Decentral Block Post

Merchants in Cannes, France, the site of the international Cannes Film Festival, are set to begin accepting crypto payments by summer this year in an effort to attract clientele with high disposable income by modernizing the city's commercial payment ecosystem.

According to Artem Shaginyan, founder and head of strategy of Web3 payment company Lunu Pay, the Cannes municipal government is aiming for a 90% adoption rate among local merchants. The executive also told Cointelegraph:

In February, Cannes Mayor David Lisnard announced a crypto payment integration training session for business owners and professionals to promote the widespread acceptance of crypto payments in the city.

Canne's shift toward embracing cryptocurrencies reflects the broader trend of crypto adoption by city, state, and federal governments as these institutions seek to remain competitive on the global stage.

Related: Panama's capital to accept crypto for taxes, municipal fees

Ben McKenzie, an actor known for his roles on television shows including Gotham and The OC, will make his directorial debut in a scathing documentary about cryptocurrency.

According to an April 29 Deadline report, McKenzie wrote, directed, and produced the documentary Everyone Is Lying To You For Money, set to premiere at SXSW London in June. The film features footage from 2022 of former FTX CEO Sam “SBF” Bankman-Fried and former Celsius CEO Alex Mashinsky before their respective companies folded. 

“Why is the false story of crypto still spreading?” said McKenzie, according to Deadline. “That’s the question I set out to answer with this film.”

Working with The New Republic staff writer Jacob Silverman, McKenzie pivoted from a role in Hollywood to speaking out against many of the issues surrounding cryptocurrency in 2021. After the collapse of FTX in November 2022, the actor testified at a US Senate hearing investigating the downfall of the crypto exchange. 

In addition to interviews with SBF and Mashinsky, the documentary will reportedly explore El Salvador President Nayib Bukele’s connections to crypto. Bukele rose to prominence in the industry after proposing that El Salvador recognize Bitcoin (BTC) as legal tender in 2021.

XYO Network has onboarded more than 10 million nodes to its decentralized physical infrastructure network (DePIN), co-founder Markus Levin told Cointelegraph in an interview.

The nodes mostly comprise human users who provide data in exchange for rewards via the network’s mobile application, COIN. “The vast majority of our 10 million nodes are mobile users, but some are IoT devices like smart speakers,” Levin told Cointelegraph. 

Approximately 80% of XYO’s users are non-crypto natives who are participating in Web3 for the first time, he added.

They include truckers, rideshare drivers, delivery people, and nurses among others, Levin said, adding that “95% convert after onboarding through the COIN app.”

Related: DePIN XYO launches on Solana

The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.

Bitcoin (BTC) rose to an over two-month high of $97,300 last seen at the end of February, before the “Liberation Day” tariffs announcement in the US, bolstering analyst predictions for a rally driven by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.

Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.

In the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world’s second-largest blockchain network.

Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise exec

Bitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.

Key points:

Bitcoin trends toward $100,000. Will bears sell at this level?

Altcoins are trading above their respective support levels, suggesting that an altcoin rally is brewing.

Bitcoin’s (BTC) tight consolidation resolved in favor of the bulls with a break above the $95,000 barrier on May 1. The bulls are trying to push the price to the psychologically crucial level at $100,000, which may again witness a tough battle between the bulls and the bears. 

Veteran trader Peter Brandt sounded positive when he said in a post on X that Bitcoin could rally to the $125,000 to $150,000 range by August or September 2025 if it manages to regain its broken parabolic slope. However, Brandt cautioned that the rally could be followed by a sharp correction of more than 50%.

In the annals of financial history, few institutions have faced the tempests of competition with the steadfast resolve of Grayscale Bitcoin Trust (GBTC). Born in 2013 as a private placement, GBTC pioneered regulated Bitcoin investment, granting investors access to Bitcoin’s (BTC) meteoric rise without the perils of digital wallets or unregulated exchanges.

On Jan. 11, 2024, it transitioned into a spot Bitcoin ETF following a landmark victory against the SEC. This marked a pivotal moment with the SEC’s view that ETFs can offer lower expense ratios and enhanced tax efficiency compared to traditional funds. 

Even still, GBTC’s financial resilience shines, generating $268.5 million in annual revenue, surpassing the $211.8 million of all other US spot Bitcoin ETFs combined, despite losing over half its holdings with $18 billion in outflows since early 2024. This is no fleeting triumph of inertia. 

The numbers tell a tale of paradox. BlackRock’s iShares Bitcoin Trust (IBIT), with $56 billion in assets under management (AUM) and a 0.25% fee, generated $137 million in 2024 while achieving $35.8 billion in inflows and $1 billion in daily trading volume within weeks of launch. Meanwhile, GBTC’s 1.5% expense ratio, up to seven times higher than competitors, fuels its revenue lead, even though it bled $17.4 billion in outflows, with a record single-day loss of $618 million on March 19, 2024, driven by investors chasing lower fees or capitalizing on the trust’s historical discount to net asset value (NAV), which plummeted from 50% to near zero by July 2024.

