SEC Postpones Litecoin ETF Decision, Requests Public Comments
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the spot Litecoin ETF application submitted by Canary Funds and requested public comment. The SEC is seeking an assessment of whether the proposed fund prevents fraud and manipulation. This delay follows the delays in recent weeks for the XRP, Hedera and Dogecoin ETF applications.
It is being said that the new SEC administration may approach crypto ETFs more positively than the previous term. Chairman Paul Atkins had given a message of cooperation with the sector, stating that digital assets would provide great benefits. According to Bloomberg analyst James Seyffart, the Litecoin ETF is one of the strongest candidates for approval, but the process is likely to take longer.
Strategy Increases Bitcoin Stockpile to 555,450 BTC with $180 Million New Purchase
Michael Saylor’s Strategy (formerly MicroStrategy) bought 1,895 more Bitcoins last week, bringing its total holdings to 555,450 BTC. The purchase cost a total of $180 million at an average price of $95,167, and means the company has invested $38 billion in Bitcoin to date. At current prices (about $94,000), the company’s on-paper earnings are $14.2 billion.
The financing was provided by the company’s MSTR and STRK stock sales. While the MSTR capacity has been fully utilized under the $21 billion “21/21 Plan,” the newly launched “42/42 Plan” targets $42 billion in new capital by 2027. Strategy continues to lead the market with its institutional investor interest, capital strategies, and commitment to Bitcoin; new competitors are also rapidly joining institutional Bitcoin investment.
New Bill Aims to Limit the Influence of Large Crypto Firms
The new “Digital Asset Market Structure Discussion Draft” introduced by U.S. House Republicans aims to reduce the influence of large crypto firms in the industry and encourage broader participation. The bill defines those who own more than 1% of tokens in a crypto project as “connected persons,” lowering the previous 5% threshold. The bill also stipulates that decentralized finance (DeFi) protocols should be exempt from regulatory obligations if they meet certain conditions, and that mature blockchain projects should not be controlled by individuals or groups.
The new bill aims to clarify the division of authority between the SEC and CFTC for crypto assets in the US, and to provide that secondary token sales are considered securities only in cases of ownership or transfer of income. While Republicans argue that the bill will provide a clear regulatory framework and allow the US to be a leader in digital asset innovation, opposition from Democrats has already made the bill’s progress difficult.
Semler Scientific’s Bitcoin Holdings Reach 3,634 BTC
Medical device maker Semler Scientific purchased 167 more Bitcoins last week for $16.2 million. The purchases were made at an average price of $97,093 and were largely financed by the company’s stock sales. The company raised $39.8 million by selling a total of 1.166 million shares as part of the stock offering it launched in mid-April.
With the latest purchases, Semler’s total Bitcoin holdings reached 3,634 BTC, and its total cost reached $322.3 million. When evaluated at the current market price of $94,000, the value of these assets exceeds $340 million. The company’s strategy stands out as part of a corporate trend to integrate Bitcoin into its balance sheet.
Riot Platforms Sold 475 BTC for Cash Flow
Bitcoin mining company Riot Platforms sold all of the Bitcoin it produced in April, generating $38.8 million in revenue. The company announced that the 475 BTC sale was made to finance its operations and not dilute shareholders through the issuance of new shares. Following the Bitcoin halving in April, falling miner rewards and increasing network difficulty led to a 13% drop in production.
Riot’s decision to sell reflects a liquidity crunch in the industry as mining revenues remain under pressure. The company’s CEO Jason Les said they made a strategic sale to ensure operational continuity. While the price of Bitcoin is hovering around $94,000, its all-time high of $109,000 continues to limit miners’ profitability.
Ripple’s $25 Million Support for US Education
Ripple, in partnership with DonorsChoose and Teach For America, has launched a $25 million donation program to support classrooms and teachers across the US. The funds will be provided through Ripple’s stablecoin, RLUSD, which is pegged to the US dollar. The program focuses on various areas, such as addressing classroom resource shortages, meeting teacher demands, and providing financial literacy training.
Noting that teachers often spend out of pocket, DonorsChoose CEO stated that Ripple’s support eases this burden. Teach For America will expand its one-on-one tutoring program called Ignite and education equity initiatives with these funds. Ripple CEO Brad Garlinghouse described the initiative as aiming to “increase equal opportunity in education and economic resilience.”
