JOON HYOUNG LEE

UK fintech firm Revolut is renewing its push to enter the US market. According to Cointelegraph on the 5th (local time), Revolut submitted an application on the day to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish a bank. If approved, Revolut would be able to provide banking services nationwide in the United States. It would also be granted access to payment systems such as the Federal Reserve’s Fedwire. Revolut previously sought to establish a US bank in 2021, but the effort fell through. Cointelegraph reported that “Revolut appears to have revised its previous plan to acquire a US bank as part of its global expansion,” adding that “Revolut currently serves more than 70 million customers across 40 markets.” Revolut also appointed a new CEO for its US unit on the day. The new CEO, Cetin Duransoy, is a finance professional who previously served as CEO of Raisin US, the fintech marketplace.

The number of initial jobless claims in the United States last week came in below market expectations. The US Department of Labor said on the 5th (local time) that initial jobless claims totaled 213,000 last week. That was 2,000 below the consensus forecast (215,000). The figure was unchanged from the prior week’s revised reading (213,000). Continuing claims—filed for a second consecutive week—were tallied at 1,868,000. That is 46,000 higher than the prior week’s revised level (1,822,000). It was also 18,000 above market expectations (1,850,000). Initial jobless claims are a key gauge for assessing whether the US labor market is overheating. A rise in claims can be interpreted as a sign that an overheated labor market is cooling. Experts are closely watching employment indicators such as jobless claims to assess the impact of US President Donald Trump’s aggressive tariff policies on corporate decision-making.

In the wake of the recent situation involving Iran, some funds that had been parked in safe-haven assets appear to have flowed into cryptocurrencies such as Bitcoin (BTC). Crypto exchange Bybit said via its official X account that "after gold hit $5,400 on the 2nd, it corrected to $5,180," adding that "a clear reallocation has emerged, with crypto absorbing part of the defensive flows that had previously moved into gold." Bybit added that the narrative of Bitcoin as an asset for "flight-to-safety" flows is gradually strengthening. The firm also said market conditions remain unstable. Bybit noted that "signals of unofficial diplomatic channels between the U.S. and Iran sparked a 'risk-on' move, but the market remains unstable," adding that "with geopolitical uncertainty persisting, oil prices are rising again and investors are staying on high alert." It added that "Brent crude is trading near its highest level since July 2024," and that "despite comments by U.S. President Donald Trump, concerns about supply disruptions in the Strait of Hormuz are still being priced in by the market."

The New York Stock Exchange (NYSE) has made an investment in global cryptocurrency exchange OKX. According to Fortune on the 5th (local time), Intercontinental Exchange (ICE), the NYSE’s parent company, recently decided to invest in OKX. The specific amount was not disclosed. The investment valued OKX at $25 billion. The NYSE is said to have been in investment talks with OKX since last year. Fortune reported that “the NYSE’s investment in OKX is part of an expansion into blockchain-based equity businesses.” Earlier this year, the NYSE began developing a tokenized securities exchange. Through the platform, it plans to offer stock trading 24 hours a day, seven days a week. The existing NYSE operates only five days a week and halts trading overnight. The NYSE is also considering supporting stablecoin payments on the exchange. In October last year, ICE also made a large-scale investment in Polymarket, the world’s largest prediction-market platform. At the time, ICE said it would work with Polymarket to pursue tokenization-related projects.

The United Arab Emirates (UAE) has said that despite the recent Middle East conflict, its domestic banking system is operating stably. According to Cointelegraph on the 5th (local time), Khaled Mohamed Balama, governor of the UAE Central Bank, said in a statement that domestic banks and other financial institutions are operating while maintaining full efficiency and stability. Governor Balama said the country’s financial system is “demonstrating the highest level of resilience and safety.” The announcement drew industry attention because the UAE has recently emerged as a global crypto hub. Cointelegraph reported that more than 1,800 crypto companies have established a presence in the UAE. In particular, Dubai’s DMCC—one of the world’s largest free trade zones—hosts more than 600 Web3 companies. Crypto firms have recently moved into emergency mode as the Iran situation spreads into a broader Middle East conflict. In Bitget’s case, CEO Gracy Chen is reported to have notified staff internally that the company is closely monitoring the Middle East security situation and has activated emergency protocols. Bybit has also recently put systems in place to check the safety of employees in the UAE and ensure service stability.

