Hi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
The three major indices of the US stock market closed lower. The Nasdaq Composite Index recorded a 2.04% drop from the previous day to 17,899.02 points on the 27th. The Dow Jones Index fell 0.31% to 42,454.79 points, and the S&P 500 Index closed at 5,712.20 points, down 1.12%.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 26th (local time), the launch of cryptocurrency exchange-traded funds (ETFs) has led to a trend of declining cryptocurrency holdings among global banks. In the second quarter of 2024, it was reported that 29 global banks held $368.3 billion worth of cryptocurrencies. Currently, the proportion of spot cryptocurrencies in bank-held assets is less than 3%. This is a significant decrease compared to a few years ago. BCBS recommended in December 2022 that the proportion of spot cryptocurrency holdings by banks should not exceed 2%.
On the 26th (local time), according to the cryptocurrency-focused media BeInCrypto, the amount of Ethereum (ETH) withdrawn from cryptocurrency exchanges has fallen to its lowest level in 7 months. According to on-chain data analysis firm Glassnode, Ethereum exchange withdrawals recorded 59,755 ETH as of the 25th (local time), marking the lowest level since August 31 of last year. The media explained, "The decline in Ethereum and increasing market uncertainty are evident," adding, "The decrease in exchange withdrawals means that the amount being moved to private wallets or cold storage is decreasing." Additionally, it stated, "This suggests there is no long-term holding plan for the coins," and "It can be interpreted as a signal that holders are preparing to sell by keeping Ethereum on exchanges."
Nikhil Rathi, Chief of the Financial Conduct Authority (FCA) in the UK, stated in a meeting with lawmakers that "it is estimated that millions of Britons under the age of 35 are investing in virtual assets (cryptocurrencies) without fully understanding the risks," adding that "this is an activity that potentially carries very high risks. We hope that young people in the UK will invest in traditional financial markets such as stocks and bonds instead of virtual assets." According to DL News, a virtual asset specialist media outlet, on the 26th (local time), he further mentioned that while some countries like the United States are easing regulations on virtual assets, the UK is still maintaining strict regulations, saying, "We are not anti-innovation," and "We are striving to make the UK an attractive financial hub." He also added that "86% of companies applying for virtual asset business registration were rejected," noting that "this includes some of the world's largest companies, but they failed to meet the anti-money laundering (AML) standards. We are just doing what we have to do."
Microsoft (MS) has withdrawn its plans to invest in new artificial intelligence (AI) data centers in the US and Europe due to potential oversupply, causing Bitcoin (BTC) mining company stocks to fall. According to Cointelegraph, a cryptocurrency-focused media outlet, after the report, the stocks of companies like Bitfarms, CleanSpark, Core Scientific, Hut8, Marathon Digital, and Riot fell by 4-12%. The media explained that "since the Bitcoin halving last April, mining revenue has decreased, leading cryptocurrency mining companies to rely more on AI data support businesses."
According to WuBlockchain on the 26th (local time), Wyoming, USA, is reportedly planning to launch its own token, WYST, by July. This is the first legal currency-based stablecoin issued by a U.S. institution. The token is fully backed by treasury bonds, cash, and Epurchase Agreements, with a minimum reserve requirement of 102%. Wyoming is currently considering blockchains such as Solana (SOL), Ethereum (ETH), and Polygon (POL) for token hosting.
HyperLiquid, which proceeded with the delisting of JELLY, announced on the 26th (local time) via X (formerly Twitter) that "after discovering evidence of suspicious market activity, we delisted JELLY perpetual futures following a validator vote," and "users (who suffered losses) except for those with suspicious addresses will be compensated by the Hyper Foundation." They added, "Details on the compensation method will be announced later." Previously, a trader at HyperLiquid opened a short position of 430 million JELLY, settled a position of 30 million JELLY, and withdrew the remaining margin of 2.76 million USDC, resulting in the liquidation of 398 million JELLY. As a result, the amount was taken on by the Hyper Liquidity Provider (HLP) liquidation address. Meanwhile, there is growing criticism regarding HyperLiquid's centralization issues, governance, credibility, and risk management.
Chainlink (LINK) Communication Director Chris Barrett announced on the 26th (local time) via X (formerly Twitter) that "World Liberty Financial (WLFI) just mentioned Chainlink at the DC Blockchain Summit."
