Joint Stablecoin Initiative by Major US Banks
Major US banks such as JPMorgan, Bank of America, Citigroup and Wells Fargo are joining forces for a joint stablecoin project that could rival digital asset platforms. This project, carried out through Zelle’s owner Early Warning Services (EWS) and major payment infrastructure companies such as The Clearing House, aims to integrate digital assets with traditional banking. However, regulatory clarity is crucial for the project to move forward.
In this context, the “GENIUS Act”, a bill that aims to allow banks to issue stablecoins, is being discussed in the Senate. Early-stage steps such as JPMorgan’s JPM Coin and Wells Fargo’s digital cash solution show that the sector is prepared. On the other hand, crypto companies such as Circle, Coinbase and BitGo have also accelerated their efforts to obtain bank licenses. The changing political environment in the US could accelerate the intersection of these two sectors.
FIFA Switches to Its Own Network on Avalanche
FIFA has chosen Avalanche for its new blockchain infrastructure on which to carry its digital collectibles. This private network, which will be Ethereum compatible (EVM), will move the FIFA Collect NFT collection entirely from Algorand and Polygon to Avalanche. With this transition, the organization aims to have a stronger infrastructure in terms of speed, scalability and security.
FIFA Collect CEO Francesco Abbate stated that the new system will provide easier integration with popular wallets and an infrastructure suitable for growth. While an exact launch date has not been announced for FIFA’s new network, the transition will begin with the full integration of FIFA Collect. The development comes after Avalanche’s “Avalanche9000” upgrade, which reduces developer costs and simplifies subnet setup.
SEC Gives First Signal of Approval for TRX ETF
The U.S. Securities and Exchange Commission (SEC) announced that it has officially accepted Canary Capital’s Tron (TRX)-based staking ETF application. The SEC, which accepted the 19b-4 application submitted via the Cboe BZX exchange, stated that it is requesting public comments on the draft rule change. This step is the first milestone in the process for the TRX ETF.
Canary Capital has previously filed ETF applications for altcoins such as Sui, Hedera, and Litecoin. TRX, the native token of the Tron blockchain, ranks in the top 10 crypto rankings with a market value of $ 26 billion.
Crypto Perpetual Futures May Start Trading in the US Very Soon
US Commodity Futures Trading Commission (CFTC) member Summer Mersinger announced that crypto perpetual futures contracts may soon start trading in the US. Speaking to Bloomberg TV, Mersinger stated that some applications are being reviewed and that these products may soon be launched. The regulation of these contracts, which are currently traded only on offshore exchanges, in the US could greatly contribute to the sector in terms of legal security and institutional interest.
Perpetual futures are derivative products that have no expiration date and can be traded with high leverage. Mersinger said that the legal trading of these products in the US would reinforce the country’s leadership in the field of crypto assets. Mersinger, who will be leaving the CFTC, will take over as CEO of the Blockchain Association in June and will continue his influence in a different position in the industry.
Sui’s Largest DEX Cetus Hacked, $260 Million Missing
Cetus Protocol, the largest decentralized exchange and liquidity provider on the Sui network, has been hacked for approximately $260 million. The attackers manipulated price curves and reserve calculations using fake tokens, draining real assets from pools. Following the incident, CETUS lost 40%, while Sui-based memecoins such as BULLA and MOJO lost more than 90%.
Cetus announced that it has stopped the smart contracts and that a detailed statement will be made soon. The attacker’s wallet contained 12.9 million SUI (approximately $54 million), while the total is estimated to have reached 32.9 million SUI. CZ said they offered to help the Sui team. The attack is considered a major security vulnerability for Sui’s DeFi ecosystem.
Strategy’s $2.1 Billion Bitcoin Move
Strategy has launched a $2.1 billion “at-the-market” (ATM) sales program for its perpetual preferred shares called STRF, which offer a 10% yield. The company announced that it will use the proceeds from the sale of these shares for general corporate activities and new bitcoin purchases. STRF shares will be sold gradually according to market conditions.
Last week, Strategy purchased an additional 7,390 BTC for $764.9 million, bringing its total BTC holdings to 576,230. This amount corresponds to 2.7% of the total circulating bitcoin supply. The company aims to generate a total of $84 billion in capital for bitcoin purchases by 2027 in line with the “42/42” plan. According to Bernstein analysts, with the spread of this model, the total bitcoin investment of corporate treasuries could reach $330 billion in the next 5 years.
Digital Asset Authority Established in Pakistan
Pakistan has established the Pakistan Digital Assets Authority (PDAA) to regulate digital financial infrastructure. The new authority will provide licenses and supervision for crypto platforms, stablecoins, DeFi applications, wallets and custody services. Its mandate also includes tokenization of state assets, monetization of excess electricity through Bitcoin mining and support for blockchain initiatives.
This step was shaped by the recommendations of the Pakistan Crypto Council, which CZ advises. Pakistan, which stated that it will not legalize crypto in 2023, rose to 9th place in Chainalysis’ global adoption index in 2024. According to Statista, the country is expected to have 27 million crypto users and $1.6 billion in revenue by 2025.
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BITCOIN(BTC)
BTC is trading at $185,490 as of the morning hours, down 0.71%. BTCUSDT continued its rise after passing the 1.00 Fibonacci extension level at 106,457 and reached 110,750 levels. Persistence above this level could trigger a move towards the Fibonacci levels of 1.27 (115.074) and 1.38 (118.584). However, a short-term pause is seen based on the last candle structure. In pullbacks, the 106.457 level is the first important support, and in deeper corrections, liquidity areas below 100,000 may come to the fore again.
ETHEREUM(ETH)
ETH is priced at $2,700 with a 1.30% gain as of the morning hours. ETHUSDT has gained momentum with the upward break of the 2.623 resistance. This level is also the 1.00 Fibonacci extension zone and was a technically important transition point. The price is currently facing resistance around $2.692, which corresponds to the 1.38 level. Sales at this level may create a possibility of a correction in the short term. In pullbacks, the 2.672, 2.623 and 2.532 levels should be followed as support, respectively. If the upward break continues, the 2,750 psychological level will be under the radar.
RIPPLE(XRP)
XRP is traded at $2.4538 with a 0.93% increase in value as of the morning hours. XRPUSDT tested the 2.4834 level by breaking out of the intermediate resistance zone at 2.3630. This zone is a short-term important resistance and if it can be maintained above it, a potential movement towards 2.6445 levels may be triggered. Otherwise, a short-term correction towards 2.36 may occur. In the medium term, 2.23 and 2.11 support zones will play an important role in terms of the continuation of the trend.
AVALANCHE(AVAX)
AVAX is traded at $25.96 with a 1.23% increase in value as of the morning hours. AVAXUSDT has accelerated its rise by making a strong break above the horizontal resistance at 23.03. This level has worked as both support and resistance in the past, so the upward breakout is a technically important signal. With the volume purchases that came after the breakout, the price rose to 25.47. In the short term, this area may become a psychological resistance. In possible profit realizations, the 23.03 level should now be monitored as a strong support. If the rise continues, 26.00 and 27.00 levels can be monitored as targets.
SOLANA(SOL)
SOL is traded at $182.85 with a 1.78% increase in value as of the morning hours. SOLUSDT accelerated its rise after breaking the horizontal resistance at 176.27 and tested the level of 184.94. This region stands out as an area where selling pressure may increase due to past peaks. If the price cannot maintain its permanence above this level, a correction movement towards 176.27 can be expected again. If the breakout continues, the next targets may be 190.00 and 195.00 levels.
