Crypto weekly is authored by maaria and david blumenfeld

PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($3.1T): +11% / -10%
- BTC ($94,191): +11% / +1%
- ETH ($1,801): +14% / -46%
- SOL ($150): +9% / -21%
- UNI ($5.57): +6% / -58%
- OP ($0.78): +11% / -55%
- Tether Mkt Cap ($147B): +2% / +6%
- USDC Mkt Cap ($62B): +2% / +42%
- BTC / ETH Dominance: 61% / 7%

THIS WEEK IN CRYPTO

- Bitcoin performance decoupled from the stock market and rallied as the dollar weakened over fears Donald Trump might remove Federal Reserve Chairman Jerome Powell. Bitcoin continued its rally when Trump signaled tariff negotiations with China were moving in a positive direction. Link. Link. 

- Spot Bitcoin ETFs saw over $3 billion in inflows, the highest since November 2024. Link. 

- The DOJ said it would reconsider the process by which investors are repaid in fraud cases involving digital assets, especially when the fiat value of the digital assets at the time of bankruptcy is lower than the current spot value. Link. Memo.  

- Banking giant Citigroup predicts that the stablecoin market cap could grow to over $2 trillion by the end of 2030. Link. Report. 

- Americans over 60 lost nearly $3 billion to crypto scams in 2024 according to a report from the FBI. Link. Link. Report. 

- Cantor Fitzgerald, Tether, and SoftBank are in talks to form a $3 billion bitcoin acquisition vehicle, similar to Michael Saylor’s Strategy. Link. Link. 

- President Donald Trump will have dinner with the top 220 holders of the Trump memecoin in May. Link.

- Circle, the company behind the USDC stablecoin, is launching a payments network that will allow financial institutions to settle cross-border transactions in stablecoins. Link. 

- Ethereum public goods funding protocol Gitcoin is shutting down its software development unit, Gitcoin Labs, amid uncertainty around a viable path to profitability. Link. 

- BlackRock’s Bitcoin ETF now holds almost 3% of current BTC supply. Link. 

- The Federal Reserve rescinded its 2022 supervisory letter that discouraged banks from participating in crypto and stablecoin related activities. Link. Statement. 

- New SEC Chair Paul Atkins said that innovation in the crypto industry “has been stifled for the last several years,” and that changes are sorely needed. Link. 

- PayPal and Venmo users will soon be able to earn 3.7% annually on PayPal USD (PYUSD) holdings. Link. 

- USDC stablecoin provider Circle and crypto custodian BitGo are applying for bank charters, which would allow them to offer traditional banking services such as taking deposits or making loans. Link.