Coindesk

Bitcoin's (BTC) prolonged range play above $90K has concluded bearishly this week, and how?The 12.6% drop observed in the first three days of the week (per UTC hours) marks the largest decline since the FTX bankruptcy in November 2022, according to data from TradingView.The sell-off is consistent with CoinDesk's analysis earlier this month, which noted investor disappointment over the lack of swift action from President Donald Trump's administration on creating the promised national BTC reserve and tightening fiat liquidity conditions.Institutional demand for the largest cryptocurrency and its second-largest peer, ether (ETH), weakened, pushing the CME futures market closer to backwardation, a market condition where spot prices are higher than prices for futures. Additionally, Nasdaq, the Wall Street's tech-heavy index, has...

Artificial intelligence (AI) firm CoreWeave is planning to file for a public listing in the U.S. within a week, according to a Bloomberg report.The cloud computing firm wants to raise around $4 billion from the listing, the report said, citing people familiar with the matter. It is targeting a valuation of over $35 billion, the report added. CoreWeave was not immediately available for comment.On Wednesday, bitcoin mining firm Core Scientific and CoreWeave said they were planning a $1.2 billion data centre expansion in Texas.CoreWeave's IPO plan is the latest in a series of U.S. listings by crypto-related firms, including Blockchain.com, BitGo, Gemini and eToro.Source link

Stablecoins and the role of Congress in addressing future digital assets legislation took center stage during one of the Senate Banking Committee's first hearings to focus on what a regulatory framework for crypto may look like.The Wednesday hearing, framed as the jumping-off point for further Congressional action on digital asset regulations, was the first hosted by the banking committee's new digital assets subcommittee and chaired by Wyoming Republican Cynthia Lummis, a longtime crypto proponent."We're on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure," Lummis said in her opening statement, referring to draft legislation she introduced with New York Democrat Kirsten Gillibrand as a natural counterpart to the House's Financial Innovation and Technology for...

The U.S. Securities and Exchange Commission (SEC) might be done with Gemini, but Gemini isn’t done with the SEC.According to a Wednesday X post from Gemini co-founder and President Cameron Winklevoss, the SEC informed Gemini on Monday that it was closing its investigation into the New York-based crypto exchange and would not be filing enforcement charges against it.But the anti-climactic resolution to the long-running investigation was unsatisfying to Winklevoss, who said in his X post that the SEC’s retreat “does little to make up for the damage this agency has done to us, our industry, and America.”“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation,” Winklevoss...

Cryptocurrency exchange Bybit has published a forensic review on last week's $1.5 billion hack, revealing that its systems had not been infiltrated and that the issue seemed to have stemmed from compromised Safe wallet infrastructure. Bybit concluded from the review that "the credentials of a Safe developer were compromised," which allowed the Lazarus hacking group to gain unauthorized access to the Safe wallet and subsequently deceive Bybit staff into signing the malicious transaction.However, a person familiar with the matter told CoinDesk that despite the wallet's infrastructure being compromised by social engineering, the hack would not have been possible had Bybit not "blind signed" the transaction. The term refers to a mechanism where a smart contract transaction is approved without comprehensive...