Dogecoin’s latest market structure is “significantly better than in prior bull markets,” according to Kevin, the crypto technician known on X and YouTube as @Kev_Capital_TA. In a video released Friday, the analyst mapped Dogecoin’s three historical cycles, concluding that the memecoin’s current breakout-and-retest pattern places a long-term Fibonacci extension at $3.80–$3.90 squarely “on the table”—provided one key condition holds: Bitcoin must keep grinding higher. “Two cycles in a row, Dogecoin has tagged the 1.618 fib extension,” Kevin reminded viewers. “Here we are in the third cycle… we have evidence to suggest it has happened 100% of the time. It’s only two data points, though, so that could easily not happen this time.” Why $3.80 Per Dogecoin Is Possible This Cycle On a log-scale weekly chart, Kevin traced Dogecoin’s first super-cycle—consolidation, breakout, mid-cycle pullback, blow-off top—culminating at the 1.618 extension. The second cycle repeated the pattern, but “Elon Musk’s Saturday Night Live hype” punched price far beyond the fib target into euphoric territory. Today’s third cycle, he argued, looks healthier: successive breakouts and back-tests of the bear-market range have carved a rising channel of higher highs and higher lows anchored by the 200-week EMA/SMA cluster. “This structure looks really good to me… break out, back-test the 200s, make a higher low—it’s textbook.” On the monthly chart, the Relative Strength Index is “just strength—constant higher lows,” still far beneath the 80-to-90 zone that capped prior cycle tops. Kevin also flagged a V-shaped curl in the monthly Stoch RSI—a signal that “should provide the momentum we need to really get a durable run higher” once it crosses the 20 line. Related Reading: Dogecoin To $1 Is ‘Absolutely’ On The Table This Cycle, Says Analyst The two-week Market Cipher readout shows three years of progressively stronger momentum waves and money-flow inflows. “This is big-time stuff,” he said, circling each expansion. “Momentum is compressing and building to a point where it’s like, okay, now it’s time to release it.” A fresh two-week Stoch RSI cross historically precedes “bang, big move higher,” he added, implying that the post-halving phase could usher in Dogecoin’s next parabolic leg. For traders fixated on nearer horizons, Kevin highlighted a macro golden pocket stretching from $0.26 to $0.285, reinforced by the daily 200-SMA at $0.27. That zone caps a developing bull-flag whose measured move targets $0.32–0.33. The pattern sprang out of an inverse head-and-shoulders accumulation at $0.15, a level he “accumulated heavily,” now up roughly 60%. “Treat resistance as resistance until it isn’t,” he cautioned, noting that Bitcoin dominance near 64% still siphons liquidity from altcoins. Yet he sees “serious signs” that dominance has printed a local top at 65.45%, opening room for a rotation into majors like Ethereum and, by proxy, Dogecoin. This Needs To Happen If Bitcoin stability endures and macro conditions—softening inflation, steady labor data, potential Fed easing—remain supportive, Kevin’s next “main price target” is the 2021 all-time high just under $1.00. A decisive break there would turn eyes to the cycle’s 1.618 extension near $3.80. Related Reading: Dogecoin Bollinger Squeeze Signals ‘Huge Move’ Ahead, Analyst Warns “I’d be shocked at this point if we don’t go to that level,” he said, while stressing disciplined profit-taking: “There’s nothing worse than riding a move all the way up and not taking profits.” Kevin rebuffed the wilder six-and-seven-dollar predictions circulating on social media but insisted that a $3-plus Dogecoin is “absolutely possible” if Bitcoin pushes toward $200,000, quantitative tightening ends, and a full-blown altcoin season erupts. Dogecoin remains “one of the most popular cryptocurrencies on the planet,” the analyst observed. “When retail comes piling back in, they’re always piling back into Dogecoin.” That psychological feedback loop, combined with a structurally bullish chart and improving momentum gauges, underpins his conviction that the memecoin could reprise its role as the spearhead of a broader altcoin surge. Whether the market delivers the necessary macro tailwinds is the wildcard. But Kevin’s message was unambiguous: for now, Dogecoin’s technical canvas paints a credible route to $1, and the elusive $3.80 marker “is possible—if Bitcoin holds ground and the macro stays peachy.” At press time, DOGE traded at $0.243. Featured image created with DALL.E, chart from TradingView.com
