One of the world’s largest cryptocurrency exchanges, Coinbase, announced on Thursday that it has agreed to acquire Dubai-based crypto derivatives exchange Deribit, for $2.9 billion, marking the largest deal in the crypto sector to date. Coinbase Expands Global Reach With Deribit The acquisition, announced on Thursday, involves a substantial financial commitment, with $700 million in cash and 11 million shares of Coinbase Class A common stock as part of the deal. The transaction is anticipated to close by the end of the year, a timeline that has already positively impacted Coinbase’s stock, with shares rising more than 5% toward the $206 mark following the announcement. Related Reading: Ethereum ‘Extremely Undervalued Against BTC’ – Supply Pressure May Delay Recovery Greg Tusar, Coinbase’s vice president of institutional product, emphasized the strategic importance of the deal, stating that it enhances Coinbase’s ability to compete with major players like Binance. While Coinbase dominates the US market for cryptocurrency trading, it has historically held a smaller share in the global arena, where a significant portion of trading activity occurs on Binance. Acquisition Highlights Deribit has established itself as a powerhouse in the crypto derivatives space, facilitating over $1 trillion in trading volume last year and boasting approximately $30 billion in current open interest on its platform. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers in a statement. He highlighted that this acquisition will not only accelerate the growth of both companies but also provide traders with enhanced opportunities across various trading products, including spot, futures, perpetuals, and options, all under the Coinbase brand. Tusar noted that Deribit’s consistent track record of generating positive adjusted EBITDA is a key factor in the acquisition, suggesting that the combined entity will likely see increased profitability. “One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” he told CNBC. Related Reading: Cardano Approaches Critical Resistance – Break Above Could Trigger Move To $0.80 This acquisition comes at a time when the cryptocurrency industry is benefiting from a supportive regulatory environment, with President Donald Trump’s administration taking a pro-crypto stance. This regulatory tailwind has fueled an increase in mergers and acquisitions within the sector. For instance, in March, US-based crypto exchange Kraken announced its acquisition of NinjaTrader for $1.5 billion, and last month Ripple Labs agreed to buy prime broker Hidden Road. Featured image from DALL-E, chart from TradingView.com
Bitwise taps Icapital’s 100,000-strong advisor network to launch high-octane crypto strategies built for alpha generation, redefining institutional access to the digital asset frontier. Bitwise Leverages Advisor Army to Roll out Next-Gen Crypto Playbook Global crypto asset manager Bitwise Asset Management announced on May 7 a new partnership with fintech investment platform Icapital, aimed at expanding
While the market saw notable bullish action on Wednesday, Ethereum’s price struggled to attract gains as it faced a strong barrier. However, ETH’s recent price performance hints at a potential recovery, which suggests a continuation of the renewed upsurge. Technical Chart Pattern Signals Rally For Ethereum Ethereum has moved briefly above the $1,900 mark following market resurgence. While the upward move might not appear significant, the second-largest digital asset is showing fresh signs of strength due to an emerging bullish chart pattern on the 1-day time frame. Specifically, Trader Tardigrade, a crypto analyst, has revealed a Bull Pennant Pattern on the 1-day chart, hinting at a possible shift in momentum. A Bull Pennant formation is a bullish technical pattern that signals a continued upward trend. Similar to a triangular pennant, it is created when a period of consolidation occurs following a significant price increase, during which the price moves within a narrowing range. This consolidation is determined by converging trend lines, while a breakout above the upper trendline confirms the continuation of the uptrend. According to the expert, Ethereum is currently breaking out of the bull pennant pattern after a breakout from the trendline. ETH’s surpassing the trendline indicates growing upward momentum, increasing the possibility of a significant rebound and the beginning of a new rally in the short term. With the altcoin building strength after the breakout, Trader Tardigrade has predicted a rally back to the $2,250 level. A move above the crucial price mark is likely to trigger a prolonged uptrend and attract broader market confirmation. In a previous post, Trader Tardigrade reported a bullish signal from the ETH’s Stochastic Indicator. Despite the prior volatile period, the Stochastic indicator is showing a potential rebound from the oversold zone. ETH’s price is also exhibiting a similar move as it gears up for a bounce to $3,200. Trader Tardigrade’s prediction is based on past trends where ETH’s price surged as the stochastic indicator recovered from an oversold zone. As observed in the past, the development occurred 3 times within the last 2 years, triggering over 100%, 169%, and 99% upswings, respectively. Spot Volume For ETH Cooling Off Amid previous bearish price movements, Ethereum Spot volume experienced a steady decline. However, Darkfost, an on-chain expert and author, highlighted that the cool-off “might actually be a good sign.” Darkfost has underlined two interesting metrics. He noted that bubbles are used to represent spot volume , and the larger the bubble, the higher the volume. Also, the rate of volume change is represented by the color of each bubble. Given that ETH has recently been undergoing a correction , its spot volume drop in such a context might aid in reducing volatility. Consequently, this may help alleviate the selling pressure that has been influencing the market. In order to prevent misconceptions, Darkfost has stated that the development does not mean that ETH has reached a bottom, urging investors to stay cautious.
