 if it manages to regain its broken parabolic slope. However, Brandt cautioned that the rally could be followed by a sharp correction of more than 50%.Crypto market data daily view. Source: Coin360As Bitcoin nears the 100,000 mark, onchain analytics firm Glassnode cautions that the long-term holders (LTHs) may be tempted to book profits. The firm said in its newsletter that the LTHs tend to book profits when their profit margin reaches 350%, and that level will be hit at $99,900. A significant amount of buy-side pressure is needed to overcome the selling to continue the up move.Could Bitcoin break above $100,000, pulling select altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price predictionBitcoin’s break above $95,000 signals an advantage to buyers, but the bears are unlikely to give up easily.BTC/USDT daily chart. Source: Cointelegraph/TradingViewSellers will try to pull the price back below $95,000, trapping the aggressive bulls. If they can pull it off, the BTC/USDT pair could test the 20-day exponential moving average ($91,391). This is a necessary support to watch out for as a solid bounce off the 20-day EMA suggests the bullish sentiment remains intact. That increases the likelihood of a break above $100,000. The pair may then reach $107,000.This optimistic view will be invalidated in the short term if the price turns down and breaks below the 20-day EMA. The pair may then tumble to the 50-day simple moving average ($86,236).Ether price predictionBuyers successfully defended Ether’s (ETH) drop to the 20-day EMA ($1,757) on April 30, signaling demand at lower levels.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe gradually upsloping 20-day EMA and the RSI in the positive territory indicate a slight edge to the bulls. If the price maintains above $1,857, the ETH/USDT pair could climb to the breakdown level of $2,111. There is minor resistance at $1,957, but that is likely to be crossed.This positive view will be invalidated in the near term if the price turns down and plunges below the moving averages. That could pull the pair down to $1,537, which is expected to attract buyers.XRP price predictionThe bulls have managed to keep XRP (XRP) above the moving averages, but the bounce lacks strength.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe flattening 20-day EMA ($2.17) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. Buyers will seize control on a break and close above the resistance line. That clears the path for a rally to $3.On the contrary, a break and close below the moving averages could sink the XRP/USDT pair to the solid support at $2. This is a critical level to keep an eye on because a break below $2 could pull the pair to $1.61.BNB price predictionBNB (BNB) is witnessing a seesaw battle between the bulls and the bears at the moving averages.BNB/USDT daily chart. Source: Cointelegraph/TradingViewIf the price maintains below the moving averages, the BNB/USDT pair could slump to $576 and later to $566. Buyers are expected to vigorously defend the $566 level because a break below it may sink the pair to $520.The bulls will have to push the price above $620 to signal strength. The pair could then rise to $644, which is likely to act as a strong resistance. If buyers bulldoze their way through, the pair could surge to $680.Solana price predictionSolana (SOL) continues to face selling at the $153 level, but a positive sign is that the bulls have not ceded much ground to the bears.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day EMA ($142) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers push and maintain the price above $153, the SOL/USDT pair could rally to $180.Contrary to this assumption, if the price turns down sharply and breaks below the 20-day EMA, it suggests profit booking by the short-term bulls. The pair could then slump to the 50-day SMA ($132).Dogecoin price predictionDogecoin (DOGE) rebounded off the moving averages on May 1, indicating that the bulls are trying to keep the price inside the upper half of the range.