U.S. Treasury Secretary Scott Bessent has expressed strong opposition to the idea of a central bank digital currency (CBDC), describing it as a 'sign of weakness'. Bessent's stance was made clear in recent statements where he firmly stated that he would not support the Federal Reserve issuing a digital currency. Bessent's comments align with his belief that digital assets should remain within the private sector, further emphasizing his position against a Fed-issued CBDC. Additionally, Bessent has noted that Bitcoin is becoming recognized as a store of value. This perspective was shared in response to inquiries about the potential role of digital currencies in the U.S. financial system. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
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Bitcoin maxis say, “Never sell your Bitcoin.” They repeat it when the market crashes to urge people not to dump their BTC in a loss out of panic and fear. They repeat it when the price is going up because they believe that no matter how high the cost is in relation to previous levels, it is still negligible in comparison to the future levels. So if they never sell, why do they care about its price (oh, they do)? Table of Contents The message behind HODL “Never sell Bitcoin to whales” A man who claims he will never sell Bitcoin The message behind HODL The term “hodl” is one of the staples of hardcore bitcoiners. It is a misspelled word “hold.” The history behind the term captures the spirit of the “Never sell your Bitcoin” attitude pretty well. The “hodl” term dates back to a 2013 thread on the Bitcointalk forum. The original post was written by a tipsy hobby investor using a GameKyuubi moniker. His message titled “I AM HODLING” was a rant perfectly lousily worded amidst the Bitcoin price downfall (and the OP’s untimely tiff with a girlfriend). In the message, GameKyuubi calls himself a bad trader and reveals he will hold Bitcoin instead of trying to time the market as good traders do. “You only sell in a bear market if you are a good day trader or an illusioned noob. The people in between hold. In a zero-sum game such as this, traders can only take your money if you sell.” GameKyuubi’s post struck a nerve, and folks on the forum responded to it with multiple urges to HODL, a meme (and a term used until the present day) was born. 5/ That’s when GameKyuubi wrote his famous thread. 💎 💎 💎 I AM HODLING 💎 💎 💎 "BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER." He poured his soul out to the forums 🧡 pic.twitter.com/XPcsLEHRdH — The Bitcoin Historian (@pete_rizzo_) March 1, 2025 If we think about GameKyuubi’s message, we’ll see that he wasn’t against taking profits at all. He just didn’t know when to sell his bitcoins in exchange for fiat money, so he decided not to do that to avoid being “a bad trader.” Many interpret the “Never sell Bitcoin” principle not literally. In one of the discussions on the topic on Reddit, many bitcoiners admitted that they just don’t exchange their bitcoins for dollars. Instead, they continue to buy more Bitcoin and hold it until they need a substantial amount of money. They may sell their BTC if they buy a car or make other costly purchases. Some spend their sats to pay their rent but leave the rest of the profits in Bitcoin and don’t plan to sell it. So, they think that it’s better to hold money in Bitcoin rather than in fiat money. Bitcoin is a savings currency for them, as they believe in Bitcoin’s long-term price appreciation. It’s understood that for these people, Bitcoin’s price is an important metric, even if they haven’t sold it for years. “Never sell Bitcoin to whales” Whales are the holders of large crypto bags worth millions. In the 2020s, the Bitcoin price trajectory became heavily influenced by whale transactions. The chart indicating the correlation between Bitcoin price and the number of transactions made by the wallets holding over 10,000 BTC looks almost like mountains reflected in the lake–whenever the amount of whales’ transactions goes up, the price goes down, and vice versa. These curves may seem inverted in relation to each other. If we take a closer look at the segment where GameKuubi writes, “In a zero-sum game , traders can only take your money if you sell,” we may see the reflection of another popular motto: “Never sell your Bitcoin to whales.” Whales will buy your bitcoins at any price at any time. However, the chances you will be able to re-purchase what you sold are small as Bitcoin’s price keeps on moving up, and whales are not avid sellers. Read more: Dormant whale awakens after 8 years, moves $250m worth of Bitcoin: Arkham A man who claims