Prepare for a potentially game-changing move in the world of corporate finance and cryptocurrency! A significant announcement from a Nasdaq-listed company is poised to send ripples (pun intended) through both traditional markets and the crypto space. Wellgistics Health, a major player in pharmaceutical distribution and healthcare infrastructure, has revealed plans that could see them become the first publicly traded company to hold XRP as a treasury reserve asset. Why is Wellgistics Health Looking at XRP and Ripple? In a recent press release, Wellgistics Health outlined a bold new initiative. Their goal is twofold: first, to incorporate XRP into their corporate treasury holdings, and second, to leverage Ripple’s real-time settlement infrastructure for their operations. This isn’t just about dabbling in crypto; it’s a strategic exploration into how digital assets and blockchain technology can be integrated into the core financial operations of a large, established company. The potential implications are vast. If successful, Wellgistics Health would indeed make history as the first listed company to publicly announce holding XRP as a reserve asset. This move signals a growing interest among traditional businesses in exploring cryptocurrencies beyond speculative trading, viewing them instead as potential tools for treasury management and operational efficiency. What is Ripple Real-Time Settlement and How Could Wellgistics Use It? Beyond just holding XRP , Wellgistics Health’s initiative includes adopting Ripple’s real-time settlement infrastructure. Ripple’s technology, particularly its solutions like RippleNet, aims to facilitate faster, cheaper, and more transparent cross-border payments and settlements. For a company like Wellgistics Health, which likely deals with numerous suppliers, partners, and potentially international transactions, efficient settlement is crucial. Imagine the current process for international payments or even large domestic settlements. It can involve multiple intermediaries, take days to clear, and incur significant fees. Ripple’s technology, utilizing digital assets like XRP for liquidity (though their core RippleNet doesn’t *require* XRP for all transactions, it’s designed to leverage it for speed and cost efficiency via On-Demand Liquidity), could potentially streamline these processes dramatically. Wellgistics Health could see benefits such as: Increased Speed: Settlements could occur in seconds, rather than days. Reduced Costs: Lower transaction fees compared to traditional banking methods. Enhanced Transparency: Greater visibility into the payment flow. Improved Liquidity Management: Potentially easier access to funds globally. The press release suggests Wellgistics Health sees these potential efficiencies as key drivers for the initiative. Adopting real-time settlement could significantly impact their operational bottom line and improve relationships with partners by enabling faster payments. Funding the Initiative: The $50 Million ELOC To support this ambitious undertaking, Wellgistics Health plans to launch a $50 million equity line of credit (ELOC) program. An ELOC allows a company to borrow funds as needed, up to a certain limit, by issuing shares. This provides Wellgistics Health with flexible access to capital, which could be used for various purposes related to the initiative, such as: Acquiring the initial XRP holdings for the treasury. Investing in the necessary technology and infrastructure to integrate with Ripple’s network. Covering initial operational costs associated with the transition. Providing working capital flexibility during the implementation phase. The decision to use an ELOC indicates that Wellgistics Health is committed to funding this exploration without necessarily dipping into existing cash reserves heavily upfront. It allows them to scale their investment and integration efforts as the initiative progresses and demonstrates confidence from their financial partners. The Significance of Corporate Crypto Adoption by a Listed Company This move by Wellgistics Health is a significant data point in the broader trend of corporate crypto adoption . While many tech companies and financial firms have explored or