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Bitcoin eyes multi-year breakout, ETF inflows hit $1.3b
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Bitcoin eyes multi-year breakout, ETF inflows hit $1.3b

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Currently, the Bitcoin price is holding steady above $105,000 on Saturday as exchange-traded funds data show investors bought Friday’s dip.

Bitcoin (BTC) rose to $105,300, up by 2.4% from its lowest point on Friday, and 5% above this month’s lowest point. 

SoSoValue data shows that spot Bitcoin ETFs saw inflows of $301 million on Friday, even as Bitcoin’s price dropped to nearly $100,000. This pushed total weekly ETF inflows to $1.3 billion—a sharp reversal from the previous week’s $128 million in outflows.

BlackRock’s iShares Bitcoin ETF, whose ticker symbol is IBIT, had daily inflows of $238 million on Friday, bringing its cumulative figure to $49.7 billion. It now has $70 billion in assets, making it the fastest-growing ETF in finance. 

The SPDR Gold Trust, which was launched in 2004, has accumulated $103 billion in assets. This means that IBIT may flip the biggest gold ETF in the next few months or in 2026 if the trend continues. 

Fidelity’s FBTC ETF has had over $11 billion in inflows, while Bitwise’s BITB has had $2 billion since inception. 

A possible reason why Wall Street investors bought Bitcoin’s dip is that it maintains strong fundamentals. BlackRock’s data shows that Bitcoin beats the stock market after a major geopolitical event such as the Iran and Israel attacks. 

Bitcoin’s supply on exchanges has plunged from 1.5 million in January to 1.1 million today. Falling Bitcoin supplies at a time of falling supplies will likely boost the price in the long term.

Bitcoin price long-term chart point to a multi-year breakout

BTC price chart | Source: crypto.news

The monthly chart indicates a strong Bitcoin price breakout in the near term. This chart shows that Bitcoin formed a rounded bottom between Dec. 17 and March 2021. 

Since November 2021, Bitcoin has been forming another rounded bottom. The price remains slightly below the ascending trendline connecting the upper side of these rounded bottoms. 

Therefore, the coin may be about to exit an eight-year trendline, which could push it much higher in the long term. Ark Invest sees Bitcoin soaring to $2.4 million by 2030, while Michael Saylor has a mid-term forecast of $1 million.



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Ethereum crosses $2,790, Hyperliquid up 16%, and AGNT gains $2.4m growth
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Teen who made $500m on Hyperliquid now eyes XYZVerse. Is this the next 1000% breakout?

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

After earning $500m from Hyperliquid, a teen investor goes all-in on XYZVerse, eyeing 1000% gains.

After reaping a staggering $500 million profit from Hyperliquid’s phenomenal surge, a teenage investor is now staking everything on XYZVerse. This bold move has sparked interest, raising the question: Could XYZVerse be the next opportunity to deliver even greater returns? The potential for a 1000% gain has many watching closely to see what unfolds.

Undervalued XYZ set for major CEX launch: memecoin fans are watching closely

XYZVerse (XYZ) is shaking up the memecoin space with bold ambitions, starting at just $0.0001, it’s on track to hit $0.10 by the end of its presale. With over $14 million raised so far, the token has already reached $0.003333, marking rapid progress through its early stages.

Now entering Stage 13, the presale price is set to jump to $0.005, giving savvy early investors a chance to grab XYZ at a steep discount before the listing frenzy begins.

Exchange launch incoming

The team has teased a major CEX and DEX rollout following the presale. While details are still under wraps, expectations are sky-high. With strategic timing and massive presale traction, the upcoming listing could serve as a powerful catalyst for price movement.

For fighters, not followers

XYZVerse isn’t just another memecoin,  it’s a battle cry for those who hustle. Built for sports lovers, crypto warriors, and memecoin veterans, XYZ captures the spirit of competition and ambition. Whether someone is into football, MMA, or esports, this token speaks your language.

At the center of this narrative is XYZepe — the underdog memecoin fighter stepping into the ring with giants like DOGE and SHIB. Will it rise to the top? Early signs suggest it’s well on its way.

