Key Takeaways:

Solana’s 15% surge and potential close above the 50-week EMA signal strong bullish momentum, which previously led to a 515% rally in 2024.

The $120 million in liquidity bridged to Solana reflects growing network confidence.

Solana (SOL) price gained 18% this week, signaling rising bullish momentum. The altcoin is approaching a pivotal point, with a potential close above the 50-week exponential moving average (EMA), a level that has historically catalyzed significant rallies.

In March, SOL dipped below the 50-week EMA and briefly dropped under $100 on April 7. Since then, Solana has staged a strong recovery, reclaiming key EMA levels (100W and 200W), with the 50-week EMA (blue line) now in focus.

Solana 1-week chart. Source: Cointelegraph/TradingView

Historical patterns reinforce a bullish outlook. In October 2023, SOL breached the 50- and 100-week EMAs, consolidating above these levels before rallying 515% by March 2024.

Notably, the relative strength index (RSI) was below 50 during both periods, mirroring the current setup, with the indicator rebounding above 50 after the 50-week EMA flipped to support. If the 50-week moving average holds, the price targets for SOL could be between $250 and $350 by September 2025.

Solana 1-day chart. Source: Cointelegraph/TradingView

The daily chart bolsters this narrative. Solana recently closed above the 200-day EMA, with immediate resistance at $180. A break above this level in the coming weeks and turning the range into a support level could potentially ignite a parabolic rally by Q3 2025.

Related: Solana lacks ‘convincing signs’ of besting Ethereum: Sygnum

Users bridge $165 million to Solana

In the last 30 days, over $165 million in liquidity has been bridged to Solana from other blockchains, reflecting growing confidence in the network. Ethereum led with $80.4 million in transfers, followed by Arbitrum with $44 million, per Debridge data. Base, BNB Chain, and Sonic contributed $20 million, $8 million, and $6 million, respectively.

Total transferred amount from other chains to Solana. Source: debridge

Similarly, data from DefiLlama indicates that Solana posted the highest decentralized exchange (DEX) volumes, 3.32 billion, over the past 24 hours. The network currently holds 28.99% of the market share among other chains.

With a 28.99% market share among competing chains, Solana’s dominance in DeFi activity highlights its scalability and user adoption.

Currently, substantial liquidity inflows and strong DEX volumes position Solana for a sustained price breakout.

Related: Chance of Bitcoin price highs above $110K in May increasing — Here’s why

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Wall Street giant BlackRock met with the Securities and Exchange Commission (SEC) Crypto Task Force to discuss staking within crypto exchange-traded products (ETPs) and tokenization of securities. The discussion could advance institutional interest in the crypto industry.

According to a May 9 memo published by the task force, BlackRock sought to “[d]iscuss perspectives on treatment of staking, including considerations for facilitating ETPs with staking capabilities.” The company has previously said that Ether (ETH) exchange-traded funds, while successful, are less perfect without staking.

Other crypto ETF issuers share that view. On Feb. 15, the New York Stock Exchange proposed a rule change to introduce staking services for Grayscale’s spot Ether ETFs. In April, the SEC delayed a decision on whether to approve or disapprove the rule change. BlackRock and Grayscale are behind the largest Ether ETFs by market capitalization, according to Sosovalue.

Ethereum ETFs as of May 8. Source: Sosovalue

Many blockchains rely on proof-of-stake consensus mechanisms that allow users to lock their native coins for yield. A potential SEC approval of staking for Ether ETFs could lead to future requests among altcoins, including Solana (SOL) ETFs.

Tokenization on the agenda

BlackRock also discussed “tokenization of securities under federal securities regulatory framework.” Securities are traditional financial instruments where the investor expects monetary gain, such as bonds and stocks. Tokenizing securities has many benefits, including faster settlement times, lower costs than with traditional finance infrastructure, and 24-hour markets.

BlackRock already offers a US federal debt tokenized fund called BUIDL, the largest fund with a $2.9 billion market cap. Competing products include Franklin Templeton’s BENJI fund.

