It’s been a week of jaw-dropping headlines in crypto – it’s true when they say the market never sleeps.
We’re talking about how investors are riding high on the news of Bitcoin pushing towards $100K, the return of institutional crypto strategies, and some spicy legal drama in the NFT space. Trust me, there’s more than just numbers to watch here – these moves could change the game.
So, have you got your coffee? Buckle up, and let’s break down the wildest stories that you need to know this week. Let’s dive in!
It’s official – Morgan Stanley is taking the plunge into crypto trading. The investment giant is gearing up to offer cryptocurrency trading on its E*Trade platform by 2026. This move signals a significant shift for traditional finance as it makes a push into direct crypto markets, taking on platforms like Coinbase and Binance.
So far, Morgan Stanley’s crypto exposure has been through ETFs and derivatives for high-net-worth clients, but this new strategy? It’s an all-out race to capture the growing retail market.
Will they manage to outcompete crypto-native exchanges? Hmm.. only time will tell.
Nike is in hot water after a class-action lawsuit was filed against them for abruptly shutting down RTFKT, the NFT arm they acquired in 2021. The plaintiffs claim Nike misled NFT buyers by selling unregistered securities and then pulling the plug on the project, causing the value of NFTs to plummet.
It’s the latest in a series of legal headaches for big brands dabbling in Web3. As NFTs continue to grow in popularity, expect more lawsuits like this one – raising questions about accountability, transparency, and whether digital assets should be regulated more like traditional securities.
Vitalik Buterin seems to be done with the criticism over Ethereum.
The Ethereum co-founder has proposed sweeping changes to the network, including increasing gas limits by a staggering factor of 100 through EIP-9698. This ambitious plan, aiming to raise the block gas limit from 30 million to 3 billion, would dramatically increase transaction throughput without a hard fork.
The goal is to scale Ethereum without breaking it. Buterin has also floated the idea of replacing Ethereum’s virtual machine with RISC-V, a modern, open-source instruction set that could bring more efficiency and extensibility to the blockchain.
If realized, these changes could help Ethereum keep pace with the growing demand for scalability in a multichain world.
Ripple’s ambitious $5 billion bid for Circle has been rejected – ouch?
Circle, the issuer of USDC, opted to remain independent, leaving Ripple’s stablecoin project (RLUSD) to go head-to-head with USDC in the ongoing battle for dominance in the stablecoin market.
The story isn’t over though – Ripple’s goal of providing global liquidity via blockchain tech remains a huge part of its long-term strategy.
It will be interesting to see whether Circle’s decision will pay off, or if Ripple’s moves will leave them in the dust.
Sam Altman’s blockchain project, World, is rolling out eye-scanning “orbs” in U.S. cities to mainstream biometric-secured crypto wallets. These biometric orbs are designed to make crypto transactions more secure and user-friendly, eliminating the need for complex passwords or hardware wallets.
If successful, this could be a game-changer for crypto adoption, providing a more convenient and secure method for users to access their digital assets. Add in partnerships with Visa and Tinder, and it’s clear that World has big plans for integrating crypto into everyday life.
Tether’s latest quarterly report shows an impressive $1 billion profit, largely driven by its massive holdings in short-dated U.S. Treasury securities. Tether now holds a record $120 billion in these Treasuries, positioning itself as a key player in dollar-backed liquidity.
World Liberty Financial (WLFI), backed by the Trump family, has teamed up with the Pakistan Crypto Council to support the country’s growing crypto ecosystem. This partnership is focused on launching regulatory sandboxes, promoting stablecoin use in remittances, and exploring decentralized finance.
Pakistan’s growing interest in crypto and blockchain technology is clearly catching the attention of major players. However, the timing amid global tensions certainly raised eyebrows.
KiloEX, a decentralized trading platform, has pledged to compensate users affected by a $7 million price oracle exploit on April 14. The exploit disrupted trading activities and caused significant losses for traders.
KiloEX announced it would fully reimburse users for losses incurred during the downtime. They’re also offering a Special Yield Boost Campaign to encourage deposits before the platform’s full recovery.
While compensation is a positive step, it showcases the need for stronger security measures.
In early May, whale activity surged across several altcoins, signaling a shift in market sentiment.
Avalanche (AVAX) saw a 380% increase in large holder netflows, potentially driving its price towards $30 if accumulation continues. Ethereum (ETH) also experienced a steady rise, with whales acquiring 280,000 ETH. If momentum continues, this could push ETH above the $2,000 mark.
It’s clear that whales are positioning themselves for the next big altcoin rally – are you ready for the ride?
Eric Trump confirmed that USD1 – World Liberty Financial’s new dollar-backed stablecoin – will be used to finalize MGX’s $2 billion investment in Binance. The deal links the Trump brand directly to the world’s largest crypto exchange.
Trump also announced USD1 will integrate with the TRON blockchain, with support from Justin Sun. What a beautiful way for political influence, crypto infrastructure, and big money to come together – I guess?
Here’s a few quick hits you shouldn’t miss!
21Shares files for first U.S. spot SUI ETF: The asset manager just made a bold move to bring SUI into Wall Street portfolios, sending the token up 9%.
FIFA moves NFTs to EVM-compatible chain: FIFA’s digital collectibles are getting cheaper and faster with this smart-chain switch – just in time for the next big football drop.
Nasdaq files for 21Shares spot DOGE ETF: Yes, Dogecoin might soon sit beside Bitcoin on ETF menus. Meme-coin exposure is going institutional.
Texas judge blocks Tornado Cash sanctions: A legal win for open-source advocates. This ruling could reshape how code and sanctions law interact in the U.S.
Robinhood beats revenue forecasts despite crypto volume dip: Q1 came in strong at $927M, but shaky crypto volumes are pushing Robinhood to diversify beyond tokens.
Telegram-backed Libre tokenizes $500M debt on TON: Libre just dropped half a billion in tokenized corporate debt, adding serious utility to TON’s DeFi story.
Kraken Q1 revenue up 29%: Kraken clocked a solid revenue bump, riding higher institutional flows and proving it’s still a major player in crypto’s comeback season.
Big trends and bigger questions up ahead!
As always, it’s an exciting time to be a crypto fan and investor. That’s a wrap for now. Catch you next week with all the action that matters.
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