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NewsBriefs - Bitcoin climbs to $63.7K after inflation eases in April

Editor-curated news, summarized by AI

  • Coindesk

    Bitcoin climbs to $63.7K after inflation eases in April

    In April, the US Consumer Price Index (CPI) increase was lower than expected at 0.3%, hinting at potential moderation in future federal rate hikes. Following the report, Bitcoin's price saw a notable increase, rising more than 1% to $63,700. This movement reflects investors' reactions to the softened inflation data and its implications for monetary policy.

  • Latest


    • Bitcoin Sistemi

      Biden administration to host crypto policy roundtable with Mark Cuban and lawmakers

      In early July, key figures from the Biden administration, including entrepreneur Mark Cuban and lawmakers from both houses, will convene in a roundtable organized by Rep. Ro Khanna to discuss crypto policies. This meeting, aimed at fostering Bitcoin and blockchain innovations, underscores crypto's growing significance in US economic and political spheres, especially as the 2024 presidential elections near.

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    • Beincrypto

      Tether's USDT serves over 300 million global users, reveals CEO Paolo Ardoino

      Tether CEO Paolo Ardoino highlighted USDT's critical role in global finance, particularly in emerging markets where it aids over 300 million users by providing stable, digital dollar access, enhancing efficiency in money transfers and storage. This positions Tether among the top buyers of US Treasury Bills, reflecting its substantial impact on international monetary systems and its prominent market cap which dominates the stablecoin sector.

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    • Hand-Picked

      Ethereum spot ETFs to start trading July 2nd

      Ethereum spot ETFs are poised to begin trading on July 2, following tentative approval from the SEC, which requested responses on S-1 filings within a week. This move, expected to clear the path for trading starting the holiday weekend, aligns with indications from SEC Chair Gary Gensler about potential summer approvals. The launch is likely to draw significant institutional investment, with projections of up to $45 billion in inflows in the first year and a possible 60% rise in Ethereum prices, mimicking the impact seen with Bitcoin spot ETFs.

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    • Beincrypto

      Bernstein boosts Bitcoin target by 30%, rates MicroStrategy as outperform

      Bernstein, a leading brokerage firm, has initiated coverage for MicroStrategy's stock with an 'outperform' rating and set a price target at $2,890. The firm has increased its Bitcoin price target by 30% to $200,000 by the end of 2025, citing the potential benefits of MicroStrategy’s long-term investment in Bitcoin and its strategy of leveraging convertible debt. MicroStrategy holds a significant position in Bitcoin, planning further acquisitions through a $500 million bond sale.

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    • Cryptoslate

      Coinbase criticizes SEC's increased budget request as enforcement-heavy

      Coinbase has condemned the SEC's $2.6 billion budget proposal for 2025, especially criticizing the $812.4 million earmarked for enforcement, representing an increase from the previous year. Coinbase argues this strategy emphasizes regulation by enforcement rather than providing clear crypto regulations. Concurrently, the American Securities Association (ASA) has appealed to the US government to reduce the SEC's budget, insisting on prioritizing investor protection and market fairness over expansive enforcement policies.

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    • Crypto Briefing

      Ethereum ETF trading approval likely by this summer: SEC’s Gensler

      SEC Chairman Gary Gensler has suggested that the Ethereum ETF S1 approval could be expected by this summer. Following the rapid approvals of Bitcoin ETFs, the anticipation for Ethereum ETFs has increased, with key players like VanEck and BlackRock awaiting detailed S1 form clearances. Analyst Eric Balchunas even projects a possible approval by July 4, 2024.

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    • Crypto Briefing

      MicroStrategy plans to boost Bitcoin holdings with new $500 million bond sale

      MicroStrategy is set to increase its Bitcoin portfolio through a $500 million offering of convertible senior notes, intended for institutional buyers, with an additional option for $75 million. These unsecured senior obligations, maturing in 2032, may be converted into cash, MicroStrategy stock, or a mix of both. This move marks the company's third major convertible notes initiative in 2024, aiming to expand its already substantial Bitcoin holdings of 214,440 coins valued at approximately $14.4 billion.