The board of American Bitcoin, a U.S. Bitcoin (BTC) mining company, has bought a large amount of its own shares. According to CoinDesk on the 5th (local time), American Bitcoin disclosed that two board members had purchased a significant amount of company stock that day. Specifically, board member Justin Martin—co-founder of Tinder—bought about 1.3 million shares. Another board member, Richard Bush, a partner at the King & Ballow law firm, purchased about 330,000 shares. The purchases drew attention as they coincided with the company’s recent earnings release. American Bitcoin recently said it posted a $59 million loss in the fourth quarter of last year. The sharp decline in the value of its holdings was largely attributed to the Bitcoin price downturn that has continued since the second half of last year. American Bitcoin is said to currently hold more than 6,500 bitcoins. By holdings alone, it ranks 17th among listed companies worldwide. The company has been stockpiling Bitcoin through mining and direct purchases. Meanwhile, American Bitcoin went public in September last year. Donald Trump Jr. and Eric Trump, the eldest and second son of U.S. President Donald Trump, hold 20% of the company. CoinDesk reported that “American Bitcoin shares, tracking Bitcoin’s weakness, have plunged from around $8 to $1.15 now.”

Andreessen Horowitz (a16z), one of the world’s largest venture capital (VC) firms, is seeking to raise a new $2 billion cryptocurrency investment fund. According to Fortune on the 5th (local time), a16z Crypto, a16z’s crypto investment arm, has recently begun work on raising its fifth fund. The target size of the new fund is said to be $2 billion. a16z Crypto plans to wrap up the fundraising by the end of the first half of this year. Previously, a16z Crypto raised its fourth fund in 2023, totaling $4.5 billion. CoinDesk reported that “the fifth fund will be smaller than the fourth,” while adding that it is “large compared with the $650 million fund raised by Dragonfly Capital last month.” The lower target for this fund appears to reflect the recent slump in the crypto market. CoinDesk said, “(a16z Crypto’s) fund size suggests that as the crypto market has cooled after hitting a peak last year, VC investment deployment is becoming more cautious.”

Dubai authorities in the United Arab Emirates (UAE) have ordered cryptocurrency exchange KuCoin to suspend services. According to Cryptopolitan on the 5th (local time), Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), recently instructed KuCoin to immediately halt crypto-related services. The move comes after KuCoin failed to obtain a licence required to provide crypto services in Dubai. VARA said “unlicensed operators do not comply with regulatory requirements, exposing consumers to financial risks.” KuCoin has also faced service restrictions in the European Union (EU). Earlier, Austria’s Financial Market Authority (FMA) last month banned KuCoin from onboarding new customers, citing breaches of anti-money laundering (AML) obligations.

Net inflows into stablecoins surged more than 410% over the past week, data showed. Blockchain research firm Messari said on the 4th (local time) that weekly net inflows into stablecoins totaled $1.7bn last week, a 414.5% spike from the previous week. Average daily net inflows last week came to $247m. Messari said, “(Stablecoin) inflows rebounded sharply last week,” adding that it “suggests demand for stablecoin issuance remains intact despite the legislative stalemate over the US crypto market structure bill (Clarity Act).” Weekly stablecoin trading volume last week was tallied at $312.5bn, up 6.3% from a week earlier. Daily trading volume rose 9.5% to $30.90m. Messari analyzed, “While stablecoin usage is increasing, the average transaction size has declined,” adding that it “shows stablecoin usage is rising among retail investors rather than large institutions.”

