Plus: The true cause Bybit obtained hacked
GM. From rotten bananas to golden apples, we’ve sorted by as we speak’s crypto insanity to serve you the freshest picks on a silver platter.
📝 Donald Trump’s new government order.
🍋 Information drops: the roots of Bybit’s hack, SBF’s touch upon Diddy + extra
🍍 Market taste as we speak
The second we have all been ready for lastly arrived – Donald Trump signed an government order to determine a Strategic Bitcoin Reserve.
Proper after the announcement, our luggage pumped like by no means earlier than… or so that you’d suppose.
In actuality, Bitcoin’s worth one way or the other appears worse than it did yesterday.
That is cuz the reserve did not fairly dwell as much as the hype – we’ll get into why in only a sec.
Bitwise CEO Hunter Horsley isn’t freaking out about this, tho’. He identified that when spot BTC ETFs launched in January final 12 months, we noticed an analogous dip – proper earlier than Bitcoin hit a brand new all-time excessive.
That mentioned, put together yo’ self for extra drama + worth swings as we speak.
At 1:30 PM ET, the White Home is internet hosting a crypto summit. Mainly, the president’s crypto czar, David Sacks, is bringing collectively high trade execs and Trump’s inside circle to cook dinner up insurance policies that might lastly give crypto the legitimacy it’s been craving.
This can be a big deal, which suggests expectations are additionally big – and the market response may go both manner.
If the summit delivers bullish information, we may see some inexperienced candles;
But when it seems to be only a spherical of handshakes and empty phrases… nicely, don’t be shocked if the market reacts accordingly.
Aight, now – fast break, and let’s transfer on to the reserve drama 👇
🧃 Sip of beneficial properties
FINAL CALL 🚨
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The principle $30K airdrop is gonna maintain going, however in order for you that bonus bag, you gotta hustle now.
Grind Missions, drag your mates into it, earn Bits, climb the leaderboard, and lock in your spot among the many winners!
Clock’s ticking – so go get it, champ 🔥
🥝 Memecoin harvest
Memecoins that despatched early consumers to the moon and late consumers to remedy:
Knowledge as of 06:10 AM EST.
Try these memecoins and many extra right here.
The strategic Bitcoin reserve is official, however the market kinda simply… yawned. So, wtf occurred?
Let’s take a look at the official assertion:
“The Strategic Bitcoin Reserve can be capitalized with Bitcoin owned by the Division of Treasury that was forfeited as a part of prison or civil asset forfeiture proceedings.”
Mainly, the reserve is being constructed with BTC the federal government already has – so the chief order is just about only a promise to not promote, not a promise to purchase.
Naturally, the overall vibe was like: uhh… sick… so, how is that this gonna improve me from pre-rich to wealthy? 🤨
However truly, it is a larger deal than a few of you may suppose.
The US authorities holds round 200K BTC, largely seized from prison instances.
Beneath federal asset forfeiture legal guidelines, the DOJ was required to promote these seized belongings – both by giving the proceeds to victims or dumping them into the Treasury’s forfeiture fund.
95K BTC from the Bitfinex hack is being returned to Bitfinex (in order that’s off the desk), however the remainder was presupposed to be bought finally.
Now tho’, that Bitcoin is not getting dumped anymore = much less promoting strain = excellent news, clearly.
And it is not nearly that:
Bitcoin obtained a MAJOR legitimacy increase – it is now manner more durable for establishments to argue that it is too dangerous or not applicable to carry;
No manner the US ever bans BTC now;
If the US is doing this, different nations, state treasuries, and institutional buyers may observe (and certain quick, cuz, , competitors);
With all that 👆, you possibly can anticipate enhancements in Bitcoin banking companies, on-chain settlement, and higher fiat on/off-ramps.
Plus, factor is… the federal government truly may purchase extra Bitcoin sooner or later. The official order additionally says:
“The Secretaries of Treasury and Commerce are licensed to develop budget-neutral methods for buying extra Bitcoin, offered that these methods impose no incremental prices on American taxpayers.”
Price range-neutral means no additional value to taxpayers. And guess what? Promoting gold to purchase Bitcoin is a budget-neutral technique. Utilizing the Alternate Stabilization Fund can also be budget-neutral.
So, the concept the US may actively purchase BTC isn’t lifeless – it’s simply not taking place straight away.
Oh, and a few of y’all is perhaps like – how ‘bout that strategic crypto reserve involving ETH, SOL, XRP, and ADA Trump’s been speaking about? Properly… that is sort of a flop.
The chief order establishes a US Digital Asset Stockpile for the whole lot aside from BTC – and it will solely embody cryptos that the federal government seized from prison or civil instances.
In different phrases, the federal government may not purchase BTC, but it surely’s positively not shopping for anything.
And the Treasury Secretary can resolve to promote them each time. So, principally, the aim is simply to handle these belongings responsibly.
Total, positive, this government order may not have been the moon mission bulls had been dreaming of, but it surely does show that crypto has come a DAMN LONG manner.
And that is one thing to be glad about.
Now you are within the know. However take into consideration your mates – they most likely do not know. I ponder who may repair that… 😃🫵
Unfold the phrase and be the hero you might be!
🍋 Information drops
⚠️ Multisig pockets supplier Secure traced the $1.4B Bybit hack to an contaminated laptop computer. A senior dev unknowingly interacted with a malicious Docker undertaking, which compromised their workstation and handed hackers the keys to Secure’s AWS account.
🏂 The US is providing $10M for information on ex-Olympic snowboarder Ryan Wedding ceremony. Apparently, he’s been coping with a special sort of snow, too – the FBI says he ran a large drug trafficking operation and laundered the earnings by USDT.
🎂 FTX’s Sam Bankman-Fried turned 33 yesterday and marked the event with a jail interview. He shared that no ex-FTX staff have dropped by to say hello – however no less than Diddy’s been good to him.
🤖 Alibaba Cloud’s new AI, QwQ-32B, is small however mighty. With solely 32.5B parameters, it rivals DeepSeek r1, which has 671B.
🎮 The Axie Infinity workforce dropped Axie Infinity: Atia’s Legacy, a brand new MMO set within the fantasy world of Lunacia. On this sport, you’ll lead a squad of as much as 4 Axies, battle, discover new territories, and sort out quests.
