Key takeaways:Bitcoin price consolidates as resistance at $105,000 prevents a rally to new all-time highs.Traders are slightly bearish, but historical data suggests a sudden bullish move should not be ruled out.Bitcoin (BTC) price has been consolidating within a roughly $3,500 range over the past seven days as the $105,000 level remains the overhead resistance to break.BTC/USD weekly chart. Cointelegraph/TradingViewBitcoin unable to crack $105,000Data from Cointelegraph Markets Pro and Bitstamp shows that BTC’s price has been oscillating between its resistance level at $105,000 and $101,500, where it has found support.“$BTC is stuck in a narrowing $101.5K–$104K range,” said Swissblock in a May 16 post on X. The onchain data provider said that Bitcoin began consolidating after two failed attempts to break above the resistance at $105,000. “With the weekend ahead, resolution will likely be delayed, unless we get a Friday break.”BTC/USD chart. Source: SwissblockFor market intelligence firm Santiment, failure to rise past the $105,00 level has seen traders flip slightly bearish. “Markets generally tend to move opposite to the crowd’s expectations, suggesting there is a heightened probability of crypto markets rising due to this increased fear,” the firm explained in an X post, adding:“Retail traders are beginning to show impatience, which historically is a bullish sign for prices.”Bitcoin social volume. Source: SantimentBTC price lacks “serious catalyst”Bitcoin has managed to sustain $100,000 as support for over a week while hitting 14-week highs of $105,700 on May 12. Despite following broad volatility across risk assets, BTC/USD might have gone even higher were it not for maneuvers of large-volume trading entities on exchange order books, according to trading resource Material Indicators.Related: Bitcoin hitting $220K ‘reasonable’ in 2025, says gold-based forecastLooking at the Binance exchange, Material Indicators said large blocks of ask liquidity were stacked above the spot price, pinning the BTC price in the range.An accompanying chart shows that these liquidity clusters currently sit between $105,000 and $110,000.“Unless we have a serious catalyst, I’m not expecting to see a sustainable breakout to the all-time high territory until BTC has a legit support test at $100,000,” it said in a May 16 post on X.  BTC/USDT order book liquidity data. Source: Material IndicatorsMaterial Indicators added that a key level to watch on the downside was the $98,000-$100,000 range.“With all of the above in mind, be prepared for a support test in the $98,000-$100,000 range, but beware of short squeezes and bull traps until that happens.”Bitcoin bulls fight to hold key support levelsMeanwhile, trader Daan Crypto Trades said that the “start of the recent move” at $93,000 was essential for Bitcoin traders going forward.Bitcoin is trading “far away from any large liquidity clusters. The price didn’t trade for a long time up here just yet. So, after the initial squeeze of shorts, there are not that many new positions built up around this area,” his X post said, adding:“The main level to look out for would be local highs above $106,000 and below all the way down to $93,00, which was the start of the recent move.”BTC/USDT liquidation heatmap. Source: Daan Crypto TradesMaterial Indicators paid additional attention to the 50-day and 100-day simple moving averages (SMAs), key longer-term trendlines that formed a bullish cross, indicating a “strong upward momentum for the macro trend.”For MN Capital founder Michael van de Poppe, $98,000 is a “crucial area to hold on to” in order to ensure continuation upward.Source: Michael van de PoppeThis 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.