Ethereum (ETH) turnover on global cryptocurrency exchange Binance has reached its highest level in the past six months. Arab Chain, a CryptoQuant contributor, said on the 5th (local time) via CryptoQuant that “Binance’s Ethereum ‘30-Day Exchange Liquidity Ratio (30D Exchange Liquidity Ratio)’ has risen sharply recently, signaling a meaningful shift in the exchange’s liquidity structure.” Arab Chain noted that “30-day turnover volume surged to about 29.6 million ETH, the highest since September last year,” adding that this “means trading activity and coin movement within the exchange have clearly accelerated.” Turnover volume is an indicator that measures the relationship between the number of coins actually traded on an exchange over a given period and the total supply held on the exchange. Arab Chain analyzed that “Binance currently holds about 3.5 million ETH, and the amount of ETH traded over the past 30 days amounts to several times the exchange’s supply,” adding that “the liquidity ratio therefore rose to around 8.47.” He added that this “indicates that Ethereum supply on the exchange is being utilized intensively.” Arab Chain pointed out that “structurally high turnover means the same Ethereum is being traded multiple times over a short period.” He said, “This pattern typically appears during periods of heightened price volatility or market phases when investors are repositioning,” and added, “The fact that turnover has reached its highest since September last year means trading activity has recovered to levels similar to past periods marked by sharp price swings.” He added, “Historically, high turnover has often coincided with increased market liquidity and faster asset rotation,” saying it “can also be interpreted as a sign that investors’ risk appetite is rising.”

Shares of Coinbase and other crypto-related stocks surged recently after pro-cryptocurrency comments by U.S. President Donald Trump. According to Cointelegraph on the 5th (local time), shares of Strategy jumped more than 10% the previous day (the 4th). Strategy is the world’s largest Bitcoin (BTC) treasury company. On the same day, shares of U.S. cryptocurrency exchange Coinbase also rose more than 14%. Shares of Bitcoin miner Hut 8 (Hut8) and American Bitcoin also gained 13.89% and 11.65%, respectively. The rally in crypto-related stocks was driven by President Trump’s remarks. Earlier, on the 4th, Trump said on his social media platform Truth Social that “if the Cryptocurrency Market Structure Act (the CLARITY Act) is not passed, the crypto industry could be handed to China or other countries,” adding that “passing the CLARITY Act is the next step toward making the United States the crypto capital of the world.” Experts said regulatory clarity for cryptocurrencies is strengthening. Dominic John, an analyst at Zeus Research, told Cointelegraph that “(crypto) regulatory risk is being fundamentally redefined,” adding that “if policy risk declines and demand for products expands, crypto-related stocks could have further upside over the medium term.”

An analysis suggests that Bitcoin (BTC) buying momentum has weakened sharply in recent on-chain indicators. In its weekly report released on the 4th (local time), on-chain analytics firm Glassnode said, "(Bitcoin’s) 30-day moving average Realized Profit has fallen by about 63%," adding that this "suggests a significant weakening in buy-side demand momentum." Glassnode noted that the "Percent of Supply in Profit" has also declined to around 57%, falling below the -1 standard deviation band, and said this "means the current market phase has entered a context similar to the early stages of the 2022 and 2018 bear markets." The report suggests short-term upside is likely to be limited. Glassnode said, "The range-bound trading over recent weeks leaves room for a short-term rebound," but added that "the average cost basis for investors holding Bitcoin for one week to one month is formed around $70,000, and this zone could act as a 'strong overhead distribution zone,' likely limiting short-term gains." It added, "Spot market inflows remain low, but recent CVD (cumulative volume delta) trends show signs that selling pressure is gradually easing." It also referenced indicators related to exchange-traded funds (ETFs) and derivatives. Glassnode said, "U.S. Bitcoin spot ETFs have recently turned to net inflows, suggesting the possibility of a gradual recovery in institutional demand," while noting that "positioning in the derivatives market remains defensive." It added, "The options market appears to be stabilizing after the volatility spike in February," and said, "Fear-driven hedging demand is declining and the market is moving into a more neutral volatility regime."

Bitcoin (BTC) fell below $72,000. According to CoinMarketCap on the 5th, Bitcoin was trading at $71,827.35 as of 4:53 p.m., up 3.5% from the previous day. That marks a 5.87% gain compared with a week earlier. The kimchi premium turned negative. According to CryptoPrice, the kimchi premium was tallied at -0.26% as of 4:53 p.m.

