While the IMF has required limitations on public-sector crypto engagement as part of a $1.4 billion loan agreement, El Salvador’s Bitcoin Office has continued purchasing one BTC per day. This strategy appears to have paid off, as the country now holds a massive trove of unrealized gains worth over $357 million, driven by Bitcoin’s recent rally as the cryptocurrency inches closer to breaking its previously established all-time high. El Salvador’s BTC Treasure Trove President Nayib Bukele shared a screenshot on X that revealed that El Salvador’s BTC portfolio, which is now worth more than $644 million, was built on an initial investment of $287.1 million. As such, this has translated into over 124% profit margin. Despite ongoing scrutiny from global financial institutions, El Salvador has remained firm in its BTC accumulation strategy. Bukele, who led the move to legalize Bitcoin in 2021 as a means of boosting financial inclusion, has consistently dismissed external pressure to roll back the program. According to the data compiled by Bitcoin Treasuries, the Central American country’s holdings of 6,181 BTC position it as the sixth-largest sovereign BTC holder across the world, with the US topping the list, followed by China, the UK, Ukraine, and Bhutan, respectively. Bitcoin Bet Marches On Despite IMF Constraints Last December, El Salvador agreed to scale back its Bitcoin-focused policies as part of a financing arrangement with the International Monetary Fund. The package , which includes a $1.4 billion loan and is expected to total over $3.5 billion, came with conditions that aimed to reduce crypto activity in the country. The IMF had previously warned of possible risks tied to El Salvador’s BTC holdings. Complying with the deal, lawmakers approved reforms in January of this year, such as making Bitcoin acceptance optional for businesses rather than mandatory. However, Bukele made it clear that the cryptocurrency remains a central part of his vision. In a post on X, the country’s President insisted that the buying strategy will continue despite international agreements while asserting that El Salvador stood firm even when it was globally criticized and largely abandoned by the broader crypto community. The post El Salvador’s Bitcoin Holdings Surge to $644M, Generating $357M in Unrealized Gains appeared first on CryptoPotato .
Following a slew of companies last week revealing similar plans, Digiasia Corp. announced a commitment to establish a bitcoin treasury reserve, potentially raising up to $100 million to acquire BTC, as its shares surged 93% by 1 p.m. ET on Monday. Digiasia Eyes $100 Million to Build Bitcoin Treasury The fintech firm Digiasia Corp. (Nasdaq:
The lender’s CEO has been a vocal critic of cryptocurrencies.
Bitcoin (BTC) has continued to show strength following a resilient recovery from its April lows. The cryptocurrency is currently trading around $104,921. Notably, after dipping below $80,000 amid heightened U.S.-China tariff tensions, Bitcoin rebounded strongly, gaining approximately 25% in April alone before a further surge this month. Renewed institutional interest has bolstered this upward momentum, including significant inflows into spot Bitcoin ETFs from firms like BlackRock and Fidelity. That said, in this bullish environment, market analyst “apsk32” has projected that Bitcoin could reach $220,000 by the end of 2025 if its historical correlation with gold remains intact. In a recent tweet , the pundit argued that Bitcoin’s price movements continue to reflect long-term patterns tied to gold, not fiat currencies like the U.S. dollar, which he claims distorts BTC’s real value due to inflation. “The peg to fiat hides the truth,” he stated, citing a valuation model that prices Bitcoin in ounces of gold rather than dollars. The model uses a power-law function, a mathematical formula that accounts for Bitcoin’s cyclical nature. According to the analyst, Bitcoin currently represents over 643 million ounces of gold in market capitalization. This relationship, he suggested, puts the digital asset on track to match or exceed $220,000 in the coming months, assuming gold’s rally continues and Bitcoin maintains its historical pattern of lagging gold’s movements by a few months. Notably, Gold recently reached a record