Coindesk

Tech investors love to pay for potential. GameFi tokens, with sky-high valuations divorced from current user numbers or revenues, embody this optimism perfectly — as CoinDesk investigated in 2022, Decentraland's then billion-dollar market cap didn't quite match the number of active players on the platform.But, surprisingly, distributed compute tokens don't seem to enjoy the same speculative premium even when compared to their Traditional Finance traded peers like CoreWeave (CRWV).CoinMarketCap says the category of tokens for decentralized networks that provide GPU power for AI and other compute workloads, which includes well-known tokens like BitTensor, Aethir, and Render, is worth $12 billion.At the same time, market data from research group MarketsandMarkets puts the value of the GPU as a service industry at...

U.S. Senator Cynthia Lummis is seeking to slip a significant crypto tax measure into the massive budget bill that backs much of President Donald Trump's agenda, trying to reduce tax consequences stemming from fundamental cryptocurrency activities.Lummis sought on Monday to insert language into Congress' "Big Beautiful Bill" that would, among other things, waive taxes on small crypto transactions below $300 and would — in the industry's view — rationalize a tax approach that currently has people hit for taxes on both the front end and back end of activity at the heart of the sector's inner workings: staking and digital assets mining.The idea of making small transactions tax-free (capped at $5,000 in overall transactions each year) would eliminate much of...

Ether (ETH) 3.5% in the past 24 hours to $2,519 as of 18:59 UTC on June 30, according to CoinDesk Research's technical analysis model, supported by continued institutional demand, network upgrades, and major retail platform integrations.Institutional interest remains robust, with CoinShares reporting $429 million in net inflows into ether investment products over the past week and nearly $2.9 billion year-to-date. This trend has coincided with a declining ETH supply on exchanges and rising staking levels, with over 35 million ETH —a round 28% of the total supply — now locked in proof-of-stake contracts. Market analysts suggest that these factors are reducing liquid supply and bolstering ether's long-term investment thesis.Robinhood announced on Monday that it is developing its own Layer-2 blockchain...

Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank.A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of federally chartered institutions like Paxos and Anchorage, both of which previously secured trust bank status to offer crypto-related services nationwide.The trust bank status would allow Circle to operate across state lines without obtaining separate...

Filecoin (FIL) experienced a dramatic 6.1% surge on June 29, jumping from $2.31 to $2.41 with exceptionally high trading volume, before encountering resistance and reverting lower, according to CoinDesk Research's technical analysis model.The model showed that high-volume resistance has been established at the $2.41 leveI.Horizontal support zone has formed around $2.27-$2.28 where buyers consistently stepped in during consolidation, according to the model.In recent trading, FIL was 1.8% higher over 24 hours at around $2.325 The broader market gauge, the CoinDesk 20, was up 1.9% at publication time.Technical Analysis:FIL exhibited a dramatic 6.05% price surge during the 22:00 hour on June 29, jumping from $2.31 to $2.41 with exceptionally high volume of 7.6 million. Clear high-volume resistance established at the $2.41...