he will never sell Bitcoin Michael Saylor of Strategy is probably the most radical follower of the “Never sell your Bitcoin” creed. His company follows the “Bitcoin standard” and sells its shares and takes on debt while buying more and more Bitcoin. Strategy (formerly MicroStrategy) has been buying Bitcoin since 2020. It already holds over 500,000 BTC (over 2.5% of the total supply), and Saylor claims he will never sell Bitcoin. Once, he said that destroying the keys from the wallets with substantial amounts of Bitcoin was not a bad idea. Saylor urges corporations and the U.S. government to use his blueprint and start accumulating Bitcoin. According to him, those who control the biggest share of the total 21,000,000 units of Bitcoin will have the most influence in the future. This vision suggests that the price of Bitcoin is not as important as having as much bitcoin as possible (“we are still early,” “Bitcoin is still undervalued”). It is reflected in the randomly looking dates of Strategy’s purchases of huge amounts of Bitcoin, often on the “wrong” days when the price is high (for this, Saylor was even jokingly called “one of the worst crypto traders in modern history”). However, the price of Bitcoin is still important for the company as it affects the value of Strategy’s shares (MSTR) and the further planning of the Bitcoin-based strategy. According to Saylor, if the BTC price drops to $1, he will just buy all the bitcoins. Having one of the biggest stacks of bitcoins and having no intention to sell it draws broad philosophical questions like what it means to be rich. However, let’s leave it at this. You might also like: Media report Michael Saylor is going to burn his private keys as he dies. See what he actually said
The latest updates from COINOTAG reveal significant developments in the world of crypto regulation. As of May 7th, former President Donald Trump hinted that impending announcements may diverge from traditional
Trump seeks trade dialogue with Canada and contemplates significant announcements. Trade discussions with China remain dormant but are hinted to resume soon. Continue Reading: Trump Intensifies Talks on Canadian Relations and Trade Announcements The post Trump Intensifies Talks on Canadian Relations and Trade Announcements appeared first on COINTURK NEWS .
April 2025 was nothing short of electric for Hyra Network, the emerging decentralized AI infrastructure project redefining what’s possible at the edge of Web3 and real-world tech. Fresh off commanding appearances at TOKEN2049 Dubai and GITEX Asia Singapore, the Hyra team proved they’re not just another blockchain project - they’re building something with staying power, scale, and substance. For those who missed the action, here's a complete recap of Hyra's recent milestones and why the project has crypto and tech communities buzzing. Spot the Hyra AI app, key product of Hyra Network, popping up all over TOKEN2049 Dubai! Hyra Network at TOKEN2049: A Star Among VCs and Builders At TOKEN2049 Dubai, Hyra Network didn’t just attend - they co-hosted one of the most talked-about side events of the conference: VC Connect. As a Diamond Sponsor, Hyra stepped into the spotlight and pitched to a room packed with over 40 top-tier venture capital firms, including names like Animoca Brands, Spartan Group, Borderless Capital, and DWF Labs. Mr. Gerard, Co-Founder of Hyra Network, played a key role in co-hosting successful VC Connect Dubai. Their pitch focused on a decentralized AI vision where smartphones, routers, and even tablets become income-generating nodes, contributing unused computing power to train and deploy AI models. This kind of user-owned, device-level infrastructure has struck a chord in both blockchain and machine learning circles. “Most AI is centralized, expensive, and inefficient. We’re changing that - and empowering users in the process,” said Mr. Gerard. The energy at VC Connect was palpable. Investors and builders alike were impressed not only by Hyra’s technical architecture but also by its already active user base of over 2 million across 200 countries - a powerful proof point of early traction in a crowded space. All Eyes on GITEX Asia: Bridging the Gap Between Web3 and Enterprise Following their Dubai momentum, Hyra Network landed in Singapore for GITEX Asia, Asia’s newest and largest tech expo. With over 700 exhibiting companies and 1,000+ speakers, this event marked a major entry point into mainstream tech. This approach resonated particularly well with enterprise leaders and government representatives, many of whom are actively seeking alternatives to centralized AI platforms dominated by Big Tech. Hyra