Braza Group, one of the largest financial groups in Brazil, unveiled USDB, a dollar-pegged stablecoin issued on top of the XRP Ledger. Currently available to its institutional customers, the token will be available for regular customers through the group’s app starting in May. Braza Group Targets Growing Market With New XRP Ledger-Issued Dollar Stablecoin Stablecoins
BitcoinWorld An Interview With SSV Network In an exclusive interview with BitcoinWorld , we got the chance to speak with Alon Muroch , Project Lead at SSV Network For our audience who might be new to the intricacies of Ethereum staking, could you explain what SSV Network is and the core problem it solves within the Ethereum ecosystem? Since going live in December 2023, SSV Network has emerged as Ethereum’s second-largest staking protocol, securing approximately 10% of all staked ETH . SSV Labs (core contributor to DAO-governed SSV Network) was founded by Alon Muroch. SSV started with distributed validator technology (DVT) to decentralize Ethereum validators by splitting them across multiple entities. Following launch, SSV experienced tremendous growth, integrated by leading LST/LRT protocols including Lido, Ether.fi, Renzo, Puffer, and many more, the protocol now secures over 100,000 validators representing billions in value. SSV Network is built on industry-leading Distributed Validator Technology (DVT). Can you break down what DVT is and why it’s fundamental for creating a more secure, decentralized, and robust staking infrastructure for Ethereum? DVT is the technological foundation of SSV and a critical infrastructure enabling Ethereum validators to operate in a distributed manner across multiple independent machines, instead of traditionally just one. The protocol synchronizes these machines using consensus mechanisms, allowing validators to function cohesively despite being distributed by software bugs, downtime, and even geographical disruptions. This approach provides enhanced security, decentralization, and fault tolerance. If one machine/node operator fails or is compromised, the distributed validator (DV) continues functioning normally and avoids slashing penalties. By distributing validation responsibility, DVT makes Ethereum’s validator set more robust and resilient against attacks and failures on both large and small scales. You recently highlighted SSV 2.0 and its role in providing infrastructure for “bApps”. Could you elaborate on what bApps are in this context and how SSV 2.0 enables secure, decentralized operations for these applications interacting directly with Ethereum’s validator network? SSV 2.0 introduces “based applications” (bApps) – decentralized applications secured directly by the world’s most decentralized blockchain, Ethereum. These applications leverage existing validators to provide security and functionality to various services without requiring additional capital lock-up. In doing so, validators can earn extra rewards for providing security with zero risk to themselves or Ethereum itself. Unlike traditional protocols that rebuild their entire tech stack for distributed operations, bApps offer standardized tooling and easy bootstrapping with Ethereum’s validator set. Developers can deploy multi-party distributed applications quickly, similar to how cloud services simplified deploying Web2 applications and led to mass adoption. bApps can serve various purposes, from simple oracles for smart contracts to entire L1 blockchains. By extending validator functionality beyond securing Ethereum, bApps create additional revenue streams for solo stakers and staking protocols, while maintaining Ethereum-grade security for developers. SSV Network is securing over $6.2 billion in TVL across more than 1,600 operators, making it the second-largest Ethereum staking pool. What have been the key factors in achieving this scale, and what responsibilities come with securing such a significant portion of staked ETH? SSV’s growth in securing approximately 10% of staked ETH stems from several factors: Aggressive promotion of DVT as a critical infrastructure for Ethereum The SSV DAO’s incentivized program rewarding validators for adopting DVT Elimination of cascading slashing risk that exists in traditional restaking and lock-ups A novel security approach combining non-slashable and slashable capital sourced from the L1 This responsibility requires maintaining robust staking conditions, tooling for developers, and support for participants in the SSV ecosystem. As an offset, SSV2.0 