The cryptocurrency market has experienced significant developments recently, with notable movements in major cryptocurrencies and strategic corporate actions.
Bitcoin has seen a slight decline, trading at $117,789, down 0.32% from the previous close. Ethereum has also experienced a decrease, currently priced at $4,472.90, a 1.95% drop. BNB is trading at $834.38, down 0.35%, while XRP has seen a modest increase of 0.32%, reaching $3.09. Cardano has risen by 4.85%, trading at $0.9668.
In corporate news, American Bitcoin, a U.S.-based cryptocurrency mining company backed by Donald Trump Jr. and Eric Trump, is actively seeking acquisitions in Asia to build a strategic bitcoin reserve. The firm is exploring opportunities to acquire publicly listed companies in Japan and potentially Hong Kong, aiming to emulate Michael Saylor's strategy of accumulating large bitcoin reserves. This move reflects the Trump family's intensified involvement in the crypto space, bolstered by Trump's return to the presidency in January and his continued support for digital assets.
Additionally, World Liberty Financial, a crypto firm backed by Donald Trump and his sons, announced a $1.5 billion deal to buy its proprietary crypto tokens through a partnership with Nasdaq-listed blockchain company ALT5 Sigma Corporation. This venture underscores the Trump family's intensified involvement in the crypto space, bolstered by Trump's return to the presidency in January and his continued support for digital assets.
On the regulatory front, the Federal Reserve has decided to discontinue its "novel activities" supervision program, which was established in 2023 to specifically monitor banks' involvement with cryptocurrency and financial technology . Instead, oversight of these activities will now be incorporated into the Fed's standard bank supervisory framework. This decision reflects the central bank’s improved understanding of the risks associated with these emerging technologies and how financial institutions manage them.
In legal news, Do Kwon, a South Korean cryptocurrency entrepreneur known as "the cryptocurrency king," pleaded guilty in a Manhattan federal court to two counts of fraud related to the $40 billion collapse of Terraform Labs. Kwon co-founded Terraform Labs, which launched the stablecoin TerraUSD, claiming it was a safe investment. However, its collapse in May 2022, alongside its companion token Luna, led to massive investor losses worldwide. Under a plea deal with U.S. prosecutors, Kwon agreed to serve no more than 12 years in prison, though federal guidelines suggested a 25-year sentence. He will forfeit over $19 million in assets and relinquish his stake in Terraform Labs and its cryptocurrencies.
These developments highlight the dynamic and evolving nature of the cryptocurrency market, encompassing significant corporate strategies, regulatory shifts, and legal proceedings that continue to shape the industry's landscape.