Brokerage firm Robinhood is also exploring securities tokenization. The company is reportedly working on a blockchain that would allow retail investors in Europe to trade US securities like stocks.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

US Vice President JD Vance will speak at the Bitcoin 2025 conference in Las Vegas, roughly a year after then-presidential candidate Donald Trump spoke at the same event.

According to a May 9 notice from the event’s organizers, Vance will address conference attendees in person on May 28, making him the first sitting US vice president to speak at a digital asset conference.

Trump provided a pre-recorded video of himself from the White House to the organizers of the Digital Asset Summit in March — his first appearance at a crypto event since taking office in January — and spoke in person at the Bitcoin 2024 conference in Nashville while campaigning.

Though Vance is a Bitcoin (BTC) holder — he holds $250,000 to $500,001 worth of the cryptocurrency, according to a financial disclosure filed in August 2024 — it’s unclear whether the vice president intends to make a substantive policy statement at the event. Cointelegraph reached out to Vance’s office for comment but had not received a response at time of publication.

Related: Resurfaced clip shows Trump’s VP pick slamming Gensler’s approach to crypto

Since taking office alongside Trump in January, Vance has largely stayed out of the media spotlight in terms of crypto-related policy. The president has signed executive orders on establishing a crypto reserve and regulating stablecoins, while Vance’s involvement with overseeing the industry seemed to be limited to speaking on AI regulation.

Two of the president’s sons, Donald Trump Jr. and Eric Trump, who are tied to the crypto platform World Liberty Financial, were also scheduled to speak at the May event. Many lawmakers have expressed concerns that the platform, backed by the Trump family, is being used to personally enrich the president.

Trump’s ties to crypto holding up legislation?

The vice president’s appearance at the crypto conference was announced the same week Democratic lawmakers in the House of Representatives and the Senate strongly criticized Trump’s connections to the crypto industry. 

In the House, Representative Maxine Waters halted a joint hearing discussing a crypto market structure bill and led a group of lawmakers to explore “Trump’s crypto corruption.” In the Senate, nine Democrats blocked a crucial vote on a stablecoin bill, saying the legislation lacked certain safeguards, hinting at the Trump family enriching itself through the USD1 stablecoin issued by World Liberty Financial.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Key points:

Bitcoin holding $100,000 as a level of support would confirm the current trend change.

Ether leads among altcoins, and DeFi tokens could follow.

Bitcoin (BTC) broke above the psychologically critical $100,000 level on May 8, and the bulls are trying to hold on to the level on May 9. In an X post, CoinGlass said that Bitcoin’s rally resulted in $837.80 million in short liquidations in a 24-hour period, the largest since 2021.

Bitcoin’s rally also lifted several major altcoins, which soared above their respective overhead resistance levels. The altcoin rally was led by Ether (ETH), which surged roughly 22% on May 8, triggering a $328 million liquidation of Ether short positions.

Crypto market data daily view. Source: Coin360

Although the short-term picture has turned positive, Bitcoin bulls are expected to face significant resistance near the all-time high of $109,588. During pullbacks, traders will have to maintain the price above $100,000 to retain the bullish momentum. 

Could Bitcoin continue its upward move and pierce the all-time high? Are altcoins getting ready for a short-term rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin rallied more than 6% and closed above the $100,000 barrier on May 8, indicating that buyers have asserted their supremacy.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The BTC/USDT pair could reach the $107,000 to $109,588 zone, where the bears are expected to mount a strong defense. The overbought level on the relative strength index (RSI) suggests a short-term pullback is possible.

If the price turns down from the overhead resistance but finds support at the 20-day exponential moving average ($94,879), it signals a positive sentiment. The bulls will then make one more attempt to push the price above the all-time high.

The first sign of weakness will be a close below the 20-day EMA. That suggests profit booking at higher levels. The pair may then tumble to the 50-day simple moving average ($88,139).