adopted crypto in various ways, seeing a company from the healthcare and pharmaceutical distribution sector make such a move is noteworthy. It suggests that the potential use cases for digital assets and blockchain technology are expanding beyond the traditional crypto-native or tech industries. For corporate crypto adoption to truly go mainstream, companies in diverse sectors need to identify tangible benefits. Wellgistics Health’s focus on treasury management (holding XRP) and operational efficiency (using Ripple for settlement) highlights two key areas where traditional businesses can see value. Their success or challenges in this initiative will be closely watched by other companies considering similar moves. This development could also influence the perception of XRP and Ripple’s technology among institutional players. While Ripple has faced regulatory challenges regarding XRP’s status in the past, a successful integration by a Nasdaq-listed company for practical business use cases could bolster confidence and demonstrate the utility of the technology and the asset beyond speculative trading. Potential Challenges and Considerations While the announcement is exciting, it’s important to consider the potential challenges Wellgistics Health might face: Regulatory Uncertainty: The regulatory landscape for cryptocurrencies, including XRP , is still evolving in many jurisdictions. Wellgistics Health will need to navigate this complex environment carefully. Market Volatility: Holding XRP as a treasury asset exposes the company to the inherent volatility of the cryptocurrency market. This could impact their balance sheet value. Technical Integration: Integrating Ripple’s settlement infrastructure with existing legacy systems can be complex and require significant technical expertise and investment. Public Perception: As the first listed company to potentially hold XRP , Wellgistics Health may face scrutiny or questions from investors, analysts, and the public regarding the risks and benefits. The success of this initiative will depend on Wellgistics Health’s ability to effectively manage these challenges while realizing the potential benefits of speed, cost savings, and efficiency offered by real-time settlement and digital asset treasury. What This Means for the Future of Corporate Finance Wellgistics Health’s initiative, if successful, could serve as a blueprint for other companies considering corporate crypto adoption . It demonstrates a potential pathway for established businesses to leverage digital assets not just as investments, but as integral components of their financial and operational strategies. The focus on real-time settlement is particularly relevant for any business involved in frequent or large-scale transactions, domestically or internationally. We are likely to see more companies explore similar initiatives as the technology matures and regulatory clarity improves. The move by Wellgistics Health highlights the increasing convergence of traditional finance and the digital asset space, pointing towards a future where blockchain and cryptocurrencies play a more significant role in everyday business operations. Conclusion: A Bold Step for Wellgistics Health, XRP, and Corporate Crypto Wellgistics Health’s announcement regarding an XRP treasury and the adoption of Ripple’s real-time settlement infrastructure is a bold and potentially historic step. As a Nasdaq-listed company, their exploration into holding a major cryptocurrency like XRP as a reserve asset could pave the way for broader corporate crypto adoption across various industries. While challenges exist, the potential benefits in terms of speed, cost, and efficiency offered by Ripple’s technology are clear drivers for this initiative, supported by a $50 million ELOC program. The coming months will be crucial in observing how Wellgistics Health navigates this new territory and whether their pioneering move inspires others to follow suit, further blurring the lines between traditional corporate finance and the innovative world of digital assets. To learn more about the latest corporate crypto adoption trends, explore our article on key developments shaping XRP and Ripple institutional adoption.
