Coindesk

Safe, the popular multiparty crypto wallet previously called Gnosis Safe, has launched a new development unit, Safe Labs, in a move aimed at consolidating its operations and sharpening its product roadmap after it was targeted in February's $1.4 billion ByBit hack — the largest crypto heist to date.The new entity will serve as the core development arm of Safe, which until now had outsourced technical work to a separate development firm, a structure commonly used across the crypto industry, Safe Labs Chief Executive Rahul Rumalla said on Wednesday. Safe Labs will operate directly under the umbrella of the Safe Foundation, a nonprofit organization.In an interview with CoinDesk, Rumalla said the transition reflects a broader strategy shift toward building products that...

The U.S. Senate took the initial steps toward final approval of its first major crypto legislation as members opened voting Wednesday on the bill to set standards for U.S. stablecoin issuers, clearing the highest procedural hurdle with a 68-30 result.In a moment that will mark the industry's greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. And as the crypto world watches the Senate reverse what had long been a crypto-resistant stance, the House of Representatives has also scored a pair of key votes to advance legislation even more vital to the industry: the Digital Asset Market Clarity Act that would establish a full set of rules managing...

Ether (ETH) ETH drifted around $2,770 for most of Tuesday until roughly 8 p.m. ET, when officials said negotiators in London had forged a draft U.S.–China trade framework. The outline — till awaiting presidential approval — would see Beijing resume rare-earth exports while Washington eases curbs on advanced-technology sales. At 8:04 a.m. ET on Wednesday, former U.S. president Donald Trump posted on Truth Social that “OUR DEAL WITH CHINA IS DONE,” pending his and President Xi’s formal approval. Trump claimed the accord would leave U.S. tariffs on Chinese imports effectively at 55 percent versus Beijing’s 10 percent, promised that China would front-load supplies of magnets and other rare-earth materials, and said Washington would uphold concessions such as continued access...

*** NOT FOR PUBLICATION - EMBARGOED TILL 12PM ET JUNE 11 ***The formation of a U.S. Strategic Bitcoin Reserve (SBR) marks a pivotal step in bitcoin’s BTC evolution as an institutional asset, crypto exchange Gemini said in a Thursday report co-authored with data firm Glassnode.With over 30% of circulating supply now held by centralized entities including exchanges, exchange-traded funds (ETFs), companies and sovereigns, bitcoin is undergoing a structural shift driven by long-term capital and strategic custody, the report said.Each sovereign dollar invested in bitcoin carries an outsized impact, the report said, with $1 of SBR capital potentially generating $25 in market cap expansion and $1.70 in lasting value. This shows the "reflexive power of institutional inflows."U.S. President Donald Trump directed...

Avalanche’s AVAX AVAX token has established strong support around the $22 level, successfully defending against multiple downward tests, according to CoinDesk Research's technical analysis model.AVAX is up 4% in the last 24 hours, outperforming the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — which has risen 2.5% in the same period of time.Technical Analysis• AVAX established a key high-volume support zone around $22.00 that successfully defended against multiple tests.• Price action showed a 3.89% range from the low of $21.62 to the high of $22.64, indicating moderate volatility.• Most significant price movement occurred with a 2.44% increase in volume, 2.8x higher than the 24-hour average.• Formation of higher...