Ether price prediction

Ether (ETH) skyrocketed above the $2,111 resistance on May 8 and extended its up move to nearly $2,550 on May 9.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The long wick on the candlestick shows solid selling near $2,550. If the price turns down from $2,550 but finds support at $2,111, it indicates that the bulls are trying to flip the level into support. The bulls will then make one more attempt to drive the ETH/USDT pair above $2,550. If they succeed, the pair could climb to $2,850.

Sellers will have to pull the price below the $2,111 level to weaken the bullish momentum. The pair may then slide to the 20-day EMA ($1,867).

XRP price prediction

Buyers have pushed XRP (XRP) to the resistance line, which is a crucial near-term level to watch out for.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

Sellers are expected to defend the resistance line aggressively because a break and close above it signals a potential trend change. The XRP/USDT pair could rise to $2.60 and subsequently to $3.

If the price turns down from the resistance line but finds support at the moving averages, it suggests that the bulls are buying the dips. The bulls will then again attempt to propel the price above the resistance line. Sellers will have to tug the price below the $2 support to seize control.

BNB price prediction

BNB (BNB) made a decisive move higher on May 8 and rose above the immediate overhead resistance at $620.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The BNB/USDT pair reached the $644 level on May 9, which is expected to behave as a strong barrier. However, if buyers keep up the pressure and pierce the $644 resistance, the pair could soar to $680.

Time is running out for the bears. If they want to halt the uptrend, they will have to fiercely defend the $644 level and pull the price below the moving averages. The pair could then descend to $580.

Solana price prediction

Solana (SOL) broke and closed above the $153 resistance on May 8, indicating that the bulls are in charge.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The SOL/USDT pair could reach $180, which is expected to behave as a formidable obstacle. If the price turns down from $180 but rebounds off $153, it suggests that buyers are trying to form a higher low. That enhances the prospects of a rally to $200.

This optimistic view will be invalidated in the near term if the price turns down sharply and plummets below the $140 support. That suggests traders are booking profits at higher levels.

Dogecoin price prediction

Buyers successfully defended the moving averages and pushed Dogecoin (DOGE) to the overhead resistance at $0.21.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will try to halt the up move at $0.21, but if the bulls pierce the resistance, the DOGE/USDT pair could rally toward $0.25. If the price turns down from $0.25 but finds support at $0.21, it signals that the bulls have flipped the level into support. That suggests the downtrend could be over.

Contrarily, if the price turns down sharply from $0.21 and breaks below the moving averages, it indicates that the pair may oscillate inside the range for some more time.

Cardano price prediction

Cardano (ADA) bounced off the 50-day SMA ($0.67) and completed an inverse head-and-shoulders pattern on May 8.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.69) has started to turn up, and the RSI is in the positive territory, signaling an advantage to buyers. If the price remains above the neckline, the ADA/USDT pair could surge toward the pattern target of $1.01. There is resistance at $0.83, but it is likely to be crossed.

If bears want to prevent the upside, they will have to yank the price below the 50-day SMA. That could sink the pair to $0.60 and eventually to $0.50.

Related: Chance of Bitcoin price highs above $110K in May increasing — Here’s why

Sui price prediction

Sui (SUI) rallied sharply from the 20-day EMA ($3.29) and climbed above the $3.90 overhead resistance on May 8.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI near the overbought zone signal that the bulls are in command. If the price maintains above $3.90, the SUI/USDT pair could rally to $4.25 and eventually to $5.

Alternatively, if the price turns down and closes below $3.90, it suggests that the bears are trying to make a comeback. The pair could then slump to the 20-day EMA, which is likely to act as solid support.

Chainlink price prediction

Chainlink (LINK) turned up sharply from the 50-day SMA ($13.72) on May 8 and completed an inverse head-and-shoulders pattern. 

LINK/USDT daily chart. Source: Cointelegraph/TradingView

Sellers are trying to pull the price back below the neckline, but if the bulls successfully hold the level, the LINK/USDT pair could break above the resistance line and rally toward the pattern target of $21.30.