World Liberty Financial (WLFI), a crypto project backed by the family of U.S. President Donald Trump, has moved a large amount of its tokens to centralized exchanges (CEXs) for the second consecutive day. According to Onchain Lens on the 5th (local time), World Liberty Financial deposited about 16.71 million WLFI tokens into OKX. At current prices, the transfer is worth $1.74 million (about 2.5 billion won). In general, transferring tokens to an exchange is viewed as a potential sign of selling. Onchain Lens said there is “a possibility of depositing more (WLFI) tokens into centralized exchanges.” Earlier, World Liberty Financial deposited about 146.40 million WLFI tokens into OKX and Bitget the previous day. At current prices, the transfer is worth $15.40 million (about 22.5 billion won). As of this day, WLFI is trading at around $0.1034 on CoinMarketCap, down about 1.1% from the previous day. Compared with a week ago, it is down by nearly 10%.

An analysis suggests that in the wake of the recent "artificial intelligence (AI) boom," selling pressure has intensified among mining firms holding Bitcoin (BTC) worth $8 billion. Bloomberg reported on the 4th (local time) that "a quiet but rapid wave of selling is emerging among mining companies holding more than $8 billion worth of Bitcoin." Bloomberg added that "some (miners) have come under shareholder pressure, while others are selling Bitcoin due to power costs and declining mining revenue." A prime example is Marathon Digital Holdings (MARA Holdings), the world’s largest Bitcoin miner. Marathon has recently left open the possibility of selling part of its Bitcoin holdings. Its Bitcoin stash is worth about $4 billion, the second-largest among publicly listed companies worldwide after Strategy. Bitdeer Technologies has also recently carried out strategic sales of its Bitcoin holdings. A number of miners are also pivoting their business models toward AI-focused data centers. Bitcoin miners CleanSpark and Riot Platforms have recently overhauled their management teams to facilitate an AI shift. Bloomberg said that "(miners’) business pivots are no longer rumors or strategic hedges, but strategies being executed in practice," adding that "Bitcoin mining returns fluctuate with uncontrollable variables, but deploying the same power for AI can generate predictable returns."

An analysis suggests that the recent rebound in Bitcoin (BTC) prices has been driven by U.S.-listed exchange-traded funds (ETFs) and “short covering (buying to close sell positions that bet on declines).” A CryptoQuant contributor from XWIN Research Japan said via CryptoQuant on the 5th (local time) that “Bitcoin prices rebounded sharply in early this month, recovering the $73,000 level,” adding that “one of the key factors behind this rebound was renewed inflows into U.S. spot Bitcoin ETFs.” XWIN Research Japan noted that “hundreds of millions of dollars flowed into multiple ETFs in early this month, directly underpinning spot demand,” and that “more than $200 million flowed in on the 4th alone, showing that institutional investor participation is strengthening again.” XWIN Research Japan also pointed out that “the derivatives market played an important role.” The contributor said that “open interest (OI) surged while funding rates turned negative, signaling that short positions had become crowded,” and analyzed that “as Bitcoin prices rose, a chain of short liquidations occurred, forming a short-covering rally that further amplified the upside.” However, the assessment is that on-chain indicators are not yet pointing to a clear direction. XWIN Research Japan noted that the 90-day “Realized Profit/Loss Ratio” “remains below 1.0,” and that “the share of coins in an unrealized loss position has also increased.” It added that “on the other hand, there are positive signals as well, such as the Coinbase Premium Index turning positive recently after an extended period in negative territory, suggesting a potential recovery in spot demand from U.S. investors.” The contributor stressed that “geopolitical uncertainty remains a key variable,” adding that “during periods of escalating global tensions, Bitcoin shows characteristics of being a risk asset while also being used as a means for capital movement and wealth preservation.”

