Bitcoin markets have started to turn bullish again, but data shows that a key “bull market threshold” has not been established yet. Bitcoin’s (BTC) rally to $76,000 revived market optimism for investors, but onchain data suggested that the move may still be part of an early-stage recovery defined by frequent periods of price volatility. According to Glassnode, BTC price has entered a relatively “open” zone between $72,000 and $82,000, where there’s less resistance. This range is particularly defined by the UTXO Realized Price Distribution (URPD), which highlights where the investors accumulated their coins. This means BTC may move more freely in the short term within this range, if the momentum holds. Read more
The carpool and ride-sharing platform, which already accepted Bitcoin for customer payment, moves to crypto treasury despite challenges of price declines. Ryde Group, a Singapore-based ride-sharing and carpool platform, similar to Uber or Lyft, said Wednesday that it has adopted a crypto treasury strategy for its corporate reserve. The company said it will invest a portion of its corporate reserves into Bitcoin (BTC), Ether (ETH), and Sol (SOL), with specific allocations and time of purchase to be determined by a governance team at Ryde, according to its announcement. Ryde cited the “evolving macroeconomic environment” as the reason for adopting a crypto treasury, and said that the option to invest portions of its treasury in digital assets gives the company more flexibility in how it manages its treasury operations. Read more
Bitcoin brought its latest correction from local highs to near 10% as skepticism over long-term BTC price support grew louder. Bitcoin (BTC) price support could “fail” by the weekly close in a major blow to Bitcoin bulls, analysis warns. Key points: BTC price downside versus local highs at $76,000 nears 10%. Read more
The platform is designed to enable lending, borrowing and yield on native Bitcoin through onchain financial services. A new Bitcoin-based finance protocol called Hashi has been introduced on the Sui blockchain, with early participation commitments from crypto institutions including BitGo, Bullish and FalconX ahead of its planned launch later this year. According to an announcement shared with Cointelegraph, Hashi is designed to let Bitcoin holders earn yield on native Bitcoin (BTC) through onchain lending and borrowing, targeting a segment that currently represents a small share of Bitcoin’s overall market. The protocol, developed primarily by Mysten Labs, the core contributor to the Sui blockchain, will initially focus on BTC-backed lending, allowing users to borrow stablecoins against their holdings while institutions are expected to supply liquidity at launch. Read more
The memorandum of understanding with CFTC Chair Michael Selig comes as many US state authorities are cracking down on sports event contracts on prediction markets. Major League Baseball (MLB) announced that it had signed an “integrity protection” agreement with the US Commodity Futures Trading Commission (CFTC) as it separately inked a deal with prediction markets platform Polymarket. In a Thursday announcement, MLB said that its commissioner, Robert Manfred, signed a memorandum of understanding with CFTC Chair Michael Selig following the league’s request for “strong integrity protections in the rapidly evolving prediction market space.” In a separate deal, the league said it had reached an agreement for predictions market platform Polymarket to be its Official Prediction Market Exchange. “The new agreements that we formed with Polymarket and the CFTC are imperative steps in proactively managing the new and rapidly growing prediction market space,” said Manfred. Read more