🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ Bybit suffered a $1.5B hack that triggered $5.5B in outflows, leading to emergency measures to secure withdrawals: The exchange is developing new software to recover funds and is exploring all avenues, including a potential Ethereum rollback. The FBI confirmed North Korean hackers were behind the attack.

2️⃣ It’s a new era at the SEC: Over the past week, the financial regulator dropped investigations into Gemini, Coinbase, Uniswap Labs and others, marking a notable departure from its aggressive regulation by litigation approach toward crypto and decentralized finance.

3️⃣ Ethereum's Pectra upgrade was activated on the Holesky test network this week, marking the first phase of stress-testing before full deployment: Despite initial delays, developers plan a Sepolia trial and a potential April launch, promising major improvements to the network.

4️⃣ OKX settled with US authorities for failing to secure a money transmitter license and facilitating over $5B in suspicious transactions: The settlement requires a payment of over $500M in penalties and forfeitures amid ongoing regulatory probes.

5️⃣ Spot bitcoin ETFs recorded a record daily outflow of nearly $938 million on Tuesday: This, combined with Bitcoin’s slide below $85,000 signals a shift in investor sentiment amid wider risks over tariffs and sticky inflation.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ Trump announced plans for a US strategic crypto reserve over the weekend that will include XRP, Solana, Cardano, Bitcoin, Ethereum and more: The revelation sparked immediate price surges for the crypto market, followed by a price downturn the next day, before mounting a sizeable rally mid-week in anticipation of a Friday White House event that could outline the strategic stockpile strategy.

2️⃣ The SEC announced members of a new crypto task force created to develop practical regulatory solutions for digital assets: The team of agency veterans and industry experts will be led by Commissioner Hester Peirce. It aims to help create a regulatory environment that meshes with the crypto landscape.

3️⃣ Nasdaq has submitted a 19b-4 filing for Grayscale’s spot Hedera ETF, signaling progress in altcoin ETF approvals: The development follows similar filings and comes as the US sees a surge in diverse crypto ETF proposals.

4️⃣ Ethereum’s Pectra upgrade has been activated on the Sepolia testnet as the final phase before mainnet launch: The upgrade delivers enhancements to scalability and security, with a mainnet rollout targeted for early April.

5️⃣ US Senate says no to expanding SEC’s DeFi tax rule: The Senate voted Wednesday by a 70-27 margin to overturn the expansion of an IRS rule that sought to make decentralized finance companies subject to brokerage tax reporting requirements.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ Bitcoin slid below $80,000 this week as concerns over rising tariffs and recession fears spurred a broad crypto sell-off: The US stock market also felt significant selling pressure, with the Dow and S&P 500 posting their worst days of the year on Monday.

2️⃣ Mt. Gox transferred around 11,500 bitcoin, worth close to $1 billion, to an unmarked wallet: Despite initiating repayments in July 2024, the exchange still retains $2.8 billion in bitcoin that it may eventually be forced to sell.

3️⃣ HUD is evaluating blockchain and cryptocurrency for potential use in streamlining operations: While discussions have raised the prospect of a stablecoin for payments, the agency has yet to commit to any specific implementation.

4️⃣ El Salvador has amassed 6,111 bitcoin for its strategic bitcoin reserve despite IMF-imposed restrictions: President Bukele remains determined to expand its crypto holdings in a bid to demonstrate bitcoin’s potential as a key national reserve asset.

5️⃣ Cantor Fitzgerald has tapped Anchorage Digital and Copper.co to serve as custodians for its new Bitcoin financing business: The initiative aims to provide leveraged access to bitcoin for institutional investors.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ President Donald Trump Addressed the Digital Asset Summit in Manhattan: The President praised the industry and expressed optimism for its future: “Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”

2️⃣ The SEC has dropped its lawsuit against Ripple after a four-year legal battle: The case had been one of the most high-profile cases against a crypto firm. Ripple’s victory has been hailed by the community as a positive signal for digital assets.

3️⃣ Global crypto funds recorded their worst-ever five-week outflow streak, reaching $6.4 billion: US investors led withdrawals, with Bitcoin and Ethereum-based products posting losses.

4️⃣ The SEC, under Mark Uyeda, is reconsidering Gensler-era crypto custody rules and broader regulatory measures: A more collaborative approach has replaced aggressive enforcement, with industry engagement now prioritized.

5️⃣ OKX has suspended its DEX aggregator services following reports that Lazarus Group used them to launder Bybit hack proceeds: EU regulators are also reported to be scrutinizing OKX’s DeFi services under MiCA rules.

6️⃣ Offchain Labs launches Onchain Labs to support DApp growth on Arbitrum: The move places an emphasis on fair launches and community alignment on the Arbitrum network.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ BlackRock has launched its first crypto-backed ETP in Europe, marking a major global expansion: The new product, supported by cold storage bitcoin, builds on the success of its US spot bitcoin ETF.