addresses the decreasing APR as more validators join Ethereum for business opportunities. SSV tackles this challenge by creating additional revenue opportunities for validators through bApps. SSV2.0 plays an important role in bringing value back to the L1 in the current climate, where we see L2s capturing the lion’s share. You’ve mentioned your focus is on keeping the Ethereum L1 healthy. How does the work being done at SSV Network directly contribute to the overall health, decentralization, and resilience of the core Ethereum protocol? Alon views Ethereum’s validator set as one of its greatest assets. SSV contributes to Ethereum’s health by: Making the validator set more robust and decentralized Supporting solo stakers and small-time validators Creating an economic layer atop staking that serves the broader community Reducing cascading risks to Ethereum by using validators themselves as a non-slashable asset for security. Capturing value back to ETH holders through innovative staking mechanisms You’re passionate about the ‘based’ movement. Could you explain what this movement represents to you, particularly within the blockchain and Ethereum context, and how it aligns with the ethos of SSV Network? The “based” movement refers to solutions that directly utilize L1 validators to enable faster transactions, reliability, and an overall better user experience on Ethereum, while not losing out on value generated on other layers. Based applications leverage validators directly for security – a novel “based” solution in the shared security industry (restaking). Making building services and applications more scalable and affordable for developers while eliminating cascading risks posed by restaking. This approach creates a paradigm similar to cloud computing but for decentralized applications. Just as cloud services revolutionized Web2 application deployment, based applications aim to simplify deploying decentralized ones, aligning with Ethereum’s core values and expanding its utility. What do you see as the biggest challenges currently facing decentralized Ethereum staking solutions like SSV Network, and how is the network positioned to address them? Decentralized staking faces several challenges: Declining APR as more ETH is staked, making validator operations increasingly marginal Regulatory and operational hurdles for institutional participants like ETFs Traditional restaking creates zero-sum games, which may hamper long term developer participation. SSV addresses these challenges by building a coordination layer allowing validators to opt into various based applications, creating a marketplace where validators can diversify their strategies and earn additional rewards beyond basic staking. This approach makes bootstrapping any use case more affordable and hopefully leads to mass adoption of users and developers. Looking ahead, what is your long-term vision for SSV Network and the evolution of staking infrastructure? How do you see technologies like DVT shaping the future accessibility and efficiency of participating in Ethereum’s consensus? SSV’s roadmap includes: Expanding to multi-blockchain capabilities, allowing applications to utilize validators from Ethereum, Solana, Cosmos, and other L1 blockchains for security Launching public testnet followed by mainnet in the coming months Utilize validators to create a new economic layer to boost participation and bring value back to the ETH holders Evolving SSV token economics to better align incentives and value, including fee burning mechanisms Enabling unprecedented cross-chain validator collaboration This vision centers on creating infrastructure that is extremely scalable (by tapping into the largest validator sets globally) and affordable (90% lower cost than capital-based restaking), allowing for a new generation of secure, decentralized applications. By reimagining how validator resources can be utilized across the blockchain ecosystem, SSV aims to create a new paradigm for decentralized application security while strengthening Ethereum’s position as the leading smart contract platform with the most robust validator network. Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in , World of Cryptocurrency & Blockchain News. This post An Interview With SSV Network first appeared on BitcoinWorld and is written by Keshav Aggarwal
Market might be finally ready for another push past all-time high