Bringing student loans onchain would increase the total value locked (TVL) in decentralized finance (DeFi) by more than four times, supercharging the industry, according to Yat Siu, chairman of Animoca Brands.Speaking at Consensus 2025 in Toronto, Siu pointed to the $3 trillion global student loan market as an untapped opportunity for the crypto industry. He said moving even 10% of that market onchain could significantly boost DeFi’s growth.“You basically more than quadruple TVL in all of DeFi,” he said, underscoring how the industry is still in its early stages. Consensus chairman Michael Lau (left) with Animoca Brands chairman Yat Siu (right) at the Consensus mainstage in Toronto, Canada. Source: CointelegraphWeb3-based education tools to drive crypto adoptionSiu said that Web3-based financial tools for the education sector could drive mass crypto adoption, especially among the young and unbanked.“The first unbanked are the kids,” he said. “If a student receives a loan onchain and pays it back onchain — which is regulated, better, faster, cheaper — they become onboarded for crypto for life.” Siu compared the situation to how PayPal and Venmo scaled by offering essential services to underserved users. He suggested that student loans could serve as crypto’s entry into the mainstream.The executive also highlighted Animoca Brands’ recent investment in Pencil Finance, a startup providing crypto-native student loans. Siu said the project operates in the Philippines and Indonesia, and plans to expand to the US. On April 30, Pencil Finance announced a $10 million student loan financing initiative to provide cheaper, blockchain-backed loans. Siu previously said in an interview that the industry needs these “positive-sum use cases” that everyone understands. He said students would be more pro-crypto if they had more opportunities through crypto loans. Related: NFT founder stole millions from Bitcoin project, investors allegeEducation is a natural Web3 use caseSiu also told the Consensus audience that education is a natural use case for Web3. He highlighted YouTube and TikTok, platforms that are often dismissed as entertainment applications. Siu said these social media apps are now the largest informal learning platforms in the world. He said everything is tied to education and that Web3 could do something similar. “Education is actually fundamental, something we do all the time,” Siu said. He suggested that by integrating financial infrastructure into educational experiences, Web3 could turn learning communities and reputational networks into capital assets, forming the basis of a new, decentralized financial ecosystem.Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Key takeaways:XRP is retesting a falling wedge breakout, which could lead to a rally toward $3.60.Whale wallets are in the red, and history shows this isn’t bullish for XRP price.A breakdown below $1.11 could trigger an inverse cup-and-handle pattern, targeting a sharp drop to $0.50.XRP (XRP) has rebounded by more than 50% in the last five weeks to reach $2.42 on May 16. But the price remains 30% below its January 2025 peak of $3.40, raising concerns of a bull trap.Will XRP’s price sustain the recovery or drop further in the coming days? Let’s examine.Falling wedge retest hints at sharp XRP rally XRP is completing a textbook retest of its falling wedge breakout, according to chartist CW. Often, after the breakout, the price comes back down to “retest” the wedge’s upper trendline. If it holds as support, meaning buyers step in and prevent the price from falling back into the wedge, it signals strong demand and renewed confidence in the uptrend.XRP/USD three-day price chart. Source: TradingViewCW predicts XRP will hold above its falling wedge’s upper trendline, which could help its prices climb higher toward the technical upside target of $3.60. Related: History rhymes? XRP price gained 400% the last time whale flows flippedThis target is obtained by adding the wedge’s maximum height to the breakout point, as shown below.XRP/USD three-day price chart. Source: TradingViewThe wedge setup suggests that XRP will likely not crash in the coming days. But if the price drops below the wedge’s upper trendline, the bullish setup risks invalidation, exposing XRP to declines toward the lower trendline at around $1.75.Max pain scenario: 50% XRP price crashSimultaneously, XRP is possibly signi a bearish reversal signal as it forms an inverse cup-and-handle pattern.The pattern has developed over the past five months, with the rounded "cup" forming between December 2024 and March 2025, followed by the "handle" consolidation into May. The neckline support sits near $1.11. XRP/USD three-day price chart. Source: TradingViewA confirmed breakdown below this level could validate the pattern and trigger a deeper correction.Based on the pattern’s height, the projected downside target is around $0.50, a nearly 80% drop from current levels. The declining volume during the handle phase and the neutral RSI reading near 50 further support the risk of bearish continuation.XRP’s whale fractal indicates price drop below $1As of May 15, the XRP price is below the $2.58 average paid by its biggest holders—those holding over 10,000 XRP in their wallets.XRP realized price by wallet size. Source: GlassnodeWhen XRP whales are in the red, the price often rebounds toward their average buy level, but this bounce can be short-lived. Historically, it’s followed by a broader pullback that tests the average entry prices of smaller holders.For example, in September 2021, XRP briefly rose to $1.19, just above the whale realized price of $1.01. But soon after, it dropped below $1.10, retesting the entry levels of other wallet groups as support.XRP realized price by wallet size. Source: GlassnodeIt shows that realized prices act as magnets for price action, indicating XRP could rise toward the whale realized prices of $2.58 in the short term.In the worst-case scenario, XRP’s price can drop to $0.67, the realized price of the 1,000-10,000 XRP balance cohort. Taking the aggregated realized price, XRP’s target appears to be around $1.04.On the other hand, a continued rally above $2.58 will suggest bullish conviction among whales, which could be boosted by the launch of spot XRP ETFs in the US.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.

