Summary
gm, JPMorgan filed a trademark for "JPMD" and launched a pilot deposit token on Coinbase's Base network, positioning the banking giant as a serious player in the digital asset space. The U.S. Senate passed the GENIUS Act with bipartisan support, establishing a regulatory framework for stablecoins that could reshape the financial landscape. Meanwhile, Coinbase is seeking SEC approval for tokenized equities trading, potentially bridging traditional markets with blockchain technology. Against the backdrop of Middle East tensions that briefly pushed Bitcoin below $104,000, institutional interest remained strong with Strategy purchasing 10,100 Bitcoin for $1.08 billion and staked Ethereum reaching an all-time high of 35 million ETH, reflecting growing institutional confidence despite market volatility.

News Headlines
💱 Circle Stock Hits All-Time High While SharpLink Begins Recovery

  • Circle's stock (CRCL) reached a new all-time high of $165.60 following its IPO before settling at $154.96, representing a 16% daily gain amid strong trading activity and temporarily halted trading due to extreme volatility.
  • SharpLink Gaming (SBET), which recently acquired $462 million in Ethereum and directed most into DeFi, saw its shares rebound to $14.01 after previously plunging over 70% following an S-3 filing with the SEC that caused investor confusion.

🔍 Four Public US Firms Announce $844 Million Crypto Investment Plans

  • Four publicly-traded US companies announced plans to allocate a combined $844 million to crypto investments, with DDC Enterprise committing $528 million toward acquiring Bitcoin through convertible notes, credit facilities, and equity investment.
  • Other significant allocations include Fold Holdings' $250 million equity facility for Bitcoin purchases, BitMine Immersion Technologies' $16.3 million for Bitcoin acquisition, and Eyenovia's $50 million private placement to build a reserve of Hyperliquid (HYPE) tokens.

⚔️ Tron Eyes Nasdaq Via Reverse Merger, SRM Stock Soars 580%

  • SRM Entertainment, a producer of theme park merchandise, plans to rename itself Tron and has appointed Justin Sun as an advisor, causing its stock to surge by over 580% as the company prepares for a reverse merger to debut on Nasdaq.
  • The company is collaborating with Dominari Securities to facilitate this merger and plans to adopt Tron (TRX) as a treasury reserve asset, signaling deeper integration with cryptocurrency despite ongoing legal challenges from the SEC.

🌊 Flare Network Bridges XRP to DeFi to Unlock Dormant Liquidity

  • Flare Network is facilitating XRP's integration into DeFi through its bridging technology and smart contracts, introducing FXRP, a wrapped form of XRP that allows participation in DeFi protocols.
  • By staking FXRP, users can earn stXRP, a liquid staking token offering yields while maintaining liquidity, potentially directing significant funds from XRP into DeFi and expanding its utility for both retail and institutional investors.

🛢️ ETH as "Digital Oil" Faces Significant Challenges in Market Acceptance

  • A report by top Ethereum stakeholders forecasts ETH reaching $8,000 by June 2025 and potentially $706,000 long-term, comparing it to the $85 trillion oil market, but the "digital oil" analogy faces significant skepticism.
  • The case for ETH's dominance is weakened by competing Layer 1s like Solana and Sui that could claim similar status, as well as by the migration of major Ethereum users to gas-optimized alternatives and the fact that rollups using alternative data availability layers can be significantly cheaper.

Market Metrics

Fundraising & VC
1. EigenCloud (Private Token Sale, $70M) - Developer platform by Eigen Labs
2. Ubyx (Seed, $10M) - Global clearing and settlement network for stablecoins
3. Gradient Network (Seed, $10M) - Decentralized AI runtime on Solana
4. PublicAI (Series A, $10M) - Web3 AI data infrastructure and decentralized marketplace

Regulatory
💰 Thailand Waives Capital Gain Tax On Crypto Sales

  • Thailand's Ministry of Finance has announced a five-year tax exemption on income from cryptocurrency sales, effective from January 1, 2025, to December 31, 2029, applicable only to transactions conducted through licensed crypto asset service providers.
  • The initiative aims to bolster Thailand's status as a global financial hub and foster a regulated cryptocurrency trading environment overseen by the Thai Securities and Exchange Commission.

🏦 Malaysia Launches Digital Asset Sandbox for Stablecoins

  • Malaysia has introduced the Digital Asset Innovation Hub, a regulatory sandbox enabling fintech and digital asset firms to test new technologies under central bank supervision, exploring programmable payments, ringgit-backed stablecoins, and supply chain financing.
  • Prime Minister Anwar Ibrahim emphasized the need for modernized financial infrastructure to position Malaysia as a regional fintech leader, reflecting the country's ambition to cultivate a digitally capable economy.

⚖️ Gemini Accuses CFTC of "Trophy-Hunting Lawfare"

  • Gemini Trust has alleged that the CFTC's Division of Enforcement acted out of a "selfish desire" to advance careers by bringing dubious charges against the exchange, relying on a false whistleblower report from a former operating chief fired for hiding financial losses.
  • In a letter to CFTC Inspector General Christopher Skinner, Gemini claimed it was coerced into settling claims in January 2023 without admitting wrongdoing after facing "relentless investigation and litigation" over nearly seven years.

🏛️ EU Risks Becoming Crypto "Flyover Zone" Between US, Asia

  • The EU risks becoming a "flyover zone" for cryptocurrency due to its slower regulatory response compared to the US and Asia, according to Franklin Templeton's Catriona Kellas, despite previously leading with MiCA regulations.
  • Kellas expressed optimism about upcoming "MiCA 2" updates and noted the EU's pilot project for distributed ledger technology (DLT) aims to provide a regulatory sandbox for crypto firms to test innovations.

💼 CFTC Struggles with Vacancies as Crypto Regulation Looms

  • The Commodity Futures Trading Commission (CFTC) faces significant operational challenges due to a critical vacancy following former Chair Rostin Behnam's resignation and additional commissioner departures, leaving it deadlocked with equal numbers of Democratic and Republican commissioners.
  • Without a majority vote, the CFTC cannot issue new regulations or pursue enforcement actions, hindering its ability to act decisively in the crypto space despite the recent introduction of the Clarity Act that aims to grant it significant regulatory powers over digital commodities.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency is approaching support at 102400 points, which may give a positive reaction. However, a break downwards through 102400 points will be a negative signal. Negative volume balance indicates that volume is high on days with falling prices and low on days with rising prices, which weakens the currency. The currency is overall assessed as technically slightly positive for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is testing support at points 2490. This could give a positive reaction, but a downward breakthrough of points 2490 means a negative signal. Volume has previously been high at price tops and low at price bottoms. This strengthens the currency and indicates increased chance of a break up. The currency is overall assessed as technically slightly positive for the short term.