US cryptocurrency exchange Coinbase has spoken out against the UK’s stablecoin policy. According to The Block on the 4th (local time), Tom Duff Gordon, Coinbase’s Vice President for International Policy, attended a meeting of the UK House of Lords Financial Services Regulation Committee and said that “the UK’s stablecoin regulation will determine whether London can maintain its status as one of the world’s leading financial hubs over the next decade.” Gordon highlighted the UK’s cap on stablecoin holdings. The UK has limited stablecoin holdings to £20,000 for individuals and £10 million for companies. He said that “if pound-denominated stablecoins cannot be held at meaningful scale, they cannot function as the settlement infrastructure for tokenized government bonds and bonds,” adding that “such caps risk preventing pound-denominated stablecoins from reaching the point at which they become useful.” He also referred to stablecoins’ “bank-run risk.” Gordon said that “stablecoins could also face the possibility of large-scale redemption events similar to a bank run,” but added that “because stablecoins are fully reserved and have no maturity transformation, they are less likely than banks to experience a bank run.”

Goldman Sachs, a global investment bank, said the latest Iran-driven turmoil in the Middle East could push international crude prices above $100 a barrel. According to Walter Bloomberg on the 4th (local time), Goldman Sachs forecast that if the Strait of Hormuz closure is prolonged, international crude prices could surge to around $100 a barrel. Earlier, Iran closed the Strait of Hormuz after U.S. airstrikes. The strait is a strategic chokepoint through which about 20% of the world’s seaborne crude shipments pass, and is often dubbed the “global energy artery.” Goldman Sachs said its base case does not call for a sharp spike in international crude prices. The bank’s analysis suggests that if crude flows through the Strait of Hormuz gradually recover over about one month, Brent will average about $76 a barrel in the second quarter of this year. The risk is if damage to Middle Eastern oil infrastructure widens or the Strait of Hormuz closure drags on. Goldman Sachs said that if Middle Eastern crude exports remain at the current level for about five weeks, Brent could rise above $100 a barrel. Brent last topped $100 a barrel in 2022, when the Russia-Ukraine war erupted.

Coinbase, a U.S. cryptocurrency exchange, has launched a stock-trading feature. Through its official X account, Coinbase said on the 4th (local time) that "stock trading has begun on Coinbase." The stock-trading service is provided by Coinbase Capital Markets, a Coinbase subsidiary. Coinbase plans to support 24-hour trading five days a week for some stocks.

Sui (SUI) has launched its own stablecoin. According to CoinDesk on the 4th (local time), Sui launched the dollar-denominated stablecoin “Sui Dollar (USDsui)” that day. Sui had previously announced plans to issue a stablecoin late last year. Sui Dollar was issued via the stablecoin infrastructure provider Bridge. Sui plans to channel revenue generated from Sui Dollar into the Sui ecosystem. Adeniyi Abiodun, co-founder of Mysten Labs, said, “In the existing stablecoin model, most of the revenue goes to external institutions,” adding, “They don’t return tangible value to the ecosystem.” He continued, “Now that revenue can flow directly into the Sui ecosystem through the foundation,” and added, “In other words, the goal is to build a virtuous cycle in which real yield generated in traditional finance flows back into DeFi.”

As volatility in international oil prices has increased amid the latest Iran-related turmoil in the Middle East, the United States has again underscored its willingness to intervene. U.S. Treasury Secretary Scott Bessent said in an interview with CNBC on the 4th (local time) that he plans to make “a series of announcements” related to crude oil shipments. “The U.S. government will step in,” Bessent said, adding that “if deemed appropriate and necessary, the U.S. Navy will ensure the safe passage of oil tankers through the Strait of Hormuz.” Bessent’s remarks come as concerns over oil market stability have grown in the wake of the Iran situation. Markets are watching the risk that Iran could move to blockade the Strait of Hormuz—one of the world’s key energy trade routes—disrupting crude supplies. West Texas Intermediate (WTI) has already surged 11% so far this week alone. On Wall Street, some warn that if the Strait of Hormuz were to be blocked for an extended period, oil prices could rise above $100 per barrel. On this point, Bessent stressed that “crude supply is very ample at the moment.” He added that “this was a well-telegraphed geopolitical event,” noting that “the oil market has already seen considerable volatility over the past two months.”