2️⃣ The White House's move to narrow its tariff strategy has alleviated recession fears and helped lift bitcoin prices: Investors are encouraged by reduced policy uncertainty, although some macro risks continue to persist.

3️⃣ Fidelity has filed to launch a blockchain-based US Treasury fund using Ethereum, targeting a May 30 launch: This step marks another effort by a traditional financial heavyweight to digitize government bonds.

4️⃣ Kentucky has enacted a law to secure self-custody rights for bitcoin and ethereum holders: This decisive action, passed unanimously, also states that mining and staking rewards cannot be classed as securities.

5️⃣ Custodia Bank and Vantage Bank have teamed up to launch Avit, the first bank-issued stablecoin on Ethereum in the US: This partnership paves the way for further integration of traditional banking into digital assets.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ Trump reveals new tariff plan: President Donald Trump announced a sweeping 10% tariff on all US imports on Wednesday along with a 25% tariff on all foreign automotives. The crypto market rallied leading into the press conference before pulling back, mirroring sharp drops from the Nasdaq and S&P 500.

2️⃣ Circle has filed for an IPO on the NYSE, targeting a $5 billion valuation: The company will hit the public market three years after it attempted to go public via SPAC before pulling the offering.

3️⃣ GameStop pulled in $1.5B for bitcoin buying strategy: The fading brick-and-mortar video game retailer has issued $1.5 billion in convertible notes, tapping a similar bitcoin treasury program used by Strategy.

4️⃣ Ethereum’s DEX trading volume now leads the industry, pushing Solana into second place: Despite recent turbulence for ether price, the Ethereum network’s robust trading activity and Uniswap’s dominance signal a comeback in the DEX space.

5️⃣ Trump has pardoned key BitMEX executives, clearing them of past anti-money laundering violations: The decision extends the president’s slew of actions to undo what his administration perceives to be overly-restrictive crypto policies.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ After a wave of liquidations and a steep sell-off, the crypto markets rallied Wednesday when President Donald Trump announced a pause on tariffs: The price of bitcoin and ether surged Wednesday after President Trump announced a 90-day pause on tariffs for countries that had not put retaliatory tariffs on the US. But crypto prices quickly gave back those gains on Thursday amid a broader market sell-off.

2️⃣ Teucrium launched the first XRP ETF in the US: Trading under the ticker "XXRP," the ETF has drawn inflows by offering leveraged exposure to XRP price movements. Meanwhile, spot XRP ETFs could be approved later this year.

3️⃣ Senate approves Atkins: After a months-long process, the US Senate confirmed Paul Atkins as the new chair of the Securities and Exchange Commission. Atkins is expected to take a pro-crypto stance toward the digital assets sector.

4️⃣ Galaxy Digital moved closer to a US listing with SEC approval and announced a planned Nasdaq debut after a May 9 shareholder vote: The firm stated that it plans to redomicile to Delaware and list as “GLXY” to capitalize on rising institutional crypto demand.

5️⃣ Tether may be considering launching a US-only stablecoin if new domestic regulations are introduced by the Trump administration: The initiative could provide a settlement currency for the US market as Tether strengthens its compliance and auditing measures.

6️⃣ Hong Kong’s SFC released new staking rules to allow licensed crypto platforms to offer staking services under strict controls: This initiative aims to boost Hong Kong’s digital asset market by striving to provide secure, regulated yield opportunities.

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🚀 TGIF! In this week's edition of the Weekly Market Update

1️⃣ Spot bitcoin ETFs posted net inflows of $76.4 million on Tuesday, ending a seven-day outflow streak of $878 million: BlackRock's IBIT pulled in $38.2 million, ARKB added $13.4 million, and Bitwise's BITB totaled nearly $11 million.

2️⃣ MANTRA’s $OM token crashed 90% in a matter of hours, allegedly due to massive forced liquidations: MANTRA is investigating the incident and emphasized that it is likely external liquidation pressures, rather than deliberate team actions, that led to the dramatic price drop.

3️⃣ Strategy has resumed bitcoin purchases, boosting its holdings to more than 2.5% of total bitcoin supply: The price of bitcoin has held up comparatively well given recent broader market volatility, making it appealing to corporate buyers.

4️⃣ DHS is allegedly investigating Anchorage Digital Bank's compliance practices as the firm gains momentum with institutional partnerships: The inquiry comes amid broader shifts toward more crypto-friendly policies in Washington DC.

5️⃣ Everclear, formerly known as Connext, has launched its upgraded mainnet to improve cross-chain interoperability: Backed by major investors including the Ethereum Foundation, the platform claims to now process settlements in less than ten seconds with minimal fees.

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