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Stablecoin issuer Circle has announced the official launch of USDC and its Cross-Chain Transfer Protocol (CCTP) on the Injective (INJ) network.

Kraken has acquired Asia-based stablecoin infrastructure firm REAP for $600 million, according to a report from Unfolded.

Coinbase has announced the listing of KAIO perpetual futures. Trading will be supported starting today, May 7, provided liquidity conditions are met.

Bitcoin's current hesitation near its key 200-day simple moving average (SMA) mirrors patterns seen in past bear market rallies, CoinDesk reported. The 200-day SMA is a primary indicator for long-term trends, and if Bitcoin can secure a stable position above this line, the market may interpret the drop to $63,000 earlier this year as the end of the bear market, potentially heralding a new bull cycle. However, the outlet pointed to a historical precedent from March 2022, when Bitcoin rallied to around $48,000 and briefly surpassed the 200-day SMA, only to plummet to approximately $20,000 by June. Despite this cautionary tale, the current market environment remains largely favorable, with factors like falling oil prices, strong gold prices, inflows into spot ETFs, and improving on-chain metrics bolstering bullish expectations.

Market analyst Ben Cowen has argued that a purge of millions of altcoins has already begun, calling it a necessary process for a sustainable Bitcoin bull run. According to CoinDesk, over 11 million defunct tokens disappeared from the market last year alone, helping Bitcoin's market dominance reclaim the 60% level. Cowen noted that capital is flowing out of riskier assets and either consolidating into Bitcoin or moving to the sidelines. He warned that if Bitcoin fails to firmly establish $88,880 as a support level, it could be pushed back below $60,000. Cowen also characterized 2026 not as a year for new highs, but as a year of reset for the market to deflate.

According to data from Coinglass, a drop in BTC to $80,307 would trigger the liquidation of $404.53 million in long positions on major centralized exchanges. Conversely, a move above $82,517 would liquidate $810.24 million in short positions.

The Spot Cumulative Volume Delta (CVD) chart analyzes the order book for the BTC/USDT spot pair, comprising a Volume Heatmap on top and the CVD indicator below. - The Volume Heatmap tracks trading volume at specific price levels. Brighter background colors indicate areas where the price has consolidated or moved significantly, which can potentially act as support or resistance. - The CVD indicator represents buy and sell orders categorized by size. As buy orders increase, the corresponding colored line rises. For instance, the yellow line tracks orders between $100 and $1,000, while the brown line follows large orders between $1 million and $10 million.

Bitwise CEO Hunter Horsley has argued that the traditional four-year cycle of the cryptocurrency market has effectively ended. Speaking at the 2026 Consensus conference, he said that while the market previously repeated a cycle of a three-year bull market followed by a one-year bear market, this formula is now broken. Horsley added that the market has entered a new phase and is being reorganized into a different structure centered on institutional investors.

Coinbase has launched perpetual futures trading for gold and silver for its non-U.S. users, the company announced on its official blog. The products are available to institutional investors through the Coinbase International Exchange, while retail investors can access them via the Coinbase app and website.

Blockstream CEO Adam Back said at Consensus 2026 Miami that the recent series of hacks in the decentralized finance (DeFi) space is actually strengthening institutional demand for Bitcoin. According to CoinDesk, Back explained that Bitcoin's infrastructure is built on simplicity, robustness, and security, setting it apart from experimental blockchain ecosystems plagued by smart contract vulnerabilities and recurring hacks. He added that this year's DeFi incidents have given institutional investors a more sophisticated understanding of cryptocurrency risks. As a result, many institutions are now adapting to Bitcoin's incentive structure and conservative security model rather than trying to force it into the traditional financial system, Back noted.

Bitcoin mining firm Core Scientific sold 2,385 BTC for approximately $208.3 million in the first quarter as it continues its transition into the AI data center business, CoinDesk reported. The proceeds will be used to fund expenditures related to data center construction and for working capital.

AlchemyChain, a Layer 1 blockchain specializing in stablecoin payments, announced the launch of its official mainnet via X. According to the project, AlchemyChain is a network designed for real-world stablecoin payments and serves as a globally compliant payment network that supports both EU and Hong Kong regulatory frameworks.

Pakistan has begun preparing to potentially host negotiations between the United States and Iran, a Pakistani official said on May 7, according to Xinhua News Agency. Relevant government ministries met in the capital, Islamabad, today to plan for the possibility of hosting both the talks and a potential signing ceremony. A Pakistani source also said that military and police officials held a joint meeting in the nearby city of Rawalpindi to discuss security measures for the negotiations, which could be held as early as next week.

Despite Bitcoin surpassing $80,000, experts are warning of a potential short-term top, CryptoPotato reported. According to Santiment, market optimism is currently at its highest level in four months. However, the analysis notes that historically, such overheated FOMO has often preceded a market decline. Analyst IT Tech stated that a true bull market confirmation would require a break above $89,000, forecasting strong resistance from a sell wall built up during the second half of 2025.

Global payments company Mastercard and African stablecoin exchange Yellow Card have formed a strategic partnership to innovate stablecoin payments in the Eastern Europe, Middle East, and Africa (EEMEA) region, according to a PR Newswire press release. The two companies will focus on driving innovation in four key areas: cross-border transfers, B2B settlements, digital loyalty ecosystems, and financial management. They also plan to collaborate with banks and regulators to implement compliant stablecoin pilot solutions.