Is Tether MiCA compliant? The EU’s new Markets in Crypto-Assets regulation, better known as MiCA, is the first major attempt by a global economic power to create clear, region-wide rules for the crypto space, and stablecoins are a big focus. MiCA mandates best practices. If a stablecoin is going to be traded in the EU, its issuer has to follow some stringent rules: 1. You need a license To issue a stablecoin in Europe, you must become a fully authorized electronic money institution (EMI) . That’s the same kind of license traditional fintechs need to offer e-wallets or prepaid cards. It’s not cheap and it’s not quick. 2. Most of your reserves have to sit in European banks This is one of the most controversial parts of MiCA. If you issue a “significant” stablecoin — and Tether’s USDT certainly qualifies — at least 60% of your reserves must be held in EU-based banks. The logic is to keep the financial system safe. 3. Full transparency is non-negotiable MiCA requires detailed, regular disclosures. Issuers have to publish a white paper and provide updates on their reserves, audits and operational changes. This level of reporting is new territory for some stablecoins, especially those that have historically avoided public scrutiny. 4. Non-compliant coins are getting delisted If a token doesn’t comply, it won’t be tradable on regulated EU platforms. Binance, for example, has delisted USDT trading pairs for users in the European Economic Area (EEA). Other exchanges are following suit. The European Securities and Markets Authority (ESMA) clarified that people in Europe can still hold or transfer USDT, but it can’t be offered to the public or listed on official venues. In other words, you might still have USDT in your wallet , but good luck trying to swap it on a regulated platform. Key reasons why Tether rejects MiCA regulations Tether is unique in that it has explained why it wants nothing to do with MiCA regulations. The company’s leadership, especially CEO Paolo Ardoino, has been pretty vocal about what they see as serious flaws in the regulation , from financial risks to privacy concerns to the bigger picture of who stablecoins are really for. 1. The banking rule could backfire One of MiCA’s most talked-about rules says that “significant” stablecoins — like Tether’s USDt ( USDT ) — must keep at least 60% of their reserves in European banks. The idea is to make stablecoins safer and more transparent. But Ardoino sees it differently . He’s warned that this could create new problems, forcing stablecoin issuers to rely so heavily on traditional banks could make the whole system more fragile. After all, if there’s a wave of redemptions and those banks don’t have enough liquidity to keep up, we’d witness a struggling bank and a stablecoin crisis simultaneously. Instead, Tether prefers to keep most of its reserves in US Treasurys , assets it says are liquid, low-risk and much easier to redeem quickly if needed. 2. They don’t trust the digital euro Tether also has a broader issue with the direction Europe is heading, especially regarding a digital euro . Ardoino has openly criticized it, raising alarms about privacy. He has argued that a centrally controlled digital currency could be used to track how people spend their money, and even control or restrict transactions if someone falls out of favor with the system. Privacy advocates have echoed similar concerns. While the European Central Bank insists that privacy is a top priority (with features like offline payments), Tether isn’t convinced. In their eyes, putting that much financial power in the hands of one institution is asking for trouble. 3. Tether’s users aren’t in Brussels. They’re in Brazil, Turkey and Nigeria At the heart of it, Tether sees itself as a lifeline for people in countries dealing with inflation, unstable banking systems and limited access to dollars. These are places like Turkey, Argentina and Nigeria, where USDT is often more useful than the local currency. MiCA, with all its licensing hoops and reserve mandates, would require Tether to shift focus and invest heavily in meeting EU-specific standards. That’s something the company says it’s not willing to do, not at the expense of the markets it sees as most in need of financial tools like USDT. Did you know? Turkey ranks among the top countries for cryptocurrency adoption, with 16% of its population engaged in crypto activities. This high adoption rate is largely driven by the devaluation of the Turkish lira and economic instability, prompting citizens to seek alternatives like stablecoins to preserve their purchasing power. What happens when Tether doesn’t comply with MiCA