This optimistic view will be negated if the price turns down sharply and breaks below the moving averages. That opens the doors for a fall to $12, indicating that the pair may remain inside the channel for a while longer.

Avalanche price prediction

Avalanche (AVAX) bounced off the moving averages on May 8 and reached the overhead resistance of $23.50 on May 9.

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

Sellers are expected to defend the $23.50 level with all their might because a break and close above the resistance could clear the path for a potential rise to $28.78 and, after that, to $31.73.

On the contrary, if the price turns down sharply from $23.50 and breaks below the moving averages, it suggests that the AVAX/USDT pair may extend its stay inside the range for a few more days.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Mining firm TeraWulf reported a net loss of approximately $61.4 million in its earnings for the first quarter of 2025, further deteriorating from the same period last year.

Revenue fell to $34.4 million from $42.4 million in the same period of 2024, according to the company’s earnings report, published May 9. Cost of revenue rose sharply to $24.5 million, up from $14.4 million a year earlier.

As a result, TeraWulf’s cost of revenue accounted for 71.4% of total income from operations in Q1 2025, more than double the 34% recorded in the prior-year quarter. In Q1 2024, the company posted a net loss of $9.6 million.

TeraWulf’s profit and loss statement for Q1 2025. Source: TeraWulf

TeraWulf attributed the decreased revenue to Bitcoin’s (BTC) post-halving economics that reduced the block subsidy from 6.25 BTC per block mined to 3.125 BTC per block mined, rising network difficulty, and severe weather in the upstate New York area that is home to a TeraWulf mining facility.

The company is not alone in posting losses for the quarter, as the already competitive mining industry faces reduced block rewards and the macroeconomic uncertainty of geopolitical trade tensions that have created turmoil for financial markets and businesses alike.

Related: Riot Platforms posts Q1 loss, beats revenue estimates

Miners hit by trade tariffs, high uncertainty

The trade tariffs introduced by US President Donald Trump have raised concern among mining companies and analysts that the import duties will drive up the costs of hardware and other physical infrastructure necessary to run crypto nodes.

Rising Bitcoin network difficulty means miners must expend computing resources to mine blocks. Source: CryptoQuant

Imposing tariffs on mining hardware like application-specific integrated circuits (ASICs) will also give miners outside the United States a price advantage over US-based competitors in obtaining the critical equipment needed.

As a result of the ongoing tariff negotiations, miners sold 40% of their mined BTC in March 2025, reversing the post-halving trend of miners accumulating BTC for corporate treasuries or reserves.

March’s sell-off was the highest month for miner BTC liquidations since October 2024 — the month ahead of the 2024 US presidential election, which was pivotal for the crypto industry and represented high uncertainty for businesses and investors.

Related: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

A group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald Trump’s ties to cryptocurrency exchange Binance and potential conflicts of interest in regulating the industry.

According to a May 9 Bloomberg report, Democratic senators asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to report on the steps Binance had taken as part of its November 2023 plea agreement with US authorities, amid reports that Trump and his family had deepened connections with the exchange.

That settlement saw Binance pay more than $4 billion as part of a deal with the Justice Department, Treasury, and Commodity Futures Trading Commission, and had then-CEO Changpeng “CZ” Zhao step down.

However, since Trump won the presidency in 2024, many lawmakers have accused the president of corruption from profiting off crypto while being in a position to influence laws and regulations over the industry.

Trump has launched his own memecoin — which earns the project millions of dollars in transaction fees — and offered the top tokenholders the opportunity to attend an exclusive dinner in Washington, DC.

His family-backed crypto venture World Liberty Financial also recently announced that an Abu Dhabi-based investment firm, MGX, would settle a $2 billion investment in Binance using the platform’s USD1 stablecoin.

“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” the senators said in the letter, according to Bloomberg.