With South Korea's virtual asset tax set to take effect next year, academics have raised concerns about the system's flaws, Money Today reported. The main argument is that both the justification and the means for taxation are insufficient, which could lead to taxpayer resistance. Oh Moon-seong, president of the Korean Tax Policy Association, said at an emergency review seminar on virtual asset taxation today that "the consistency of the taxation needs to be re-examined" and that "it is still too early." The event was hosted by People Power Party lawmaker Park Soo-young and the association. Oh explained that it would violate tax fairness to proceed with taxing virtual assets, as the same arguments used to abolish the financial investment income tax in December 2024—such as potential market contraction, inadequate infrastructure, and double taxation—apply equally to crypto. He also pointed out that the technical infrastructure for identifying tax obligations is lacking. While domestic centralized exchanges (CEX) like Upbit and Bithumb can submit data to tax authorities, gaps remain for overseas CEXs, decentralized exchanges (DEX), and decentralized finance (DeFi) platforms.

Crypto data analytics firm Swissblock has assessed that Bitcoin's (BTC) upward momentum is strengthening again. The firm noted on X that BTC's upward cycles typically unfold in phases: an initial rise, a correction, an acceleration, and a post-overheating correction, adding that BTC has now entered the momentum-building phase. According to the analysis, the key is not simply a price breakout but whether BTC can consolidate at certain price levels to maintain its upward energy. While currently testing a major resistance zone, the rally could continue to between $84,000 and $86,000 if the uptrend is sustained.

An amendment to the Foreign Exchange Transactions Act that brings virtual asset service providers (VASPs) like cryptocurrency exchanges under its regulatory scope has passed a plenary session of South Korea's National Assembly, Digital Asset reported. The bill was approved with 212 votes in favor, zero against, and one abstention out of 213 members present. It is scheduled to take effect six months after its promulgation, with implementation expected as early as the end of this year.

South Korea's Ministry of Finance and Economy will proceed with virtual asset taxation as planned next January, an official confirmed today. This marks the first time the ministry has publicly stated its position on the matter. Moon Kyung-ho, director of the ministry's Income Tax Division, said the National Tax Service (NTS) is currently preparing the specific taxation plan, Edaily reported. "We expect the NTS notification to be pre-announced for legislation soon," Moon added. He also noted that the NTS is coordinating the practical details through multiple meetings with the country's five major virtual asset service providers: Dunamu, Bithumb, Coinone, Korbit, and Gopax.

Lookonchain reported that an address suspected to be associated with Matrixport has deposited 403,289 HYPE, worth approximately $17.4 million, to Hyperliquid and appears to have begun selling. According to on-chain data, the address is estimated to have sold 100,000 HYPE so far, realizing 4.24 million USDC.

Aptos is investing $50 million to expand its AI-based financial infrastructure, Yonhap News reported. The Aptos Foundation and Aptos Labs plan to develop their own financial platform with enhanced compatibility with the existing financial system. The initiative also includes continuing technology research and considering investments in AI and financial investment companies.

People Power Party lawmaker Park Soo-young, who serves as the opposition secretary of the National Assembly's Finance and Economy Planning Committee, criticized the government's plan to tax virtual assets on May 7, arguing it would sever a key path for young people to build wealth. According to Edaily, Park made the remarks during a congratulatory address at an emergency forum on virtual asset taxation. "It is unfair to tax virtual assets while the financial investment income tax is being abolished," he said. Park also rebuked South Korea's National Tax Service, noting that after a meeting with the country's five major crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—it was clear the agency was not properly prepared to implement the tax.

Bitcoin mining firm American Bitcoin (ABTC), which has ties to the family of U.S. President Donald Trump, has purchased an additional 300 BTC, according to BitcoinTreasuries.net. The acquisition brings the company's total holdings to 7,300 BTC.

Telegram founder Pavel Durov claimed that the TON network's transaction processing speed is approximately 6,000 times faster than Bitcoin's, BeInCrypto reported. According to Durov, the TON network achieves transaction finality in about 0.6 seconds, compared to roughly one hour for Bitcoin and 13 minutes for Ethereum. These metrics were measured following TON's Catchain 2.0 upgrade, which reportedly reduced block creation time to around 400 milliseconds.

An on-chain asset theft on the Base chain resulted from an exploit in the trust model between AI agents, blockchain security firm SlowMist reported via a Medium blog post. The stolen coins amounted to three billion DRB, valued at $174,570. According to the report, a hacker input a prompt in Morse code to the AI model Grok on X (formerly Twitter). An automated trading agent named Bankr then executed the command, withdrawing the funds on the Base chain. The 'Grok Wallet' used in the hack was not owned by xAI but was a custodial wallet automatically generated by Bankr. SlowMist pointed out that the vulnerability stemmed from Bankr directly mapping Grok's natural language output into an executable transfer command without sufficient verification of the user or their intent. Additionally, high-risk permissions were granted simply by activating a membership. The firm added that Grok itself does not hold private keys and was not the direct executor of the on-chain transaction, but was merely exploited as a tool. Following negotiations between the hacker and the victim, approximately 80-88% of the stolen funds were returned in USDC and ETH, with the remainder treated as an unofficial bug bounty.