Community-driven and reward-focused

In the XYZVerse world, the community leads. A whopping 10% of the total supply — that’s 10 billion XYZ — has been set aside for airdrops, making it one of the largest community reward events in meme coin history.

From token burns to staged listings, every element of XYZ’s strategy is designed to pump long-term value and foster a loyal holder base ready for exponential gains.

Airdrops, rewards, and more. Join XYZVerse to unlock all the benefits.

Hyperliquid

Source: TradingView

Hyperliquid (HYPE) has shown remarkable growth in the past six months, with a staggering 1551% increase. In the last month, the price surged by 66.41%, and over the past week, it rose by 15.89%. This rapid ascent highlights HYPE’s strong performance in the current market.

Currently trading between $32.05 and $38.23, HYPE is below its 10-day and 100-day simple moving averages of $41.58 and $39.14, respectively. The RSI is at 45.64, suggesting the coin is neither overbought nor oversold. The MACD level of -0.0311 indicates a bearish short-term trend.

The nearest resistance level is at $41.49. If HYPE breaks this, it could reach $47.67, representing potential gains of over 25% from the current price. On the downside, support levels are at $29.13 and $22.95. Falling to these supports would see a decrease of up to 28%. The coin’s future movement will depend on its ability to break resistance or hold support.

Conclusion

While coins like HYPE show promise, XYZVerse stands out as the all-sport memecoin aiming for 20,000% growth by uniting sports fans.

To learn more about XYZVerse, visit the website, Telegram, and X.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.



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Coinbase to Launch BTC Rewards Card With Amex, Eyes U.S. Futures Expansion

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Crypto exchange Coinbase is planning to launch a credit card that offers bitcoin

cashback, the company said on Thursday.

The Coinbase One Card, issued in partnership with American Express, includes perks such as earning 4% in BTC after purchases, boosted rewards on USDC stablecoin holdings and higher staking rewards and transaction credits on Base, the Ethereum layer-2 network developed by the exchange, according to the card’s website. The card’s rollout is expected this fall.

The move comes as more crypto platforms and exchanges are rolling out payment cards to enable users to spend their blockchain-based token stash on everyday purchases. For example, self-custodial wallet MetaMask introduced its debit card last year, while Mastercard unveiled plans in April to launch debit cards with crypto exchanges OKX and Kraken.

It’s also not the first crypto endeavour for Amex, either: the company issued a credit card offering crypto rewards with Abra in 2022.

Coinbase’s announcement coincided with the company’s State of Crypto Summit event in New York, where the exchange also hinted at expanding perpetual futures trading to the U.S., according to media reports.

Perps trading has been limited to non-U.S. users at Coinbase Advance. However, the exchange said earlier this year in a blog post that it was working with the Commodity Futures Trading Commission (CFTC) towards making “perpetual-style futures contracts” accessible to U.S. users.



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South Korea Moves Forward With Crypto Regulation, Eyes Stablecoin Oversight
Crypto Trends

South Korea Moves Forward With Crypto Regulation, Eyes Stablecoin Oversight

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A South Korean lawmaker has introduced a comprehensive bill aimed at establishing a more structured regulatory environment for crypto assets in the country. The proposed legislation, known as the Digital Asset Basic Act, was announced Tuesday by Min Byeong-deok, a member of the ruling Democratic Party.

The bill is designed to complement the Virtual Asset Investor Protection Act, which took effect in July 2024, by going beyond investor safeguards to define a broader legal foundation for digital asset activity.

Aligning with Global Stablecoin Trends

At a press conference, Min described the bill as a step toward positioning South Korea as a global leader in the digital economy. A key feature of the legislation is the implementation of a licensing system for stablecoin issuers.

Under the proposed rules, stablecoin operators would be required to hold a minimum of 500 million Korean won (approximately $367,890) in owner’s capital to qualify for a license. This requirement is intended to ensure financial accountability and support the government’s broader goal of promoting Korean won-denominated stablecoins.

The stablecoin licensing provision appears to support the administration’s broader policy agenda under President Lee Jae-myung, who previously committed to enabling a domestic stablecoin market.

Min, who led the digital asset committee during President Lee’s election campaign, indicated that the measure aims to curb capital flight through foreign-currency-based stablecoins and support a robust local digital financial system.

The legislative push follows similar developments in other jurisdictions. In the United States, the Genius Act, which addresses stablecoin regulation, is gaining traction with support from President Donald Trump. Meanwhile, Hong Kong recently enacted its own licensing framework for stablecoin issuers.

These international examples appear to inform South Korea’s approach, as Min highlighted parallels with regulatory practices in the US, European Union, and Japan,particularly regarding the issuance, distribution, and trading of digital assets.

Establishing Broader Oversight of Digital Assets

Beyond stablecoins, the Digital Asset Basic Act seeks to provide legal clarity on digital asset classifications and the responsibilities of service providers operating within the ecosystem.

The bill includes provisions for the creation of a Digital Asset Committee to be directly overseen by the Office of the President, emphasizing a centralized oversight mechanism.

In addition to structural reforms, the proposed legislation outlines legal frameworks to address market misconduct. These include penalties for unfair trading practices such as price manipulation or the dissemination of false information, areas not directly addressed by prior laws.

The bill also includes measures to standardize compliance procedures for exchanges and custodians operating in the country. If enacted, the Digital Asset Basic Act would mark a significant step in the evolution of South Korea’s crypto regulatory space.

As jurisdictions around the world continue to develop their approaches to digital finance, South Korea’s proposed framework positions it among the countries seeking to balance innovation with oversight. The bill is expected to undergo further review and discussion in the National Assembly in the coming months.

The global digital currency market cap valuation. | Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Ethereum price eyes breakout, ETHA ETF nears $5b milestone
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Ethereum price eyes breakout, ETHA ETF nears $5b milestone

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Ethereum price may be on the verge of a bullish breakout to $4,000 after forming a bullish flag and a golden cross pattern, and as the iShares Ethereum ETF nears a crucial milestone.

Ethereum (ETH) was trading at around $2,500 at last check on Saturday — higher than this week’s low of $2,380.

A potential catalyst for ETH is the ongoing exchange-traded fund inflows, which have surged in the past few weeks. SoSoValue data shows that these funds have added substantial inflows in the past three weeks.

They added $25 million on Friday, the 15th consecutive day of gains, bringing the cumulative inflows to over $3.3 billion. All these funds now hold over $9.4 billion in assets, equivalent to 3.1% of Ethereum’s market cap.

The iShares Ethereum ETF, whose ticker symbol is ETHA, has had a cumulative inflow of $4.85 billion and is slowly nearing the $5 billion milestone. This growth is likely because BlackRock is the biggest name in the ETF industry, and it trades at a 0.35% discount to net asset value.

Rising Ethereum ETF inflows are notable because it is an indirect signal that American institutional investors are buying. 

More data shows that Ethereum’s network is doing well. For example, the total value locked in its decentralized finance ecosystem has jumped by 26% in the last 30 days to $130 billion. Its bridged TVL has moved to about $400 billion, while the stablecoins in its network have jumped to $125 billion.

Ethereum price technical analysis

ETH price chart | Source: crypto.news

The daily chart shows that ETH price surged in May and reached a high of $2,743, which coincided with the 50% Fibonacci Retracement level. 

It has now formed a bullish flag pattern, a common bullish continuation sign. This flag pole is about 50% long, and measuring the distance from its breakout zone gives the target price of $4,097. This target coincided with its highest point in 2024.

The other bullish case is that Ethereum price has formed a golden crossover as the 50-day and 200-day Weighted Moving Averages have crossed each other. This crossover often leads to more gains. For example, it happened in November last year, triggering a 35% jump. 



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Tron hits $0.27, Cardano eyes $0.73 but BlockDAG at $0.0018 could turn $1k into $27,777
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Tron hits $0.27, Cardano eyes $0.73 but BlockDAG at $0.0018 could turn $1k into $27,777

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

ADA and TRX push volume highs as TRX leapfrogs ADA in market cap, yet all eyes are on a new coin with 27x growth potential.

What happens when one coin climbs 5x and another could hit 27x from where it is now? That’s the question everyone’s asking after the latest Cardano (ADA) market analysis and Tron (TRX) price update. 

ADA is hovering near $0.69 with eyes on $0.73, while TRX has crossed $0.27 and just leapfrogged Cardano in market cap. Both networks are pushing volume highs, but the real attention is shifting elsewhere.

BlockDAG is drawing massive interest, and for good reason. Its presale price of $0.0018 opens the door to serious upside. Drop $1,000 today, and get 555,555 BDAG coins. At its expected listing price of $0.05, that’s $27,777. 

What if BDAG hits $0.25 in 2026? The math speaks for itself. With over $285 million raised and 21.8 billion coins sold, BlockDAG is riding pure momentum, no VC funds, just public demand. This could be the top crypto for 2025.

BlockDAG’s profit math is turning heads

BlockDAG’s presale is putting real numbers on the board, and it’s those numbers that are getting attention. At a locked price of $0.0018 until June 13, $1,000 buys 555,555 BDAG coins. When BDAG lists at $0.05, that becomes $27,777. The return potential is clear, and it’s prompting a bigger question: what if BDAG hits $1 in 2026? That would flip $1,000 into nearly $600k.

The project has already sold over 21.8 billion coins and raised more than $285 million, and it’s done that without a single VC firm involved. That’s pure community interest. This grassroots push is part of what’s making BlockDAG stand out as a top crypto for 2025, with buyers driving demand, not funds backing it behind closed doors.

The current presale is on Batch 28, priced at $0.0262, but BlockDAG has kept a fixed window open at $0.0018, allowing users to lock in that price until the GO LIVE reveal on June 13. At that event, BlockDAG will launch listings on 20 centralized exchanges, with 5 already confirmed, MEXC, LBank, CoinStore, XT.com, and BitMart.

BlockDAG also supports real mining with mobile and hardware options and offers a hybrid DAG + blockchain setup for scalability. But it’s the math that’s moving the needle right now. With fixed pricing and no VCs taking early shares, BDAG is shaping up as a serious top crypto for 2025, one that’s giving the public a shot at the big upside.

Cardano market analysis: Price momentum and what’s next

The latest Cardano market analysis shows the coin trading around $0.695, with resistance levels at $0.73, $0.76, and $0.80. On-chain data shows strong activity, especially in Japan, helping ADA push toward its short-term goal of $0.70. The network has now processed over 110 million total transactions and has 22 billion ADA staked across nearly 3,000 active pools. Analysts are forecasting a near-term price of $0.89 by early July and a longer-term move to $1.25 by August if momentum holds.

Technically, Cardano is holding its 200-day SMA at $0.659 and its 50-day at $0.718. Its recent upgrade to Node v10.4.1, which includes UTXO-HD for storage efficiency, adds strength to the platform. Simulations for its Leios scaling solution are also showing speeds of 1,000 TPS. The Cardano market analysis now leans cautiously bullish, with some projections aiming as high as $1.88 or even $2.36 by year-end. These price levels depend on market trends, but Cardano’s development pipeline and staking participation are helping keep attention on it through mid-2025.

Tron price update: Volume surge and exchange moves

The latest Tron price update shows TRX holding above $0.27, with a 1.2% daily gain and a clear break ahead of Cardano in market cap, now sitting near $25.77 billion. Network activity is hitting all-time highs, and TRON is now processing more daily USDT volume than Ethereum, $118 billion in a single day. That kind of demand is also coming from outside the charts, as TRON expands its presence in the UAE with a focus on stablecoins and blockchain infrastructure.

Whale movement has added to speculation, with 8.78 billion TRX shifted recently by TRON DAO. Analysts are projecting short-term upside to $0.32–$0.34, with some year-end targets ranging between $0.28 and $0.73. The long-term outlook points to $3.55 by 2030 if adoption keeps climbing. The Tron price update shows that despite steady price moves, it’s the ecosystem metrics, transaction count, stablecoin dominance, and regional expansion, that are pushing TRON into more serious territory for those tracking 2025 gainers.

Key insights

Cardano market analysis points to steady gains, with $0.73 in sight and strong staking and upgrade momentum behind it. At the same time, the Tron price update shows TRX pushing above $0.27 and surpassing Cardano in market cap, thanks to high USDT transfer volume and growing interest from regions like the UAE. Both are showing solid short-term setups, but neither matches the current upside math of BlockDAG.

With BDAG fixed at $0.0018 until July 13, $1,000 gets 555,555 coins. At the $0.05 listing price, that’s $27,777, and what if BDAG hits $1 in 2026? BlockDAG has already raised over $285M, sold 21.8B coins, and done it without a single VC. The public owns this momentum, and that’s what makes it feel like the top crypto for 2025. For those looking at long-term upside, BlockDAG’s crypto presale window might be the shot worth taking.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.



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PEPE Shiba Inu
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PEPE Eyes 500% Move In Pre-Breakout Retest, Can It Outperform Dogecoin?

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PEPE Coin, like the rest of the meme coin market, has struggled recently as the Bitcoin price retraced from its all-time high levels. This has put a strain on the market since the likes of Dogecoin have been unable to put in any notable gains during this time. However, with the month of June moving into full swing, there seems to be a turn in the tide, and meme coins are looking to ride out this wave.

Analyst Calls Out Bullish PEPE Formation

Crypto analyst Crypto Patel on the X (formerly Twitter) platform has called out PEPE as one of the coins that is showing bullish tendencies right now. This stems from the fact that the meme coin continues to hold strong even in the face of bearish pressure, and what’s more is that it has been able to maintain major support during this time.

As the crypto analyst explains, the PEPE price is still holding above trendline support at $0.0000091 to $0.0000112. This not only serves as major support but is also an accumulation zone for the meme coin. Thus, a continuous hold at this level suggests that bulls are still in control of the altcoin’s price.

Since the PEPE price has already seen a small breakout above the $0.000012 level, it suggests that accumulation is ending and a breakout retest is being staged right now. If this breakout retest is successful, then the next stop for the meme coin would be a full-on rally that could take it toward new all-time highs.

Source: X

Currently, PEPE is sitting approximately 56% below its $0.00002825 all-time high reached in December 2024. However, this might not be the case for long, as the crypto analyst says the first target in a breakout is the $0.000025 level. This puts the meme coin a mere 20% away from a new all-time high when reached. Then further targets are placed at $0.000035, and then $0.000055, which would be a full-on 500% rally from current levels if this target is reached.

Can It Outperform Dogecoin?

After moving into the limelight, PEPE has been fondly referred to as the next Dogecoin due to its ability to stage massive rallies akin to Dogecoin back in 2021. Given its lower market cap as well, the former has been expected to outperform the latter as the market winds back into bullish territory.

However, this does not mean that there are no gains to be had with Dogecoin, according to crypto analysts. One analyst, Coin Mastermind, has revealed an important formation in the Dogecoin price chart that could trigger a rally, and this is the round bottom support line.

Source: TradingView.com

The round bottom support line has appeared on the monthly Dogecoin price chart, suggesting that the meme coin is at a pivotal level. From here, a bounce to reclaim a strong hold above $0.2 could stir a major rally. But a rejection back down below $0.18 could be a crash indicator.

Price reverses from Tuesday’s gains | Source: PEPEUSDT on TradingView.com

Featured image from Dall.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Can Monero’s XMR price surge 40% and revisit all-time high?
Crypto Trends

Monero price eyes $500, but $420 stands as the next key hurdle

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Monero price rose for three consecutive days as investors bought the dip following last week’s crash. 

Monero (XMR) climbed to $365, its highest point since May 28, and now sits 16% above its lowest level from last week.

The rebound happened even as Bitcoin (BTC) and other cryptocurrencies wavered. It happened as the demand for privacy coins like Horizen (ZEN) and Zcash (ZEC) jumped. 

On-chain data shows that Monero’s exchange outflows surged to $8.9 million last week—the largest jump this year. Exchange outflows typically indicate that investors are moving tokens into self-custody, a potentially bullish signal.

