The Bitcoin Coinbase Premium Index turned negative as BTC’s RSI hit its lowest level since April, but it could also mark the beginning of a slow recovery. Key takeaways: The Bitcoin Coinbase Premium flipped red as BTC price dropped below $104,000. Bitcoin’s RSI hit its lowest point since April, hinting at a potential bottom zone. Read more
Bitcoin treasury firms saw NAV premiums collapse as retail lost billions, but the reset created entry points for a new era of skilled asset managers, say researchers. Net Asset Values (NAVs) in digital asset treasuries (DATs) have collapsed, but this is not as bad as it sounds and can be viewed as an opportunity for savvy investors, according to 10x Research. “The age of financial magic is ending for Bitcoin treasury companies,” stated 10x Research analysts in a report shared with Cointelegraph on Friday. “They conjured billions in paper wealth by issuing shares far above their real Bitcoin value — until the illusion vanished,” they continued. Read more
Regional banks faced renewed stress despite 2023 crisis reforms, with Zions and Western Alliance stocks plunging as Bitcoin fell to a four-month low. Several regional banks in the United States are facing renewed stress despite strengthening their finances after the 2023 banking crisis, and Bitcoin could benefit from any liquidity crisis that follows. Strike CEO Jack Mallers sees the banking stress as validation that Bitcoin (BTC) is correctly pricing in an impending liquidity crisis, opining that the Federal Reserve’s inevitable response will drive BTC prices higher. “Bitcoin is accurately smelling trouble right now,” he said on the Primal social media platform on Friday. Read more
Led by Thrive Capital and Greenoaks, the raise comes less than two months after Stripe unveiled its layer-1 blockchain for stablecoin and real-world payments. Stripe’s blockchain project, Tempo, raised $500 million in a Series A round led by Greenoaks and Thrive Capital, valuing the payments-focused network at $5 billion, according to Fortune. Sequoia Capital, Ribbit Capital and Ron Conway’s SV Angel also joined the round, while Stripe and Paradigm did not contribute additional capital, a person familiar with the deal said. The news comes less than two months after Stripe, a global payments and fintech giant, unveiled plans for its new layer-1 blockchain in partnership with Paradigm, a venture capital firm that invests in crypto and Web3 startups. Read more
The founder of the Chinese cryptocurrency exchange plans to announce the trust within a few weeks, with the backing of Ether supporters. Li Lin, the founder of cryptocurrency exchange Huobi and chair of investment company Avenir Capital, has reportedly raised about $1 billion as part of a strategy to invest in Ether. According to a Bloomberg report on Friday, Li has partnered with Fenbushi Capital co-founder Shen Bo, HashKey Group CEO Xiao Feng, and Meitu founder Cai Wensheng to launch an Ether accumulation strategy through a Nasdaq-listed shell company. The project raised $1 billion, which included $500 million from HongShan Capital Group and $200 million from Avenir. With the support of the Ether (ETH) backers, the group plans to announce the launch of the trust in two to three weeks. Read more
Feist, who is one of the Ethereum Foundation's key researchers, said that Tempo and Ethereum share similar values and "complement" each other. Dankrad Feist, a longtime Ethereum developer and researcher at the Ethereum Foundation, announced Friday that he’s joining Tempo, a layer-1 blockchain for payments and stablecoins built by Stripe and Paradigm. Feist said he will remain as a “research adviser” at the Ethereum Foundation to provide input on scaling the layer-1 network, improving user experience (UX), and blobs, a feature of the Ethereum network that frees up blockspace by temporarily storing data. He added: I am looking forward to staying involved with the community and continuing to push Ethereum forward,” he said. Cointelegraph reached out to Feist but was unable to receive a response by the time of publication. Read more
Public companies now hold over 1 million Bitcoin worth $110 billion on their balance sheets, but only early adopters with disciplined strategies have seen major gains. Key takeaways: Early adopters with disciplined Bitcoin strategies outperform peers by 286% on average. Holding Bitcoin alone doesn’t guarantee stock gains as operational strength matters. Read more