Alex Mashinsky, the founder of failed crypto lender Celsius Network, has been sentenced to 12 years in prison for defrauding hundreds of thousands of customers who were drawn in by the company’s promises of high returns on digital-asset deposits. US District Judge John Koeltl handed down the ruling on Thursday in Manhattan, marking one of the most significant penalties to emerge from the wave of crypto collapses in 2022. Prosecutors Demanded 20 Years, Calling Mashinsky’s Actions Deliberate and Dishonest Mashinsky, 59, pleaded guilty in December to two counts of fraud. Prosecutors had urged the court to impose a 20-year sentence , calling him “unrepentant” and accusing him of downplaying his misconduct after entering a guilty plea. BREAKING: Celsius founder, Alex Mashinsky, sentenced to 12 years in prison pic.twitter.com/kwwvgvQHZh — Autism Capital (@AutismCapital) May 8, 2025 In contrast, his attorneys requested a one-year sentence, claiming he had accepted responsibility and that the company’s failure stemmed from wider market turmoil. Judge Koeltl rejected that argument and delivered a sentence that reflected the scale of the deception. Celsius Claimed to Disrupt Banks, but Met Its End in a Classic Bank Run Founded in 2017, Celsius positioned itself as a people-first alternative to traditional banks, offering unusually high yields on crypto deposits. Customers could earn double-digit returns by allowing Celsius to lend their assets to institutions. The business attracted billions in crypto deposits, but cracks emerged when the broader market began to falter in mid-2022. As crypto prices fell and a series of scandals rattled investor confidence, Celsius customers rushed to withdraw their funds. The firm was unable to meet the demand. In June 2022, it froze withdrawals and filed for Chapter 11 bankruptcy the following month, revealing a massive hole in its finances. Celsius Used Investor Money to Prop Up Token and Pay Promised Returns Prosecutors accused Mashinsky of knowingly misleading customers about how safe and profitable Celsius really was. They said he directed employees to use customer deposits to pay the high yields the company had promised. At the same time, Celsius was quietly making risky, unsecured loans behind the scenes. In addition, Mashinsky misled investors about the company’s crypto reserves. He also falsely claimed he was not selling his personal CEL token holdings. According to prosecutors, Celsius manipulated the token’s price to maintain the illusion that the company was financially strong. Mashinsky ultimately admitted to lying about Celsius’s financial health to attract Bitcoin deposits and misleading CEL token investors about the token’s value and his personal stake. His sentencing follows the 25-year prison term handed to former FTX CEO Sam Bankman-Fried , who is currently appealing his conviction. The post Celsius Boss Alex Mashinsky Sentenced to 12 Years in Crypto Fraud Case appeared first on Cryptonews .
Bitcoin mining firm MARA Holdings faces significant financial challenges, reporting a staggering $533 million net loss in Q1 2025 due to new accounting rules impacting unrealized gains. This drastic loss
Are you following the latest developments in cryptocurrency regulation around the globe? The landscape is constantly shifting, and recent news from the Middle East highlights a significant pushback against unauthorized digital asset activities. Specifically, Kuwait crypto mining operations are facing intense scrutiny, leading to a major crackdown by authorities. What’s Behind Kuwait’s Crypto Mining Crackdown? Kuwait has taken decisive action against what it deems illegal crypto mining . The core issue, according to officials, is the immense strain these operations place on the nation’s power grid. Unlike traditional computing tasks, cryptocurrency mining, particularly using proof-of-work algorithms like Bitcoin’s, consumes vast amounts of electricity. This becomes a critical concern, especially as summer temperatures rise, pushing energy demand to peak levels. Here’s a breakdown of the recent actions: Authorities questioned 116 individuals suspected of involvement in illegal mining activities. A total of 31 investigations have been launched. These investigations span across 59 different properties identified as housing unauthorized mining setups. This isn’t a sudden development. Kuwait implemented a nationwide crypto mining ban back in 2023. This ban was part of a broader regulatory move to control digital assets within the country, citing risks associated with market volatility, potential misuse in illicit activities, and the significant energy consumption. The Impact of Illegal Crypto Mining on Power Grids The primary justification for the crackdown is the impact on the national power grid strain . Cryptocurrency mining requires powerful computers (often ASICs or GPUs) running continuously. A single, large-scale mining farm can consume as much electricity as a small town. When numerous such operations are running illegally, bypassing official metering or operating in residential areas not equipped for such loads, it can lead to: Increased demand, potentially causing blackouts or brownouts during peak times. Damage to local infrastructure not designed for constant, heavy loads. Higher energy costs for legitimate consumers due to increased overall demand and system stress. Environmental concerns related to the increased carbon footprint from energy generation. Reports have suggested the scale of the