Network featured at GITEX Asia 2025, with 700+ tech leaders from 110+ countries. Hyra’s presence in Singapore signals a broader regional expansion, especially as GITEX organizers plan new shows in Vietnam and other Southeast Asian markets. It’s a calculated move into regions where mobile-first adoption, young tech-savvy populations, and growing interest in blockchain create the perfect storm for a DePIN breakthrough. Looking Ahead: Momentum Builds for the Next Wave April marked a breakthrough month, strengthening Hyra Network’s global expansion, strategic collaborations, and leadership in the emerging decentralized AI economy. It is the world’s first decentralized AI infrastructure platform built to unlock the full potential of edge computing. Emerging from a successful trial phase with over 2 million users across 200+ countries, Hyra is spearheading a future where AI is scalable, affordable, and universally accessible. As AI continues to reshape industries worldwide, Hyra Tek - Hyra Network's parent company is emerging as a key player in building the next generation of AI infrastructure. By integrating blockchain for security, edge computing for real-time processing, and federated learning to protect user privacy, Hyra Tek offers a comprehensive technological foundation for a more decentralized, efficient, and secure digital future. With a clear long-term vision and a commitment to sustainable innovation, the company is positioned to help redefine how AI is deployed and scaled globally. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Cardano consolidation resolves amid market sell-off
Bitcoin is currently trading below the point of control after rejecting from a key dynamic resistance. The lower timeframe trend remains bearish, and its potential to influence higher timeframes is something traders should be mindful of moving forward. Following a rejection from the local high, Bitcoin ( BTC ) has returned to a key trading range, where price is now consolidating beneath the point of control (POC). This move aligns with the development of a swing failure pattern and the activation of a bearish harmonic structure, both of which contributed to the ongoing retracement. While this pullback hasn’t triggered a high-timeframe breakdown yet, it reflects a short-term shift in sentiment and structure that warrants close attention. Key technical points, Dynamic Resistance Remains Intact: Price has consistently failed to break through a key resistance trendline, maintaining a sequence of lower highs since the April 23rd high. Price Below Point of Control: Bitcoin is consolidating below the volume-weighted POC, and acceptance at these levels could open the door for further range rotation to the downside. Lower Timeframe Trend Still Bearish: The structure of lower highs and lower lows remains intact on low timeframes, which could begin influencing higher-timeframe direction if not invalidated. BTCUSDT (1H) Chart, Source: TradingView Detailed analysis Bitcoin’s rejection from the April 23 local high occurred at the confluence of the POC and a bearish harmonic pattern. This triggered a pullback that has returned price to a well-defined range. The value area high has been lost during this move, and price is now consolidating just beneath the POC, an area of high volume and prior balance. A defining characteristic of the current trend is the consistent formation of lower highs and lower lows on the lower timeframes. This structure remains unbroken and is guided by a dynamic resistance level that continues to cap upward momentum. Until this trend is invalidated, the short-term outlook remains cautious. You might also like: Bitcoin surges toward new highs as WinnerMining offers easy cloud mining entry Behavior around the POC may offer important clues on what’s next. If price remains accepted below this level, the market could rotate lower within the range to test deeper support. Alternatively, reclaiming the POC and forming a higher low could mark the first step toward reestablishing bullish structure. What to expect in the coming price action As Bitcoin consolidates below the POC and dynamic resistance holds, the short-term trend remains tilted to the downside. Continued rejection from overhead resistance may result in a deeper rotation within the range. However, a reclaim of the POC along with a higher low could indicate a momentum shift back toward the bulls. For now, traders should closely monitor how the lower-timeframe structure evolves, and whether it begins to influence broader market direction. Read more: Best crypto to buy now as Bitcoin ETF inflows surge ahead of Fed decision