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will attempt to push the price to the top of the range at $0.21, which is a critical near-term resistance level to watch out for. If buyers pierce the $0.21 level, the DOGE/USDT pair will complete a double-bottom pattern. That could start a move to $0.25 and then to the pattern target of $0.28.Contrarily, a break and close below the moving averages opens the doors for a fall to the support of the range at $0.14. Buyers are expected to defend the $0.14 level with all their might because a break below it may sink the pair to $0.10.Cardano price predictionBuyers bought the dip to the moving averages in Cardano (ADA), but the failure to build upon the rebound suggests a lack of demand at higher levels.ADA/USDT daily chart. Source: Cointelegraph/TradingViewBuyers will have to drive the price above the $0.75 resistance to gain the upper hand. If they do that, the ADA/USDT pair could rally to $0.83. Sellers will try to halt the up move at $0.83, but if the bulls prevail, the pair could reach $1.On the downside, a break and close below the moving averages tilts the short-term advantage in favor of the bears. The pair could slide to $0.58, where the buyers are expected to step in. Related: Moon soon? XRP's strongest spot premium aligns with 70% rally setupSui price predictionBuyers pushed Sui (SUI) toward the $3.90 overhead resistance on May 1, but the long wick on the candlestick shows that bears are aggressively defending the level.SUI/USDT daily chart. Source: Cointelegraph/TradingViewThe first support on the downside is $3.27, and then the 20-day EMA ($3.01). If the price rebounds off the 20-day EMA with strength, the bulls will again try to drive the SUI/USDT pair above $3.90. If they manage to do that, the pair could rally to $4.25 and subsequently to $5.Instead, if the price breaks below the 20-day EMA, it suggests that the bulls have given up. The pair may slump to the solid support at $2.86. If the price rebounds off the $2.86 support, the pair may form a range.Chainlink price predictionChainlink (LINK) turned up from the moving averages on May 1, indicating that the sentiment remains positive.LINK/USDT daily chart. Source: Cointelegraph/TradingViewBuyers will try to push the price above the $16 overhead resistance and challenge the resistance line of the descending channel pattern. Sellers are expected to fiercely defend the resistance line because a break and close above it signals a potential trend change.If the price turns down from the overhead resistance and breaks below the moving averages, it suggests selling on rallies. The LINK/USDT pair may drop to $11.68, extending its stay inside the channel for some more time.Avalanche price predictionAvalanche (AVAX) bounced off the 20-day EMA ($20.89) on May 1, indicating that the bulls are buying on dips. AVAX/USDT daily chart. Source: Cointelegraph/TradingViewBuyers will try to propel the price above the $23.50 overhead resistance. If they manage to do that, the AVAX/USDT pair will complete a double-bottom pattern. That may start an up move to $28.78 and later to the pattern target of $31.73.The moving averages are the crucial support to watch out for. If the price turns down from the current level or the overhead resistance and breaks below the 50-day SMA ($19.79), it suggests that the range-bound action may continue for a few more days.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-05-02 17:54:06Creator: Cointelegraph by Rakesh Upadhyay
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Why Grayscale’s Bitcoin Trust still dominates ETF revenue in 2025
In the annals of financial history, few institutions have faced the tempests of competition with the steadfast resolve of Grayscale Bitcoin Trust (GBTC). Born in 2013 as a private placement, GBTC pioneered regulated Bitcoin investment, granting investors access to Bitcoin’s (BTC) meteoric rise without the perils of digital wallets or unregulated exchanges.On Jan. 11, 2024, it transitioned into a spot Bitcoin ETF following a landmark victory against the SEC. This marked a pivotal moment with the SEC’s view that ETFs can offer lower expense ratios and enhanced tax efficiency compared to traditional funds. Even still, GBTC’s financial resilience shines, generating $268.5 million in annual revenue, surpassing the $211.8 million of all other US spot Bitcoin ETFs combined, despite losing over half its holdings with $18 billion in outflows since early 2024. This is no fleeting triumph of inertia. The numbers tell a tale of paradox. BlackRock’s iShares Bitcoin Trust (IBIT), with $56 billion in assets under management (AUM) and a 0.25% fee, generated $137 million in 2024 while achieving $35.8 billion in inflows and $1 billion in daily trading volume within weeks of launch. Meanwhile, GBTC’s 1.5% expense ratio, up to seven times higher than competitors, fuels its revenue lead, even though it bled $17.4 billion in outflows, with a record single-day loss of $618 million on March 19, 2024, driven by investors chasing lower fees or capitalizing on the trust’s historical discount to net asset value (NAV), which plummeted from 50% to near zero by July 2024.This clash of