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Good Morning,

Here’s a quick preview of today’s content: Coinbase announces the largest acquisition in crypto history and might be taking on Zuck’s facebook, BTC blasts through $100k price point, Ripple finally reaches a settlement with SEC, crypto and stock gains may have no state income tax, and so much more.

Happy Friday – feeling extra bullish heading into this weekend 🤑 Let’s dive in.

Market Snapshot

  • Institutional inflows, easing geopolitical risks, and Chinese monetary stimulus are credited with fueling Bitcoin’s strong recovery, while other cryptocurrencies lag slightly behind

    • Bitcoin broke well above $100,000 for the first time since February, at one point rising signaling a potential easing of Trump’s global trade war following a U.S.-UK trade agreement – $109K all time highs now in sight

  • Ethereum surged over +14% to $2,050, its highest since March, though it remains far below its late 2024 highs

Headline Roundup
The major headlines driving crypto markets

  • Stocks and crypto jump after Trump says ’buy stocks now’ after signing UK trade deal – see video here

  • Stablecoin legislation suffers severe blow as GENIUS Act fails to pass key senate vote (DC)

  • Crypto fraud leads to 12 year prison sentence for Celsius founder Alex Mashinsky (WG)

  • Coinbase teases an onchain media platform with a video trailor – see the video here

  • Man who funded ISIS with crypto sentenced to over 30 years in prison (CT)

  • Tom Brady and Larry David mostly cleared in FTX investor lawsuit (DE)

  • An investigation reveals traders profited $99.6M with MELANIA token through insider trading (CN)

  • Unicorn fintech Ramp to launch payments in Latin America via partnership with Stripe’s stablecoin-backed cards (TR)

  • Ripple and SEC finalize a $50M settlement, with a $75M going back to the firm (BiC)

  • Bitcoin touches $104,000 as crypto markets show optimism (RT)

  • Coinbase misses revenue and earnings projections with $2B in revenue – see the full Q1 earings breakdown here

  • Riot Games solidifies Coinbase as main partner for League of Legends and Valorant esports events (RG)

  • Ripple’s recently acquired prime broker Hidden Road announces opening of an Abu Dhabi office (CD)

  • Crypto miner Mara Holdings posts $533M Q1 loss despite record Bitcoin reserves (DE)

  • Ethereum posts largest 4-year gain after Pectra upgrade goes live (TB)

  • Steak ‘n Shake will accept Bitcoin nationwide starting May 16 (DC)

  • Bitcoin surpasses Amazon With $2.015T market cap to become fifth largest asset globally (TD)

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Disclosure: This is a paid advertisement for BOXABL’s Regulation A offering. Please read the offering circular here. This is a message from BOXABL. *Reserving a Nasdaq ticker does not guarantee a future listing on Nasdaq or indicate that BOXABL meets any of Nasdaq’s listing criteria to do so.

M&A Announcements

  • Coinbase is making the largest acquisition in crypto history, purchasing crypto options exchange Deribit for $2.9B – the full details of the deal here

Venture Capital

  • Trump crypto advisor raises $300M for new Bitcoin investment firm Nakamoto Report (DH)

  • T-Rex, a web3 consumer rewards application, raises $17M pre-seed funding from Portal Ventures, North Island Ventures, Framework Ventures, and Arbitrum Gaming Ventures (TB)

  • Galaxy leads $10M strategic investment into Sonic Labs for U.S. expansion plans (BN)

  • GSR leads $4M seed round for GoQuant, a high performance trading infrastructure (AI)

  • XPfinance secures $200k seed financing led by Xenoverge Fund for non-custodial lending on Ripple (NB)

  • Visa invests in stablecoin payments company BVNK after previous $50M Series B from industry leaders (PY)

  • Jump Crypto takes strategic stake in Blackrock-backed tokenization platform Securitize (TB)

Launches

  • Rumble plans to launch Bitcoin and stablecoin wallet in Q3 (CT)

  • Solana Naming Service launches new token $SNS with 40% being airdropped to early adopters (SNS)

  • Camp Network launches testnet for IP-focused blockchain after $30M raise (TB)

  • Adidas and Sui-based Xociety partner and launch exclusive 2,600 mystery NFTs (SUI)

  • Stripe launches ‘Stablecoin Accounts’ product utilizing AI and stablecoins for billions of transactions (PY)

Regulation

  • Missouri lawmakers pass tax bill to eliminate capital state income tax for crypto and stock gains (CN)

  • Stablecoin bill GENIUS Act shut down as democrats push back (CT)

  • SEC Crypto Task Force meets Monday to discuss tokenization and regulation of moving assets on chain – check out the agenda and details here

Cybersecurity

  • Crypto sleuth ZachXBT implies Coinbase users lose $300M+ to social engineering scams (ZX)

  • Ledger VP calls for end of blind signing as Bybit $1.4B hack was a ‘wake up call’ for the entire industry (TS)

  • North Korea’s crypto hacks could be a topic of discussion in next month’s G7 summit (CT)

Extra Reads

Chart of the Day

$235 Billion was added to the crypto market today 🚀

 

We’ve officially entered ‘Greed’ zone on the Fear & Greed Meter

 

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