Trump Confirms Gala Dinner for TRUMP Token Holders
Donald Trump confirmed a gala dinner for TRUMP token holders to be held on May 22 at Trump National Golf Club in Washington. The event will be exclusive to the 220 wallet holders who hold the token the most; the first 25 people will get VIP privileges, a photo with Trump, and a private tour. Participants will cover their own travel and accommodation expenses, and the invitation will only cover individual participation.
Following the news of the event, the TRUMP token transaction volume increased by 200%, while the token price increased by 3% to $ 11.21. However, this increase, combined with the daily token distribution that started on April 20 and the $ 19.5 million stock exchange transfers on April 29, also brought suspicions of insider selling to the agenda. On April 23, when the gala announcement was first made, the TRUMP price had increased by 53% in a short time and reached $ 14.37.
Tether AI Will Offer Payment Support with Bitcoin and USDT
Tether CEO Paolo Ardoino announced that the Tether AI platform, which will be launched soon, will have direct peer-to-peer (P2P) payment support with Bitcoin and USDt. The platform is designed in a decentralized, open-source and fully modular structure that does not require API keys. Users will be able to interact with an AI infrastructure running on their own devices.
Crypto payments will be made possible through Tether’s open-source wallet development kit (WDK), which it announced in November 2024. The kit allows developers to build mobile, desktop, and web-based self-custody wallets that support USDt and Bitcoin. The Tether AI project strengthens the company’s AI ambitions and commitment to decentralized technologies.
Florida Rejects Bitcoin Reserve Bills
The state of Florida has indefinitely withdrawn House Bill 487 and Senate Bill 550, bills that would have required the state treasury to invest in digital assets like Bitcoin. The House session ended on May 2 and the bills were closed without being taken to the floor. HB 487 allowed up to 10% of state funds to be invested in Bitcoin.
With this step by Florida, states such as Wyoming, Montana and Pennsylvania have also withdrawn from the race to establish a strategic Bitcoin reserve. On the other hand, although a similar bill in Arizona was vetoed by the governor, two new bills, HB 2749 and SB 1373, are still on the agenda. HB 2749 envisions the establishment of a budget-friendly Bitcoin reserve with the profits from lost property funds.
———————————————————————————————
BITCOIN (BTC)
BTC is trading at $ 94,500 with a 0.26% loss in value as of morning hours. Bitcoin price has fallen to 94,000 levels with the sales coming from the 96,000 resistance. The 93,900 area is currently working as support in the short term. Fibonacci 0.5 level provides strength at this point. However, if the price loses this level, there is a possibility of a pullback towards the liquidity zone between 91,960 and 90,000 – 88,500 below. In upward recoveries, 95,800 and 98,000 levels should be monitored as resistance, respectively.
ETHEREUM(ETH)
ETH is priced at $ 1,806 as of the morning hours with a 0.74% loss in value. The Ethereum price continues to consolidate in the range of 1.744 – 1.835. Within this range, especially the 1.790 region, which is the Fibonacci 0.5 level, works as a strong support. In the upper band, the 1.835 level serves as a strong resistance. The price getting stuck within this band will determine the direction of the breakout with the decrease in volume. In an upward break, the 1,880 level can be targeted, while in a downward break, a decline area may occur up to 1,744 and then 1,658.
RIPPLE(XRP)
XRP is trading at $ 2.1227 as of the morning hours, losing 0.38%. The XRP price entered a downward pressure by breaking the 2.23 support. The price, which was previously horizontal and stuck in the 2.16-2.20 band, retreated to the 2.11 support after clearing the liquidity in this region. The current price action shows that it is searching for a new balance below the broken structure. The 2.11 level should be monitored as a critical support. If there is no strong buying from here, there is a potential for a decline towards 2.05 and then 2.00 levels.
AVALANCHE(AVAX)
AVAX is trading at $ 19.80 levels with a 0.51% gain as of the morning hours. The AVAX price retreated to the 19.00 region with the downtrend that started at the 22.00 level. During this decline, the green demand region below the 20.00 level was entered and reaction purchases were seen here. The price is currently trading in a retest to this region. If the 19.80 – 20.20 area continues to act as resistance, downward pressure may increase and the price may decline towards the 19.00 level again. However, if persistence is achieved above this region, the first target can be followed as 21.00 level.
SOLANA(SOL)
SOL is trading at $144.97 as of the morning hours, losing 1.26%. The Solana price is in a horizontal squeeze at the 144.87 support level after the decline it started at 158.00. This support level has worked as both a liquidity collection zone and a short-term floor in the past. However, there is no clear buyer interest in the latest candle formations, and the price is having difficulty holding on to this support.