Key points: New Bitcoin price targets leverage interplay with gold to deliver $200,000 and higher this year.Bitcoin price cycles remain in focus as part of the BTC price “power curve” model.Eating gold’s market cap could propel BTC/USD to nearly $1 million by the decade’s end. Bitcoin (BTC) has a “decent chance” of hitting $250,000 or more in 2025 as attention turns to gold copycat moves.In his latest analysis, X analytics account Apsk32 argued that the four-year BTC price cycle should provide unprecedented highs this year.Bitcoin “power curve” delivers $200,000+ targetBitcoin following gold to new all-time highs is a popular theory among bulls. Historically, BTC/USD follows XAU/USD higher with a delay of several months.For Apsk32, the implications are considerable this time around; with gold hitting a record $3,500 per ounce, the future for BTC price action is bright.“Bitcoin’s position relative to gold has improved considerably since April,” he told X followers alongside his dedicated “power curve” tool. “This is the indicator that gives me hope for higher than expected returns later this year.”Bitcoin power curve data. Source: Apsk32/XThe power curve concept involves measuring Bitcoin price in gold ounces to avoid the inflationary nature of the US dollar.“Here, I’m measuring the value of the Bitcoin network (market cap) in gold ounces and fitting that value to a power curve,” Apsk32 explained in a dedicated X post in March.Among the results is a potential bull market top target that contextualizes the old 2017 top of $20,000.“If Bitcoin’s network value measured in gold continues to follow a power curve, and gold holds its current value, and Bitcoin’s price returns to ‘five years ahead of support,’ we could hit Josh’s $444K this year,” it added.This week, Apsk32 suggested that a more “reasonable” target for 2025 would be up to $220,000.“If we start getting above $250k, that’s what I would consider ‘higher than expected,’” he responded when asked about the outlook.“I do think there's a decent chance we get there, it's just not the most likely outcome.”Bitcoin power curve chart. Source: Apsk32/XHalf gold’s future market cap means $1 million BTCContinuing the gold theme, Bitcoin analyst Sam Callahan considered data showing how high BTC/USD could go if it were to capture varying portions of gold’s market cap.Related: Bitcoin to $1M by 2028 as Hayes tells Europe to’ get your money out’This could come about thanks to a shift toward “digital gold,” something widely anticipated to gain momentum in the coming years.“If gold hits $5,000/oz by 2030 and Bitcoin captures 50% of its market cap, that puts BTC at $924K,” Callahan noted, alongside the data from the latest report by In Gold We Trust, released this week. Gold/Bitcoin matrix (screenshot). Source: In Gold We TrustThe report said the data “does not represent a price prediction per se, but rather a scenario-based framework — rooted in our established gold model — that offers a clearer sense of what relative revaluations of non-sovereign hard assets might look like by decade’s end.”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.

What is Tether AI? Tether AI is an open-source, decentralized artificial intelligence (AI) platform launched by Tether, the company behind the Tether USDt (USDT) stablecoin. Unlike traditional AI services that depend on centralized servers and require application programming interface (API) keys, Tether AI runs on a distributed peer-to-peer (P2P) network, offering enhanced privacy, autonomy and resilience. Designed to be modular and composable, Tether AI can operate on any hardware, whether mobile, desktop or edge devices, without centralized control or a single point of failure. A core innovation of Tether AI is its integration with cryptocurrency infrastructure. It natively supports Bitcoin (BTC) and USDt payments using Tether’s Wallet Development Kit (WDK), enabling seamless onchain transactions. This makes Tether AI one of the first AI platforms to offer direct crypto payment functionality at the protocol level.According to Paolo Ardoino, CEO of Tether AI, it is a “fully open-source AI runtime, capable of adapting and evolving on any hardware and device, no API keys, no central point of failure, fully modular and composable, WDK-infused to enable USDT and Bitcoin payments.”Ardoino said Tether AI's primary objective is to create the “ideal technological foundation” for realizing the AI vision of Isaac Asimov, the celebrated science fiction author behind I, Robot and The Robot Series. In a separate post on X (written in Italian), Ardoino further asserted, “AI will, in the coming decades, become part of the very fabric of the universe.” How Tether AI personalizes infinite intelligence Tether AI is built around the AI runtime structure of “personal infinite intelligence,” which envisions customizable AI agents tailored to individual user needs and device capabilities. Developers can leverage Tether’s open-source WDK, launched in November 2024, to create mobile, desktop and web wallets with complete self-custodial control.The platform enables native payments in USDt and Bitcoin to be processed directly over a peer-to-peer network, eliminating reliance on centralized payment processors. It emphasizes user ownership, ensuring individuals control their assets without intermediaries. This decentralization-first model supports