Bitcoin (BTC) miners’ selling pressure has recently shown signs of easing. An Arab Chain contributor to CryptoQuant said via CryptoQuant on the 4th (local time) that “a clear change is emerging in miners’ behavior,” adding that “since the 20th of last month, miner activity has fallen sharply, dropping to the lowest level in recent weeks.” What Arab Chain focused on was the “Miners’ Position Index (MPI, Miners' Position Index).” Arab Chain analyzed that “the MPI has now fallen to around -0.93,” which “suggests that miners’ selling volume is smaller than the historical average and that the pace at which holdings are being moved to exchanges is slowing.” Arab Chain noted that “the exact opposite pattern appeared in early last month.” He said, “On Feb. 5, the MPI surged to 2.95, sharply increasing selling pressure versus the annual average,” adding that “such elevated readings are often associated with miners moving large amounts of bitcoin to exchanges—typically linked to strategic selling for profit-taking or to manage volatility.” The analysis suggests that Bitcoin miners have recently shifted into a wait-and-see stance. Arab Chain said, “Generally, when the MPI is low or negative, miners’ propensity to hold strengthens and exchange deposits tend to decline,” adding that “the post–Feb. 20 drop in miner activity indicates miners may have entered ‘wait-and-see mode’ amid market volatility, rather than a phase of large-scale selling.”

A US private-sector employment gauge last month came in above market expectations. According to the ADP National Employment Report released on the 4th (local time), US nonfarm private employment rose by 63,000 from the previous month. The figure beat the Dow Jones consensus estimate of 48,000 by 15,000, marking the largest increase since July last year. It is also 52,000 higher than the prior month’s revised January reading of 11,000. By sector, construction as well as education and health services led job growth. Construction added 19,000 jobs, while education and health services added 58,000. By contrast, professional and business services shed 30,000 jobs. Wage growth was 4.5% year over year. Nela Richardson, ADP chief economist, said, “Wage gains for workers who stay in their jobs are holding firm alongside employment growth,” adding, “However, because hiring is concentrated in a handful of industries, the wage-boosting effect from job switching is not broadly evident.” The ADP report is typically released about two days ahead of the US Bureau of Labor Statistics (BLS) employment report under the Department of Labor and is often seen as a kind of ‘preview.’ However, because it is based on data compiled by a private information provider, it does not always move in the same direction as the government’s official figures.

Global investment bank (IB) Morgan Stanley has selected Coinbase and Bank of New York (BNY) Mellon as custodians for its Bitcoin (BTC) holdings. On the 4th (local time), CoinDesk reported that Morgan Stanley recently filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the bitcoin ETF “Morgan Stanley Bitcoin Trust.” CoinDesk said, “The fund plans to use Coinbase Custody and Bank of New York Mellon to safeguard its bitcoin holdings,” adding, “The two institutions will hold the digital assets and process transfers related to share creation and redemption.” Bank of New York Mellon will serve not only as the bitcoin custodian but also as the fund administrator and cash custodian. Specifically, it is expected to handle accounting for the Morgan Stanley bitcoin ETF, shareholder recordkeeping, and cash-flow management. Meanwhile, the Morgan Stanley bitcoin ETF is designed to track the price by holding bitcoin directly. In other words, it is an ETF structured to hold actual bitcoin without derivatives or leverage.

The United States is expected to implement a plan this week to raise its global tariff rate from the current 10% to 15%. According to Bloomberg on the 4th (local time), U.S. Treasury Secretary Scott Bessent said in an interview with CNBC that “(the timing of the tariff increase) will probably be sometime this week.” This indicates that U.S. President Donald Trump’s plan to raise the universal tariff rate from the current 10% to 15% could be implemented within the week. Previously, after the U.S. Supreme Court invalidated the existing tariff policy last month, President Trump newly introduced a 10% universal tariff. Secretary Bessent said, “The current authority to impose tariffs can only be maintained for 150 days,” adding, “During this period, trade authorities will review other legal bases to reintroduce the previous tariff regime.” He also underscored the administration’s determination to press ahead with the tariffs. Secretary Bessent said, “I believe the tariff rate will return to its previous level within five months,” adding, “The process is slow, but more robust.” Bloomberg reported that “(Bessent’s remarks) suggest an approach that would rely on Section 301 of the Trade Act and Section 232 of the Trade Expansion Act, rather than the existing tariffs based on the International Emergency Economic Powers Act (IEEPA).”