Related: Trump tricked into pushing XRP for crypto reserve: Report

Stablecoin bill fails to pass the US Senate

The letter came less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate stablecoins, named the GENIUS Act. Senator Elizabeth Warren, who reportedly signed the letter and opposed moving forward on the stablecoin bill, suggested the Senate should not be aligned with “facilitat[ing] this kind of corruption” from Trump.

Bessent said the Senate “missed an opportunity” by not passing the stablecoin bill, but did not directly address any of the concerns over Trump’s crypto interests. It’s unclear if or when the chamber could consider another vote on the bill.

In an April 23 report, the nonpartisan organization State Democracy Defenders Action said roughly 40% of Trump’s net worth was tied to crypto. The group noted that the GENIUS Act, in its current version, “would not prevent President Trump from using his executive powers to establish a regulatory environment and enforcement agenda that prioritizes his personal enrichment over the broader interests of US stakeholders.”

Amid the concerns with the stablecoin and proposed market structure bills, Zhao reportedly applied for a federal pardon from Trump. Though the former CEO already served four months in prison, a pardon for his felony charge could allow him to get more involved with the crypto industry through a management position.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Law enforcement detained the wrong person for a 2022 scam that pilfered more than $1 million worth of Bored Ape non-fungible tokens (NFTs), cybersecurity researcher ZachXBT said. 

In a May 9 X post, ZachXBT said he identified the wallet behind the scam and linked it to an X account that has since been deleted. 

But in 2023, law enforcement detained Sam Curry, a former Yuga Labs security researcher, at an airport as a suspect in the incident, ZachXBT said. Yuga Labs is the company behind the Bored Ape Yacht Club NFT collection. 

“It’s unfortunate to see how a security researcher was detained when stronger leads on a threat actor potentially responsible exist,” ZachXBT said.

The attacker stole 14 Bored Ape NFTs in 2022. Source: ZachXBT

Related: Crypto sleuth ZachXBT says he unmasked 50x Hyperliquid whale

Anonymous attacker

In December 2022, an anonymous attacker stole 14 Bored Ape Yacht Club NFTs, which at the time traded for roughly $86,000 each, according to data from CoinSlam.

Law enforcement then “mistakenly reviewed logs from OpenSea which included [Curry’s] home IP address and used this to incorrectly link him as the suspect,” ZachXBT wrote.

“In reality as part of his security work at Yuga, [Curry] had been investigating the theft and used a private key put in the JavaScript of the website by the threat actor,” ZachXBT said. 

ZachXBT said he used forensic tracing — including reconstructing the flow of funds through Tornado, an Ethereum mixer — to identify a person he alleges is a likely suspect in the 2022 theft.

He said law enforcement officials should “request all data related to [the individual’s] social media accounts” and dig into on-chain transactions associated with their alleged wallet. 

Launched in 2021, Bored Ape Yacht Club is among the most valuable NFT collections, with a cumulative market capitalization of more than $300 million, according to data from CoinGecko.  

As of May 9, Bored Ape NFTs trade for roughly $30,000 each, according to NFT marketplace OpenSea. Individual NFTs vary in price due to unique characteristics. 

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

Law enforcement detained the wrong person for a 2022 scam that pilfered more than $1 million worth of Bored Ape non-fungible tokens (NFTs), cybersecurity researcher ZachXBT said. 

In a May 9 X post, ZachXBT said he identified the wallet behind the scam and linked it to an X account that has since been deleted. 

But in 2023, law enforcement detained Sam Curry, a former Yuga Labs security researcher, at an airport as a suspect in the incident, ZachXBT said. Yuga Labs is the company behind the Bored Ape Yacht Club NFT collection. 

“It’s unfortunate to see how a security researcher was detained when stronger leads on a threat actor potentially responsible exist,” ZachXBT said.