Tether’s decision to skip MiCA didn’t exactly fly under the radar. It’s already having real consequences, especially for exchanges and users in Europe. Exchanges are dropping USDT Big names like Binance and Kraken didn’t wait around. To stay on the right side of EU regulators, they’ve already delisted USDT trading pairs for users in the European Economic Area. Binance had removed them by the end of March 2025. Kraken followed close behind, removing not just USDT but also other non-compliant stablecoins like EURT and PayPal’s PYUSD . Users are left with fewer options If you’re in Europe and holding USDT, you’re not totally out of luck; you can still withdraw or swap it on certain platforms. But you won’t be trading it on major exchanges anymore. That’s already pushing users toward alternatives like USDC and EURC, which are fully MiCA-compliant and widely supported. Even major crypto payment processors are pulling support, leaving users with fewer options for spending their crypto directly. A hit to liquidity? Probably. Pulling USDT from European exchanges could make the markets a bit shakier. Less liquidity, wider spreads and more volatility during big price moves are all on the table. Some traders will adjust quickly. Others? Not so much. Did you know? Tether (USDT) is the most traded cryptocurrency globally, surpassing even Bitcoin in daily volume. In 2024, it facilitated over $20.6 trillion in transactions and boasts a user base exceeding 400 million worldwide. Tether vs MiCA regulation Tether may be out of sync with the EU, but it’s far from retreating. If anything, the company is doubling down elsewhere, looking for friendlier ground and broader horizons. Firstly, Tether’s picked El Salvador as its new base, a country that has fully embraced crypto. After getting a digital asset service provider license, the company is setting up a real headquarters there. Ardoino and other top execs are making the move too. Moreover, after banking over $5 billion in profits in early 2024, Tether is putting its capital to work: AI: Through its venture arm, Tether Evo, the company has picked up stakes in firms like Northern Data Group and Blackrock Neurotech. Tether has also launched Tether AI , an open-source, decentralized AI platform designed to operate on any device without centralized servers or API keys. The goal is to use AI to boost operations and maybe build some new tools along the way. Infrastructure and AgTech: Tether invested in Adecoagro, a company focused on sustainable farming and renewable energy. It’s a surprising move, but it fits Tether’s bigger strategy of backing real-world, resilient systems. Media and beyond: There are also signs Tether wants a footprint in content and communications, signaling it’s thinking far beyond crypto alone. Tether’s MiCA exit highlights crypto’s global regulatory chaos Tether walking away from MiCA is a snapshot of a much bigger issue in crypto: How hard it is to build a business in a world where every jurisdiction plays by its own rulebook. The classic game of regulatory arbitrage This isn’t Tether’s first rodeo when it comes to navigating regulations. Like many crypto companies, they’ve mastered the art of regulatory arbitrage, finding the friendliest jurisdiction and setting up shop there. Europe brings in strict rules? Fine, Tether sets up in El Salvador, where crypto is welcomed with open arms. However, it does raise questions. If big players can simply move jurisdictions to dodge regulations, how effective are those rules in the first place? And does that leave retail users protected or just further confused? A crypto world that’s all over the map The bigger issue is that the global regulatory landscape is incredibly fragmented. Europe wants full compliance, transparency and reserve mandates. The US is still sending mixed signals. Asia is split; Hong Kong is pro-crypto, while China stays cold . Hong Kong has also passed the Stablecoin Bill to license fiat-backed issuers and boost its Web3 ambitions. Meanwhile, Latin America is embracing crypto as a tool for financial access . For companies, it’s a mess. You can’t build for one global market; you must constantly adapt, restructure or pull out entirely. For users, it creates massive gaps in access. A coin available in one country might be inaccessible in another just because of local policy. As a final thought: Tether’s resistance to MiCA seems to be more than just a protest against red tape. It’s making a bet that crypto’s future will be shaped outside Brussels, not inside it.
As is known, US President Donald Trump hosted a dinner for the 220 biggest TRUMP owners last night. While the White House stated that it would not publish the list of those attending the dinner, Tron (TRX) CEO Justin Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were among those who attended the dinner. These names shared photos from the dinner held at the Trump National Golf Club. Justin Sun was present at this dinner as the biggest TRUMP owner, and Sun made important statements after the dinner. Speaking to Coindesk, Sun noted that Trump's embrace of cryptocurrencies was a turning point for the industry. Tron founder noted that Donald Trump’s pro-crypto stance was a game-changing moment for the industry. Responding to those criticizing Trump and his memecoin, Sun described the critics as narrow-minded. Arguing that memecoins are legitimate digital assets that involve both risk and reward like traditional businesses, the Tron founder stated that memecoins definitely have value. TRUMP Gift to Justin Sun! The Tron founder also shared a video of the TRUMP dinner he attended, in which Trump's crypto platform World Liberty Financial's Justin Sun is seen calling him on stage and presenting him with a gold Trump-branded watch that a company with ties to Trump is selling for $100,000. “As the largest owner of TRUMP and a proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner. Thank you for your unwavering support of our industry,” Sun wrote in his post. While TRUMP did not experience an increase after the gala dinner that was at the center of the debates, it continues to be traded at $13.6, having decreased by 5.5% in the last 24 hours. As the top holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner by @GetTrumpMemes . Thank you @POTUS for your unwavering support of our industry! #MakeCryptoGreatAgain pic.twitter.com/Yy2TuWEgzT — H.E. Justin Sun (@justinsuntron) May 23, 2025 *This is not investment advice. Continue Reading: Tron (TRX) Founder Justin Sun Gives Great Support to Donald Trump and Memecoins!
Jump Crypto, a subsidiary of Jump Trading, showed signs of returning to the Solana market. A wallet flagged as belonging to the market maker received a large transaction of SOON tokens. Jump Crypto is making forays into the crypto market, just months after trying to divest its assets and abandoning old projects. However, the market maker did not entirely abandon crypto activities. Recently, a wallet flagged by Arkham Intelligence received a significant transaction of SOON tokens. Before that, the wallet received several smaller transfers from external senders. Jump Crypto started receiving SOON on the day of the airdrop and the listing on Binance Alpha. | Source: Solscan Jump Crypto was one of the market makers significantly damaged by the fallout of FTX and the subsequent bear market. A return would signal renewed potential for the crypto sector, with a boost from new legislation and a more favorable US administration. Recently, Jump Crypto was in communication with the US Securities and Exchange Commission on its safe harbor vision of digital assets. The fund also gave signs of being interested in tokenized securities, by joining the recent funding round for Securitize. Jump Crypto did not abandon its investments entirely, and continued to function as a Tier 2 fund. The latest activity was an extended seed round for Nirvana Labs, a blockchain infrastructure startup. The fund has a total of 92 investments of $3M to $10M, with its main focus on payments, wallets and infrastructure. Jump Crypto joins as SOON airdrop goes live The sudden activity for SOON arrived just as the project launched its airdrop event. Currently, Jump Crypto holds 0.46% of the entire SOON supply, becoming the 11th largest holder of the token. SOON is still bound up in large wallets, and the Jump Crypto address is currently active in a small cluster, with rapid transfers for $73.76M. SOON is just beginning its trading journey, breaking out from below $0.001 to $0.01 within days. So far, SOON has been in the green, with a sudden spike in volumes. However, the token still has only $191M in decentralized liquidity on Raydium. In the coming days, the token may see more exposure as it enters price discovery. Jump Crypto joins just in time to take SOON off the ground, as the airdrop event is completed. Currently, SOON has extremely limited trading, with almost no profits realized. The connection to a high-profile market maker may boost the project. SOON is the token of a new Solana-based scaling network, known as Soon SVM. The project’s goal is to extend the usage of Solana even faster and more cheaply. Soon SVM is a new implementation of the Solana tech stack, offering a new fast infrastructure. SOON is the rare launch for a utility token, closely watched as a potential blue chip asset and not just another meme. SOON will also get a boost from being added to Binance Alpha, with trading starting this Friday. In general, Binance Alpha sees more activity for BNB tokens, but a Solana-based asset may also take off. SOON remains highly risky, but shows signs of potentially breaking out and being highly curated by top crypto players. However, the token may also see selling and aggressive trading in its initial days, as KOLs may shed their airdrop tokens. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Four new cryptocurrency-related bills were introduced in the Michigan legislature this week, covering public pension investments in crypto, mining, income tax exemptions, and restrictions on CBDC support. As of May 23, four new proposed legislations, House Bills 4510, 4511, 4512, and 4513, have been introduced in the Michigan legislature, marking a coordinated push to define the state’s approach to cryptocurrency. https://twitter.com/Bitcoin_Laws/status/1925295585718149632/?20 House Bill 4510, introduced by Representative Bill Schuette, seeks to amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer to invest in cryptocurrencies. The bill restricts eligibility to digital assets with an average market capitalization of at least $250 billion over the past calendar year. Currently, only Bitcoin (BTC) and Ether (ETH) meet this threshold. These investments must be made through exchange-traded products issued by a registered investment company. House Bill 4511 , sponsored by Representative Bryan Posthumus, proposes prohibiting the state and its subdivisions from banning the holding of digital assets or imposing licensing, permitting, or discriminatory tax requirements based solely on digital asset usage. It also bars state agencies from advocating for or supporting any federal CBDC by issuing memoranda or official endorsements. Additionally, the bill protects blockchain participants by preventing restrictions on node operations, asset transfers, and staking, while shielding validators and node operators from civil liability. You might also like: Senate crypto bill collapses: Is partisan divide or Trump’s digital fortune to blame? Meanwhile, House Bill 4512 , introduced by a bipartisan group led by Representative Mike McFall, outlines a Bitcoin mining partnership programme targeting abandoned oil and gas wells. Under the proposed programme, participants would receive temporary rights to use the wells for energy generation in return for assuming responsibility for plugging, site restoration, and response activity. The bill requires the supervisor of wells to identify eligible sites, publish detailed assessments, and manage a competitive bidding process. Selected participants must provide financial assurances, submit environmental and production data, and report annually. Mining rights are contingent on adherence to these obligations and capped plugging costs. McFall also led the introduction of House Bill 4513 , which would amend Michigan’s Income Tax Act to exempt income earned through the proposed Bitcoin mining programme from state income tax. The amendment defines the scope of exempt income and aligns it with the programme framework established under HB 4512, providing clarity for both individual and corporate taxpayers participating in the initiative. In addition to these four bills, Michigan is also considering the creation of a strategic cryptocurrency reserve. Introduced on Feb. 13 as House Bill 4087, this earlier proposal, backed by Representatives Posthumus and Ron Robinson, would authorize the state treasurer to allocate up to 10% of the general fund and Budget Stabilization Fund for crypto investments. Read more: Bitcoin in retirement plans? Sen. Tuberville revives crypto bill
Enjin Blockchain has added testnet support for stablecoins USDC and USDT, enabling their use within its NFT and gaming ecosystem via Hyperbridge. Stablecoins are heading to Enjin Blockchain, with USD Coin ( USDC ) and Tether ( USDT ) now live on Hyperbridge’s testnet in a move the team says will unlock cross-chain utility. The upgrade uses Enjin’s MultiToken Pallet, which supports the creation and transfer of many types of tokens, including stablecoins, the team said in a Thursday blog announcement. The pallet is part of Enjin’s Substrate-based blockchain architecture and underpins features such as the on-chain marketplace, NFT minting, and SDK/API access. The testnet setup lets users lock their USDC or USDT on Ethereum or BNB Chain, then Hyperbridge steps in to confirm the action and helps mint a matching stablecoin version — called a multitoken — on Enjin Blockchain. The team said that locking the original token in a Hyperbridge vault happens in a “decentralized, user directed manner,” adding that the process doesn’t involve Enjin’s apps or platforms and is fully managed by Hyperbridge smart contracts