price of $3,500 per ounce, forming what the analyst describes as a “very bright” backdrop for Bitcoin. Although a theoretical top of $444,000 is possible based on this model, the analyst noted he believes $220,000 is a more realistic ceiling for 2025. But the journey to that target is not without obstacles. Market data shows a significant liquidity barrier between $105,000 and $110,000, where large sell orders could suppress upward momentum. Key support is seen at around $98,000 to $100,000, a level some analysts call “critical” for sustaining the uptrend. Elsewhere, Michael van de Poppe, a popular crypto trader and founder of MN Trading, echoed this sentiment, stating that Bitcoin needs to hold above $98,000 to continue its bullish momentum. “ It’s the last major consolidation before the breakout, ” he said. Meanwhile, other prominent voices have weighed in with similar bullish predictions. Robert Kiyosaki, author of Rich Dad Poor Dad , doubled down on his support for Bitcoin, calling it a hedge against a collapsing central banking system. “ I predict Bitcoin climbs to $250K this year. Buy more. Do not sell ,” he urged his followers on Saturday However, not all indicators point to a smooth ride. According to crypto analytics platform Glassnode, Bitcoin’s short-term correlation to gold has recently dropped to -0.54, its lowest since February, implying that in the short run, BTC and gold are currently moving in opposite directions. Still, long-term correlations remain intact, with 90-day and 365-day values at 0.39 and 0.60, respectively.
Cryptocurrencies regained footing on Monday after a rocky start to the trading session, mirroring a broader recovery in risk assets as traders digested Moody’s downgrade of U.S. government bonds. Bitcoin BTC notched a strong rebound after slipping to as low as $102,000 early in the U.S. session, following its record weekly close at $106,600 overnight. The largest cryptocurrency by market cap climbed back to $105,000 in afternoon trading, up 0.4% over 24 hours. Ether ETH rose 1.2%, reclaiming the $2,500 level. DeFi lending platform Aave AAVE outperformed most large-cap altcoins, while the majority of the broad-market CoinDesk 20 Index members still remained in the red despite advancing from their daily lows. Solana SOL, Avalanche AVAX and Polkadot DOT were down 2%-3%. The bounce extended to U.S. stocks, too, with the S&P 500 and Nasdaq erasing their morning decline. The early pullback in crypto and stocks came after Moody’s late Friday downgraded the U.S. credit rating from its AAA status. The move rattled bond markets, pushing 30-year Treasury yields above 5% and the 10-year note to over 4.5%. Still, some analysts downplayed the downgrade's long-term impact on asset prices. "What does [the downgrade] mean for markets? Longer-term – really nothing," said Ram Ahluwalia, CEO of wealth management firm Lumida Wealth. He added that in the short term there might be some selling pressure centered on U.S. Treasuries due to large institutional investors rebalancing, as some of them are mandated to hold assets only in AAA-rated securities. "Moody’s is the last of the three major rating agencies to downgrade U.S. debt. This was the opposite of a surprise – it was a long time coming," Callie Cox, chief market strategist at Ritholtz Wealth Management, said in an X post. "That’s why stock investors don’t seem to care." Bitcoin targets $138K this year While BTC hovers just below its January record prices, digital asset ETF issuer 21Shares sees more upside for this year. "Bitcoin is on the verge of a breakout," research strategist Matt Mena wrote in a Monday report . He argued that BTC's current rally is driven not by retail mania, but by a confluence of structural forces, including institutional inflows, a historic supply crunch and improving macro conditions that suggests a more durable and mature path to fresh all-time highs. Spot Bitcoin ETFs have consistently absorbed more BTC than is mined daily, tightening supply while major institutions, corporations such as Strategy and newcomer Twenty One Capital accumulate and even states explore creating strategic reserves. These factors combined could lift BTC to $138,500 this year, Mena forecasted, translating to a roughly 35% rally for the largest crypto.