Chris Solars, Chief Investment Officer (CIO) of Amitis Capital, a fund focused on virtual assets (cryptocurrency), stated in an interview with the virtual asset specialized media CoinDesk on the 26th (local time) that "there will be no altcoin season for the time being." He analyzed, "Currently, there are about 40 million tokens, and 99.99% of them will eventually be worth zero," adding, "Even the top 100 tokens by market capitalization have large unlocks scheduled." He continued, "To maintain the current market price of virtual assets over the next three years, at least $300 billion needs to be invested," explaining, "However, the size of the liquid token market for hedge funds is only about $30 billion, and individual investors have moved to meme coins." He also added, "This ultimately means that there is no one to buy the volume that will flood the market."
According to WuBlockchain on the 26th (local time), 140 million USDC was net outflowed from HyperLiquid within hours after the JELLY liquidation incident. During the previous Ethereum (ETH) whale long position liquidation event, there was a net outflow of 300 million dollars. Over the past 30 days, HyperLiquid's USDC balance has decreased from approximately 2.5 billion dollars to 2 billion dollars.
On the 26th (local time), according to the cryptocurrency specialist media CoinDesk, the final Pectra upgrade has begun on the Ethereum(ETH) Hoodie Testnet. In previous Holsky and Sepolia testnets, the Pectra upgrade was not properly completed. Meanwhile, the Ethereum mainnet Pectra upgrade is expected to occur within 30 days. 
On the 26th (local time), according to the cryptocurrency specialized media CoinDesk, the Latin American virtual asset exchange TruBit has entered into a partnership with the virtual asset lending institution Morpho to provide DeFi yield products.
The three major indices of the U.S. stock market are showing mixed trends. The Nasdaq Composite Index is trading at 18,074.12 points, down 1.08% from the previous day as of 00:00 on the 27th. The Dow Jones Index is up 0.43% at 42,769.63 points, while the S&P 500 Index is down 0.32% at 57,758.28 points.
On the 25th (local time), according to cryptocurrency specialist media CoinDesk, the GameStop (GME) board unanimously approved the plan to add Bitcoin (BTC) to its balance sheet. As of the end of 2024, GameStop's liquid assets amount to $5.35 billion. Previously, it was reported that Matt Cole, CEO of American asset management company Strive, sent a letter to GameStop CEO Ryan Cohen urging the adoption of BTC as a reserve asset. In response, Ryan Cohen replied on his X (formerly Twitter), "The proposal is well received."
Eleanor Terrett, a former Fox Business reporter, reported on the 25th (local time) via X (formerly Twitter) that the vote on the US Internal Revenue Service (IRS)'s 'DeFi Broker Regulation' repeal resolution is expected to take place as early as the 27th (local time). The resolution passed the Senate on the 4th but will be re-voted due to technical issues. If the resolution passes the Senate, only President Donald Trump's signing process remains. The DeFi Broker Regulation requires brokers in the DeFi sector to report total revenue from digital asset sales, and the virtual asset (cryptocurrency) industry has been continuously demanding its repeal.
On the 25th (local time), according to the cryptocurrency specialist media Cointelegraph, Bitcoin (BTC) mining revenue appears to be stabilizing despite the halving that took place last year. According to CoinMetrics data, BTC mining revenue in the first quarter of this year recorded $3.6 billion, similar to the fourth quarter of last year ($3.7 billion). CoinMetrics reported that "after the BTC halving, miners have been adapting to reduced block rewards, decreased margins, and changes in operational dynamics," adding that "however, the tariff war triggered by U.S. President Donald Trump may increase mining costs, potentially causing small-scale miners to cease operations." Meanwhile, BTC is trading at $88,125.45, down 0.21% from the previous day, based on the Binance Tether (USDT) market as of 05:33 on the 26th.
On the 25th (local time), according to the cryptocurrency-focused media outlet CoinDesk, the United States Securities and Exchange Commission (SEC) announced that it has concluded its investigation into the web3 gaming platform Immutable (IMX). Previously, in October last year, the SEC had sent a Wells Notice (a notification requiring a preliminary explanation from potential lawsuit targets) to Immutable regarding the sale of IMX tokens.