Tether’s mission of making AI accessible and censorship-resistant. Ardoino has been critical of the AI industry’s dependence on centralized APIs and cloud platforms; Tether AI aligns with this mission.The project will facilitate integrating native USDt and Bitcoin payments into autonomous systems and software agents. The objective is to create a decentralized, censorship-resistant foundation for AI tools.Did you know? Tether AI CEO Paolo Ardoino favors locally executable AI models that can run directly on the user’s device, be it a smartphone or laptop, eliminating the need for third-party servers. This ensures that data stays local and allows for offline use. How Tether AI brings decentralized intelligence to Keet and Pear Tether AI is expected to integrate with Tether’s existing peer-to-peer ecosystem, including Keet, a decentralized messaging app, and Pear, a framework for building P2P applications. Initially unveiled in December 2024, the platform is slated for launch in 2025, marking Tether’s strategic entry into decentralized AI with embedded crypto functionality.This initiative is part of a broader corporate shift announced in April 2024, which had Tether restructuring its operations to create dedicated units for AI and peer-to-peer technologies, such as Tether Data. Tether is actively developing Tether AI and a suite of AI-powered applications. These include a real-time AI translation tool for international communication, a voice assistant for hands-free platform and application control, and a Bitcoin wallet assistant to streamline transaction management. Tether, under Ardoino, views AI as a cornerstone of technological advancement.Tether’s AI expansion follows the company reporting $1 billion in operating profit for Q1 2025, mainly from US Treasury returns. With $149.3 billion in total assets and $5.6 billion in excess reserves, Tether remains dominant in the stablecoin sector. Its move into AI underscores a commitment to innovation, positioning the firm at the forefront of crypto and next-generation intelligent technologiesDid you know? Decentralized intelligence allows AI models to run across a network of devices instead of a single centralized server. This approach reduces the risk of data breaches, avoids single points of failure and gives users greater control over their data. Key features of Tether’s WDK Tether’s WDK, launched in November 2024, is an open-source framework designed to simplify the creation of self-custodial wallets across mobile, desktop and web platforms. The WDK empowers developers to build crypto wallets that support secure, peer-to-peer transactions without relying on centralized infrastructure.Key features of the WDK include:Modularity: WDK has modules that enable developers to customize wallet functionalities based on specific use cases, including payments, storage or integration with decentralized applications (DApps). Pre-built components: WDK includes pre-built components for encryption, transaction management, key recovery and cross-platform compatibility, making it highly adaptable for beginners and advanced developers.User sovereignty: All wallets built using WDK enable full self-custody, meaning users retain exclusive control over their private keys and funds. Integration with other P2P technologies: WDK supports seamless integration with Tether's other peer-to-peer technologies, including Keet and Pear.In the context of Tether AI, WDK will play a critical role in embedding native crypto payments into decentralized AI applications, allowing automated agents and users to transact onchain with minimal friction. By bridging wallet development with AI and Web3 infrastructure, WDK advances Tether’s vision of a decentralized digital economy.Did you know? In collaborative AI development, models are trained and improved by a global community without central ownership. This open-source approach can lead to fairer, more inclusive AI systems that are free from the biases or profit motives of centralized tech giants. Implications of merging AI with blockchain are just beginning Tether AI signals a transformative shift in how AI can be developed, deployed and monetized in a decentralized ecosystem. Blending AI capabilities with blockchain infrastructure and native crypto payments has enabled Tether to create applications that are not only intelligent but also financially autonomous and resistant to centralized control. Tether AI will facilitate direct execution payments on peer-to-peer networks without any role for intermediaries. For developers, Tether AI opens up new avenues to build adaptive AI systems that run on any device, support real-time crypto payments and prioritize user sovereignty. For users, it means greater control over personal data, enhanced privacy and transparent interaction with AI services.This paradigm challenges the dominance of cloud-based AI monopolies, offering an open-source alternative that can evolve with community input. In the long term, Tether AI could influence sectors such as decentralized finance (DeFi), content moderation, Web3 gaming and autonomous economic agents. It positions AI not as a corporate product, but as a public utility — transparent, modular and composable — while integrated with crypto. By merging AI with the trustless architecture of blockchain, Tether is pioneering a new class of decentralized digital infrastructure.