This clash of revenue dominance and capital flight demands scrutiny, unveiling the intricate dance of investor psychology, market dynamics and Grayscale’s calculated resilience.

The US Central Intelligence Agency is increasingly incorporating Bitcoin (BTC) as a tool in its operations, and working with the cryptocurrency is a matter of national security, Michael Ellis, the agency’s deputy director, told podcast host Anthony Pompliano.

In an appearance on the market analyst and investor’s show, Ellis told Pompliano that the intelligence agency works with law enforcement to track BTC, and it is a point of data collection in counter-intelligence operations. Ellis added:

"It's another area of competition where we need to ensure the United States is well-positioned against China and other adversaries," Ellis said.

Although Ellis's comments point to Bitcoin maturing as an asset, they also reflect the increased involvement of governments and institutions in Bitcoin and cryptocurrencies. This increased involvement runs contrary to the libertarian and cypherpunk ethos originally inherent in crypto.

Related: Geopolitical tensions fuel central bank shift toward gold, crypto — BlackRock exec

Key points:

The US labor market is “still holding up” as nonfarm payrolls data comes in higher than expected.

Bitcoin and stocks head higher as US President Donald Trump repeats calls for the Fed to lower interest rates.

BTC price action may spark a “liquidity grab” above $97,000, a trader warns.

Bitcoin (BTC) hit new multimonth highs after the May 2 Wall Street open as US nonfarm payrolls data beat expectations.

Opinion by: Chris Jenkins, adviser to Pocket Network

Tim Berners-Lee’s vision of the World Wide Web is dead. Instead of an open and accessible global information system, the web is controlled by centralized global data conglomerates, which don’t just restrict free speech but also monetize your data as a price of entry. Web2 firms have built walled gardens with massive information asymmetry between companies and users.

Blockchain-based decentralized tech challenges the status quo, offering an alternative to Web2’s closed-source infrastructure. 

It enables developers and engineers to build a censorship-resistant and accessible open-data web to champion the cause of free speech. Open-source technology creates a paradigmatic shift in a fair and inclusive internet where centralized web companies won’t dictate the terms.

A vision deferred

In 1989, Berners-Lee’s invention created a virtual space for collaboration, sharing and learning from one another. The web’s first iteration was based on openness, where anyone could contribute, access information, work together, and enjoy the same opportunities.

As Ether’s price has struggled in the first quarter of 2025, a US-based investment adviser firm, Two Prime, has dropped support for ETH and adopted a Bitcoin-only strategy.

After lending $1.5 billion in loans both in Bitcoin (BTC) and Ether (ETH) over the past 15 months, Two Prime decided to ditch ETH to focus solely on BTC asset management and lending, the firm announced on May 1.

“ETH’s statistical trading behavior, value proposition, and community culture have failed beyond a point that is worth engaging,” Two Primes stated.

The firm’s shift to a Bitcoin-only approach comes as ETH has lost 45% of its value year-to-date, with some optimists speculating that ETH is potentially close to the bottom and reversing its negative trend soon.

“Ether no longer trades predictably”

“As an algorithmic trading firm, we value data more than narratives,” Two Primes said, adding that the “data suggests ETH has fundamentally changed.”

Key takeaways:

XRP’s strongest spot premium phase suggests real buying demand, not just speculative futures trading.

The number of XRP addresses holding ≥10,000 tokens has steadily climbed, even during recent price pullbacks.

A falling wedge pattern points to a possible breakout toward $3 to $3.78, with up to 70% upside if confirmed.

XRP (XRP) is experiencing its strongest sustained phase of spot premium in history, a period where the spot market has been consistently trading at stronger levels compared to perpetual futures.

Bitcoin’s recovery to its all-time high may be threatened by rising recession fears, which could ease if the United States and China begin tariff negotiations this month, research analysts told Cointelegraph.

Appetite for global risk assets such as Bitcoin (BTC) may take another hit, with analysts from Apollo Global Management predicting a recession by the summer.

“Apollo predicting Summer Recession: Sharpest decline in earnings outlook since 2020,” cross-asset analyst Samantha LaDuc wrote in an April 26 X post.

The progress on the tariff negotiations may be the most significant factor impacting a potential recession and Bitcoin’s price trajectory, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“May is seen as pivotal as Chinese shipments reach the US’s shores, and exemptions on some tariff categories such as auto parts and sub-USD-800 shipments from China/ Hong Kong expire,” Barthere told Cointelegraph, adding that a lack of negotiations in May could lead to an economic recession and “double-digit losses” for Bitcoin.

The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), plans to stop retail investors from borrowing money to fund their crypto investments.