World Liberty Financial (WLFI), the cryptocurrency project backed by the family of U.S. President Donald Trump, has reportedly made a large transfer of its tokens to centralized exchanges (CEXs). According to Onchain Lens on the 4th (local time), World Liberty Financial deposited about 146.4 million WLFI tokens into OKX and Bitget. At current prices, the transfer is worth $15.4 million (about KRW 22 billion). Typically, moving tokens to exchanges is viewed as a potential signal of selling pressure. Onchain Lens said “additional deposits may follow.” As of that day, WLFI was trading in the $0.105 range on CoinMarketCap, down about 0.4% from the previous day. That represents a drop of more than 7.5% compared with a week earlier.

Tether (USDT), the issuer of the dollar-pegged stablecoin, has invested in sleep technology company Eight Sleep. Tether Investments, an affiliate of Tether, said on the 4th (local time) that it made a strategic investment in Eight Sleep. The specific amount was not disclosed. The investment values Eight Sleep at $1.5 billion. Eight Sleep provides personalized sleep analysis and improvement solutions using artificial intelligence (AI) and sensors. A Tether official said, “We are confident that health technology will increasingly become an important tool for longevity and disease prevention, helping us better understand biological functions,” adding, “Technology that turns health data into clear, practical information will shape the future of consumer health.” Paolo Ardoino, Tether’s chief executive officer (CEO), said, “Eight Sleep has the potential to define the future of healthcare technology.” He added, “Eight Sleep is setting a new standard for longevity-focused technology that fits the way people live,” and said, “The era of human-centric healthcare intelligence has begun.”

US cryptocurrency exchange Kraken has secured approval for a ‘master account’ with the Federal Reserve (Fed). Kraken co-CEO Arjun Sethi said in an interview with The Wall Street Journal (WSJ) on the 4th (local time) that the company recently received approval for a master account. A master account refers to access to the Fed’s core payment systems. Kraken is the first cryptocurrency company to obtain Fed approval for a master account. The Wall Street Journal reported that “Kraken has become the first cryptocurrency company able to transfer funds through the same systems used by thousands of banks and credit unions,” calling the approval “a major win for the crypto industry, which had been denied access to the Fed system for years.” With the approval, Kraken will be able to directly access the Fed’s interbank payment system, Fedwire. CEO Sethi said, “(This approval) will improve reliability and efficiency in the flow of fiat-currency-based deposits into and out of the digital-asset market.” However, the master account approved for Kraken is reportedly limited in some functions. The Wall Street Journal said, “The limited master account approval granted to Kraken is similar to the ‘skinny’ master account concept proposed by the Federal Reserve Board late last year,” adding, “Under the concept, fintech and crypto companies could use the Fed’s payment systems but would not have access to other functions provided to banks, such as discount window loans.” Meanwhile, US crypto companies are accelerating their push into traditional finance. Earlier, the Office of the Comptroller of the Currency (OCC) approved plans by five crypto companies—including dollar stablecoin issuer Circle (USDC) and XRP issuer Ripple—to establish trust banks last year.

Brian Armstrong, CEO of Coinbase, said “the fundamentals of crypto are stronger than ever.” Armstrong made the remarks on X on the 4th (local time). Earlier, John D’agostine, head of Institutional Strategy at Coinbase, also wrote on X the previous day (the 3rd) that “even in a down cycle, (crypto) market infrastructure continues to advance,” adding that “despite sharp swings in market volatility and investor sentiment, the crypto market still appears resilient.” Bitcoin (BTC), the bellwether cryptocurrency, surged on the day to top $71,000. According to CoinMarketCap, as of 7:10 p.m., bitcoin was up 7.97% from the previous day at $71,809.78. That is a 9.51% gain from a week earlier. Ethereum (ETH) also reclaimed the $2,000 level. As of 7:10 p.m., CoinMarketCap showed ether up 7.22% on the day at $2,088.5.