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According to Coinglass, an estimated $1 billion in long positions on major cryptocurrency exchanges will be liquidated if the price of Bitcoin falls below $78,000. Conversely, if Bitcoin's price recovers to $80,458, $640 million in short positions will be liquidated.

Binance has announced a $13 million airdrop of WLFI tokens for users holding USD1 on its platform. The campaign is scheduled to run from May 15 to June 12.

A petition calling for the repeal of South Korea's virtual asset tax, posted to the National Assembly's electronic petition system on May 13, has garnered over 10,000 signatures. The petition currently has 11,850 signatures, which is 24% of the 50,000 needed for it to be referred to a parliamentary committee. The signing period is open until June 12. The petitioner argued that the current tax system requires a fundamental review, not just minor adjustments or a delay. The petitioner stressed that imposing taxes prematurely—without a sufficient institutional framework, investor protections, international equity, or consideration of market realities—would likely only burden the public and shrink the industry.

It is difficult to predict a bottom for Bitcoin (BTC) until the asset secures $85,000 as a support level, according to an analysis reported by The Daily Hodl. Crypto analyst Cheds Trading stated on his YouTube channel that while BTC appears to be breaking out from a W-shaped double bottom pattern during its rebound, resistance still remains. He argued that a bottom can only be confirmed if BTC surpasses $85,000 on a weekly closing basis. The analyst also presented a bearish view on Solana (SOL), describing its recent price action as a rebound to a resistance level within a downtrend. Furthermore, he projected that Ethereum (ETH) could experience a major correction if its $2,150 support level is breached.

The U.S. Commodity Futures Trading Commission (CFTC) has issued a comprehensive no-action letter exempting prediction market platforms from swap data reporting and record-keeping obligations, Unfolded reported. The measure applies to Designated Contract Market (DCM)-based platforms such as Kalshi and Polymarket, treating standardized, exchange-based prediction markets as more akin to futures products than swaps. Market observers view the decision as a move that will lower operating costs for these platforms and alleviate regulatory uncertainty. The development comes as the CFTC has reportedly been re-emphasizing its position that prediction markets are subject to federal regulation amid recent jurisdictional disputes with several state governments.

A U.S. court has requested supplemental briefs from Aave (AAVE) and the law firm Gerstein Harrow regarding the final ownership of $71 million in Ethereum (ETH) frozen after a Kelp DAO hack, Cointelegraph reported. Judge Margaret Garnett of the Southern District of New York noted that Aave had not sufficiently explained the potential for increased losses if the freeze is maintained. She requested additional materials on six issues, including the legal nature of the stolen assets and creditor priority. The deadline for both parties to submit their briefs is May 22, with a rehearing scheduled for June 5. On May 9, Judge Garnett had permitted the transfer of the funds from Arbitrum to an Aave wallet, but Aave is barred from using or distributing them until the court makes a final ruling. Gerstein Harrow represents creditors who were awarded an uncollected $877 million judgment in a lawsuit against North Korea for acts of terrorism. The firm is asserting a claim on the funds, alleging they are linked to the North Korean Lazarus Group.

U.S. President Donald Trump is considering pardoning up to 250 people to commemorate the 250th anniversary of American independence, The Wall Street Journal reported. An official announcement could come on June 14, Trump's birthday, or on Independence Day, July 4. The news has sparked speculation in the crypto industry about potential pardons for FTX founder Sam Bankman-Fried (SBF) and Samourai Wallet developer Keonne Rodriguez. Trump has previously pardoned the co-founders of BitMEX, Binance founder Changpeng Zhao (CZ), and Silk Road operator Ross Ulbricht.

Nasdaq-listed Nakamoto (NAKA), a company strategically accumulating Bitcoin, saw its first-quarter revenue increase by 500% from the previous quarter but still recorded a net loss of $238.8 million, Cointelegraph reported. The revenue surge was driven by the acquisition of BTC Inc, the operator of Bitcoin Magazine and the Bitcoin Conference, and investment platform UTXO Management in February. The net loss was largely composed of a $107.7 million accounting loss on pre-acquisition option contracts and a $102.5 million mark-to-market loss on its 5,058 BTC holdings. CEO David Bailey described the first quarter as a turning point, stating that the company will focus on business expansion, revenue diversification, and enhancing shareholder value through capital allocation for the remainder of the year. Nakamoto did not purchase additional BTC during the quarter and sold 284 BTC to cover operating expenses. The company's stock price is down more than 99.2% from its all-time high. Meanwhile, Nakamoto plans to completely divest its healthcare business by the end of the second quarter to concentrate on its Bitcoin-related ventures.

A clear regulatory framework is the key condition for attracting institutional investors to South Korea, said Catherine Chen, head of institutional at Binance, speaking at the Binance Blockchain Study (BBS) event in Seoul, TokenPost reported. She explained that due to the nature of institutions handling client funds, significant regulatory uncertainty makes market entry difficult. Chen added that an environment with consistent rules is more advantageous than one with no regulations at all. She noted that in the past, some countries suppressed innovation with excessive regulation, which ultimately led to capital and companies moving overseas, suggesting that South Korea should take note of these precedents.

Despite Ethereum (ETH) falling by approximately 5.5% over the past three days, network-wide profit-taking has surged to a three-week high of $74.58 million, Santiment reported on X. The analytics firm explained that wallets that acquired ETH below $2,000 in February and March are still in profit and are cashing out during the current correction. With ETH consolidating around $2,241 on the four-hour chart, on-chain transaction volume has increased, leading to what Santiment describes as an aggregation of many small gains into large-scale profit-taking. The firm noted that while the market calls for caution, the trend is not necessarily bearish, adding that a future increase in loss realization could signal a market bottom.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 49.95% long, 50.05% short - Binance: 49.59% long, 50.41% short - OKX: 48.24% long, 51.76% short - Bybit: 47.74% long, 52.26% short

South Korean crypto exchange Upbit will delist NKN at 6:00 a.m. UTC on June 15, according to an announcement on its official website. The exchange explained that a comprehensive review found numerous shortcomings and a potential for user harm. The decision was based on factors including the project's business viability, sustainability, and actual progress, as well as on-chain holder trends, domestic and international trading volume, liquidity, and the status of its listings on other exchanges.

A wallet associated with leading Silicon Valley venture capital firm Andreessen Horowitz (a16z) purchased an additional 50,168 HYPE, worth $1.97 million, approximately 10 hours ago, Lookonchain reported. The wallet, which starts with 0xb5E4, has accumulated $69.43 million worth of HYPE over the past month.

This is a Spot CVD chart, which analyzes the order book for the BTC/USDT spot pair. The top section shows a Volume Heatmap, while the bottom displays the Cumulative Volume Delta (CVD). - The Volume Heatmap tracks trading volume at specific price levels. The background color brightens when the price lingers in a particular range or experiences significant movement. These brighter areas can potentially act as support and resistance levels. - The Cumulative Volume Delta (CVD) indicator shows buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line represents orders between $100 and $1,000, while the brown line indicates large orders between $1 million and $10 million.

U.S. House Republican leadership has released an amendment to the 'ROAD to Housing Act,' which previously passed the Senate, Punchbowl reporter Brendan Pedersen reported on X. The amendment maintains a provision banning the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC) until the end of 2030, with an exception for open, permissionless, and privacy-preserving dollar-denominated currencies. It also includes a rule of construction clarifying that the Fed cannot issue a CBDC without separate congressional approval. The Senate passed the bill in March with a vote of 89-10. However, its passage has been delayed in the House due to opposition from conservatives over several points, including the 2030 expiration date for the CBDC ban and a requirement for large institutional investors to sell single-family homes they have purchased within seven years.

An estimated $844 million in long positions will be liquidated across major cryptocurrency exchanges if Bitcoin's price falls below $78,000, according to data from Coinglass. Conversely, a recovery to $81,000 would trigger the liquidation of $1 billion in short positions. BTC is currently trading at $79,335, down 2.28% for the day, CoinMarketCap data shows.

The summit between Chinese President Xi Jinping and U.S. President Donald Trump at the Great Hall of the People in Beijing has concluded, China Central Television (CCTV) reported today. President Trump is in China for a state visit.

Binance has announced it will list Pharos (PHAROS) perpetual futures at 5:15 a.m. UTC on May 14, followed by Star Power (STAR) perpetual futures at 5:30 a.m. UTC. The exchange will support up to 20x leverage for the PHAROS contract and up to 3x leverage for the STAR contract.

Sarah Breeden, the Bank of England's Deputy Governor for Financial Stability, told the Financial Times that the central bank's initial regulatory proposals for stablecoins may have been excessively conservative. She stated that the bank is now closely examining other ways to manage the risks associated with stablecoins, signaling a potential easing of the rules in response to industry feedback. The Bank of England had previously proposed limiting individual stablecoin holdings to £20,000 and corporate holdings to £10 million to prevent a run on traditional bank deposits. Breeden explained that the initial draft was written conservatively based on experiences with potential liquidity crises and added that the bank will now review whether its approach was overly cautious.

The adoption of asset tokenization and digital finance by major U.S. banks and financial institutions will start slowly before spreading rapidly, according to global credit rating agency Moody's. In a recent report cited by Cointelegraph, Moody's noted that while tokenization is currently limited to simple asset classes like funds and short-term financial products, institutions anticipate its expansion to more assets and market participants. The report added that most large banks and financial infrastructure firms have already established dedicated digital asset teams and are participating in pilot projects. Moody's outlined three potential paths for the financial system's evolution: gradual growth, low growth, or rapid proliferation. The most likely scenario, the agency said, involves the spread of stablecoins and deposit tokens while existing banks and asset managers maintain their core roles. However, if tokenization spreads rapidly, stablecoins could become the primary on-chain payment infrastructure, putting profitability pressure on some payment companies and banks.

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, may have purchased an additional 2,543 BTC yesterday, Crypto Briefing reported. The outlet suggested that the purchase was likely funded by the sale of its perpetual preferred stock, STRC. With this latest acquisition, MicroStrategy's total Bitcoin holdings would approach 4% of the cryptocurrency's total supply. MicroStrategy has not yet officially confirmed the purchase.

An address believed to belong to crypto venture fund No Limit Holdings has placed a series of limit orders to buy Hyperliquid (HYPE) at prices ranging from $35.8 down to $31.8, on-chain analyst ai_9684xtpa reported on X. The address, which begins with 0x4c6, deposited 7.26 million USDC into Hyperliquid and placed buy orders totaling approximately $2.5 million. The remaining 4.76 million USDC was transferred to four other addresses. HYPE is currently trading at around $38.6.

Cryptocurrency financial services firm Antalpha deposited 651.65 XAUT, worth approximately $3.05 million, into Bybit about 20 minutes ago, Onchain Lens reported. Deposits to exchanges are generally interpreted as an intent to sell.

Solana-based decentralized exchange Jupiter (JUP) announced on its official X account that the supply of USDe on its lending platform, Jupiter Lend, has surpassed $50 million. Jupiter explained that users can increase their stablecoin deposit yields to over 20% by "looping" USDe—a process of repeated borrowing—on the platform's on-chain infrastructure. USDe is a dollar-pegged stablecoin issued by the synthetic dollar protocol Ethena (ENA). Jupiter previously announced the launch of a dedicated marketplace for Ethena on Jupiter Lend in collaboration with Bitwise.

Chinese President Xi Jinping told U.S. President Donald Trump during a summit in Beijing today that it has been repeatedly proven that there are no winners in a trade war. The meeting was held at the Great Hall of the People while Trump is on a state visit to the country. Xi stated that the essence of the U.S.-China economic and trade relationship is mutual benefit and that equal negotiation is the only correct choice for resolving disagreements and friction. He noted that the economic and trade teams from both nations had achieved broadly balanced and positive results yesterday, calling the outcome good news for the people of both countries and the entire world. Xi also stressed the need to jointly maintain the current positive momentum.