problem in Kuwait is considerable, with some estimates pointing to over 1,000 illegal mining sites operating before the current enforcement push. The summer heat only exacerbates the issue, as air conditioning demand skyrockets, putting additional pressure on the grid. Navigating the Crypto Mining Ban in Kuwait For individuals or entities considering or currently engaged in crypto mining in Kuwait, the message from authorities is clear: it is prohibited. The 2023 crypto mining ban makes any such operation illegal, regardless of scale. The current crypto crackdown serves as a strong deterrent and shows that the government is serious about enforcing this regulation. What does this mean for the cryptocurrency scene in Kuwait? Legitimate cryptocurrency trading and investment might still be possible, but the act of validating transactions through mining within the country is not. Those caught operating illegal sites face potential legal consequences, including fines, equipment confiscation, and possibly imprisonment, as evidenced by the ongoing investigations and questioning. The focus shifts towards compliance and understanding the specific regulations governing digital assets in Kuwait. The risks associated with operating illegally have significantly increased. Authorities are actively identifying and shutting down these sites, often tipped off by unusual power consumption patterns. Actionable Insights for the Crypto Community If you are in Kuwait or involved in the regional crypto space, here are some key takeaways: Understand the Law: Be fully aware of Kuwait’s 2023 crypto mining ban and other regulations concerning digital assets. Ignorance is not a defense. Avoid Illegal Activities: Do not engage in cryptocurrency mining within Kuwait’s borders. The risks of being caught and facing severe penalties are high. Monitor Regulatory Updates: The regulatory environment for cryptocurrencies is dynamic globally. Stay informed about any changes in Kuwait and neighboring countries. Consider Compliant Alternatives: If interested in crypto, explore legal avenues like trading on regulated exchanges (if available and permitted) or investing in crypto-related businesses outside of mining within the country. Assess Regional Differences: Regulations vary significantly from country to country. What is legal in one Gulf nation may be illegal in another. The ongoing crypto crackdown in Kuwait is a stark reminder that energy consumption and regulatory compliance are major factors influencing the legality of crypto mining worldwide. As more countries grapple with the energy demands of mining and seek greater control over digital assets, similar enforcement actions may become more common. Conclusion: A Clear Message from Kuwait Kuwait’s recent actions, questioning 116 individuals and launching numerous investigations, send a clear and unequivocal message: illegal crypto mining will not be tolerated. Driven by concerns over power grid strain and operating under a nationwide crypto mining ban , the government is actively working to dismantle unauthorized operations. This aggressive crypto crackdown highlights the significant challenges that energy-intensive digital activities face in regions prioritizing grid stability and regulatory control, especially as seasonal demands like summer heat intensify the pressure. For anyone involved or interested in the crypto space in Kuwait, compliance with the established laws is paramount to avoid severe consequences. To learn more about the latest crypto crackdown trends and global cryptocurrency regulations, explore our articles on key developments shaping the crypto landscape.
On May 9th, COINOTAG reported a significant movement in the cryptocurrency market as a notable whale deposited 3.36 million USDC to HyperLiquid. This transaction was notably coupled with a high-leverage
The Bitcoin mining firm saw its earnings plummet as accounting rules forced it to face unrealized losses for its massive crypto holdings.
Bitcoin price started a fresh surge above the $100,000 zone. BTC is rising and might aim for a move toward the $105,000 resistance. Bitcoin started a strong increase above the $98,500 resistance zone. The price is trading above $100,500 and the 100 hourly Simple moving average. There is a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $104,200 zone. Bitcoin Price Surges Over 8% Bitcoin price started a fresh increase from the $95,500 support zone . BTC formed a base and was able to clear the $98,000 resistance zone. The bulls even pushed the price above $100,000. The pair spiked above $103,500 and tested $104,200. A high is formed at $104,082 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high. Bitcoin is now trading above $100,500 and the 100 hourly Simple moving average . There is also a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $103,500 level. The first key resistance is near the $104,500 level. The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level. Are Dips Supported In BTC? If Bitcoin fails to rise above the $103,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $102,200 level. The first major support is near the $100,000 level and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high. The next support is now near the $98,800 zone. Any more losses might send the price toward the $97,500 support in the near term. The main support sits at $96,200. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $102,200, followed by $100,000. Major Resistance Levels – $104,200 and $105,000.