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    • Cryptoslate

      Biden campaign considers crypto donations to attract tech-savvy voters

      President Joe Biden's re-election campaign is exploring the acceptance of crypto donations via Coinbase Commerce, aligning with a broader initiative to engage the crypto community and counter recent pro-crypto strides by Donald Trump. This move is seen as an effort to secure support from a significant portion of the US voter base that prioritizes crypto-friendly policies. Discussions around this strategy remain in the exploratory phase, reflecting the increasing role of digital currency in political campaign financing.

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    • Coindesk

      Trump advocates for mining all remaining Bitcoin in the US

      Republican presidential candidate Donald Trump has advocated for the entire remaining supply of Bitcoin to be mined within the US. Speaking at an event with executives from CleanSpark Inc. and Riot Platforms, he emphasized that localizing Bitcoin mining could position the US as a leader in energy and serve as a counteract against central bank digital currencies (CBDCs). Trump highlighted the strategic importance of Bitcoin in contributing to national energy dominance.

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    • Crypto Briefing

      Hedge funds' short strategies impact Bitcoin despite US ETF inflows, reports Glassnode

      Despite significant inflows into US Spot Bitcoin exchange-traded funds (ETFs), the expected boost in market prices has not been realized due to hedge funds adopting a "cash-and-carry" trading strategy. This strategy, comprising long positions on spot and short positions on futures, particularly at the Chicago Mercantile Exchange (CME), has counteracted the bullish effects of ETF accumulation. Glassnode highlights that this neutralizes the influx of funds, showing that over $6.3 billion in Bitcoin is shorted in activist arbitrage trades via futures, which dilutes the direct bullish impact of these ETFs on the Bitcoin market.

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    • Crypto Briefing

      Tether plans $1 billion investment in startups by 2025, reveals CEO

      Tether, through its venture arm Tether Investments, will invest $1 billion in startups focusing on alternative financial infrastructure, artificial intelligence, and biotech by 2025. CEO Paolo Ardoino noted that the strategy aims to diversify holdings beyond their stablecoin, USDT, and build financial influence in emerging markets and technology sectors that challenge traditional finance models. This move aligns with Tether’s recent profitable streak and its plans to reduce reliance on major tech firms, despite facing past regulatory challenges.

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    • Crypto Briefing

      ASI Alliance postpones token merger to July 15

      The ASI Alliance, comprising Fetch.ai, SingularityNET, and Ocean Protocol, has rescheduled their token merger to July 15. Initially planned for June 13, the delay accommodates final technical and logistical preparations with partners, exchanges, and validators. This merger aims to combine FET, AGIX, and OCEAN into a single Artificial Superintelligence token (ASI), advancing their shared goal of creating a decentralized artificial intelligence network.

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    • Crypto Briefing

      ZKSync announces major token airdrop to boost community engagement

      ZKSync, an Ethereum-based Layer 2 solution by Matter Labs, will distribute 17.5% of its ZK token supply, totaling 3.7 billion tokens, to approximately 695,000 wallets. This airdrop, set to start next week, is valued at over $2.5 billion and is part of a broader strategy to allocate two-thirds of all ZK tokens to the community. Eligibility for the airdrop is based on users' interactions with the ZKSync network prior to March 24. The airdrop aims to enhance participation in protocol governance and marks a significant community-focused financial move by ZKSync.

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    • Cointelegraph

      SEC reviews ProShares' spot Ether ETF application following recent approvals

      The SEC is currently evaluating a spot Ether ETF application from ProShares, submitted to NYSE Arca, with a public comment period set for 21 days. This follows the SEC’s recent approval of spot Ether ETFs from eight asset managers. The decision on ProShares' application, which could align with the launch of other recently approved ETFs, is anticipated to occur within the next few months.

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    • Crypto Briefing

      UwU Lend loses $19.3M in crypto exploit

      UwU Lend, a decentralized finance (DeFi) protocol, faced a $19.3 million exploit involving tokens like wrapped ether and Bitcoin. The funds were stolen from a single wallet and largely traded on Uniswap. This security breach highlights vulnerabilities in UwU Lend's systems, despite its reliance on audited smart contract code from AAVE V2. The incident has occurred amid previous controversies associated with its co-founder Michael “Sifu” Patryn, raising further concerns over the platform's safety measures.

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