Key Takeaways: Federal stablecoin legislation could unlock $240 billion in institutional capital. Without clear rules, the U.S. risks losing its stablecoin dominance to offshore issuers. Regulatory delays push crypto innovation to friendlier jurisdictions. On May 6, Coinbase chief executive Brian Armstrong urged Congress to move stablecoin and broader crypto market rules across the finish line before lawmakers leave for the August recess. Congress has a real opportunity this week to advance stablecoin and market structure legislation. We strongly support the Senate starting debate on the GENIUS Act — and we need 60 votes to get there. We also welcome House efforts to build on FIT21’s momentum. Both chambers need… — Brian Armstrong (@brian_armstrong) May 6, 2025 Armstrong asked the Senate to advance Senator Bill Hagerty’s Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act while encouraging the House to sharpen and pass a revised version of the Financial Innovation and Technology for the 21st Century Act (FIT21). Will Congress Miss Its 2025 Deadline for Stablecoin Laws? The twin measures would deliver the first federal framework for the $240 billion stablecoin sector, which remains dominated by Tether’s USDT and Circle’s USD Coin. The GENIUS Act proposes reserve, audit, and licensing standards. The revised House draft of FIT21 also clarifies the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) jurisdiction over digital assets, setting clear rules for cryptocurrencies. Although lawmakers rejected the proposal in May 2024, it was recently revived with a market-structure discussion draft. Each bill still faces hurdles. With the GENIUS bill requiring 60 Senate votes, nine Democrats have shown opposition over perceived gaps in anti‑money‑laundering and national security safeguards . Armstrong, however, framed this moment as a narrow window, echoing earlier predictions from lawmakers and industry advocates who see 2025 as the outer deadline for clear rules. The White House tracks two separate proposals: the STABLE Act and GENIUS. While the STABLE Act cleared the House Financial Services Committee on a 32‑17 vote last month, the GENIUS proposal, viewed as more industry‑friendly, has progressed further. Analysts at Nansen noted that a compliance‑focused exchange such as Coinbase would gain from firm rules that could channel institutional demand toward regulated platforms. Congressional action will determine how the U.S. policies on dollar‑backed tokens balance consumer safeguards against innovation and compete with other financial centers already licensing stablecoin issuers. Lawmakers now face a choice: break the long stalemate or watch the fast‑growing market evolve elsewhere. Can Trump-Linked USD1 Challenge Tether’s Stablecoin Dominance? In an open letter to the Office of Government Ethics, a group of Senators pressed for clarity on President Trump’s crypto venture. They wonder if offering exclusive White House access to top TRUMP token holders violates bribery laws or the emoluments clauses. The senators also expressed concerns that foreign actors could use the memecoin to gain influence without public disclosure. The White House has not explained how the president’s crypto holdings remain separate from policy decisions, and this continues to fuel concerns. These developments follow news that Abu Dhabi’s state-backed MGX will use USD1 to fund a $2 billion investment in Binance. World Liberty Financial, the Trump family-linked venture, issues this stablecoin. World Liberty Financial co-founder Zach Witkoff announced the deal alongside Eric Trump at a Dubai crypto conference, calling USD1 “the official token” for closing the transaction. Meet USD1 — the stablecoin your portfolio’s been waiting for. Built for institutions and retail alike. Backed by dollars. Custodied by BitGo. No games. No gimmicks. Just real stability. https://t.co/vXPbZe0GPn — WLFI (@worldlibertyfi) March 25, 2025 Backed one-to-one by US Treasuries and cash equivalents, USD1 is intended to offer transparency and regulatory compliance. Tether’s USDT commands a 75% share of the crypto market with a market cap of $149 billion and a $1 billion operating profit in Q1 2025. Meanwhile, the Trump-linked USD1 commands a market cap of $2.1 billion. How Are Stablecoins Disrupting Global Remittances? While USD1 attempts to carve out its niche in the political sphere, the broader stablecoin ecosystem continues to evolve rapidly across financial markets. Several major financial players have made major moves recently. For example, Stripe has begun testing a U.S.