The attacker stole 14 Bored Ape NFTs in 2022. Source: ZachXBT

Related: Crypto sleuth ZachXBT says he unmasked 50x Hyperliquid whale

Anonymous attacker

In December 2022, an anonymous attacker stole 14 Bored Ape Yacht Club NFTs, which at the time traded for roughly $86,000 each, according to data from CoinSlam.

Law enforcement then “mistakenly reviewed logs from OpenSea which included [Curry’s] home IP address and used this to incorrectly link him as the suspect,” ZachXBT wrote.

“In reality as part of his security work at Yuga, [Curry] had been investigating the theft and used a private key put in the JavaScript of the website by the threat actor,” ZachXBT said. 

ZachXBT said he used forensic tracing — including reconstructing the flow of funds through Tornado, an Ethereum mixer — to identify a person he alleges is a likely suspect in the 2022 theft.

He said law enforcement officials should “request all data related to [the individual’s] social media accounts” and dig into on-chain transactions associated with their alleged wallet. 

Launched in 2021, Bored Ape Yacht Club is among the most valuable NFT collections, with a cumulative market capitalization of more than $300 million, according to data from CoinGecko.  

As of May 9, Bored Ape NFTs trade for roughly $30,000 each, according to NFT marketplace OpenSea. Individual NFTs vary in price due to unique characteristics. 

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

The cryptocurrency market continued to surge this past week as the overall digital asset market capitalization exceeded $3.27 trillion, an 8.6% increase over the previous week.

Bitcoin (BTC) reached a high of $103,600 on May 8 after reclaiming $100,000 for the first time since January. Its market dominance also surged above 60%, reflecting more bullish BTC sentiment. This marked the third time BTC has broken through six figures since it reached the milestone on Dec. 5, 2024, and again on Jan. 20, ahead of US President Donald Trump’s inauguration. 

The BTC rise coincided with Trump announcing a trade deal with the United Kingdom, which may include removing a 10% blanket tariff on all imports.

In the wider crypto space, Ethereum’s Pectra upgrade implemented much-needed improvements for the crypto ecosystem. The upgrade was followed by a 26% price surge for Ether (ETH), rising from $1,800 on May 7 to over $2,300 on May 9.

Total crypto market cap, 1-year chart. Source: CoinMarketCapBitcoin DeFi sees surge in mining participation despite drop in TVL

Messari’s “State of Rootstock” report for 2025 showed that merged mining participation surged to an all-time high of 81% in Q1 2025, up from 56.4% in the previous quarter. The surge was attributed to onboarding major mining pools SpiderPool and Foundry. 

The influx of mining support boosted Rootstock’s hash power above 740 exahashes per second. This surpassed Bitcoin’s total network hashrate recorded in October 2024, marking a more mature phase for the platform’s merged mining growth. 

The surge in merged mining participation came as Rootstock’s ecosystem faced headwinds. In Q1 2025, Rootstock’s total value locked (TVL) declined. Its Bitcoin TVL dropped 7.2%, while the dollar-denominated TVL fell by over 20% quarter-on-quarter.

Rootstock overview for Q1 2025. Source: Messari

This mirrored a broader downward trend across the DeFi sector, with Ethereum-based DeFi TVL showing a 27% decline in the same period.

Continue reading

Hacken CEO sees “no shift” in crypto security as April hacks hit $357 million 

Crypto hacks in April saw nearly $360 million in assets stolen across 18 incidents. This represented an almost 1,000% increase over the amount lost in March. 

The largest loss came from an unauthorized Bitcoin transfer. On April 28, blockchain investigator ZachXBT reported a suspicious transaction of Bitcoin worth $330 million. He later confirmed that it was a social engineering attack that targeted an elderly American.  

Source: PeckShield

In a Cointelegraph interview at the Token2049 event, Hacken CEO Dyma Budorin told Cointelegraph that the industry continues to rely on limited security measures even after the $1.4 billion Bybit hack incident. Budorin said that the space implements limited measures instead of deploying comprehensive strategies. 

“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough,” Budorin told Cointelegraph. 