Blockchain gaming user activity dipped and funding slowed in April, but the overall ecosystem is healthier and maturing, according to blockchain analytics platform DappRadar.User activity dropped 10% over April, with blockchain gaming reaching a 2025 low of 4.8 million daily Unique Active Wallets, DappRadar analyst Sara Gherghelas said in the platform’s April Games Report.Gaming dominance over the decentralized app industry also fell and is now tied with decentralized finance at 21%. Gherghelas said it’s clear user attention is shifting away from gaming, but under the surface, new infrastructure went live, major publishers doubled down, and high-quality games edged closer to launch.Source: DappRadar“The blockchain gaming industry isn’t dead — it’s evolving. It’s moving from noise to signal,” she said.“Teams are building, and capital continues to flow into the space. What we might be seeing is a healthier ecosystem — one driven less by speculative play-to-earn mechanics and more by users who have a genuine interest in gameplay, asset ownership and community.”April’s blockchain gaming investment activity also dropped 69% from March, reaching $21 million.Weaker projects die off, funds shift to buildersGherghelas said part of the drop is because investor and user interest is increasingly shifting toward real-world assets and artificial intelligence.Another factor is the macroeconomic landscape, with ongoing market uncertainty weighing on investor sentiment, making capital harder to secure for startups.Gherghelas said weaker projects “are falling away,” and funds are flowing into other projects that “are quietly laying the groundwork for the next generation of blockchain games.”Blockchain gaming funding has seen a sharp drop since last year. Source: DappRadar“Investors are now optimizing for sustainable models, player engagement, and actual retention, not just token hype,” she added. “This shows that the market’s clearly in reset mode.”Gherghelas noted that “66% of all blockchain game funding in 2025 so far has gone to infrastructure,” signaling a more mature market.Related: Crypto gaming has mixed Q1 as deals jump, investment totals dip: DappRadarMainstream gaming companies are also still experimenting with blockchain-powered games, with Gherghelas pointing to Ubisoft's partnership with Immutable, and Sega adding non-fungible tokens and play-to-earn mechanics to its game, KAI: Battle of Three Kingdoms, as prime examples.“April 2025 wasn’t a record-breaking month for blockchain gaming, and that’s okay. What we’re seeing is a space recalibrating," she said.“Speculative hype is cooling down, but the builders haven’t stopped,” she added. ”Games are launching. Ecosystems are expanding. Infrastructure is maturing.” Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Ethereum layer-2 scaling platform Starknet has reached a decentralization milestone laid out by Ethereum co-founder Vitalik Buterin and is now the largest zero-knowledge rollup-based network by total value locked.Starknet said in a press release shared with Cointelegraph that it has hit “Stage 1” decentralization, according to a framework Buterin laid out in 2022, which means the network operates with limited oversight or “training wheels.”Starknet added that the framework was the “gold standard onchain tool for analyzing Ethereum scaling solutions,” and said it achieved the milestone through changes such as creating a security council and censorship-avoidance mechanisms. While the system still allows intervention from a security council, it has implemented a fully functional validity proof system governed by smart contracts.Starknet is now the only layer-2 ZK-rollup network to have reached Stage 1 and has grown to be the largest ZK-rollup blockchain with a total value locked of $629 million, just ahead of ZKsync’s $610 million, according to L2beat. Starknet is the fifth-largest layer-2 network by value locked, with the top four all Optimistic rollup-based and all reached Stage 1 decentralization using fraud proofs. Layer-2 networks ranked by total value locked. Source: L2beatFraud proofs assume transactions are invalid until proven valid, while validity proofs assume transactions are valid only if proven valid with cryptographic evidence.“Our goal is for the training wheels to come off completely and to reach Stage 2 decentralization on Ethereum, and simultaneously steam forward with our work on Bitcoin too,” said Eli Ben-Sasson, co-founder and CEO of StarkWare, the developer behind Starknet. “Stage 2” decentralization is the point where the network will be fully autonomous and community-governed. Only three small layer-2 scaling platforms have reached this stage, according to L2beat. Related: Vitalik Buterin says rollups must prove security before decentralizingButerin introduced the concept of “training wheels” or three stages for Ethereum scaling rollup projects at various phases of development in 2022.Base leads layer-2 ecosystemThe Coinbase layer-2 network Base is the leader of the sector in terms of value locked, with $14.7 billion, giving it a market share of 33%. Comparatively, Starknet has a market share of 1.4%. The total value secured onchain in the layer-2 ecosystem is $44.2 billion. The figure has jumped recently as the value of Ether (ETH) has gained, but is down 20% so far this year.Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets

The Pacific US territory of the Northern Mariana Islands has passed a bill allowing its small constituent island of Tinian to launch a stablecoin, overriding an earlier veto by the territory’s governor.The 20-member Northern Mariana Islands House voted 14-2 to undo Governor Arnold Palacios’ April 11 veto of the bill, which allows the Tinian local government to issue licenses to internet casinos and includes a provision for the Tinian treasurer to issue, manage and redeem a “Tinian Stable Token.” The territory’s nine-member Senate had revived the bill on May 9, voting 7-1 in a two-thirds majority to override the veto, which then needed a two-thirds majority in the House to pass.Representative Marissa Flores (top left) had urged for “thoughtful deliberation” on the internet gaming and stablecoin bill. Source: YouTubeOriginally, a four-member Tinian delegation to the Marianas legislature had unanimously passed the bill to Governor Palacios on March 12.It may put the Tinian government in the lead to be the first US public entity to issue a stablecoin, which it must do before July if it’s to beat the state of Wyoming government, which is aiming to issue a stablecoin by then.Tinian has just over 2,000 residents and a largely tourism-based economy. Its local government, the Municipality of Tinian and Aguiguan, is one of four municipalities in the Commonwealth of the Northern Mariana Islands, a US territory in the Pacific Ocean north of Guam.Governor Palacios said in a letter that he vetoed the bill as it “presents several legal issues and may be unconstitutional,” would regulate an activity that could not “be clearly restricted” to Tinian and that it lacked needed enforcement measures to counter illegal gambling.The stablecoin is called the Marianas US Dollar (MUSD) and will be backed by cash and US Treasury bills held in reserve by the Tinian Municipal Treasury, according to statements shared with Cointelegraph in March.The Tinian government chose local tech services firm Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, which will be launched on the eCash blockchain, a network that rebranded from Bitcoin Cash ABC in 2021 and is a fork of Bitcoin Cash, a blockchain forked from Bitcoin.A Marianas Rai Corp. spokesperson did not comment beyond telling Cointelegraph the company would announce more on MUSD on May 19.“Bitter pill to swallow”Before the vote, House lawmakers heard from the public and discussed overturning Governor Palacios’ veto before they voted it through, with independent House floor leader Marissa Flores airing concerns over the bill.Marianas Rai Corp. co-founder and technology chief Vin Armani had urged lawmakers to undo the veto, saying the bill would “attract billions of dollars of investment and tax revenue” from the crypto industry without the government having to pitch in.Clyde Norita, a Marianas Rai Corp. director and local legal cannabis mogul, told the House that the local economy was “dying out” and the bill would allow business in the region “without affecting our culture, without affecting our environment, without affecting our immigration status.”Representative Flores, who voted against the override, said, "Every time we talk about casinos, there’s always some kind of bitter pill to swallow.”Related: Stablecoin regulation 'next catalyst' for crypto industry — Aptos head “It is true, we are in dire need of money, but what I don’t like is when we are desperate, and we are now forced to make a decision because we are desperate once again,” she added. “Every time we’re desperate, it always seems that we come back to casinos.”“I don’t like to be pushed to a corner to make a decision based on fear,” Flores said.Others were more supportive of the measure, with Republican Representative Patrick San Nicolas, a Tinian delegation member who initially voted on the bill, saying it would help pull the region out of “a deep economic crisis.”“We need this legislation to unlock our potential,” he added. “This bill does not depend on tourists or federal subsidies — it builds a digital industry generating revenue from a licensed jurisdiction.”Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight 