According to a May 2 Financial Times report, the ban on borrowing to fund crypto purchases is one of the upcoming crypto rules by the FCA. David Geale, FCA executive director of payments and digital finance, told the FT that “crypto is an area of potential growth for the UK, but it has to be done right.” He added:

Geale denied claims that the FCA is hostile to the crypto industry. Instead, he explained that he views the industry as offering high-risk investments with less consumer protection. “We are open for business,“ he said.

The interview follows the FCA seeking feedback on regulating the crypto market. In an attached document, the regulator noted that it is “exploring whether it would be appropriate to restrict firms from accepting credit as a means for consumers to buy cryptoassets.”

The FCA did not respond to Cointelegraph’s inquiry by publication.

On Wednesday, speaking from the White House, US President Donald Trump suggested that families scale back on gifts this year.

Asked about his tariff program, the president remarked, “Somebody said, ‘Oh, the shelves are gonna be open. Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more.’”

But the toy stores where those dolls are sold might have something to say about it. 

Earlier in the week, Mischief Toy Store in St. Paul, Minnesota joined a growing number of American small businesses suing the president over his emergency tariff plan.

Throughout April, a groundswell of lawsuits led by 13 states further challenged Trump’s ambitious tariff program. Their success or failure rests on hundreds of years of judicial policy and American constitutional law. 

Crypto exchange KuCoin said that it may reenter South Korea after its platform was blocked in the country. 

On March 21, South Korean regulators ordered Google Play to block access to exchanges that were not compliant with the requirements needed to operate in the country. On April 11, South Korea’s Financial Services Commission (FSC) ordered the Apple Store to block unregistered crypto exchanges. 

KuCoin was among those affected by the country’s crackdown on unregistered platforms that were previously available. While the platform is now unavailable to South Koreans, it has not fully abandoned the jurisdiction. 

In an exclusive interview with Cointelegraph, KuCoin’s newly appointed CEO, BC Wong, said that the crypto exchange has plans to reenter the country. 

Regulators drive global players away from local markets

Wong told Cointelegraph that before the exchange can reenter South Korea, it plans to secure compliance with major jurisdictions first. He said: 

The European Union is set to impose sweeping Anti-Money Laundering (AML) rules that will ban privacy-preserving tokens and anonymous cryptocurrency accounts from 2027.

Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero (XMR) and Zcash (ZEC).

“Article 79 of the AMLR establishes strict prohibitions on anonymous accounts [...]. Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining anonymous accounts,” according to the AML Handbook, published by European Crypto Initiative (EUCI).

The regulation is part of a broader AML framework that includes bank and payment accounts, passbooks and safe-deposit boxes, “crypto-asset accounts allowing anonymisation of transactions,” and “accounts using anonymity-enhancing coins.”

Related: Eric Trump: USD1 will be used for $2B MGX investment in Binance

Key points:

Bitcoin long-term holders are about to hit a level of unrealized profit, which has traditionally caused them to sell.

That level coincides with the return to a six-figure BTC price.

Order book data suggests that bulls may not succeed in keeping the upside going.

Bitcoin (BTC) risks a “notable increase” in selling from its older investors if price rises further, warns onchain analytics firm Glassnode.

Movement Labs confirmed the suspension of its co-founder, Rushi Manche, following controversies over a market maker deal that he brokered.

Movement announced the suspension of Manche in a May 2 X post, explaining that the “decision was made in light of ongoing events.” The decision follows Coinbase's recent decision to suspend the Movement Network (MOVE) trading, citing the token’s failure to meet its listing standards.

The suspension came after a recently announced third-party review requested by the Movement Network Foundation into an agreement orchestrated by Manche with Rentech — the latter helped broker an agreement with market maker Web3Port. Private intelligence firm Groom Lake is conducting the investigation.

This was followed by Web3Port reportedly selling the 66 million MOVE that it gained through the deal — about 5% of the total supply. This led to $38 million in downward price pressure in December 2024.

Groom Lake refused to comment on the investigation.

As the crypto space developed, blockchain use cases expanded from simple digital currencies and non-fungible tokens (NFTs) to more complex areas such as digital identity verification and telecommunications. 

Ahead of the Token2049 event in Dubai, Cointelegraph spoke with Spacecoin CEO Stuart Gardner, Spacecoin founder Tae Oh, and Humanity Protocol founder Terrence Kwok to explore how they use blockchain to improve certain industries. 

From addressing challenges like verification in the artificial intelligence era to bringing internet connectivity to developing countries, projects are integrating blockchain to solve problems in different industries.  

Digital identity verification to combat the AI threat 

As artificial intelligence developed, the technology brought improvements that people could benefit from. However, the technology was also adopted by malicious actors who used the tech to perform AI-assisted hack research and deepfake scams.  

Kwok told Cointelegraph that just two years ago, the idea of having to prove you’re human seemed “crazy.” However, with today’s advancements in AI, it has become remarkably easy to fake being a real person.