Continue reading

AI decentralized apps are coming for the Web3 throne: DappRadar

While gaming and DeFi held on to the top spot in the decentralized applications (DApps) ecosystem, artificial intelligence is slowly catching up. 

Blockchain analytics platform DappRadar showed that Gaming and DeFi saw 21% DApp dominance in April. However, AI DApps climbed to 16%, up from the 11% recorded in the platform’s February data. 

“As user interest in artificial intelligence tools grows across industries, AI-powered DApps are steadily carving out their place in the decentralized ecosystem,” DappRadar analyst Sara Gherghelas said.

AI DApps have seen a jump in market dominance this month, while market leaders have declined slightly. Source: DappRadar

Gherghelas added that if the trend continues, AI could challenge the dominance of DeFi and gaming, signaling a “new era” in the DApp landscape. 

Continue reading

Bitcoin-backed loans “obvious” next step — Xapo Bank CEO

Bitcoin holders are becoming more confident in using their BTC to borrow funds. In a Token2049 interview, Xapo Bank CEO Seamus Rocca told Cointelegraph that investors’ moods have shifted from short-term speculation to a more long-term outlook on Bitcoin. 

Rocca said that the confidence comes from broader institutional adoption and Bitcoin’s price levels that are “nowhere near” liquidation. 

Rocca said Bitcoin-backed loans allow holders to stay exposed to the asset when facing unexpected expenses. The executive said the smart thing to do is not sell the asset when the price increases.

Xapo Bank CEO Seamus Rocca at the Token2049 media lounge. Source: Cointelegraph

However, when life gets in the way, Rocca said investors can avoid liquidating their Bitcoin by borrowing against the asset and paying interest. This way, they can hold on to the assets despite needing liquidity for their expenses. 

Continue reading

DeFi Market Overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

The memecoin Pepe (PEPE) rose by over 53% as the week’s biggest gainer, followed by the Pudgy Penguins (PENGU) token, which was up by 47% during the past week. Ether (ETH) was the third-biggest gainer, showing an increase of 35%.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Galaxy Digital has been approved by the US Securities and Exchange Commission (SEC) to redomicile in the United States, setting the stage for the crypto investment company’s listing on the Nasdaq stock exchange.

Galaxy anticipates listing on the Nasdaq, a tech-focused US stock exchange, by the middle of May, pending approval from the Toronto Stock Exchange, on which the company is already listed, and shareholder approval at a special shareholders meeting on May 9.

Shareholders at the meeting must approve redomiciling Galaxy Digital in the US state of Delaware, known for its business-friendly regulations, before the process can move forward, according to an announcement from the company.

Galaxy Digital SEC form S-4. Source: SEC

Galaxy obtained SEC approval for a Nasdaq listing in April this year, and once the company obtains the other necessary approvals, it will trade on the Nasdaq under the GLXY ticker symbol.

The company is the latest crypto firm to announce an imminent stock market listing, as institutional interest in digital assets grows and crypto matures as an asset class that increasingly interacts with traditional financial markets.

Related: Nasdaq urges SEC to treat certain digital assets as ‘stocks by any other name’

Crypto firms increasingly playing in the big leagues

Nasdaq-listed Strategy, formerly MicroStrategy, was added to the exchange’s index of its 100 largest companies by market capitalization in December 2024.

In April, stablecoin issuer Circle filed for an initial public offering (IPO), a process of taking a private company public by listing it on major stock exchanges.

According to an April 21 report from The Wall Street Journal, crypto custodian BitGo, Circle, exchange company Coinbase, stablecoin firm Paxos, and other crypto firms are considering applying for bank charters in the US.

The move would further blur the diminishing line between crypto firms and traditional financial institutions that offer lending services to clients and adhere to strict financial oversight from government regulators.

However, Dante Disparte, Circle’s chief strategy officer and head of global policy, later clarified that the company may acquire a banking license to comply with existing regulations and not necessarily operate as a banking institution.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight