Coindesk

Wrapped AVAX (WAVAX) has seen a surge in wallet accumulation on the Avalanche blockchain, even as its price dropped more than 4% over the past 24 hours, data from TheTie shows.A total of 3,898 wallets added to their WAVAX holdings today—nearly twice the recent average of 1,600, the data shows. A wrapped token is a token that represents a cryptocurrency from another blockchain or token standard and is worth the same as the original cryptocurrency. The wrapped token can be used on certain non-native blockchains for trading, lending and borrowing on DeFi platforms and later redeemed for the original cryptocurrency.While a declining price often signals bearish sentiment, the uptick in accumulation could suggest that some traders see long-term potential in...

Cryptocurrencies backed by gold have underperformed over the week as the price of the precious metal saw a significant drop after moving up more than 10% so far this year. The decline came as speculation surrounding Trump’s tariffs being a negotiating tool.Gold-backed tokens, including Paxos gold (PAXG) and Tether gold (XAUT), have declined roughly 1% over the past week to trade around $2,900 while the wider crypto market rallied. The CoinDesk 20 Index rose 5.7% over the same period, and the broader MarketVector Digital Assets 100 Index (MVDA) rose 3.4%.The precious metal saw its price drop amid growing speculation that the new tariffs threatened by U.S. President Donald Trump are meant to be a negotiating tool. This hit the price...

Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR) Strategy (MSTR) could be on track for potential S&P 500 inclusion by June 20.Currently, the company meets all eligibility requirements except one: achieving positive GAAP net income over the trailing 12 months (the most recent four quarters combined). To qualify, Q1 2025 earnings must be high enough to offset losses from the previous three quarters—a goal that could be achieved thanks to the adoption (now mandatory) of the Financial Accounting Standards Board (FASB) digital asset accounting rule.The FASB rule change requires companies to recognize bitcoin (BTC) holdings at fair value, meaning price gains will flow through to the bottom line (as would price declines). Prior to this rule, corporate...

Memecoin generator Pump.fun has launched a mobile app for both iOS and Android devices, making its platform more accessible to users and effectively doubling down on the ongoing memecoin craze.Pump.fun’s new mobile app has features similar to its web interface. It allows users to create their own Solana-based memecoins for free and trade existing tokens while on the go. In an announcement on Friday, the firm detailed that the app includes tools for users to manage their memecoins portfolios and create customized watchlists to monitor tokens.The launch comes just weeks after Pump.fun was hit with a proposed class-action lawsuit accusing the firm and its executives of violations of U.S. securities laws. It also comes at a time when the ongoing...

The cryptocurrency exchange and wallet provider Blockchain.com has taken new steps toward a potential initial public offering (IPO) by appointing two seasoned executives with financial and operational expertise.Blockchain.com hired Justin Evans, who previously worked at Goldman Sachs, as its new chief financial officer, Bloomberg reported. It also appointed Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.Evans said that the exchange is “taking the steps necessary to be a public company, if and when the public markets are available.”The move comes amid a flurry of other cryptocurrency firms reported to be considering going public, including Circle, Kraken, Bullish Global (Parent company of CoinDesk), Gemini, Ripple and BitGo.Growing institutional adoption after major firms,...