Jason Guthrie, head of product at asset manager WisdomTree, says he’s optimistic despite a noticeable lack of hype that typically comes along with a crypto bull run. There hasn't been a “really frothy use case that has typically driven these market cycles previously,” such as initial coin offerings (ICOs), non-fungible tokens (NFTs), or DeFi lending, Guthrie told Cointelegraph at Consensus. “This time, we’ve continued to see the asset class gathering value, we’ve continued to see the companies that are built on this technology, growing revenue, growing client bases, continuing to innovate without really hanging their hat on one of these frankly less than useful use cases,” he said.WisdomTree founder Jonathan Steinberg (left), Jason Guthrie, head of product (middle) and head of digital assets Will Peck (right). Source: Jason GuthrieThe ICO boom kicked off in 2017 with an estimated $4.9 billion raised. By 2018, this figure had jumped to $33.4 billion. By 2019, it had dropped to just over $370 million and has never returned to its previous highs.NFTs also had their day, and saw a massive surge of popularity in 2020 and continued to grow until hitting a peak in 2022, with trading volumes reaching $57.2 billion and the market’s sales count hitting 121.7 million. The market has since cooled as well. “I think the fact that we’re still healthy without one of those to drive it is a really, really good sign,” Guthrie said.Market more mature this cycle, despite memecoin hype The overall crypto market capitalization hit a new all-time high of $3.71 trillion on Dec. 9 last year, with many cryptocurrencies also registering significant price gains, according to CoinMarketCap. During this cycle, there has also been a growing trend of companies, such as video game retailer GameStop Corporation, and countries, Ukraine possibly being one of the latest, adopting crypto for treasuries and reserves.“I think this is starting to feel like a more mature market that is really settling on its use case, its value prop,” Guthrie said.“I know there has been a bit of memecoin stuff, particularly around Solana, but it doesn’t seem anywhere near as prevalent as the previous kind of hype has been,” he added. Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsThere was a surge in memecoin activity after the launch of US President Donald Trump’s memecoin on Jan. 18, when Pump.fun usage recorded an all-time high of $3.3 billion in weekly trading volume. However, enthusiasm for memecoins dropped after a series of bad launches and rug pulls, killed off investor interest, such as the Libra (LIBRA) rug. Ultimately, Guthrie thinks there is still a “lot of innovation to do,” and it’s still “very early days,” but the market has matured and has greater sustainability compared to previous cycles. Additional reporting by Sam Bourgi.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

Another 12 people have been charged for their involvement in a $263 million crypto crime spree that stole 4,100 Bitcoin from a Genesis creditor last August, along with a string of break-ins and money laundering. The 12 new names, included in a superseding indictment, add to charges originally brought against the main defendant in the case, Malone Lam, on Sept. 19, 2024, the Department of Justice noted in a May 15 statement.Jeandiel Serrano was named a defendant in the initial indictment but was not included in the superseding one. The DOJ said several defendants have been arrested, while two others are believed to be living in Dubai.Many of the suspects, with aliases like “Goth Ferrrari” and “The Accountant,” come from California, mostly aged between 18 and 22. The group allegedly began operating in October 2023, evolving from friends while playing online games to what the DOJ describes as participating in a “cyber-enabled racketeering conspiracy.”Hacking, burglarizing and launderingThe DOJ said group members were tasked with everything from hacking databases, cold calling crypto holders to conduct social engineering attacks to even burglarizing houses to steal crypto hardware wallets.Others were involved in laundering the stolen proceeds, which the DOJ claimed amounted to $263 million. Over $230 million resulted from a single instance on Aug. 18, 2024, when Lam fraudulently obtained over 4,100 Bitcoin (BTC) from a victim.Related: Crypto exchange CEO’s daughter fights off brazen kidnappers in ParisThe DOJ said Lam also hacked into another victim’s iCloud account to watch their movements, while defendant Marlon Ferro would break into their house to steal crypto hardware wallets.Virtual private networks, crypto mixer protocols and exchanges using “peel chains” were used to make it harder to trace the illicit activity, the DOJ said. A peel chain is a money laundering tactic where crypto is transferred through a series of wallets, with small amounts of funds “peeled off” at each step.They have been charged with RICO (Racketeer Influenced and Corrupt Organizations) as well as offenses involving wire fraud and money laundering.Gone in 60 secondsMembers of the crypto theft ring allegedly used proceeds to pay for nightclub services — costing up to $500,000 on some nights — 28 exotic cars as expensive as $3.8 million, in addition to luxury handbags, watches, and clothing.Homes and jets were even rented out with fake identity documents to fund their lavish lifestyles, the DOJ noted.Magazine: Japanese porn star’s coin red flags, Alibaba-linked L2 runs at 100K TPS