revenue dominance and capital flight demands scrutiny, unveiling the intricate dance of investor psychology, market dynamics and Grayscale’s calculated resilience.Yet, GBTC’s $18 billion in AUM and its ability to generate $268.5 million despite significant outflows points to a deeper narrative: tax friction and institutionalized inertia. The inability of companies, family offices and other institutions to quickly pivot due to tax barriers and company directives bubbles to the surface. The $100-billion total spot Bitcoin ETF market points to the stakes of this contest, with Grayscale’s revenue dominance poised to evolve as competition intensifies.Related: The sentiment engine of Bitcoin ETFs is rewiring market structureWhat sustains GBTC’s revenue crown in this crucible of competition? Is it the arithmetic of high fees applied to a still-formidable AUM, the loyalty of battle-scarred investors, or the unseen weight of tax frictions binding them to their positions?As we probe this question, we uncover the mechanics of GBTC’s dominance and the broader currents shaping the future of crypto investment. The answer lies in a potent blend of history, strategy and the unyielding faith of investors in a titan that, against all odds, refuses to yield.GBTC Rev vs. all other ETFs. Source: CoinGlassGrayscale’s high-fee revenue engineAt the core of GBTC’s revenue dominance lies its 1.5% expense ratio, a towering figure beside competitors like IBIT and FBTC (both 0.25%), Bitwise (0.24%) and Franklin Templeton (0.19%).Applied to $17.9 billion in AUM, this fee yields $268.5 million annually, eclipsing the $211.8-million combined revenue of all other US spot Bitcoin ETFs, which manage $89 billion collectively.ETF Store president Nate Geraci remarked on X, “GBTC still making more [money] than all of the other ETFs combined… And it’s not even close.” This arithmetic edge endures despite $21 billion in outflows since January 2024, including a daily average loss of $89.9 million, underscoring the sheer power of high fees on a substantial asset base.Source: Nate GeraciThe fee structure is both GBTC’s bastion and its Achilles’ heel. Before its ETF conversion, GBTC charged 2%, a rate justified by its monopoly as the sole US vehicle for Bitcoin exposure within traditional portfolios. Post-conversion, the 1.5% fee draws ire, with Bryan Armour, director of passive strategies research for Morningstar, predicting sustained outflows as investors flock to cheaper alternatives. Grayscale’s counterstroke was the Grayscale Bitcoin Mini Trust (BTC), launched in March 2025 with a 0.15% fee (the lowest among US spot Bitcoin ETPs). Seeded with 10% of GBTC’s Bitcoin holdings ($1.7 billion AUM), the Mini Trust has drawn $168.9 million in inflows, targeting cost-conscious investors. However, the Mini Trust’s lower revenue per dollar of AUM ($2.55 million annually) pales beside GBTC’s $268.5 million, reinforcing the latter’s dominance.Grayscale’s dual strategy (high-fee GBTC for revenue, low-fee Mini Trust for retention) reveals a nuanced defense, but the fortress of GBTC’s fees remains unbreached, its revenue crown secure for now.Legacy and loyaltyBeyond the arithmetic of fees, GBTC’s revenue supremacy rests on its storied legacy, the fierce loyalty it inspires and the formidable tax frictions that tether investors to its fold. Since 2013, Grayscale has been the standard-bearer of regulated Bitcoin investment, overcoming regulatory tempests to become the first publicly traded Bitcoin fund in 2015 and the largest spot Bitcoin ETF by AUM ($26 billion) upon its NYSE Arca listing in 2024.Its August 2023 legal victory against the US SEC, which compelled the approval of spot Bitcoin ETFs, solidified its stature as a pioneer. This legacy resonates with institutional and accredited investors, many of whom entered GBTC during its private placement phase or at steep NAV discounts, forging a bond that endures.Tax considerations form a silent but mighty anchor. Many early GBTC investors purchased shares at low prices, with Bitcoin trading at $800 in 2013 compared to the mid-$90,000 range by May 2025. This roughly 120-fold increase has generated substantial unrealized capital gains, making sales costly.Related: Bitcoin price recovers, Ethereum RWA value up 20%: April in chartsAn investor who purchased 100 shares of GBTC at $10 in 2015 and now sees them valued at $400 each would be sitting on a $39,000 capital gain. Selling those shares to move into a lower-fee ETF like IBIT or FBTC could trigger a tax bill of $7,800 at the 20% long-term capital gains rate typically applied to high-net-worth individuals or $5,850 at the 15% rate for others. This kind of taxable event often discourages redemptions, particularly for long-term holders in taxable accounts.On the other hand, for those holding GBTC in tax-advantaged vehicles such as IRAs or 401(k)s, gains can be deferred and, in the case of Roth IRAs, avoided entirely, making GBTC comparatively more attractive for legacy investors reluctant to switch.Psychological factors amplify these barriers. Loss aversion (the reluctance to realize taxable gains) and loyalty to Grayscale’s brand deter investors from abandoning a vehicle that weathered Bitcoin’s volatility. The closure of the NAV discount (from 50% to near zero in July 2024) spurred outflows as arbitrageurs cashed out. Still, core holders remain, bolstered by trust in Grayscale’s custodianship via Coinbase Custody, which secures $18.08 billion in AUM in May 2024. Its investor base, spanning crypto-native institutions, hedge funds and retail clients via platforms like Fidelity and Schwab, values its simplicity (no crypto wallets required) and regulatory pedigree.While IBIT and FBTC draw new capital with lower fees and liquidity, GBTC retains a niche among those who see it as a battle-tested titan. Former Grayscale CEO Michael Sonnenshein’s claim that outflows are reaching “equilibrium” suggests a stabilizing core, with tax frictions and legacy fortifying retention. In a market driven by innovation, GBTC’s history, bolstered by tax barriers and investor faith, is its shield, guarding its revenue crown against the relentless advance of newer rivals.A historical timeline graphic showing GBTC milestones (2013 launch, 2015 public trading, 2023 SEC victory, 2024 ETF conversion), with Bitcoin price spikes ($800 to $103,000) and AUM growth overlaid. Source: Dr. Michael Tabone Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet
Published Date: 2025-05-02 17:00:00Creator: Cointelegraph by Michael Tabone
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Bitcoin is a matter of national security — Deputy CIA director
The US Central Intelligence Agency is increasingly incorporating Bitcoin (BTC) as a tool in its operations, and working with the cryptocurrency is a matter of national security, Michael Ellis, the agency’s deputy director, told podcast host Anthony Pompliano.In an appearance on the market analyst and investor’s show, Ellis told Pompliano that the intelligence agency works with law enforcement to track BTC, and it is a point of data collection in counter-intelligence operations. Ellis added:"Bitcoin is here to stay — cryptocurrency is here to stay. As you know, more and more institutions are adopting it, and I think that is a great trend. One that this administration has obviously been leaning forward into.""It's another area of competition where we need to ensure the United States is well-positioned against China and other adversaries," Ellis said.Podcast host and investor Anthony Pompliano (left) and Deputy CIA director Michael Ellis (right). Source: Anthony PomplianoAlthough Ellis's comments point to Bitcoin maturing as an asset, they also reflect the increased involvement of governments and institutions in Bitcoin and cryptocurrencies. This increased involvement runs contrary to the libertarian and cypherpunk ethos originally inherent in crypto.Related: Geopolitical tensions fuel central bank shift toward gold, crypto — BlackRock execBitcoin: from cypherpunk experiment to state reserve assetUS President Donald Trump signed an executive order establishing a Bitcoin Strategic Reserve on March 7, to mixed reactions from the Bitcoin community.Bitcoin Magazine CEO David Bailey celebrated the move, while Venice AI founder and BTC advocate Erik Vorhees warned against the government owning any Bitcoin but added that if the US government is to adopt any crypto reserve, it should be Bitcoin-only.Concerns that cryptocurrencies have lost their cypherpunk roots predate the current market cycle and any strategic reserve legislation or comprehensive regulatory frameworks for digital assets.In March 2020, Therese Chambers, the former director of retail and regulatory investigations at the United Kingdom’s Financial Conduct Authority (FCA), argued that cryptocurrencies had become increasingly financialized and institutionalized.Chambers added that digital assets were behaving far more like traditional financial instruments than the privacy-preserving tools they were initially billed as.Magazine: Big Questions: Did the NSA create Bitcoin?
Published Date: 2025-05-02 16:52:25Creator: Cointelegraph by Vince Quill
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