On May 20th, COINOTAG reported significant activity on the cryptocurrency front, particularly concerning a notable address that has taken a short position on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)
Bitcoin-focused investment firm Strategy and its co-founder Michael Saylor are facing a class action lawsuit alleging they violated federal securities laws. Investors allege the company made “materially false and misleading statements” about its profitability. Plaintiff Anas Hamza and other investors filed the lawsuit Friday in the U.S. District Court for the Eastern District of Virginia through the law firm Pomerantz LLP. The lawsuit specifically covers the period from April 2024 to April 2025 and alleges that Strategy overstated the profitability of its “Bitcoin-focused investment strategy” and the risks associated with Bitcoin’s volatility. “As a result of the defendants’ unlawful acts and negligence and the sudden decrease in the market value of the company’s securities, the plaintiff and other community members have suffered significant damage,” the complaint stated. Related News: Is History Repeating Itself in Bitcoin? Analysis Company Predicts BTC's Movement in the Coming Days Based on Previous Data! Not only Saylor, but also the company's CEO Phong Le and CFO Andrew Kang are among the defendants in the lawsuit. The complaint also notes that Strategy adopted the Financial Accounting Standards Board’s (FASB) new regulation, ASU 2023-08, at the beginning of 2025. This regulation requires public companies to report cryptocurrencies at fair value in their financial statements and reflect these value changes in the income statement. Strategy previously used an accounting model that only recognized losses on decreases in value and did not consider increases in value unless sales occurred. Investors claim that the company has been presenting unrealistic and optimistic performance evaluations to the public even after switching to the new accounting standard. The company is alleged to have disregarded the huge losses that could have occurred after fair valuation while sharing positive figures such as “BTC Return,” “BTC Earnings,” and “BTC Dollar Earnings.” Strategy did not issue a press release on the matter, but did address the lawsuit in an SEC filing on Monday: “The complaint seeks unspecified damages, interest, attorneys' fees and other legal expenses on behalf of the community. We intend to vigorously defend against these claims. It is not possible for us to predict the outcome of this lawsuit or estimate potential damages at this time.” *This is not investment advice. Continue Reading: Big Bitcoin Bull Michael Saylor’s Company Hit with Lawsuit Shock: They Had Just Purchased BTC Today
Businesses providing crypto services in the UK will be required to collect more extensive user and transaction data by next year. The HM Revenue and Customs (HMRC) says the new rule covers all UK-based reporting crypto-asset service providers (RCASPs), which include exchanges, brokers, dealers, and any firm that transacts with digital assets on behalf of users or provides a platform for the transactions. The government will implement the policy as part of the Crypto-Asset Reporting Framework (CARF), a global initiative that promotes the exchange of information between countries to address tax evasion risks related to digital assets. “From 1 January 2026, if you provide cryptoasset services in the UK, you’ll have new responsibilities for collecting data and reporting it to HMRC . This is because the UK is introducing the Organisation for Economic Development (OECD) Cryptoasset Reporting Framework (CARF), and extending it to include domestic reporting.” Crypto firms will have to collect data such as names, dates of birth, addresses and country of residence for individual users and business names and addresses for entity users, which include companies, partnerships, trusts and charities. For transactions involving users based in the UK or other countries participating in the CARF, crypto firms need to record the type of crypto asset and transaction involved as well as the value and number of units. The HMRC urges crypto firms to verify the accuracy of the information they collect since there will be penalties of up to £300, or around $399, per user for inaccurate, incomplete or unverified reports. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Crypto Firms To Report Every Single Transaction Under New UK Laws appeared first on The Daily Hodl .
