Crypto Morning Brief: Bitcoin surpasses $100,000, Ethereum rebounds above $2,000
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Crypto Morning Brief: Bitcoin surpasses $100,000, Ethereum rebounds above $2,000
Meta restarts its stablecoin business and has hired a former Plaid executive as vice president of product.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S.-UK Trade Deal to Retain 10% U.S. Tariff
According to Jinshi Data, the U.S.-UK trade agreement will retain a 10% U.S. tariff.
Earlier, Trump posted that the deal with the UK is comprehensive and complete, with other agreements also under negotiation.
FOX Journalist: White House Plans Trade Deals with Multiple Countries, Tariffs Likely Around 10%, Situation With China Different
According to Fox Business journalist Charles Gasparino, Wall Street executives said the White House is preparing trade agreements with India, Japan, South Korea, and Australia, with tariff levels expected to be similar to the UK’s, around 10%. However, trade policy with China is a different matter.
U.S. Senate Rejects Advancement of GENIUS Act by 48-49 Vote
According to NBC, the U.S. Senate voted 48-49 on Thursday to block advancement of the GENIUS Act, which aimed to establish America’s first stablecoin regulatory framework. The bill failed to reach the required 60-vote threshold due to stalled bipartisan negotiations.
Democratic lawmakers unanimously opposed the bill, primarily over concerns about potential conflicts of interest involving Trump family members’ recent cryptocurrency collaboration with Abu Dhabi investors. They demanded provisions banning executive branch officials from participating in crypto trading. Republican Senators Hawley and Paul also voted against it, citing concerns over excessive regulation.
Despite intensive negotiations, no consensus was reached on key issues such as anti-money laundering and national security. The bill is now shelved, though Republican leader Thune said it could be reconsidered for future votes.
Missouri May Become First U.S. State to Eliminate Capital Gains Tax on Cryptocurrency and Stocks
According to Fortunes, Missouri may become the first U.S. state to eliminate capital gains tax. The proposed legislation would exclude capital gains from stocks, real estate, and other assets from state income tax.
The bill passed the Missouri legislature on May 7 and has been sent to the governor; if signed, it will take effect.
ETH Breaks $2,000, Up 10.23% on the Day
HTX market data shows ETH breaking $2,000, currently at $2,003.77 per coin, up 10.23% on the day.
Binance: Users with Alpha Score of 150 or More Will Receive SXT Airdrop
According to an official announcement, Binance has listed SXT on Binance Alpha and Spot Trading. Eligible users with at least 150 Alpha Points will receive an airdrop of 512 SXT tokens within 10 minutes after the listing.
In addition, users with Alpha Points between 66 and 149 (inclusive) whose Binance UID ends with 1 will receive a lucky airdrop of 512 SXT tokens.
DeFi Development Increases SOL Holdings by 20,473, Total Now 420,690
According to Globenewswire, DeFi Development purchased an additional 20,473 Solana (SOL), amounting to approximately $2.97 million. This marks the company’s ninth purchase of SOL under its digital asset reserve strategy. To date, DeFi Development Corp. holds 420,690 SOL, valued at approximately $61.9 million (including staking rewards).
The Wall Street Journal: Coinbase to Acquire Crypto Options Platform Deribit for $2.9 Billion
According to The Wall Street Journal, Coinbase will acquire crypto options platform Deribit for $2.9 billion.
Bitcoin Magazine CEO David Bailey Raises $300 Million to Launch Bitcoin Investment Firm
According to Cointelegraph, Bitcoin Magazine CEO and Trump cryptocurrency advisor David Bailey has raised $300 million (including $200 million in equity and $100 million in convertible debt) to launch a bitcoin investment firm named "Nakamoto." The company is expected to go public as early as next week via a merger with a Nasdaq-listed company. Meanwhile, the U.S. Office of the Comptroller of the Currency (OCC) confirmed that banks under its supervision can custody and trade crypto assets for clients and may outsource certain crypto operations to third parties.
Meta Revives Stablecoin Initiative, Hires Former Plaid Executive as VP of Product
According to Fortune, Meta is restarting its cryptocurrency efforts and is discussing with multiple crypto firms to deploy stablecoin solutions, primarily for cross-border payments. Meta hired former Plaid executive Ginger Baker as Vice President of Product in January this year to lead the initiative.
According to sources, Meta plans to initially deploy the stablecoin on Instagram for small cross-border payments to creators, aiming to reduce high fees from existing payment channels. This marks the company’s first return to the crypto space since ending the Diem (formerly Libra) project in early 2022.
Discussions remain in early stages, and Meta says it remains open to any specific stablecoin provider. Zuckerberg, speaking at the Stripe conference this week, commented on the past: "That project (referring to Diem) is over."
Binance Founder Changpeng Zhao Confirms Application for Trump Pardon
According to Cointelegraph, Binance founder Changpeng Zhao (CZ) confirmed in a recent podcast that his legal team has submitted a pardon application to former U.S. President Trump on his behalf. Earlier reports by Bloomberg and The Wall Street Journal claimed CZ was seeking a pardon, which he previously denied. CZ said one reason for applying was inspired by Trump’s prior pardon of BitMEX founders.
Last November, Zhao pleaded guilty to violating the Bank Secrecy Act, paid a $50 million fine, and received a four-month prison sentence. According to the U.S. Department of Justice, even if pardoned, the money laundering charges would not be erased, but it might allow him to resume a management role at Binance.US.
Market Movements
Suggested Reading
Bitcoin Is Becoming a 'Swiss Army Knife' Asset
This article discusses how Bitcoin is becoming a "Swiss Army knife" asset, demonstrating multifunctionality in complex economic environments. It explores Bitcoin’s safe-haven properties, inflation hedge capabilities, and high-risk, high-return potential, while analyzing the impact of global economic and political volatility in 2025 on its performance. Bitcoin has proven its adaptability across various market conditions in recent years, attracting growing attention from institutional and individual investors.
Binance Research: What Does the Pectra Upgrade Mean for Ethereum?
This article analyzes Ethereum’s latest Pectra upgrade and its impact on the network and ETH value, while discussing future upgrade plans and Ethereum’s potential and challenges as a data availability layer.
Stablecoin Weekly: Beyond the Dollar, the Globalization and AI Integration Path of Stablecoins
This article discusses how stablecoins are becoming a vital part of payment and financial infrastructure, with their globalization and integration with AI offering key pathways for innovation in future payment systems. Additionally, stablecoin adoption is accelerating in emerging markets, with payment giants and tech companies expanding into the space, driving deeper integration between stablecoins, traditional finance, and blockchain technology.
Sequoia U.S. Internal Briefing: How to Capture the Trillion-Dollar AI Opportunity?
This article captures deep insights shared by Sequoia Capital at its annual AI Ascent conference, emphasizing the rapid rise of the AI wave and its profound impact on business, technology, and society. It explores the potential of the AI market, the value of application layers, the future of agent economies, and success factors for entrepreneurs in this field.
The Best Crypto Stories Are Often Told in Numbers
This article explores the essence of crypto investing and the stories behind it from multiple angles, emphasizing the importance of telling investment stories through data. It also analyzes the performance data and investment potential of several crypto projects, including Ethereum, Solana, Hyperliquid, Jupiter, Helium, and Pendle.
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