‑dollar stablecoin payout tool . They’ve invited exporters and SaaS firms outside the US, UK, and EU to participate in the pilot. Stripe is building a NEW stablecoin product, powered by Bridge, and we're ready to start testing! If your company is: Based outside of the US, EU, or UK Interested in dollar access Send a quick note about your company to stablecoins@stripe.com — Jen (@BackseatVC) April 25, 2025 CEO Patrick Collison says its product, built on Bridge rails, will let platforms settle instantly in tokenized dollars. Stripe still handles compliance and conversion behind the scenes. In a parallel development, First Abu Dhabi Bank (FAB) teamed with sovereign investors ADQ and IHC to unveil a dirham‑backed stablecoin on the ADI blockchain . Subject to central bank sign‑off, the token seeks to give Gulf corporations a regulated on‑chain cash option, closing the FX loop for oil trade and cross‑border e‑commerce across MENA. The momentum spilled into card networks as Visa and its newly acquired Bridge rolled out stablecoin‑linked cards across six Latin American markets. Similarly, Mastercard joined forces with OKX and Nuvei to let users spend USDC and other tokens at millions of merchants. Frequently Asked Questions (FAQs) Could Stablecoins Destabilize Developing Economies? Stablecoins can boost payment systems and slash remittance fees. However, sudden capital flows may weaken local currencies and expose banks to volatility, so strong regulation and oversight are required in emerging markets. How Do Stablecoin Regulations in the U.S. Compare to the EU’s MiCA Framework? In the US, oversight is spread across the SEC, CFTC, and other banking agencies without a unified law, opting for case-by-case enforcement. MiCA, on the other hand, establishes a single licensing and reserve-backed regime covering all EU stablecoins. What Risks Do Stablecoins Pose to Traditional Banking Systems? Stablecoins will pull deposits away (intentionally or not) from banks, eroding traditional funding, causing liquidity mismatches, creating regulatory gaps, and exposing potential tech vulnerabilities. The post Coinbase CEO Demands Swift Stablecoin Laws as $240B Threatens to Exit U.S. appeared first on Cryptonews .
The Camino Network Foundation has collaborated with Lufthansa Systems and Swiss International Air Lines have teamed up to develop innovative blockchain solutions for the travel industry. The Camino Network Foundation, airline industry information technology provider Lufthansa Systems and Switzerland’s national carrier helped this goal with a web3-focused hackathon in Frankfurt. Per an announcement shared with crypto.news, the event brought together experts who leveraged blockchain and artificial intelligence to develop solutions targeted as efficiency, cost-effectiveness and sustainability for the travel industry. Teams from 13 different travel and tech companies spent 48 hours working on practical, ready-to-use solutions. Participants at the hackathon explored how to tap into the Camino Network blockchain for distribution of flight and travel products. You might also like: Exclusive: Ledger taps Transak to power secure crypto-to-fiat withdrawals Topics experts collaborated over included payment methods, carbon dioxide offsetting and access to emerging sales markets. “The hackathon clearly showed how connections that used to take months can now be established within days. Compared to traditional distribution channels, the new solutions are significantly more efficient – with up to 98% cost savings, as demonstrated by Hotelplan, and up to 50% improved sustainability, as measured by Carbify’s CO₂ analysis,” said Pablo Castillo, chief executive officer of Chain4Travel and initiator of the Camino Network. Among key presentations was a solution by the Unimoni team, which featured a solution aimed at integrating 300,000 India-based travel agencies to Camino Network. Meanwhile, the SWISS and Digital Hangar team showcased a web3 travel identity solution, which includes wallet integration and issuance of real-world assets like vouchers and digital services. “Beyond the many innovative use cases developed during the hackathon, it was particularly impressive to see how the teams successfully integrated LHG flight content into their platforms in just two days. The commercial potential of this technology is promising – especially with faster and more efficient partner integration and significantly reduced distribution costs,” said Mickael Woelcke, project manager at SWISS. The next steps after the hackathon will see the Lufthansa Group evaluate which hackathon projects can now go into pilot applications. You might also like: RedStone and Securitize bring $150m BCAP token onchain via ZKsync price feed