Monero’s funding rate has remained positive since May 15, suggesting that traders expect future prices to be higher than the current spot price. A positive funding rate is often viewed as a bullish catalyst, as crypto.news reported.

Monero token has been in a strong bullish trend in the past few months after spending three years in a consolidation phase. This rebound happened after a US court ruled against the Treasury Department for sanctioning Tornado Cash, a crypto mixer. The department was then forced to remove sanctions earlier this year.

XMR’s momentum further accelerated after hackers reportedly used the coin to move over $300 million in suspected stolen funds. Monero is considered ideal for illicit transactions due to its privacy-enhancing features, including ring signatures, stealth addresses, and ring confidential transactions.

These technologies ensure transaction anonymity. For example, ring signatures obscure the sender by blending their signature with decoys, while stealth addresses generate a one-time address for each transaction, further masking recipient details.

Monero price technical analysis

XMR price chart | Source: crypto.news

The daily chart shows that XMR has been in a sustained bull run since February 2024, when it was trading at $100.90. The token remains above both the 50-day and 100-day Exponential Moving Averages.

It has rebounded to $366 from last week’s low of $312. The Relative Strength Index and the MACD have all pointed upwards. 

For the rally to continue, Monero must break above resistance at $420, its highest point this year. A successful move above this level would invalidate the double-top pattern, whose neckline sits at $312, and could signal a further rally toward $500. Conversely, a drop below the $312 support would invalidate the bullish outlook.



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Bitcoin
Crypto Trends

Bitcoin Eyes $97,000-$99,000 As Key Support Zone If Price Decline Persists

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Bitcoin prices fell by over 3% in the past week as the broader crypto market suffers from a general price correction influenced by macroeconomic pressure. Notably, the premier cryptocurrency now trades above $104,000 representing an estimated 7% decline from its new all-time high at $111,970. Amidst what may yet be a mere correction, market analyst Daan Crypto has highlighted a support zone with strong potentials to halt any further price decline. 

$97,000-$99,000 Emerges As Key BTC Price Level

In a brief X post on May 31, Daan Crypto has shared a cautious outlook on Bitcoin amidst an ongoing price correction. The analyst notes that if the retracement persists into June, Bitcoin is likely to fall to around $97,000 -$99,000 at which it may find a credible market resistance.

Daan Crypto’s selection of this price range as the next major support level for Bitcoin stems from a confluence of technical indicators. As seen in the chart below, the $97,000-$99,000 price region represents the mid range of Bitcoin trading channel between $90,845 and $108,386, alongside hosting the 200-day moving average and the 0.382 Fibonacci retracement level.

Source: @DaanCrypto on X

The mid-range in a trading channel usually serves as a key level of support or resistance, depending on where the price is relative to it. Amidst Bitcoin’s price correction, the current mid-range at $97,000-$99,000 represents the next major price floor for the premier cryptocurrency — a decisive price fall below which would signal a bearish price trend.

Meanwhile, the 0.382 Fibonacci retracement level represents a healthy market correction zone meaning prices generally pull back to this area before resuming the initial trend. In addition, the 200 day MA is a long-term indicator averaging the market closing price over the past 200 days. It also functions as a support level during bullish trends acting as a common retest level before price continues an uptrend.

Generally, all three indicators suggest the $97,000-$99,000 would act as a sound technical support zone should Bitcoin price dip any further. However, the loss of the support zone would threaten Bitcoin’s bullish potential with the next support level set around $94,000.

Bitcoin Price Overview

At press time, Bitcoin trades at $104,650 reflecting a slight price gain of 0.14% in the past day. The premier cryptocurrency also reports a monthly gain of 7.21% indicating that the majority of new market entrants remain in profits. However, the weekly decline of 2.86% suggests there is need for a resurgence in market demand to halt a creeping bearish sentiment investment.

BTC trading at $104,632 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Pexels, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Asia Morning Briefing: All Eyes on TON as Elon Musk Pours Cold Water on xAI Deal Talks
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Asia Morning Briefing: All Eyes on TON as Elon Musk Pours Cold Water on xAI Deal Talks

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Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Telegram's blockbuster deal with xAI, which would see Elon Musk's AI company integrate into Telegram and the two firms share revenue, is still a work in progress despite an announcement from Pavel Durov earlier Wednesday, U.S. time, that the deal was inked.

