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.
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.
“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.
Source: Samantha LaDuc“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:
“To do that we have to provide an appropriate level of protection.”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.”
FCA crypto regulation discussion paper. Source: FCAThe 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.
Wong (left), KuCoin EU CEO Oliver Stauber (middle) and Cointelegraph reporter Ezra Reguerra (right) at the Token2049 event in Dubai. Source: Market AcrossWong 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 AML Handbook. Source: EUCIThe 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
Anyone who has used traditional payment systems will likely be familiar with refunds and chargebacks. If a purchase goes wrong, like receiving damaged items or not receiving the product at all, the payer can file a complaint with the seller to recover their funds. This process of refunds builds trust between payers and sellers, ensuring secure transactions for both sides.
However, stablecoin transactions differ significantly. Unlike credit cards or PayPal, stablecoin payments are generally irreversible. Once sent, the payment is final, with no standard way to dispute or reverse it if issues arise, which can make payers wary of using stablecoins for daily purchases.
This highlights the importance of refunds in the stablecoin ecosystem. Just as payers rely on protections with traditional payment methods, stablecoin transactions need comparable systems to inspire confidence.
Without options to dispute or reverse payments, payers may avoid stablecoins for online shopping or other transactions. A clear, reliable refund system could make stablecoin payments safer and more attractive for payers, whether purchasing digital goods, services or physical items.
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.
Source: MovementThe 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.
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.
Opinion by: Merav Ozair, PhD
Lately, stablecoins are everywhere — this time around, headed by “traditional” financial institutions. Bank of America and Standard Chartered are considering launching their own stablecoin, joining JPMorgan, which launched its stablecoin, JPM Coin — rebranded as Kinexys Digital Payments — to facilitate transactions with their institutional clients on their blockchain platform, Kinexys (formerly Onyx).
Mastercard plans to bring stablecoins to the mainstream, joining Bleap Finance, a crypto startup. The aim is to enable stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails.
In early April 2025, Visa joined the Global Dollar Network (USDG) stablecoin consortium. The company will become the first traditional finance player to join the consortium. In late March 2025, NYSE parent Intercontinental Exchange (ICE) announced that it is investigating applications for using USDC (USDC) stablecoin and US Yield Coin within its derivatives exchanges, clearinghouses, data services and other markets.
Why the renewed interest in stablecoins?
When the lines blur between man and machine, you’re looking at artificial general intelligence (AGI). Unlike its counterpart, artificial narrow intelligence (ANI), which is the use of AI for solving individual problem statements, AGI represents artificial intelligence that can understand, learn and apply knowledge in a way that is indistinguishable from human cognition.
AGI is still theoretical, but the prospect of artificial intelligence being able to holistically replace human input and judgment has naturally attracted plenty of interest, with researchers, technologists and academics alike seeking to bring the concept of AGI to reality.
Yet another strand of prevailing research seeks to explore the feasibility and implications of AGI vs. ANI in a world increasingly shaped by AI capabilities.
Indeed, while ANI has already transformed various industries, AGI’s potential goes far beyond. Imagine a world where machines can not only assist humans in their tasks but also proactively understand the drivers behind specific tasks, predict outcomes, and autonomously create innovative solutions to achieve optimal results. This paradigm shift could revolutionize healthcare, education, transportation and countless other fields.
Online discussions about memecoins have hit a year-to-date high, gaining considerable attention after sentiment cooled earlier in the year, according to onchain analytics platform Santiment.
Two weeks ago, discussions around Bitcoin (BTC) and layer-1 protocols peaked during the market volatility brought on by the Trump administration’s sweeping tariffs. However, that’s since shifted to high market cap memecoins, Santiment marketing director Brian Quinlivan said in a May 1 blog post.
“Online discussions about these high-risk tokens have proliferated as traders embrace a gamble mindset, rather than a calculated investment approach,” he said.
“This is a telltale sign that traders are increasingly investing based solely on speculation and short-term gains,” Quinlivan added.
Online discussions about memecoins have hit a 2025 high, surpassing discussions about Bitcoin. Source: SantimentQuinlivan said the overall crypto market rose 10% in the past eight days, but Bitcoin only gained 7%, which indicates traders are flocking to more speculative assets.
Bitcoin miner Riot Platforms has reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same time last year and it moves to bolster its facilities.
“We achieved a new record for quarterly revenue this quarter, at $161.4 million,” Riot CEO Jason Les said in a May 1 report for its first quarter 2025 earnings. The company just surpassed Wall Street estimates of $159.79 million by 1%.
Riot’s Q1 revenue was a 50% jump compared to the same quarter a year ago.
The firm reported a net loss of $296,367 over Q1, a 240% decrease from the $211,777 net income it posted in the year-ago quarter.
Riot said that the average cost to mine Bitcoin (BTC) over the quarter was $43,808, almost 90% more than the $23,034 it cost to mine Bitcoin in the same period last year.
The US Treasury Department wants to block the Cambodia-based Huione Group from accessing the US banking system, accusing it of helping North Korea’s state-backed Lazarus Group to launder its crypto.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed on May 1 to prohibit US financial institutions from opening or maintaining correspondent or payable-through accounts for or on behalf of the Huione Group.
Huione Group has established itself as the “marketplace of choice for malicious cyber actors” like the Lazarus Group, who have “stolen billions of dollars from everyday Americans,” US Treasury Secretary Scott Bessent said in a May 1 statement.
“Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains.”Huione Group has set up a network of businesses, which includes payment service platform Huione Pay PLC, the crypto exchange Huione Crypto, and Haowang Guarantee, an online marketplace offering illicit goods and services.
Although the conglomerate doesn’t have correspondent accounts with US financial institutions, it has accounts with foreign firms with US correspondent accounts, FinCEN noted in its rulemaking submission.
The US Securities and Exchange Commission has filed to drop another of its crypto lawsuits, this time its unregistered securities sales case against crypto influencer and YouTuber Ian Balina.
The SEC said in a May 1 joint stipulation with Balina to an Austin federal court that it “believes the dismissal of this case is appropriate,” citing the work of the agency’s Crypto Task Force.
The agency didn’t give a reason for wanting to dismiss its case, but said its decision “does not necessarily reflect the Commission’s position on any other case.”
Balina told Cointelegraph in March that the SEC had informed him it would recommend the court dismiss the case and claimed the agency’s actions were based on a shift in the agency’s priorities.
“Obviously, the new administration is pro-crypto,” Balina said. The SEC has seen a change in leadership under US President Donald Trump, who appointed former crypto lobbyist Paul Atkins to chair the agency.
Decentralized finance (DeFi) lending platform Sky has pitched a proposal to finalize its upgrade from Maker by replacing its governance token and enabling staking.
The proposal, posted on May 1 to Sky’s decentralized autonomous organization (DAO) forum, would see the Sky (SKY) token take over the Maker (MKR) token as the protocol’s governance token.
If the DAO accepts, the change would be slated to take place around May 15 to May 19 and downgrading from SKY to MKR would also be disabled.
Sky co-founder Rune Christensen said in response to the proposal that it was a “huge milestone,” which he “fully supports,” and laments that allowing users to downgrade from SKY back to MKR has been a “key limiting factor preventing exchanges from adopting SKY.”
“With this change, exchanges are likely to move faster in quickly adopting SKY without concerns about fracturing liquidity,” he said.