Key Takeaways: Russia’s darknet markets grew 68% while global sales fell 15%. Strict KYC pushes darknet vendors toward DeFi platforms. Monero gains traction as darknet operators ditch traceable Bitcoin. Blockchain analytics firm Chainalysis has reported a 15% decline in global cryptocurrency sales across darknet markets in 2024, according to a data-driven blog post on May 16. Altogether, these markets brought in just over $2 billion in Bitcoin, while fraud shops dealing in stolen or counterfeit goods saw around $225 million in inflows. However, this overall slowdown wasn’t universal. Russia’s darknet market defied the trend, recording a 68% surge in crypto sales, which indicates a sharp regional divergence in illicit crypto activity. Why is “Kraken” (Darknet Market) Dominating Russia’s Underground Economy? The global darknet markets continue to evolve, and Russia is at the center of a surprising shift. In 2024, most countries saw crypto sales on darknet markets fall , but not Russia. Chainalysis revealed that the top Russia-based darknet markets remained dominant, but one stood out. The “Kraken” darknet market (unrelated to the legitimate Kraken crypto exchange) surpassed Mega to become the highest-earning darknet market of the year. While Mega’s revenue fell by over 50% year over year, the Kraken darknet market saw a dramatic 68% rise. Kraken darknet market leads by 68% | Source: Chainalysis By the end of 2024, the Kraken darknet market had generated $737 million in on-chain crypto sales. Meanwhile, Blacksprut, which initially gained traction alongside Mega, saw its revenue drop by 13.6%. Crypto sales are only part of the story. Russia’s darknet markets are steadily evolving as vendors grow savvier and more coordinated, increasingly outsourcing key functions—hosting, payments, and logistics—to turnkey providers like iKlad.biz and Klad.cc. When Hydra Market collapsed in 2022, its network didn’t disappear. Former affiliates simply regrouped, tapping into the same shadowy ecosystem now driving Kraken’s expansion. Authorities are also pushing hard against this underground resurgence. For example, in December 2024, a Russian court sentenced Stanislav Moiseyev, Hydra’s founder, to life in prison. Fifteen of his associates received sentences ranging from 8 to 23 years. In the U.S., federal authorities arrested Taiwanese national Rui-Siang Lin in May 2024. Lin allegedly ran Incognito Market, a darknet market that disappeared after an exit scam in March. Investigators linked Lin to crypto transfers made to an exchange account in his name. His charges include a wide range of cyber and financial crimes . But criminals are adapting. Bitcoin, once the currency of choice, now poses a risk due to its traceability. Many darknet market operators are switching to Monero, a privacy coin that hides transaction details. Monero’s activity, however, lies beyond the scope of the Chainalysis report. DeFi Creates New Illicit Loophole for Darknet Market Vendors The report also observed a changing trend. Over the past few years, darknet market vendors used centralized exchanges (CEXs) to convert crypto to cash, but this changed in 2024. Vendors increasingly moved funds to decentralized finance (DeFi) platforms instead. Darknet vendors moved from CEXs to DeFi in 2024 | Source: Chainalysis Vendors sent more of their earnings to DeFi platforms and personal wallets than ever before. While CEXs still play a major role in the crypto sales cycle, DeFi is now a rising alternative. The appeal is simple. DeFi offers extra privacy and lighter oversight, letting users bypass KYC checks and other red tape, which makes it a convenient way for criminals to cash out quietly. Retail vendors are storing more crypto on-chain, while wholesale vendors are leaning heavily on DeFi. This results in a more fragmented and harder-to-trace web of darknet market transactions. Frequently Asked Questions (FAQs) What new strategies are emerging in the darknet market ecosystem? Following the closure of major darknet markets, new models like Telegram-only marketplaces and platform mergers have appeared. For example, Haowang Guarantee was a massive Telegram-based black market that processed illicit transactions worth $27 billion before Telegram shut it down in May 2025. What role does AI play in detecting illicit transactions in crypto and DeFi? AI can help detect money laundering in crypto better than traditional methods. Some newly trained AI models can spot tricky transaction patterns that humans might miss. For instance, Lucinity is an AI-powered graph analysis product that can map wallet connections to find money laundering schemes. The post Russia’s ‘Kraken’ Darknet Market Crypto Sales Soar 68% as Global Trade Falls appeared first on Cryptonews .
Moody’s is now the third credit rating agency to downgrade the country’s debt after Standard & Poor’s in 2011 and Fitch in 2023. Moody’s U.S. Rating Cut Sends Bitcoin Back Above $105K The U.S. lost its perfect credit rating on Friday after rating agency Moody’s downgraded U.S. debt from “Aaa” to “Aa1,” citing concerns about