TON, a token affiliated with Telegram's ecosystem, is trading at $3.30, rallying there from $3 after the initial – now refuted – announcement of the partnership was made. The token is down from an earlier high of $3.68, after Elon Musk posted on X that no deal had been signed between the two companies. TON is still up 11% on the day, according to CoinDesk market data.

While Durov has now confirmed that no deal has been signed, the Telegram founder said there is an “agreement in principle” which might be why TON still has significant support at the $3.30.

All eyes will be on Telegram and xAI as the Asia business day begins to see if more clarification comes from either side.

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Decentralized BlueSky isn't a Web3 Company, Says CEO

VANCOUVER—Jay Graber, the CEO of fast-growing decentralized social media platform Bluesky, got her start in Web3 as a developer for privacy coin zCash, but she wants to keep her X competitor firmly in Web2.

Speaking at Web Summit in Vancouver on Wednesday, Graber argued blockchain technology’s permanence and resource-intensive design make it unsuitable for consumer-oriented social networks, where content is fleeting and personal.

“Why do you need your picture of what you post for lunch being maintained forever in this digital archive?” she asked on stage, highlighting the inherent scalability and cost limitations that drove her decision to avoid blockchain at Bluesky.

Graber, to be sure, isn't against crypto. She says there's still genuine value in the technology for things like payments and digital identity, even if sometimes Web3 often presents solutions in search of a problem, and has a trend of gravitating towards centralization.

“There’s a period where everyone was creating blockchain like this hammer, and we were just going to try blockchain for everything,” Graber said. “Every system that's trying to do it ends up with concentrations because it's easy, and convenience ultimately wins at the end of the day.”

For her, Bluesky's future lies in combining the ideals of decentralization, such as user autonomy and portability, with practical, Web2 infrastructure to create a platform that prioritizes users' needs.

“Blockchain will probably find its place somewhere in the world of technology, but Bluesky is not on a blockchain because we're just making the best choices for our users,” she concluded.

Nvidia's Earnings Beat Boosts Stock, Offers Modest Lift to AI Tokens

Shares of Nvidia rose roughly 4% in after-hours trading Wednesday after reporting stronger-than-expected first-quarter earnings, highlighted by a 69% revenue increase from last year and a 73% jump in its data center business driven by robust demand for AI chips. Net income rose 26% to $18.8 billion, boosting Nvidia’s year-to-date performance modestly higher, CoinDesk previously reported.

The earnings report provided a slight lift to AI-related crypto tokens like Bittensor (TAO), NEAR Protocol, and Internet Computer (ICP), though gains were modest.

However, Nvidia tempered future expectations, cautioning that second-quarter revenue might fall short of market estimates due to tariff-related trade tensions between the U.S. and China.

Market Movements:

  • BTC: Bitcoin dipped 1.2% to $107,800, though NYDIG sees more room for gains. At the same time, crypto markets shrugged off a U.S. court blocking Trump's broad tariffs as unconstitutional, with BTC trading remaining muted.
  • ETH: Ether is trading above $2700 as Asia begins its business day. Earlier, CoinDesk analyst Omkar Godbole wrote ETH is eying a breakout above $3,000, forming a bullish “ascending triangle” pattern with rising support and resistance at $2,735, as higher lows signal growing buying pressure and accumulation ahead of a potential price surge.
  • Gold: Gold has slipped 1% to $3,267.47 amid cooling safe-haven demand, though tariff and geopolitical uncertainty linger.
  • Nikkei 225: The Nikkei 225 is opening in the green, up 1%, as investors in export-reliant Japan are looking at a recent announcement that the Supreme Court has blocked Trump's tariffs with cautious optimism, even as crypto shrugged it off.
  • S&P 500: While the S&P 500 closed in the red, futures are up 1% as traders await more clarity regarding the court's move to block Trump's tariffs.



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