Bitcoin Approaches $110K, SEC Reviews Grayscale ETF, Ripple Fed Account

Crypto

Bitcoin Surges Amid Social Media FOMO

Santiment reports Bitcoin reached $109.8K driven by FOMO across platforms like X, Reddit, Telegram, 4Chan, BitcoinTalk, and Farcaster. A correction is possible due to heightened retail trader greed.

Bitcoin Could Reach $170K Amid Record Global M2 Money Supply

Bitcoin may reach $170K due to the global M2 money supply reaching a record high of $55.48 trillion. Historically, BTC follows M2 breakthroughs with a 3-6 month lag.

Bitcoin STH MVRV Indicates Strong Bullish Divergence

Bitcoin’s Short-Term Holder (STH) MVRV is at the same level it was when BTC was priced at $75K, despite currently trading around $109K, indicating a strong bullish divergence.

SEC Halts Grayscale’s ETF Conversion

The SEC has suspended the conversion of the Grayscale Digital Large Cap Fund into an ETF, which includes BTC, ETH, XRP, SOL, and ADA, sending the application for additional review.

Solana ETF Sees High Trading Volume on Debut

The REX-Osprey Solana + Staking ETF recorded a $33 million trading volume on its first day, surpassing Solana and XRP futures ETFs but trailing behind spot ETFs for BTC and ETH.

Ethereum’s Monthly Chart Shows Bullish Signals

Ethereum’s monthly chart exhibits bullish signs, including candle closings and openings above Kumo, supportive Chickou span, and synchronized Tenkan-Sen and Kijun-Sen lines, indicating bullish anticipation for upward price momentum.

Ripple Files for Fed Master Account

Ripple applied for a Federal Reserve master account through its acquisition of Standard Custody, alongside an OCC trust license application. The master account grants direct access to payment systems, a significant step beyond standard OCC licenses. The Fed traditionally denies such access to crypto firms; the decision awaits a court ruling involving Custodia Bank.

Fake Browser Extensions Target Crypto Users

Over 40 fake Firefox extensions impersonating MetaMask, Coinbase Wallet, and other crypto wallets were identified, designed to steal user credentials.

OpenAI Disavows Tokenized Shares

OpenAI clarified that the “OpenAI tokens” issued via Robinhood EU are unauthorized and not actual company shares. Elon Musk also called these tokens “fake shares.”

US Senate Republicans to Discuss CLARITY Act

Republican members of the U.S. Senate Banking Committee will hold hearings next week on the CLARITY Act regulating the crypto market. Key speakers include Ripple CEO Brad Garlinghouse, Blockchain Association CEO Kristin Smith, and Chainalysis CEO Jonathan Levin.

Sui Shows Impressive Growth in Developer Community

Sui became the second fastest-growing L1 blockchain by developer activity over the past year, growing 16.1%, only trailing Solana’s 17.7%. Over two years, Sui’s developer community increased by 54%, the best performance amid a general decline of around 20% in crypto developers, particularly among EVM chains.

Telegram Refutes Disinformation Campaign

Pavel Durov denied rumors about Telegram leaving Russia, blocking OSINT channels, and IP address investigations, attributing these claims to a targeted disinformation campaign.

Celo Launches Eclair Testnet

Celo has officially launched the Eclair testnet.

Macro

FHFA Calls for Investigation into Fed Chair Jerome Powell

The Federal Housing Finance Agency (FHFA) urged Congress to investigate Fed Chairman Jerome Powell over accusations of political bias, false testimony in the Senate, and a controversial $2.5 billion renovation of the Fed headquarters.

Warren Buffett’s Market Indicator Hits Record High

Warren Buffett’s market indicator has reached a record 205%, surpassing previous peaks during the Dotcom bubble, the 2008 financial crisis, and 2021.

US Housing Affordability at Historic Low

U.S. housing affordability is at its lowest level in history, surpassing the previous housing bubble.

Trump Demands Fed Chair Jerome Powell’s Immediate Resignation

President Donald Trump has publicly called for Fed Chairman Jerome Powell to resign immediately.

US Investors Increasingly Fund Government Over Businesses

In 2024, more than 50% of all credit assets issued were U.S. Treasury bonds, totaling $1.7 trillion, compared to $800 billion in corporate bonds. Investors are now funding the government more heavily than corporations or consumers, indicating a worsening deficit crisis.

US Removes Restrictions on Chip Software Exports to China

The U.S. government has lifted restrictions on exporting chip software to China.