and relayers. The team said that once minted, the multitokens work just like any other token within the Enjin ecosystem, and noted that many games and platforms on Enjin Matrixchain already support NFTs and similar features. You might also like: US banks plot joint stablecoin as regulation looms over crypto sector They added that the system is designed to maintain a 1:1 link between the original stablecoin and its multitoken version on Enjin. According to the team, both the locking and minting steps are publicly verifiable and can be audited. To get the original token back, users can burn their multitokens on Enjin, which triggers a reverse process to unlock the original asset. The new testnet support builds on Enjin’s broader push to grow adoption of its own blockchain, which launched in September 2023 as a custom network built on Polkadot’s Substrate framework. In December 2023, the team completed a major migration, moving 200 million NFTs to its mainnet to encourage usage of its network. The campaign allowed users to claim their assets on the Enjin Blockchain using an updated Enjin Wallet. Read more: White House crypto czar David Sacks says stablecoin clarity could trigger trillions for US debt
After consolidating for a week, Worldcoin is showing upside strength, with World ID adoption and technical momentum acting as catalysts. According to data from crypto.news, Worldcoin ( WLD ) jumped 31% to hit an intraday high of $1.63 on May 23 Asian morning time, marking a massive 180% gain from its lows last month. WLD’s rally was matched by a surge in market participation, with spot volume climbing 160% to nearly $1.3 billion and derivatives volume spiking 208% to $2.69 billion. According to CoinGlass data , its open interest also rose 48% to $427 million, a tell-tale sign of renewed investor confidence. The main catalyst behind today’s rally is renewed investor interest following news that the World Foundation raised $135 million in funding. In a May 21 update, the team said this fresh capital will be used to grow their iris-based identity network, World ID. You might also like: Dow Jones seesaws, ends flat as Bitcoin hits new all-time high Top crypto investors like Andreessen Horowitz and Bain Capital Crypto led the round and bought Worldcoin tokens at market price. That not only added more tokens into circulation but also brought strong institutional backing, adding credibility to the project. This funding comes at a time when Worldcoin’s adoption is gaining momentum. World ID has now expanded into the U.S. and continues to gain traction across Asia. Singapore leads with over 100,000 users, while Japan and South Korea each added more than 10,000 new users in April. The network has also entered Southeast Asian markets, including Thailand, Indonesia, Malaysia, and the Philippines . Meanwhile, on-chain data shows a corresponding rise in daily active addresses and accumulation from large holders, factors that align with today’s price breakout. Technical setup looks bullish On the 1-day/USDT price chart, WLD recently broke out above the upper side of a rising wedge, a pattern that typically signals a bearish reversal, but in this case, the breakout turned bullish. The token is also trading above its 50-day simple moving average and is nearing the 200-day SMA, showing strength. WLD 50-day and 200-day SMA chart — May 23 | Source: crypto.news It has also flipped its 200-day exponential moving average into support, a bullish sign. Meanwhile, the MACD lines are turning up, hinting that momentum is still on the bulls’ side. WLD MACD and RSI chart — May 23 | Source: crypto.news There’s also a possible Cup and Handle pattern forming on the daily chart. The cup’s bottom sits at $0.58, with the neckline around $2.50. If this pattern completes and breaks out, it could lead to another leg up. Hence, the most likely target for WLD is the $2.50 psychological resistance level, a little over 60% above current prices. If WLD breaks past this, it could trigger another buying wave and potentially aim for the 78.6% Fibonacci retracement level at $3. WLD 200-day EMA chart — May 23 | Source: crypto.news Several analysts echo a similar price target, calling for WLD to hit the $2.20–$2.50 range between June and July, provided the bullish momentum holds. That said, the Relative Strength Index is approaching overbought territory, so WLD could see a short-term correction or sideways action before the next breakout. If it dips below the $1.479 200-day EMA, the next strong support lies around $0.97, which aligns with the 200-day SMA. At press time, WLD was exchanging hands at $1.55 per coin, still trading 86.7% below its all-time high of $11.74 from March 2024. Read more: TRUMP token faces volatility as Donald Trump hosts private dinner for biggest backers Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.