The three major indices of the U.S. stock market closed on an upward trend. The Nasdaq Composite Index recorded 18,271.86 points, up 0.46% from the previous day on the 26th. The Dow Jones Index rose 0.01% to 42,587.50 points, and the S&P 500 Index finished trading up 0.16% at 5,770 points.
On the 25th (local time), according to the cryptocurrency-focused media outlet CoinDesk, Matt Kaufman, the head of ETFs at US asset management firm Calamos Investments, announced that there are no plans to offer Ethereum (ETH) products. He explained, "Ethereum is not a liquid asset, and it cannot be considered effective for hedging investment risks, so it is not currently under consideration for product launch." Previously, Calamos had launched three Bitcoin (BTC) downturn hedge ETFs.
Bitcoin (BTC) temporarily returned to the $88,000 level. Meanwhile, BTC is trading at $87,710.45, down 0.58% from the previous day, based on the Binance Tether (USDT) market as of 03:26 on the 26th.
The Brazilian National Data Protection Authority (ANDP) has not approved a petition to review the ban on monetary rewards for biometric data collection by Tools for Humanity, the developer of Worldcoin (WLD). According to Cointelegraph, a cryptocurrency-focused media outlet, ANDP stated on the 25th (local time) that "the collection of iris scan data in Brazil must cease to be rewarded with cryptocurrencies or other forms," and "a fine of 50,000 Brazilian Reais (approximately 12,900,000 KRW) per day will be imposed if data collection resumes."
Global cryptocurrency exchange Coinbase announced on the 25th (local time) via its official X (formerly Twitter) that "Celo is migrating from a Layer 1 blockchain to Ethereum (ETH) Layer 2," and "accordingly, the exchange will proceed with the upgrade starting at 8 PM PDT on the 25th." It added, "During this upgrade, CGLD deposits and withdrawals will be temporarily suspended."
The U.S. Securities and Exchange Commission (SEC) has withdrawn its appeal against Ripple (XRP), and Ripple has agreed to withdraw its cross-appeal against the SEC. Stuart Alderoty, Ripple's Chief Legal Officer (CLO), explained on the 25th (local time) via X (formerly Twitter) that "of the $125 million fine imposed on Ripple by the court, $50 million will be held by the SEC, and the remainder will be returned to Ripple."
According to SolidIntel on the 25th (local time), it was revealed that the BZX securities exchange under the Chicago Board Options Exchange (CBOE) in the United States has submitted a review request (19b-4) to the U.S. Securities and Exchange Commission (SEC) for the Fidelity Solana (SOL) Exchange Traded Fund (ETF).
On the 25th (local time), according to the cryptocurrency-focused media CoinDesk, the meme coin incubator CoreSky has raised $15 million in a Series A funding round. This round was led by Tido Capital, with participation from WAGMI Ventures, CoPilot Ventures Studio, Web3vision, and Parallel Ventures. The funds will be used for platform development.
The NFT (Non-Fungible Token) marketplace OpenSea announced on the 25th (local time) via X (formerly Twitter) that it will support the Ronin network, an EVM-based blockchain for P2E games built by Sky Mavis. Users can trade and mint NFTs on Ronin through OpenSea.
The three major indices of the US stock market are showing an upward trend. The Nasdaq Composite Index is trading at 18,245.37 points, up 0.31% from the previous day as of 00:40 on the 26th. The Dow Jones Index is up 0.12% at 42,635.26 points, and the S&P 500 Index is up 0.16% at 5,776.96 points.
According to The Block, a cryptocurrency-focused media outlet, on the 24th (local time), the new foundation of Dogecoin (DOGE), House of Doge, has established a Dogecoin reserve of 10 million DOGE (worth $1.8 million) through a new initiative. The reserve is intended to be used to implement the goal of providing DOGE as a payment option to businesses and consumers worldwide.
Bitcoin (BTC) temporarily returned to the $88,000 level. Meanwhile, BTC is trading at $87,939.54, up 3.19% from the previous day, as of 05:45 on the 25th, based on the Binance Tether (USDT) market.
The three major indices of the U.S. stock market closed higher. The Nasdaq Composite Index rose 2.18% from the previous session to 18,172.62 points on the 25th. The Dow Jones Index rose 1.52% to 42,624.59 points, and the S&P 500 Index closed at 5,770.26 points, up 1.81%.